FOR THE YEAR ENDED 30 APRIL 2025
NKUKU LIMITED
COMPANY INFORMATION
NKUKU LIMITED
CONTENTS
NKUKU LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 APRIL 2025
Nkuku is an ethical interiors brand that designs and curate’s unique homewares, furniture, lighting, textiles, and accessories. The brand is known for its use of sustainable, natural materials and its commitment to preserving traditional craftsmanship and artisanal techniques.
Nkuku operates a multichannel business model, with a strong and growing direct-to-consumer presence through nkuku.com, alongside a robust wholesale channel via select department stores, high street multiples, independent trade stockists, and interior designers. This is complemented by its own retail store and café.
With a differentiated, design-led proposition built on ethical values, Nkuku appeals to an affluent customer base that values consciously crafted products for the home. The collection comprises over 1,300 pieces, primarily sourced from India, with many long-standing supplier relationships.
This multichannel approach not only raises brand awareness but also diversifies risk and enables the business to reach customers through multiple touchpoints.
Nkuku operates a multichannel business model, with a strong and growing direct-to-consumer presence through nkuku.com, alongside a robust wholesale channel via select department stores, high street multiples, independent trade stockists, and interior designers. This is complemented by its own retail store and café.
With a differentiated, design-led proposition built on ethical values, Nkuku appeals to an affluent customer base that values consciously crafted products for the home. The collection comprises over 1,300 pieces, primarily sourced from India, with many long-standing supplier relationships.
This multichannel approach not only raises brand awareness but also diversifies risk and enables the business to reach customers through multiple touchpoints.
Sales in the year were £19.4m vs £16.8m in the prior year. Sales grew 15% YoY, with most of the growth coming from D2C, which stepped up 24% and accounted for 61% of Sales, vs 57% in the previous year. Customer acquisition in our D2C channels improved 16%, and the number of existing customers shopping stepped up 15%.
Our combined B2B channels improved 3% on the year, however, this masks the removal of international trade due to complexities caused by Brexit.
The company continued to focus its product development efforts on its core categories. New product ranges for AW24 and SS25 delivered strong results, achieving 40% year-on-year growth.
Operationally, the company maintained a strong focus on effective stock management, balancing product availability with logistics costs and cash flow considerations. This approach ensured that stock was well-positioned to meet customer demand efficiently.
Despite this strong trading performance, the business experienced significant cost pressures during the year, particularly due to exceptional increases in shipping costs.
Global economic uncertainties, geo-political factors, cost-of-living pressures, national insurance contributions and high interest rates continue to have an impact on consumer behaviour and spending power.
The company bares a risk of unfavourable changes in foreign currency markets as a large amount of supplier payments are made US$. The company hedges its forecast purchasing, monitors exchange rates and reviews its foreign currency risk on a regular basis.
Due to the volatility of shipping costs, the company has fixed rates for the majority of financial year 25/26.
The company bares a risk of unfavourable changes in foreign currency markets as a large amount of supplier payments are made US$. The company hedges its forecast purchasing, monitors exchange rates and reviews its foreign currency risk on a regular basis.
Due to the volatility of shipping costs, the company has fixed rates for the majority of financial year 25/26.
NKUKU LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
Nkuku has a long-standing commitment to honest and ethical conduct in its relationships with suppliers, customers and employees. We are refining and improving our existing supplier audit process to protect and champion human rights of the workers in our supply chain. The company is a member of B Corp, with 2,500 other UK companies meeting a high standard of social and environmental performance, transparency and accountability. Nkuku is proud to be a real living wage employer.
The business considers the environment in the development and packaging of all products. Our strategy includes development of measurable targets for the use sustainable materials and recycled or recyclable packaging. We have Sustainability and Environmental policies which are published on our website.
This report was approved by the board on 4 November 2025 and signed on its behalf.
1
NKUKU LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 APRIL 2025
The directors present their report and the financial statements for the year ended 30 April 2025.
The profit for the year, after taxation, amounted to £981,418 (2024: £502,189).
The dividends paid in the year were £Nil (2024: £1,816,882) and the dividend declared post year end and provided for is £Nil (2024: £Nil).
The directors who served during the year were:
There have been no significant events affecting the company since the year end.
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
NKUKU LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2025
This report was approved by the board and signed on its behalf.
NKUKU LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 APRIL 2025
The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), 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 for the company'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 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 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
NKUKU LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NKUKU LIMITED
We have audited the financial statements of Nkuku Limited (the 'company') for the year ended 30 April 2025, which comprise the Statement of income and retained earnings, the Statement of financial position 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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' 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.
NKUKU LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NKUKU LIMITED (CONTINUED)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
NKUKU LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NKUKU LIMITED (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 Auditors' 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 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:
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 sector, control environment and the Company's performance;
∙results of our enquiries of management and the Directors, 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 non-compliance; 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 regarding how and where the 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, which included incorrect recognition of revenue, management override of controls using manual journal entries, and identified the greatest potential for fraud as incorrect recognition of revenue and management override using manual journal entries.
We have obtained an understanding of the legal and regulatory frameworks that the Company operated 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 have considered in this context include UK Companies Act, FRS 102 and UK 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. These included data protection regulations, occupational health and safety regulations, and employment legislation.
