REGISTERED NUMBER: 08201708 (England and Wales)

LE CHAMEAU HOLDINGS LIMITED

GROUP STRATEGIC REPORT,

REPORT OF THE DIRECTORS AND

CONSOLIDATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

Page

Company Information

1

Group Strategic Report

2

to

4

Report of the Directors

5

Report of the Independent Auditors

6

to

8

Consolidated Income Statement

9

Consolidated Other Comprehensive Income

10

Consolidated Statement of Financial Position

11

Company Statement of Financial Position

12

Consolidated Statement of Changes in Equity

13

Company Statement of Changes in Equity

14

Consolidated Statement of Cash Flows

15

Notes to the Consolidated Statement of Cash Flows

16

Notes to the Consolidated Financial Statements

17

to

28

DIRECTORS:

J S McEuen

W Alli

Silvercloud (Bvi) Limited

SECRETARY:

Ms A Vanderpuije

REGISTERED OFFICE:

16 Mill Street

Oakham

Rutland

LE15 6EA

REGISTERED NUMBER:

08201708 (England and Wales)

AUDITORS:

Duncan & Toplis Audit Limited, Statutory Auditor

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

The directors present their strategic report of the company and the group for the year ended 31 March 2025.

REVIEW OF BUSINESS

Strategic management

The group's strategy and objectives are to develop the Le Chameau brand within the United Kingdom, Europe and other markets.

Business environment

Trading remains constrained by the competitive environment in wholesale and retail sectors due to the on-going challenges faced by the economic slow down, relatively high inflation and interest rates. Despite this the business has performed well as highlighted by the key performance indicators below.

Business performance

The board consider that the key performance indicators for the group are those that communicate the financial performance and strength of the group as a whole. The key financial highlights are as follows:

Year ended

Period 1.1.23

31.3.25

to 31.3.24

£m

£m

Revenue

18.5

23.7

Gross profit

12.5

13.1

Gross margin %

67.8%

55.3%

EBITDA before exceptionals

(1.8)

(1.8)

Group sales revenue for the year was broadly consistent with the comparable twelve months, with the Direct to Consumer channel growing 7% over the period. As such the group will continue to invest in its digital marketing strategy and driving greater brand awareness both online and in traditional media reinforcing its position as the premium country and outdoor brand in its category.

As the business approaches its centenary in 2027, the Five Year strategy has completed two phases to date:

-

Phase 1 - Optimise: SKU rationalisation focusing on core products, manufacturing improvements and enhanced inventory planning.

-

Phase 2 - Elevate: Secured Loro Piana collaboration for Autumn/Winter 2025 collection and multi-year partnership as Official Wellington Boot Supplier to the CHANEL J12 Boat Race.

Le Chameau, a leading name in hand-crafted, luxury footwear is steadily advancing toward its centenary in 2027. Renowned for its distinctive rubber boots, the brand serves a broad and diverse customer base - from professionals connected to land and sea, to country-sports enthusiasts and style-led consumers who actively enjoy the rural outdoors. Its deep-rooted heritage in technical craftmanship continues to underpin strong customer loyalty, support from prominent brand ambassadors and increasing momentum in emerging customer segments.

Our rubber boots are handmade in our factory in Morocco which remains a key component to our premium positioning. There is a long-term rolling programme of process and operational improvement in place with the aim of driving enhanced production efficiency, quality control and margin improvement. We remain committed to Morocco and our excellent workforce and are grateful for their ongoing hard work and support.

During the year, the business strengthened its leadership team, including a new Managing Director and a Head of Ecommerce. These additions have brought renewed energy and focus on defining Le Chameau's strategic priorities and leading the delivery of its growth initiatives in preparation for the significant milestone year ahead.

Le Chameau continues to invest in strategic programmes designed to elevate brand equity and broaden its market presence. This includes building on its successful track record of collaborations with luxury brand partners, further reinforcing its own position within the premium/luxury market.

PRINCIPAL RISKS AND UNCERTAINTIES

The principal risks arising from the group’s activities are liquidity risk, interest rate risk, credit risk and supply chain risk. The board reviews and agrees policies for managing each of these risks and they are summarised below.

Liquidity risk

Liquidity risk is the risk that the group is unable to meet its payment obligations associated with its liabilities as they fall due. The group's approach to managing liquidity is to ensure, as far as possible, that it will always have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the group's reputation. The group determines its liquidity requirements by the use of cash flow forecasts. On at least an annual basis, the board reviews and approves any funding requirements of the group which they continue to monitor and review on an ongoing basis.

