REGISTERED NUMBER: 03171370 (England and Wales)

Lavenham Leisure Limited

Strategic Report,

Report of the Directors and

Financial Statements

For The Year Ended

31st December 2024

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

4

to

5

Statement of Comprehensive Income

6

Balance Sheet

7

Statement of Changes in Equity

8

Notes to the Financial Statements

9

to

14

DIRECTORS:

Mr J T S Flynn

Ms N E Santomauro

Mr K Tanabe

Mr J T Willmore

Ms R I Gallen

REGISTERED OFFICE:

37 Mount Pleasant

Clerkenwell

London

WC1X 0AA

REGISTERED NUMBER:

03171370 (England and Wales)

AUDITORS:

TC Group

10 Stadium Business Court

Millennium way

Pride Park

Derby

DE24 8HP.

The directors present their strategic report for the year ended 31st December 2024.

REVIEW OF BUSINESS

Lavenham is an artisan British factory brand, recognised for its quilted outerwear. The principal activity is the manufacture and sale of these products, with Japan remaining the most significant market.

PRINCIPAL RISKS AND UNCERTAINTIES

Key risks include exposure to lower-cost manufacturing regions and the potential impact of changes to international tariffs and charges. Traditional product categories have historically led to stronger performance in the second half of the year.

DEVELOPMENT AND PERFORMANCE

Expansion into lighter-weight categories such as gilets and jackets has helped reduce dependence on winter sales peaks. Diversification into small leather goods such as belts and wallets has supported more balanced trading throughout the year. Collaborations with industry-leading and fashion brands have increased brand awareness and relevance. Investment in machinery, work processes, and quality control has improved factory efficiency and output.

FINANCIAL KEY PERFORMANCE INDICATORS

The company's KPIs were in line with expectations:

31/12/2024

31/12/2023

Variance %

Turnover

4,280,916

3,609,137

+18.6%

Gross margin %

28.6%

18.2%

+10.4%

Loss before tax %

-10.23%

-14.75

+4.52

FUTURE DEVELOPMENTS

The business will continue to refine its seasonal collections and invest in people and machinery to further enhance productivity and responsiveness. Sustainability remains a core focus. International momentum and customer retention will be driven by combined social and e-commerce engagement through lavenham.jp and lavenham.com.

ON BEHALF OF THE BOARD:

Mr J T Willmore - Director

19th December 2025

The directors present their report with the financial statements of the company for the year ended 31st December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of manufacture, retail and export of high quality clothing and accessories.

DIVIDENDS

No dividends will be distributed for the year ended 31st December 2024.

DIRECTORS

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

Mr J T S Flynn

Ms N E Santomauro

Mr K Tanabe

Other changes in directors holding office are as follows:

Mr J T Willmore - appointed 7th March 2024

Ms R I Gallen was appointed as a director after 31st December 2024 but prior to the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT

Please refer to the Strategic Report for comments on future developments in accordance with s.414 C (II) of CA 2006.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company 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 transactions and disclose with reasonable accuracy at any time the financial position of the company 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 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 company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors, TC Group, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

Mr J T Willmore - Director

19th December 2025

Opinion

We have audited the financial statements of Lavenham Leisure Limited (the 'company') for the year ended 31st December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and 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 company's affairs as at 31st December 2024 and of its 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 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.

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 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 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 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 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 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 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, or returns adequate 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 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 Directors' Responsibilities Statement set out on page three, 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 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 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 performed our own assessment of the susceptibility of the financial statements to material misstatement, including how fraud might occur, and concentrated our audit work in these areas in order to detect any material misstatements which may exist.

We have performed substantive testing of all material year end balances, and also performed substantive testing of a sample of other transactions during the year and of other year end balances.

We have performed preliminary analytical procedures to identify any unusual or unexpected relationships that may indicate an increased risk of material misstatement as a result of fraud.

We have selected a sample of journal entries made in the period for substantive testing, in order to address the risk of fraud due to management override of controls.

We have made enquiries of management of any known instances of non-compliance or suspected non-compliance with laws and regulation.

We performed walk-through tests of sales. purchases, payroll, VAT and bank systems to ensure that systems operated as documented.

The engagement team was selected to ensure that they collectively had the appropriate competences and capabilities to identify and recognise non-compliance with laws and regulations. We have communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

We have tested amounts recorded as owed to and receivable from other group companies and agreed these amounts to the corresponding accounting records of those other group companies.