Our procedures to respond to risks identified included the following:
∙reviewing the financial statement disclosures and testing to supporting documentation to assess the recognition of revenue;
∙enquiring of Directors and management concerning actual and potential litigation and claims;
∙performing procedures to confirm material compliance with the requirements of the above regulations;
∙performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;
∙reading minutes of director meetings; and
∙in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; and assessing whether the judgements made in making accounting estimates are indicative of a potential bias.
We also communicated relevant identified laws and regulations and potential fraud risks to all enagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.
NKUKU LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NKUKU LIMITED (CONTINUED)
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from an error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
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 Auditors' 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 an Auditors' 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
Chartered Accountants
Statutory Auditors
Brook House
Winslade Park
Manor Drive
Exeter
EX5 1GD
NKUKU LIMITED
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 APRIL 2025
NKUKU LIMITED
REGISTERED NUMBER:04614918
STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2025
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on form part of these financial statements.
NKUKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
The company is a private company, limited by shares and registered and incorporated in England within the United Kingdom.
The registered number of the company is 04614918 and the address of the registered office is Lower Tweed Mill, Shinners Bridge, Dartington, Totnes, Devon, TQ9 6JB.
The registered number of the company is 04614918 and the address of the registered office is Lower Tweed Mill, Shinners Bridge, Dartington, Totnes, Devon, TQ9 6JB.
2.ACCOUNTING POLICIES
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Sustainable Topco Limited as at 30/04/2025 and these financial statements may be obtained from Companies House, Crown Way, Cardiff, CF14 3UZ.
NKUKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.ACCOUNTING POLICIES (CONTINUED)
The company has prepared budgets for the period to 30 April 2026. It shows the company to be a going concern. The group is expected to achieve an EBIDTA of £502k for FY25/26. The company has secured a trade finance facility to fund all working capital, capital expenditure and meet its cashflow requirements. The company has a robust financial plan, with the intention to double the business.
This year’s Budget has used these assumptions:
This year’s Budget has used these assumptions:
∙Having previously completed a comprehensive brand positioning project, the company is continuing the executional phase with a focus on compelling brand storytelling across the website, digital and brand communications, to captivate and engage our target audience.
∙To reach new customers, the company is forging strategic commercial partnerships with those who can unlock new audiences and authentically represent the brand and its product proposition. This includes high-performing independent retailers, specialists, destination stores, and renowned high-street names such as John Lewis and Next. By aligning with partners like John Lewis and Next the company benefits from their extensive market reach and trusted reputation, ensuring the brand resonates with a broader and more diverse audience. Alongside retail partnerships, the company is also cultivating relationships with commercial and brand collaborators, as well as influencers with strong social currency, to amplify reach, enhance storytelling, and build cultural relevance across multiple touchpoints.
∙The company will open its second store in the first half of the financial year, at Redbrick near Leeds – the North’s leading destination for interiors. This marks a significant milestone in the company's multichannel strategy and demonstrates confidence in the strength and relevance of the brand beyond its home region. Redbrick provides exposure to a large, design-conscious customer base, expanding the company’s geographic reach while reinforcing its positioning within the premium furniture and ethical homewares market.
∙The company’s strategic approach to customer acquisition and retention will be to implement a series of segmented marketing initiatives tailored to various audience profiles.
∙Container rates have been volatile for several years; to protect against these fluctuations and give greater planning certainty we have entered a fixed contract with MSC via our Freight Forwarder Davies Turner. The contract is set to run until the end of December 2025.
∙The company has hedged, in line with budget assumptions, its foreign currency requirements for the remainder of the financial year.
The company forms part of a wider group. The two parent companies hold no cash reserves, and their cash requirements are funded by Nkuku. This expenditure is fully forecast in the cashflow forecasts of Nkuku, and sufficient head room is forecast to fund these requirements. The company’s shareholders continue to support the business and facilitate necessary working capital requirements when needed.
There is no other relevant information that would have an impact on the going concern status of the group.
NKUKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.ACCOUNTING POLICIES (CONTINUED)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Amortisation is provided on the following bases:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line and reducing balance method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
NKUKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.ACCOUNTING POLICIES (CONTINUED)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Functional and presentation currency
Transactions and balances
NKUKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.ACCOUNTING POLICIES (CONTINUED)
NKUKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
2.ACCOUNTING POLICIES (CONTINUED)
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
NKUKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
Analysis of turnover by country of destination:
NKUKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
NKUKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
NKUKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
NKUKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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NKUKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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NKUKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
NKUKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
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Profit and loss account
The company operates a defined contributions pension scheme . The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £82,904 (2024: £77,170). Contributions totalling £14,580 (2024: £7,575) were payable to the fund at the reporting date and are included in creditors.
NKUKU LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2025
24.OTHER FINANCIAL COMMITMENTS
At the balance sheet date, the company was committed to purchase $4,618,961 (2024: $3,487,687) under a portfolio of forward contracts.
The parent company is Sustainable Bidco Limited. The ultimate controlling party is Bridges Sustainable Growth Fund IV (General Partner) LLP.