REGISTERED NUMBER: 11190178 (England and Wales)

Strategic Report, Report of the Directors and

Financial Statements

for the Year Ended 31 December 2024

for

Ganni Limited

Page

Company Information

1

Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Statement of Comprehensive Income

10

Balance Sheet

11

Statement of Changes in Equity

12

Notes to the Financial Statements

13

DIRECTORS:

I Christensen

L Du Rusquec

P M De Lavallaz

REGISTERED OFFICE:

4/4a Bloomsbury Square

London

WC1A 2RP

REGISTERED NUMBER:

11190178 (England and Wales)

AUDITORS:

Anstey Bond LLP

Statutory Auditors &

Chartered Accountants

1-2 Charterhouse Mews

London

EC1M 6BB

BANKERS:

Danske Bank

Corporates UK

75 King William Street

London

EC4N 7DT

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

REVIEW OF BUSINESS

GANNI UK Limited is a wholly owned subsidiary of the GANNI A/S. The principal activity of the company is the sale of clothing and related products to the UK market through retail. The company plays a key role in supporting the Groups presence and brand positioning within the UK.

The Company's trading results for the year are set out on page 10. The profit for the year after tax was £1.2m (2023 £1.1m) which is in line with directors' expectations.

Overall, the company maintains its gross margin within the expected range, the revenue increase aligns with its planned revenue growth plan and the expectations to increase in the year-over-year profits.

PRINCIPAL RISKS AND UNCERTAINTIES

The Company is subject to several risks, including:

1. Macroeconomic risks: Consumer demand in the UK retail sector may be affected by inflationary pressures and changing economic conditions.

2. Foreign exchange risk: As part of an international Group, the company is exposed to currency fluctuations, particularly between currencies GBP and DKK.

3. Group funding structure: A Group bond loan is due to mature within 12 months of the balance sheet date. A refinancing commitment has been secured post year-end, mitigating liquidity and refinancing risk at Group level.

These risks are actively monitored and managed in coordination with the Groups central finance and risk functions.

KEY PERFORMANCE INDICATORS

The company's financial performance in 2024 was influenced by both market developments and internal cost adjustments.

Between 2023 and 2024, the business experienced continued growth. Revenue increased from £6m in 2023 to £8.9m in 2024, reflecting strong sales performance across our store network.

Net result before taxes improved, from £0.5m to £0.1m, driven by higher turnover and improved operational efficiency.

The number of stores grew from five to six, with one new location opening in 2024, following two openings in 2023.

GOING CONCERN

An assessment of the Company's ability to continue as a going concern was executed, taking into account all available information about the future, which is at least, but not limited to, twelve months from the end of the reporting period. No events have been identified nor conditions were found which may cast significant doubt upon the Company's ability to continue as a going concern. The financial statements have been prepared on the basis of going concern.

We would like to thank all our people for their input and dedication and our customers, shareholders, partners and suppliers for their trust.

FUTURE DEVELOPMENTS

The company expects continued demand for its products in the UK market in 2025.

The results and activities for the coming financial year are expected to be similar to 2024. The revenue is expected to be between £9m and £11m. The result before tax is expected to be £0m to £2m.

ON BEHALF OF THE BOARD:

P M De Lavallaz - Director

29 December 2025

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

PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of trading with clothing and related activities.

DIVIDENDS

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

DIRECTORS

I Christensen has held office during the whole of the period from 1 January 2024 to the date of this report.

Other changes in directors holding office are as follows:

A Baldo - resigned 1 May 2024

R S P Asaria - appointed 11 April 2024

L Du Rusquec - appointed 1 May 2024

P M De Lavallaz was appointed as a director after 31 December 2024 but prior to the date of this report.

L Koustrup and R S P Asaria ceased to be directors after 31 December 2024 but prior to the date of this report.

FINANCIAL INSTRUMENTS

The main risks arising from the Company's financial operations are interest rate risk, credit risk, liquidity risk and foreign currency risk. Company management reviews and manages each of these risks regularly and these reviews are summarised below:

Interest Rate Risk

The company's has exposure to fluctuations in interest rates which relate to its debt obligations to its lenders. Where possible interest rates are fixed in order to minimise any risk from sudden rises in rates.

Credit Risk

Credit risk arises from the risk that customers may not be able to settle obligations to the Company within normal terms. The policy of the company is to provide credit terms to credit worthy customers. These debts are continually monitored and therefore, the company does not expect to incur material credit losses.

Foreign Currency Risk

The company is exposed to foreign exchange risk on transactions that are denominated in a currency other than GBP. Exposure to foreign exchange risk is monitored on an ongoing basis to ensure that net exposure is kept at a minimal level. If necessary via hedging contracts with a maturity of less than one year.

Liquidity Risk

The company'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 company's reputation. Typically, the company ensures that it generally has sufficient cash on demand to meet expected operational expenses for the next twelve months, including the servicing of financial obligations.

