REGISTERED NUMBER: 07619081 (England and Wales)

Strategic Report, Report of the Director and

Financial Statements

for the Year Ended 31 October 2024

for

Tiger Lily Garments Ltd

Page

Company Information

1

Strategic Report

2

Report of the Director

3

Report of the Independent Auditors

4

Income Statement

8

Other Comprehensive Income

9

Statement of Financial Position

10

Statement of Changes in Equity

11

Statement of Cash Flows

12

Notes to the Statement of Cash Flows

13

Notes to the Financial Statements

14

DIRECTOR:

Mr A Suhail

REGISTERED OFFICE:

Unit 3, 77 Newton Street

Manchester

Lancashire

M1 1EX

REGISTERED NUMBER:

07619081 (England and Wales)

AUDITORS:

Lindley Adams Limited Chartered Accountants

Statutory Auditor

28 Prescott Street

Halifax

West Yorkshire

HX1 2LG

The director presents his strategic report for the year ended 31 October 2024.

REVIEW OF BUSINESS

The trading results for the year and the Company's financial position at the period-end are shown in the attached financial statements.

PRINCIPAL RISKS AND UNCERTAINTIES

Management continually monitor and assess the risks of the business and aim to eliminate these risks whenever viable to do so. The principle risks and uncertainties facing the business are as follows:

Reliance on Key Customers

The company places heavy reliance on a small customer base which in the context of falling high-street profits could lead to significant loss in revenue. Relationships with company and its customers are deep rooted and remain mutually beneficial throughout changing market conditions.

Movements in Foreign Exchange

Several suppliers to the Company are based oversees which generates a foreign exchange risk, they are typically paid in Euros or US Dollars.

ON BEHALF OF THE BOARD:

Mr A Suhail - Director

10 December 2025

The director presents his report with the financial statements of the company for the year ended 31 October 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of Fashion Retail.

DIVIDENDS

A final dividend of £500,000.00 was issued to the holding company, New Black Holding Limited, in the year ending 31 October 2024.

FUTURE DEVELOPMENTS

The directors are not expecting to make any significant changes to the nature of the business in the near future.

DIRECTOR

Mr A Suhail held office during the whole of the period from 1 November 2023 to the date of this report.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is 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 director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company 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 director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he 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 company's auditors are aware of that information.

AUDITORS

The auditors, Lindley Adams Limited Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr A Suhail - Director

10 December 2025

Opinion

We have audited the financial statements of Tiger Lily Garments Ltd (the 'company') for the year ended 31 October 2024 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the 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, except for the matters described in the basis for qualified opinion section the financial statements:

- Give a true and fair view of the company's affairs as at 31 October 2024 and of its profit for the period 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 Qualified 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 company 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. 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 company 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. We were unable to satisfy ourselves that debtors and creditors for the year ended 31 October 2024 were correctly stated or that stock is accurately valued at 31 October 2024. We were unable to determine whether any further adjustments are needed in these contexts.

Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the director's 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 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 director with respect to going concern are described in the relevant sections of this report.

We draw attention to reserves on the balance sheet, which indicates that the current liabilities exceed the current asset. As stated on the balance sheet, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern. Our opinion is not modified in respect of this matter.

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.

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 director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Director 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

Except for matters referred to in the basis for our qualified opinion, 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; or

- adequate returns for our audit have not been received from branches not visited by us; or

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

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

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

- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.

Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has 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:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our audit, we determined a level for materiality and assessed the risk of material misstatement in the financial statements. Based on our understanding of the company and discussions with the management, we gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates.

We identified the laws and regulations which we considered to have a direct effect on the financial statements and

considered that the most significant are the Companies Act 2006, Financial Reporting Standards and UK tax legislation.

The engagement partner assessed that the engagement team had the appropriate competence and capabilities to

identify or recognise non-compliance with the laws and regulations.

We enquired with management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations including fraud. We also designed specific appropriate audit

procedures including:

- Agreeing financial statement disclosures to supporting documentation.

- Analytical procedures to identify any unusual or unexpected relationships.

- Testing appropriateness of journal entries.

- Review of accounting estimates for potential bias.

- Enquire with management as to actual and potential litigation and claims.

- Review of correspondence.

