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Registered number:
FOR THE YEAR ENDED 31 MARCH 2025
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MOUS PRODUCTS LTD
COMPANY INFORMATION
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MOUS PRODUCTS LTD
CONTENTS
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MOUS PRODUCTS LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
Review of the Business
2025 2024 £'000 £'000 Turnover 29,766 28,143 Gross Profit % 75% 74% Contribution Margin 8,878 7,227 Contribution Margin % 30% 26% EBITDA excluding Exceptional Costs 3,017 1,464 Expensed R&D Costs (309) (246) Non Cash Spends (25) (870) Adjusted EBITDA 3,351 2,580 Mous is a privately owned company that designs, manufactures, and sells mobile phone cases, tech accessories and backpacks predominantly online, distributing to the UK and over 100 countries internationally. The directors use various measures to assess the performance of the business. As the business continues to scale, the measure which, in the opinion of the directors, gives the best indication of business performance is adjusted earnings before interest, tax, depreciation and amortisation, exceptional items, expensed research & development costs and non-cash spends (Adjusted EBITDA). The business achieved a 6% year-on-year increase in turnover, driven by website optimization, increased retail revenue through our ongoing partnership with Google, and continued expansion of the product offering. During the year, we launched new backpack ranges which helped to drive over 100% increase in backpack revenue from the prior year. We also expanded our range of colourful and printed phone cases, giving the brand broader appeal and helping to attract new customers. In the final month of the year, we launched Mous x MERCEDES AMG PETRONAS Formula One Team branded cases and backpacks as part of our new relationship as an Official Licensee and Official Supplier of the MERCEDES AMG PETRONAS Formula One Team. Gross profit margin improved 1ppt from the prior year; a result of product cost price efficiencies on cases offset in part by the increase in backpack sales and retail sales, with a lower gross profit margin, as a proportion of revenue. Contribution margin (gross profit less costs directly attributable to the sale of goods such as logistics fees, sales fees and digital marketing spends), grew at +23% year-on-year, outpacing turnover growth. This reflects our continued focus on profitability, contributing a 4ppt increase in the return on sale, achieved through digital marketing efficiencies implemented during the year. Administrative costs excluding exceptional costs in 2025 increased by £0.2m from the prior year. The biggest drivers of the increase are logistics and sales fees, which increased in line with turnover; and higher salaries and wages relating to increased headcount. These increases have been partially offset by savings in digital marketing as a result of efficiencies in spend. Adjusted EBITDA, which excludes non-cash spends and research & development costs for which the benefits will be seen in future years, resulted in a profit of £3.4m in 2025, a £0.8m improvement on the prior year.
Principal risks and uncertainties
The business’ activities give rise to a number of risks detailed below. Changes in customer trends There is a risk that the product offering declines in popularity, leading to reduced revenues, margins and cash flows. This risk is managed by continued research and development in order to design and manufacture market
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MOUS PRODUCTS LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
leading products that meet our customers’ needs as well as managing stock levels on products for older phone models.
The economic challenges of 2025, including inflation, could lead to reduced disposable income and potential recessionary pressures, which may create headwinds for our growth plans. However, given the large market size relative to Mous’ current business, we aim to mitigate this risk through market share gains. Competition Risk The company is exposed to a number of competitors in the market who also provide protective phone cases. This risk is mitigated by investing heavily into the research and development of new and existing products to maintain the business’ point of difference. Supply Chain The company is dependent on the ability of its suppliers to manufacture its products to the desired quality and standards and on its logistics providers to ensure it reaches the required location on a timely basis. The standards, arrangements and contingency plans are under constant review by management. Currency Risk The company is exposed to foreign currency risks on sales and purchases. Exposures are primarily to the US Dollar and Euro. Forecast transactional exposures are reviewed on an ongoing basis and where possible excess foreign currencies are utilised to settle supplier payments. The majority of the sales and supplier purchases are in US dollars, providing a natural and effective hedge to these risks.
Research and Development
R&D plays a pivotal role in our business, as it drives our ability to innovate and deliver cutting-edge products. Through our relentless commitment to R&D, we strive to enhance user experiences and strengthen our position as a trusted provider of innovative and reliable tech accessories.
Future Developments
In pursuit of our future growth objectives, we have implemented several key initiatives since year-end. We continue to invest significantly into R&D to expand our product portfolio, including our recent move into the luggage category, which will benefit the business in the years ahead and strengthen its long-term health and sustainability. Post year end we have raised £3.6m in crowdfunding investment, strengthening our financial position and reflecting investor confidence in our business and it’s potential.
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MOUS PRODUCTS LTD
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
This report was approved by the board and signed on its behalf.
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MOUS PRODUCTS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
The directors present their report and the financial statements for the year ended 31 March 2025.
The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments 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 Group 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 the Group and to 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.
The profit for the year, after taxation, amounted to £1,052,662 (2024 - loss £249,715).
There were no dividends declared during the year.
The directors who served during the year were:
The Group incurred exceptional expenses in the year in respect of fundraising costs and 3PL warehouse relocation costs. This has been presented as 'Exceptional expenses' in the Statement of Comprehensive Income.
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MOUS PRODUCTS LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
The auditor, MHA, previously traded through the legal entity MacIntyre Hudson LLP. In response to regulatory changes, MacIntyre Hudson LLP ceased to hold an audit registration with the engagement transitioning to MHA Audit Services LLP.
MHA will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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MOUS PRODUCTS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOUS PRODUCTS LTD
We have audited the financial statements of Mous Products Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2025, which comprise the Consolidated Statement of comprehensive income, the Consolidated and Company Balance sheets, the Consolidated Statement of cash flows, the Consolidated and Company Statement of changes in equity and the related notes, 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 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 or 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.
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MOUS PRODUCTS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOUS PRODUCTS LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Directors' report.
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MOUS PRODUCTS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOUS PRODUCTS LTD (CONTINUED)
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 an Auditor's report 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 Group financial statements.
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:
∙Enquiry of management around actual and potential litigation and claims;
∙Performing audit work over the risk of management override of controls, including testing of journal entries
and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias;
∙Reviewing minutes of meetings of those charged with governance and management;
∙Reviewing financial statement disclosures and testing to supporting documentation to assess compliance
with applicable 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 Auditor's report.
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MOUS PRODUCTS LTD
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MOUS PRODUCTS LTD (CONTINUED)
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 an Auditor's report 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.
for and on behalf of
Statutory Auditors
London
MHA is the trading name of MHA Audit Services LLP, a limited liability partnership in England and Wales (registered number OC455542)
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MOUS PRODUCTS LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
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MOUS PRODUCTS LTD
REGISTERED NUMBER: 09468982
CONSOLIDATED BALANCE SHEET
AS AT 31 MARCH 2025
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MOUS PRODUCTS LTD
REGISTERED NUMBER: 09468982
CONSOLIDATED BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 43 form part of these financial statements.
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MOUS PRODUCTS LTD
REGISTERED NUMBER: 09468982
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
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MOUS PRODUCTS LTD
REGISTERED NUMBER: 09468982
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2025
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The profit after tax of the Company for the year was £826,618 (2024 - £435,795 loss).
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 43 form part of these financial statements.
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