Capital Management

The company's primary objective is to maintain an optimal capital structure that supports its ability to continue as a going concern and safeguards the return for its shareholders. The group's capital structure includes share capital, reserves and retained earnings. Specifically, the current and planned capital management structure is aimed at ensuring that a reasonable level of debt is maintained at the local companies, so as to maximise the creation of shareholder value.

POLITICAL DONATIONS AND EXPENDITURE

There were no political donations (2023 : NIL).

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). 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, Anstey Bond LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

P M De Lavallaz - Director

29 December 2025

Opinion

We have audited the financial statements of Ganni Limited (the 'company') for the year ended 31 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 31 December 2024 and of its profit 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; or

-	the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement 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 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.

Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

.

the nature of the industry and sector, control environment and business performance

.

results of our enquiries of management about their own identification and assessment of the risks of irregularities;

.

any matters we identified having obtained and reviewed the Company's documentation of their policies and procedures relating to:

.

identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance;

.

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

.

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations;

.

the matters discussed among the audit engagement team and involving relevant internal specialists, including tax and IT specialists regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in relation to revenue deferrals. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

We also obtained an understanding of the legal and regulatory frameworks that the Company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act and local tax legislation.

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company's ability to operate or to avoid a material penalty.

Audit response to the risks identified

Our procedures to respond to risks identified included the following:

.

reviewing the financial statement disclosures and verifying through obtaining supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements;

.

enquiring of management and specific testing concerning potential litigation and claims;

.

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

.

reading minutes of meetings of those charged with governance, and reviewing regulatory correspondence

.

obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

.

obtained an understanding of provisions and held discussions with management to understand the basis of recognition or non-recognition of tax provisions; and

.

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists and significant component audit teams, and remained alert to any indications of fraud or noncompliance with laws and regulations throughout the audit.

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.

Colin Ellis FCCA CF (Senior Statutory Auditor)

for and on behalf of Anstey Bond LLP

Statutory Auditors &

Chartered Accountants

1-2 Charterhouse Mews

London

EC1M 6BB

29 December 2025

TURNOVER

11,884,990

8,800,279

Cost of sales

(3,601,381

)

(2,202,305

)

GROSS PROFIT

8,283,609

6,597,974

Administrative expenses

(6,637,838

)

(5,065,331

)

1,645,771

1,532,643

Other operating income

3,428

11,420

OPERATING PROFIT

5

1,649,199

1,544,063

Interest payable and similar expenses

6

(26,475

)

(42,786

)

PROFIT BEFORE TAXATION

1,622,724

1,501,277

Tax on profit

7

(420,311

)

(363,181

)

PROFIT FOR THE FINANCIAL YEAR

1,202,413

1,138,096

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

1,202,413

1,138,096

FIXED ASSETS

Tangible assets

8

1,166,756

1,074,617

CURRENT ASSETS

Stocks

9

1,185,027

1,399,973

Debtors

10

1,879,604

1,084,608

Cash at bank and in hand

886,130

522,173

3,950,761

3,006,754

CREDITORS

Amounts falling due within one year

11

(1,794,085

)

(2,148,843

)

NET CURRENT ASSETS

2,156,676

857,911

TOTAL ASSETS LESS CURRENT LIABILITIES

3,323,432

1,932,528

PROVISIONS FOR LIABILITIES

13

(188,491

)

-

NET ASSETS

3,134,941

1,932,528

CAPITAL AND RESERVES

Called up share capital

14

1

1

Retained earnings

15

3,134,940

1,932,527

SHAREHOLDERS' FUNDS

3,134,941

1,932,528

The financial statements were approved by the Board of Directors and authorised for issue on 29 December 2025 and were signed on its behalf by:

P M De Lavallaz - Director

Called up

share

Retained

Total

capital

earnings

equity

£

£

£

Balance at 1 January 2023

1

794,431

794,432

Changes in equity

Total comprehensive income

-

1,138,096

1,138,096

Balance at 31 December 2023

1

1,932,527

1,932,528

Changes in equity

Total comprehensive income

-

1,202,413

1,202,413

Balance at 31 December 2024

1

3,134,940

3,134,941

1.	STATUTORY INFORMATION

Ganni 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.

2.	STATEMENT OF COMPLIANCE

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. These financial statements have been prepared in compliance with FRS 102 - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemptions 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;

•

the requirement of paragraph 3.17(d);

•

the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

•

the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;

•

the requirement of paragraph 33.7.

The financial statements are prepared in Sterling, which is the functional currency of the Company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover

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

Revenue Recognition

Revenue is recognised in the profit and loss when delivery and risk has transferred to the buyer. The net turnover is recognised exclusive of VAT and with the deduction of any discounts granted in connection with the sale.

Tangible fixed assets

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

Improvements to property - straight-line basis over 5 years.

Plant and Machinery - straight-line basis over 5 years.

Fixture and Fittings - straight-line basis over 5 years.

Short term leasehold - straight-line basis over 10 years.

Stocks

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

Financial instruments

The company enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans from banks. Debt instruments (other than those wholly repayable or receivable within one year), including loans and account receivables and payables, are initially measured at the transaction price (adjusted for transaction cost) and subsequently at amortised cost. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangement constitutes a financing transaction, such as trade debtor or creditor on extended credit terms, initial measurement is at the present value of future cash flows discounted at a market rate of interest. Subsequent measurement is at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is identified, an impairment loss is recognised.