Interest rate risk

Interest rate risk is managed by regular review of fixed and variable rate facilities available from the group's bankers.

Credit risk

Credit risk is managed by constant monitoring of the creditworthiness of customers and by identifying and addressing any credit issues in a timely manner.

Supply chain risk

In the year our factory in Morocco shipped to our warehouses in the UK, Europe and North America. The business has developed a raw materials demand planning model to mitigate future risk of stock shortages and to hold appropriate levels of key raw materials to enable the factory to meet production demands of finished goods.

ENVIRONMENTAL, SOCIAL AND GOVERNANCE ("ESG")

Environmental

For nearly 100 years we have been producing high quality hand-made natural rubber boots to keep country professionals and enthusiasts dry and comfortable for long days outdoors. We take pride in our deep connection to the countryside and the sea: to farmers, fishermen, field sports enthusiasts and gardeners. We recognise that this natural world that we love and thrive in is coming under increasing threat from climate change and human activity and we understand that by producing and selling products, we are playing a part in this damage and that we must act to counter our impact.

Over the last year we have built up our internal expertise to better understand the impact we have on the planet. We have been looking in detail at our supply chain and considering the raw materials we use in the production of our boots. Our product development team are assessing the composition of our boots looking at sourcing alternatives and more sustainable materials, whilst maintaining the highest quality of product.

All key suppliers have signed up to our Vendor Compliance Manual and Operations Guide which highlights our required ESG standards, including factory auditing. In the upcoming year we will build further on our vendor assessments and further our knowledge of the full supply cycle.

We have also identified a number of potential solutions to reducing our carbon footprint, which we are looking into further as well as auditing our suppliers and raw material sourcing, which will include physical visits and verification of any certification or accreditation.

We are continually looking to improve our business and will continue to invest more time and resources in the bigger changes we need to make as a business to reduce our impact on the planet.

Social

We appreciate and value our people. The Le Chameau Maîtres Bottiers have been making boots by hand for nearly 100 years with traditional skills passed from generation to generation. We continue to make continuous improvement to our factory in Morocco, investing in health and safety improvements on all equipment, workstations and tools.

To reduce safety incidents the business undertakes safety audits with production and maintenance supervisors on a weekly basis. This is followed up by safety training for supervisors and operators. Quarterly company meetings are held to reinforce commitment to plant and personal safety. The action plans associated with all these meetings and audits are monitored and directed by the QHSE department.

We are committed to investing in our staff, we have a programme for training bootmakers at our factory and provide several soft skill training programmes which are available to all our Moroccan staff, such as language and IT courses.

Le Chameau is the chosen supplier of the French lifeboat organisation, Société Nationale de Sauvetage en Mer ("SNSM"). Through promotions of our leisure marine products donations are made to the SNSM. During the year we also donated to various charitable causes including The Dogs Trust, Prince's Countryside Trust (part of the Prince's Trust), Ligue Contre Le Cancer and ONF-Act for the forest.

Governance

Le Chameau already has in place a structured governance framework, with the directors meeting formally on a monthly basis and meeting both in person and via video-calls frequently on an informal basis. The chairman of the group is responsible for leading the board meetings and the board meeting agenda.

Board packs are circulated in advance of the board meetings and include an executive summary as well as details on sales, marketing and ecommerce, a report from the finance director, product development and production, supply chain and operations, manufacturing, IT and ESG. The materials presented and discussed at board meetings are critical to the directors making the right strategic decisions for the business. Given their importance the directors have continued to feed back on the board materials to further refine and improve these during the year and as part of these updates the board receive department specific in-depth updates on a periodic basis from department heads.

ON BEHALF OF THE BOARD:

W Alli - Director

12 December 2025

The directors present their report with the financial statements of the company and the group for the year ended 31 March 2025.

PRINCIPAL ACTIVITIES

The principal activities of the group in the year under review were those of the manufacture and sale of premium wellington boots and accessories.

DIVIDENDS

No dividends will be distributed for the year ended 31 March 2025.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 April 2024 to the date of this report.