We are not aware of any actual or suspected non-compliance with laws and regulations, and we are not responsible for preventing or detecting non-compliance with all laws and regulations. The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.

There are inherent limitations in audit procedures and there is an unavoidable risk that we may not have detected

material misstatements within the financial statements, even though the audit is properly planned and performed in

accordance with ISA's UK. The further removed non-compliance with laws and regulations are from the events and

transactions reflected in the financial statements, the less likely we are to become aware of it. The risk of not detecting a material misstatement due to fraud is higher than the risk due to error as fraud may involve a deliberate concealment or collusion.

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.

David Charles Adams (Senior Statutory Auditor)

for and on behalf of Lindley Adams Limited Chartered Accountants

Statutory Auditor

28 Prescott Street

Halifax

West Yorkshire

HX1 2LG

10 December 2025

TURNOVER

8,879,108

12,926,326

Cost of sales

(8,309,873

)

(12,146,116

)

GROSS PROFIT

569,235

780,210

Administrative expenses

(1,536,727

)

(752,798

)

OPERATING (LOSS)/PROFIT

4

(967,492

)

27,412

Interest receivable and similar income

5

1,099

(LOSS)/PROFIT BEFORE TAXATION

(967,487

)

28,511

Tax on (loss)/profit

5

(13,947

)

(209

)

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(981,434

)

28,302

(LOSS)/PROFIT FOR THE YEAR

(981,434

)

28,302

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(981,434

)

28,302

FIXED ASSETS

Tangible assets

9

-

2,860

CURRENT ASSETS

Stocks

10

114,774

217,691

Debtors

11

2,337,863

4,020,620

Cash at bank

35,910

346,287

2,488,547

4,584,598

CREDITORS

Amounts falling due within one year

12

3,148,418

3,765,895

NET CURRENT (LIABILITIES)/ASSETS

(659,871

)

818,703

TOTAL ASSETS LESS CURRENT LIABILITIES

(659,871

)

821,563

CAPITAL AND RESERVES

Called up share capital

13

1

1

Retained earnings

14

(659,872

)

821,562

SHAREHOLDERS' FUNDS

(659,871

)

821,563

The financial statements were approved by the director and authorised for issue on 10 December 2025 and were signed by:

Mr A Suhail - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 November 2022

1

1,795,749

1,795,750

Changes in equity

Dividends

-

(1,002,489

)

(1,002,489

)

Total comprehensive income

-

28,302

28,302

Balance at 31 October 2023

1

821,562

821,563

Changes in equity

Dividends

-

(500,000

)

(500,000

)

Total comprehensive income

-

(981,434

)

(981,434

)

Balance at 31 October 2024

1

(659,872

)

(659,871

)

Cash flows from operating activities

Cash generated from operations

1

187,257

612,840

Tax paid

(8,431

)

(134,891

)

Net cash from operating activities

178,826

477,949

Cash flows from investing activities

Interest received

5

1,099

Net cash from investing activities

5

1,099

Cash flows from financing activities

Amount introduced by directors

-

58,443

Amount withdrawn by directors

10,792

(3,621

)

Equity dividends paid

(500,000

)

(1,002,489

)

Net cash from financing activities

(489,208

)

(947,667

)

Decrease in cash and cash equivalents

(310,377

)

(468,619

)

Cash and cash equivalents at beginning of year

2

346,287

814,906

Cash and cash equivalents at end of year

2

35,910

346,287

1.	RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.10.24

31.10.23

£

£

(Loss)/profit before taxation

(967,487

)

28,511

Depreciation charges

2,859

4,055

Finance income

(5

)

(1,099

)

(964,633

)

31,467

Decrease in stocks

102,917

234,188

Decrease in trade and other debtors

1,690,980

1,578,218

Decrease in trade and other creditors

(642,007

)

(1,231,033

)

Cash generated from operations

187,257

612,840

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 October 2024

31.10.24

1.11.23

£

£

Cash and cash equivalents

35,910

346,287

Year ended 31 October 2023

31.10.23

1.11.22

£

£

Cash and cash equivalents

346,287

814,906

3.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.11.23

Cash flow

At 31.10.24

£

£

£

Net cash

Cash at bank and in hand

346,287

(310,377

)

35,910

346,287

(310,377

)

35,910

Total

346,287

(310,377

)

35,910

1.	STATUTORY INFORMATION

Tiger Lily Garments Ltd 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 Company Information page.