Our audit did not identify any matters relating to the detection of irregularities including fraud.

However, because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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.

James Liptrott (Senior Statutory Auditor)

for and on behalf of TC Group

10 Stadium Business Court

Millennium way

Pride Park

Derby

DE24 8HP.

23rd December 2025

TURNOVER

3

4,280,916

3,609,137

Cost of sales

3,054,970

2,950,883

GROSS PROFIT

1,225,946

658,254

Distribution costs

269,462

233,600

Administrative expenses

1,502,221

1,223,453

1,771,683

1,457,053

(545,737

)

(798,799

)

Interest receivable and similar income

182,871

224,810

(362,866

)

(573,989

)

Amounts written off investments

5

100

-

LOSS BEFORE TAXATION

6

(362,966

)

(573,989

)

Tax on loss

7

75,000

(41,611

)

LOSS FOR THE FINANCIAL YEAR

(437,966

)

(532,378

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(437,966

)

(532,378

)

FIXED ASSETS

Tangible assets

8

316,490

298,847

Investments

9

-

100

316,490

298,947

CURRENT ASSETS

Stocks

10

578,347

667,534

Debtors

11

525,212

513,965

Cash at bank and in hand

5,121,993

5,405,445

6,225,552

6,586,944

CREDITORS

Amounts falling due within one year

12

173,980

154,863

NET CURRENT ASSETS

6,051,572

6,432,081

TOTAL ASSETS LESS CURRENT LIABILITIES

6,368,062

6,731,028

PROVISIONS FOR LIABILITIES

14

75,000

-

NET ASSETS

6,293,062

6,731,028

CAPITAL AND RESERVES

Called up share capital

15

4

4

Retained earnings

16

6,293,058

6,731,024

SHAREHOLDERS' FUNDS

6,293,062

6,731,028

The financial statements were approved by the Board of Directors and authorised for issue on 19th December 2025 and were signed on its behalf by:

Mr J T Willmore - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1st January 2023

4

7,263,402

7,263,406

Changes in equity

Total comprehensive income

-

(532,378

)

(532,378

)

Balance at 31st December 2023

4

6,731,024

6,731,028

Changes in equity

Total comprehensive income

-

(437,966

)

(437,966

)

Balance at 31st December 2024

4

6,293,058

6,293,062

1.	STATUTORY INFORMATION

Lavenham Leisure 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 Company Information page.

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

Lavenham Leisure Limited's place of business is 24 - 25 Church Field Road, Sudbury, Suffolk, CO10 2YA.

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.

The financial statements have been prepared on the going concern basis, on the basis that the directors consider that the company will have sufficient cash flow and available resources to continue to operate for at least 12 months from the approved date of these financial statements.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these 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.

Consolidation

The company was, at the end of the year, a wholly-owned subsidiary of another company incorporated in the EEA and in accordance with Section 400 of the Companies Act 2006, is not required to produce, and has not published, consolidated accounts. These financial statements therefore include information relating to the company as an individual entity and not about its group.

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.

Turnover

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

Turnover from the sale of clothing and accessories is recognised when significant risks and rewards of ownership of the goods have transferred to the buyer, the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transaction can be measured reliably. This is usually on dispatch of the goods.

Tangible fixed assets

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

Short leasehold

-

over the lease term

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% on reducing balance and Straight line over 5 years

Computer equipment

-

15% on reducing balance and Straight line over 3 years

Tangible fixed assets are stated at historic cost less accumulated depreciation and any accumulated impairment losses. Historic cost includes all expenditure directly attributable in getting the asset to its current location and condition necessary to be capable of operating as intend.

Investments in subsidiaries

Investments in subsidiaries are measured at cost less impairment.

Stocks

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

Cost is determined using the standard cost method, which approximates to actual cost, and includes all direct costs of production, a proportion of fixed and variable production overhead, and import duties, taxes and transport costs directly attributable to the stock.

Standard costs are reviewed regularly and updated to reflect current conditions. If standard cost materially differs from actual cost, adjustments are made to align stock valuation with actual cost levels.

Financial instruments

Short term debtors are measured at transaction price, less any impairment. Short term creditors are measured at the transaction price.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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 balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 balance sheet 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.

3.

TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024

2023

£

£

United Kingdom

369,946

252,874

Europe

346,175

111,811

Rest of the world

3,564,795

3,244,452

4,280,916

3,609,137

4.	EMPLOYEES AND DIRECTORS

2024

2023

£

£

Wages and salaries

2,588,641

2,499,653

Social security costs

195,411

162,624

Other pension costs

50,385

38,080

2,834,437

2,700,357

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

2024

2023

Sales and Administration

14

14

Design and Development

2

3

Director

1

1

Manufacturing

97

88

114

106

2024

2023

£

£

Directors' remuneration

228,636

127,968

Directors' pension contributions to money purchase schemes

11,468

1,321

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes

2

1

Information regarding the highest paid director for the year ended 31st December 2024 is as follows:

2024

£

Emoluments etc

133,070

Pension contributions to money purchase schemes

1,322

5.

AMOUNTS WRITTEN OFF INVESTMENTS

Lavenham Retail Limited was dissolved on 5 November 2024 and has been treated as a disposal in these accounts. The value of the investment was £100.

6.	LOSS BEFORE TAXATION

The loss is stated after charging/(crediting):

2024

2023

£

£

Hire of plant and machinery

1,812

453

Other operating leases

145,000

134,930

Depreciation - owned assets

68,215

59,661

(Profit)/loss on disposal of fixed assets

(596

)

3,536

Auditors' remuneration

9,600

9,550

Foreign exchange

3,749

6,320

7.

TAXATION

Analysis of the tax charge/(credit)

The tax charge/(credit) on the loss for the year was as follows:

2024

2023

£

£

Deferred tax - origination and

reversal of timing

differences

75,000

(41,611

)

Tax on loss

75,000

(41,611

)

UK corporation tax has been charged at 25% (2023 - 19%).

Reconciliation of total tax charge/(credit) included in profit and loss

The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024

2023

£

£

Loss before tax

(362,966

)

(573,989

)

Loss multiplied by the standard rate of corporation tax in the UK of 25% (2023 - 19%)

(90,742

)

(109,058

)

Effects of:

Expenses not deductible for tax purposes

333

267

Capital allowances in excess of depreciation

(4,733

)

(12,449

)

Losses group relieved

95,142

121,240

Deferred tax movement

75,000

(41,611

)

Total tax charge/(credit)

75,000

(41,611

)

The standard rate of corporation tax has changed from the previous period due to increases in the rate of UK corporation tax from 1 April 2023.

8.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

Computer

leasehold

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1st January 2024

10,599

1,174,646

15,628

75,405

1,276,278

Additions

-

83,800

1,463

-

85,263

Disposals

-

(90,848

)

(11,138

)

(36,207

)

(138,193

)

At 31st December 2024

10,599

1,167,598

5,953

39,198

1,223,348

DEPRECIATION

At 1st January 2024

706

914,629

14,393

47,703

977,431

Charge for year

2,231

52,562

430

12,992

68,215

Eliminated on disposal

-

(92,066

)

(10,790

)

(35,932

)

(138,788

)

At 31st December 2024

2,937

875,125

4,033

24,763

906,858

NET BOOK VALUE

At 31st December 2024

7,662

292,473

1,920

14,435

316,490

At 31st December 2023

9,893

260,017

1,235

27,702

298,847

9.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1st January 2024

100

Disposals

(100

)

At 31st December 2024

-

NET BOOK VALUE

At 31st December 2024

-

At 31st December 2023

100

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Lavenham Retail Limited

Registered office: 37 Mount Pleasant, Clerkenwell, London, WC1X 0AA

Nature of business: Dormant

%

Class of shares:

holding

Ordinary

100.00

2024

2023

£

£

Aggregate capital and reserves

-

100

Lavenham Retail Limited was dissolved on 5 November 2024 and the investment in this company has been treated as a disposal in these accounts.

10.

STOCKS

2024

2023

£

£

Raw materials

272,312

320,053

Work-in-progress

23,252

29,577

Finished goods

282,783

317,904

578,347

667,534

Stock expensed in the year amounts to £893,605 (2023 - £830,560).

11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

99,868

46,047

Amounts owed by immediate

parent

-

1,240

Amounts owed by ultimate

parent

327,957

325,356

Other debtors

538

538

VAT

2,581

38,685

Prepayments and accrued income

94,268

102,099

525,212

513,965

12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

65,937

49,970

Amounts owed to group undertakings

-

100

Social security and other taxes

43,821

35,984

Other creditors

4,398

1,136

Accrued expenses

59,824

67,673

173,980

154,863

13.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2024

2023

£

£

Within one year

145,000

145,000

Between one and five years

386,667

531,667

531,667

676,667