J S McEuen

W Alli

Silvercloud (Bvi) Limited

Other changes in directors holding office are as follows:

C E B Cavell-Taylor ceased to be a director after 31 March 2025 but prior to the date of this report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

W Alli - Director

12 December 2025

Opinion

We have audited the financial statements of Le Chameau Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the group's and of the parent company affairs as at 31 March 2025 and of the group's loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We have identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial experience, knowledge of the sector, a review of regulatory and legal correspondence and through discussions with directors and other management obtained as part of the work required by auditing standards. We have also discussed with the directors and other management the policies and procedures relating to compliance with laws and regulations. We communicated laws and regulations throughout the team and remained alert to any indications of non-compliance throughout the audit. The potential impact of different laws and regulations varies considerably.

Firstly, the group is subject to laws and regulations that directly impact the financial statements (for example financial reporting legislation) and we have assessed the extent of compliance with such laws as part of our financial statements audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including risk of override of controls) and determined that the principal risks were related to management bias in accounting estimates as well as the risk of inappropriate journal entries to increase reported profitability. Audit procedures performed by the engagement team included the identification and testing of unusual material journal entries and challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. We carried out substantive tests on accounting estimates, including reviewing the methods and data used by management to make those estimates, reperforming the calculation and reviewing the outcome of current year estimates since the financial reporting date.

Secondly, the group is subject to other laws and regulations where the consequence for non-compliance could have a material effect on the amounts or disclosures in the financial statements. We identified the following areas as those most likely to have such an effect: Health and safety regulations, consumer rights and employment law.

Our work included a review of relevant correspondence within the year for any evidence of non-compliance and reading minutes of meetings of those charged with governance. In addition, an assessment of the group's legal expenses and possible contingencies was performed. Through these procedures, if we became aware of any non-compliance, we considered the impact on the procedures performed on the related financial statement items.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. The further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. As with any audit, there is a greater risk of non-detection of irregularities as these may involve collusion, intentional omissions of the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alistair Main BFP FCA (Senior Statutory Auditor)

for and on behalf of Duncan & Toplis Audit Limited, Statutory Auditor

14 All Saints Street

Stamford

Lincolnshire

PE9 2PA

12 December 2025

REVENUE

3

18,492

23,743

Cost of sales

5,947

10,620

GROSS PROFIT

12,545

13,123

Administrative expenses

15,393

15,666

(2,848

)

(2,543

)

Other operating income

7

-

OPERATING LOSS

5

(2,841

)

(2,543

)

Exceptional items

6

185

1,760

(3,026

)

(4,303

)

Interest receivable and similar income

38

-

(2,988

)

(4,303

)

Interest payable and similar expenses

7

1

443

LOSS BEFORE TAXATION

(2,989

)

(4,746

)

Tax on loss

8

19

18

LOSS FOR THE FINANCIAL YEAR

(3,008

)

(4,764

)

Loss attributable to:

Owners of the parent

(3,008

)

(4,764

)

LOSS FOR THE YEAR

(3,008

)

(4,764

)

OTHER COMPREHENSIVE INCOME

Foreign currency exchange difference

45

(78

)

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

45

(78

)

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(2,963

)

(4,842

)

Total comprehensive income attributable to:

Owners of the parent

(2,963

)

(4,842

)

FIXED ASSETS

Intangible assets

10

2

4

Property, plant and equipment

11

2,550

3,038

Investments

12

-

-

2,552

3,042

CURRENT ASSETS

Inventories

13

7,008

6,110

Debtors

14

2,778

3,904

Cash at bank

2,599

5,969

12,385

15,983

CREDITORS

Amounts falling due within one year

15

2,478

3,415

NET CURRENT ASSETS

9,907

12,568

TOTAL ASSETS LESS CURRENT LIABILITIES

12,459

15,610

CREDITORS

Amounts falling due after more than one year

16

(122

)

(138

)

PROVISIONS FOR LIABILITIES

19

(340

)

(512

)

NET ASSETS

11,997

14,960

CAPITAL AND RESERVES

Called up share capital

20

879

879

Share premium

21

51,790

51,790

Foreign currency reserve

21

625

580

Retained earnings

21

(41,297

)

(38,289

)

SHAREHOLDERS' FUNDS

11,997

14,960

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

W Alli - Director

CURRENT ASSETS

Debtors

14

13,232

11,300

Cash at bank

68

2,042

13,300

13,342

CREDITORS

Amounts falling due within one year

15

33

30

NET CURRENT ASSETS

13,267

13,312

TOTAL ASSETS LESS CURRENT LIABILITIES

13,267

13,312

CAPITAL AND RESERVES

Called up share capital

20

879

879

Share premium

21

51,790

51,790

Retained earnings

21

(39,402

)

(39,357

)

SHAREHOLDERS' FUNDS

13,267

13,312

Company's loss for the financial year

(45

)