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.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and equipment

-

10% on cost

Computer equipment

-

10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Loan interest

Interest on loans are recognised at the time of receipt.

Going concern

The current liabilities exceed the current asset. As stated on the balance sheet, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern.

3.	EMPLOYEES AND DIRECTORS

31.10.24

31.10.23

£

£

Wages and salaries

355,085

336,537

Social security costs

18,414

25,170

Other pension costs

6,066

5,298

379,565

367,005

The average number of employees during the year was as follows:

31.10.24

31.10.23

Staff

15

17

31.10.24

31.10.23

£

£

Director's remuneration

12,570

19,833

4.	OPERATING (LOSS)/PROFIT

The operating loss (2023 - operating profit) is stated after charging/(crediting):

31.10.24

31.10.23

£

£

Other operating leases

61,827

47,128

Depreciation - owned assets

2,860

4,055

Auditors' remuneration

9,630

12,000

Foreign exchange differences

27,146

(14,787

)

5.

TAXATION

Analysis of the tax charge

The tax charge on the loss for the year was as follows:

31.10.24

31.10.23

£

£

Current tax:

UK corporation tax

13,947

209

Tax on (loss)/profit

13,947

209

6.

DIVIDENDS

31.10.24

31.10.23

£

£

ORDINARY share of £1

Final

500,000

1,002,489

7.	PRIOR YEAR ADJUSTMENT

Adjustment was made in 2022 in respect of non-payable debtors and liabilities recognised before 31 October 2019.

8.	PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately to those of the Company to an independently administered fund. The pension cost during the year was £6,065 (2023 - £5,737) and represents contributions payable by the Company. Contributions totalling £0.00 (2023 - £2,522) were outstanding at the year end.

9.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

equipment

equipment

Totals

£

£

£

COST

At 1 November 2023

and 31 October 2024

40,164

18,688

58,852

DEPRECIATION

At 1 November 2023

37,304

18,688

55,992

Charge for year

2,860

-

2,860

At 31 October 2024

40,164

18,688

58,852

NET BOOK VALUE

At 31 October 2024

-

-

-

At 31 October 2023

2,860

-

2,860

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

10.

STOCKS

31.10.24

31.10.23

£

£

Stocks

114,774

217,691

11.

DEBTORS

31.10.24

31.10.23

£

£

Amounts falling due within one year:

Trade debtors

1,507,852

2,893,057

Loans Due

235,470

243,470

New Black Investment

502,420

502,420

New Black Holdings

56,734

56,734

Red River Investment

190

190

Tax

8,223

-

Prepayments

19,774

324,749

2,330,663

4,020,620

Amounts falling due after more than one year:

Trade debtors

7,200

-

Aggregate amounts

2,337,863

4,020,620

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.24

31.10.23

£

£

Trade creditors

1,652,966

2,074,870

Tax

48,120

34,382

Social security and other taxes

-

9,486

VAT

1,419,972

1,625,584

Other creditors

4,568

9,573

Other Creditors Accruals

12,000

12,000

Directors' current accounts

10,792

-

3,148,418

3,765,895

13.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.10.24

31.10.23

value:

£

£

1

ORDINARY

£1

1

1

14.

RESERVES

Retained

earnings

£

At 1 November 2023

821,562

Deficit for the year

(981,434

)

Dividends

(500,000

)

At 31 October 2024

(659,872

)

15.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2024 and 31 October 2023:

31.10.24

31.10.23

£

£

Mr A Suhail

Balance outstanding at start of year

-

54,822

Amounts advanced

-

3,621

Amounts repaid

-

(58,443

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

-

16.	RELATED PARTY DISCLOSURES

Anjum Suhail owns 100% of the share capital of Cameo Rose Limited.

During the year. the company made sales of £5,459,613, to Cameo Rose Limited.

At the year end Cameo Rose Limited owed the company £593,503. The company has recognised a provision of £593,503 related to the amount of outstanding balances.

Anjum Suhail owns 100% of the share capital of Fashion Team Limited.

During the year. the company made sales of £1,172,170 to Cameo Rose Limited.

At the year end Cameo Rose Limited owed the company £799,370. The company has recognised a provision of £799,370 related to the amount of outstanding balances.