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

Operating lease payments are recognised as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Contingent rentals arising under operating leases are recognised as an expense in the period in which they are incurred.

In the event that lease incentives are received to enter into operating leases, such incentives are recognised as a liability. The aggregate benefit of incentives is recognised as a reduction of rental expense on a straight line basis, except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

Trade and other debtors

Trade and other debtors that are receivable within one year and do not constitute a financing transaction are recorded at the undiscounted amount expected to be received, net of impairment.Those that are receivable after more than one year or that constitute a financing transaction are recorded initially at fair value less transaction costs and subsequently at amortised cost, net of impairment.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would me immaterial, in which case they are stated at cost.

Going concern

The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

4.	EMPLOYEES AND DIRECTORS

31.12.24

31.12.23

£

£

Wages and salaries

2,854,810

2,538,458

Social security costs

287,260

274,812

Other pension costs

85,951

81,097

3,228,021

2,894,367

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

31.12.24

31.12.23

Employees and directors

68

64

31.12.24

31.12.23

£

£

Directors' remuneration

-

-

The directors' of the company are remunerated through the Group parent entity, Ganni A/S. No amounts are recorded within Ganni Limited on the basis that the services provided to the entity are ancillary to the support provided to the Group parent.

5.	OPERATING PROFIT

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

31.12.24

31.12.23

£

£

Other operating leases

1,800,236

1,191,848

Depreciation - owned assets

424,290

305,593

Auditors' remuneration

9,780

5,075

Foreign exchange differences

(3,428

)

(2,175

)

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

31.12.24

31.12.23

£

£

Interest payable

26,475

42,786

7.

TAXATION

Analysis of the tax charge

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

31.12.24

31.12.23

£

£

Current tax:

UK corporation tax

231,820

363,181

Deferred tax

188,491

-

Tax on profit

420,311

363,181

8.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Short

to

Plant and

and

leasehold

property

machinery

fittings

Totals

£

£

£

£

£

COST

At 1 January 2024

25,000

1,925,379

7,313

94,653

2,052,345

Additions

-

516,250

-

179

516,429

At 31 December 2024

25,000

2,441,629

7,313

94,832

2,568,774

DEPRECIATION

At 1 January 2024

11,048

904,471

6,407

55,802

977,728

Charge for year

2,550

381,804

906

39,030

424,290

At 31 December 2024

13,598

1,286,275

7,313

94,832

1,402,018

NET BOOK VALUE

At 31 December 2024

11,402

1,155,354

-

-

1,166,756

At 31 December 2023

13,952

1,020,908

906

38,851

1,074,617

9.

STOCKS

31.12.24

31.12.23

£

£

Stocks

1,185,027

1,399,973

10.

DEBTORS

31.12.24

31.12.23

£

£

Amounts falling due within one year:

Amounts owed by group undertakings

594,905

-

Other debtors

164,237

239,396

Prepayments

261,166

72,916

1,020,308

312,312

Amounts falling due after more than one year:

Other debtors

859,296

772,296

Aggregate amounts

1,879,604

1,084,608

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

90,468

21,252

Amounts owed to group undertakings

-

719,037

Tax

231,821

363,180

VAT

515,150

428,827

Other creditors

95,671

107,381

Accrued expenses

860,975

509,166

1,794,085

2,148,843

12.	LEASING AGREEMENTS

As at 31 December 2024 the company had annual commitments under non-cancellable operating leases as follows:

2024

2023

£

£

Expiry date:

Within 1 year

1,676,998

1,511,998

Between 1 and 5 years

5,302,250

6,749,988

Over 5 years

2,003,900

2,255,960

8,983,148

10,517,946

13.	PROVISIONS FOR LIABILITIES

31.12.24

31.12.23

£

£

Deferred tax

188,491

-

Deferred

tax

£

Provided during year

188,491

Balance at 31 December 2024

188,491

14.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1

Ordinary

£1

1

1

15.

RESERVES

Retained

earnings

£

At 1 January 2024

1,932,527

Profit for the year

1,202,413

At 31 December 2024

3,134,940

16.	RELATED PARTY DISCLOSURES

At the balance sheet date, included within other debtors, is an amount of £594,904 (2023: £719,037 CR) due to Ganni Limited from Ganni A/S, the parent company.

17.	ULTIMATE CONTROLLING PARTY

As at the balance sheet date the immediate controlling undertaking is Ganni A/S , a company incorporated in Denmark. Copies of the consolidated financial statements for Ganni A/S are available from the company secretary. The registered company address is Bremerholm 4, 1069 Copenhagen, Denmark.

As at the balance sheet date the ultimate controlling undertaking is S.L. 03 S.a.r.l , a company incorporated in Luxembourg. Copies of the consolidated financial statements for S.L. 03 S.a.r.l are available from the company secretary. The registered company address is Rue Antoine Jans 10, 1820 Luxembourg, Luxemburg.