(37

)

The financial statements were approved by the Board of Directors and authorised for issue on 12 December 2025 and were signed on its behalf by:

W Alli - Director

Called up

Foreign

share

Retained

Share

currency

Total

capital

earnings

premium

reserve

equity

£'000

£'000

£'000

£'000

£'000

Balance at 1 January 2023

574

(33,525

)

40,481

658

8,188

Changes in equity

Issue of share capital

305

-

11,309

-

11,614

Total comprehensive income

-

(4,764

)

-

(78

)

(4,842

)

Balance at 31 March 2024

879

(38,289

)

51,790

580

14,960

Changes in equity

Total comprehensive income

-

(3,008

)

-

45

(2,963

)

Balance at 31 March 2025

879

(41,297

)

51,790

625

11,997

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

£'000

£'000

£'000

£'000

Balance at 1 January 2023

574

(39,320

)

40,481

1,735

Changes in equity

Issue of share capital

305

-

11,309

11,614

Total comprehensive income

-

(37

)

-

(37

)

Balance at 31 March 2024

879

(39,357

)

51,790

13,312

Changes in equity

Total comprehensive income

-

(45

)

-

(45

)

Balance at 31 March 2025

879

(39,402

)

51,790

13,267

Cash flows from operating activities

Cash generated from operations

1

(2,927

)

(1,112

)

Interest paid

(1

)

(443

)

Tax paid

(4

)

(44

)

Net cash from operating activities

(2,932

)

(1,599

)

Cash flows from investing activities

Purchase of tangible fixed assets

(507

)

(1,241

)

Sale of tangible fixed assets

30

36

Interest received

38

-

Net cash from investing activities

(439

)

(1,205

)

Cash flows from financing activities

Loan repayments

-

(6,170

)

Share issue

-

11,614

Net cash from financing activities

-

5,444

(Decrease)/increase in cash and cash equivalents

(3,371

)

2,640

Cash and cash equivalents at beginning of year

2

5,969

3,388

Effect of foreign exchange rate changes

1

(59

)

Cash and cash equivalents at end of year

2

2,599

5,969

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

Period

1.1.23

Year Ended

to

31.3.25

31.3.24

£'000

£'000

Loss before taxation

(2,989

)

(4,746

)

Depreciation charges

729

724

Loss/(profit) on disposal of fixed assets

281

(9

)

Increase/(decrease) in provisions

(172

)

198

Increase/(decrease) in pens obligation

(16

)

51

Finance costs

1

443

Finance income

(38

)

-

(2,204

)

(3,339

)

(Increase)/decrease in inventories

(898

)

2,027

Decrease in trade and other debtors

1,110

730

Decrease in trade and other creditors

(935

)

(530

)

Cash generated from operations

(2,927

)

(1,112

)

2.	CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 March 2025

31.3.25

1.4.24

£'000

£'000

Cash and cash equivalents

2,599

5,969

Period ended 31 March 2024

31.3.24

1.1.23

£'000

£'000

Cash and cash equivalents

5,969

3,388

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£'000

£'000

£'000

Net cash

Cash at bank

5,969

(3,370

)

2,599

5,969

(3,370

)

2,599

Total

5,969

(3,370

)

2,599

1.	STATUTORY INFORMATION

Le Chameau Holdings Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

These financial statements have been prepared for the 12 month period from 1 April 2024 to 31 March 2025. Because of this, the corresponding amounts shown for the 15 month period ended 31 March 2024 may not be entirely comparable.

Financial Reporting Standard 102 - reduced disclosure exemptions

Subsidiary companies have taken advantage of the following disclosure exemptions in preparing financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

-

the requirements of Section 7 Statement of Cash Flows;

The disclosures above are incorporated within these consolidated financial statements.

Basis of consolidation

The consolidated financial statements incorporate the results of Le Chameau Holdings Ltd and its subsidiary undertakings as at the period end using the acquisition method of accounting. Subsidiaries are entities controlled by the group. The financial information of subsidiares is included in the group's financial statements from the date that control commences until the date that control ceases.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Significant judgements and estimates

In the application of the group's accounting policies, management are required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below.

i) Stock provisions

The group is subject to changing consumer demands and economic trends. As a result it is necessary to consider the recoverability of the cost of stock and the associated provisioning required. Stocks are stated after provisions for impairment. When calculating the stock provision, management consider the nature and condition of the stock, as well as applying assumptions around anticipated saleability of finished goods.