IRIS Accounts Production v25.4.0.155 10850530 Board of Directors Board of Directors 1.8.24 31.7.25 31.7.25 Medium entities true false true true false false false true false These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. Ordinary A 0.01000 Ordinary B 0.01000 Ordinary C 0.01000 iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 10850530 2024-07-31 10850530 2025-07-31 10850530 2024-08-01 2025-07-31 10850530 2023-07-31 10850530 2023-08-01 2024-07-31 10850530 2024-07-31 10850530 ns15:EnglandWales 2024-08-01 2025-07-31 10850530 ns14:PoundSterling 2024-08-01 2025-07-31 10850530 ns10:Director1 2024-08-01 2025-07-31 10850530 ns10:Director2 2024-08-01 2025-07-31 10850530 ns10:PrivateLimitedCompanyLtd 2024-08-01 2025-07-31 10850530 ns10:MediumEntities 2024-08-01 2025-07-31 10850530 ns10:Audited 2024-08-01 2025-07-31 10850530 ns10:Medium-sizedCompaniesRegimeForDirectorsReport 2024-08-01 2025-07-31 10850530 ns10:Medium-sizedCompaniesRegimeForAccounts 2024-08-01 2025-07-31 10850530 ns10:FullAccounts 2024-08-01 2025-07-31 10850530 1 2024-08-01 2025-07-31 10850530 ns10:OrdinaryShareClass2 2024-08-01 2025-07-31 10850530 ns10:OrdinaryShareClass3 2024-08-01 2025-07-31 10850530 ns10:OrdinaryShareClass4 2024-08-01 2025-07-31 10850530 ns10:CompanySecretary1 2024-08-01 2025-07-31 10850530 ns10:RegisteredOffice 2024-08-01 2025-07-31 10850530 ns10:Director3 2024-08-01 2025-07-31 10850530 ns10:Director4 2024-08-01 2025-07-31 10850530 ns5:CurrentFinancialInstruments 2025-07-31 10850530 ns5:CurrentFinancialInstruments 2024-07-31 10850530 ns5:Non-currentFinancialInstruments 2025-07-31 10850530 ns5:Non-currentFinancialInstruments 2024-07-31 10850530 ns5:ShareCapital 2025-07-31 10850530 ns5:ShareCapital 2024-07-31 10850530 ns5:RetainedEarningsAccumulatedLosses 2025-07-31 10850530 ns5:RetainedEarningsAccumulatedLosses 2024-07-31 10850530 ns5:ShareCapital 2023-07-31 10850530 ns5:RetainedEarningsAccumulatedLosses 2023-07-31 10850530 ns5:RetainedEarningsAccumulatedLosses 2023-08-01 2024-07-31 10850530 ns5:RetainedEarningsAccumulatedLosses 2024-08-01 2025-07-31 10850530 ns5:NetGoodwill 2024-08-01 2025-07-31 10850530 ns15:UnitedKingdom 2024-08-01 2025-07-31 10850530 ns15:UnitedKingdom 2023-08-01 2024-07-31 10850530 ns15:UnitedStates 2024-08-01 2025-07-31 10850530 ns15:UnitedStates 2023-08-01 2024-07-31 10850530 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2024-08-01 2025-07-31 10850530 ns5:TotalGeographicSegmentsIncludingAnyUnallocatedAmount 2023-08-01 2024-07-31 10850530 ns10:HighestPaidDirector 2024-08-01 2025-07-31 10850530 ns10:HighestPaidDirector 2023-08-01 2024-07-31 10850530 ns5:OwnedAssets 2024-08-01 2025-07-31 10850530 ns5:OwnedAssets 2023-08-01 2024-07-31 10850530 1 2024-08-01 2025-07-31 10850530 1 2023-08-01 2024-07-31 10850530 ns10:OrdinaryShareClass2 2023-08-01 2024-07-31 10850530 ns10:OrdinaryShareClass3 2023-08-01 2024-07-31 10850530 ns10:OrdinaryShareClass4 2023-08-01 2024-07-31 10850530 ns5:NetGoodwill 2024-07-31 10850530 ns5:NetGoodwill 2025-07-31 10850530 ns5:NetGoodwill 2024-07-31 10850530 ns5:LandBuildings 2024-07-31 10850530 ns5:ShortLeaseholdAssets ns5:LandBuildings 2024-07-31 10850530 ns5:LeaseholdImprovements 2024-07-31 10850530 ns5:PlantMachinery 2024-07-31 10850530 ns5:LandBuildings 2024-08-01 2025-07-31 10850530 ns5:ShortLeaseholdAssets ns5:LandBuildings 2024-08-01 2025-07-31 10850530 ns5:LeaseholdImprovements 2024-08-01 2025-07-31 10850530 ns5:PlantMachinery 2024-08-01 2025-07-31 10850530 ns5:LandBuildings 2025-07-31 10850530 ns5:ShortLeaseholdAssets ns5:LandBuildings 2025-07-31 10850530 ns5:LeaseholdImprovements 2025-07-31 10850530 ns5:PlantMachinery 2025-07-31 10850530 ns5:LandBuildings 2024-07-31 10850530 ns5:ShortLeaseholdAssets ns5:LandBuildings 2024-07-31 10850530 ns5:LeaseholdImprovements 2024-07-31 10850530 ns5:PlantMachinery 2024-07-31 10850530 ns5:FurnitureFittings 2024-07-31 10850530 ns5:MotorVehicles 2024-07-31 10850530 ns5:ComputerEquipment 2024-07-31 10850530 ns5:FurnitureFittings 2024-08-01 2025-07-31 10850530 ns5:MotorVehicles 2024-08-01 2025-07-31 10850530 ns5:ComputerEquipment 2024-08-01 2025-07-31 10850530 ns5:FurnitureFittings 2025-07-31 10850530 ns5:MotorVehicles 2025-07-31 10850530 ns5:ComputerEquipment 2025-07-31 10850530 ns5:FurnitureFittings 2024-07-31 10850530 ns5:MotorVehicles 2024-07-31 10850530 ns5:ComputerEquipment 2024-07-31 10850530 ns5:CostValuation 2024-07-31 10850530 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-07-31 10850530 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2024-07-31 10850530 ns5:Non-currentFinancialInstruments ns5:BetweenOneTwoYears 2025-07-31 10850530 ns5:Non-currentFinancialInstruments ns5:BetweenOneTwoYears 2024-07-31 10850530 ns5:WithinOneYear 2025-07-31 10850530 ns5:WithinOneYear 2024-07-31 10850530 ns5:BetweenOneFiveYears 2025-07-31 10850530 ns5:BetweenOneFiveYears 2024-07-31 10850530 ns5:MoreThanFiveYears 2025-07-31 10850530 ns5:MoreThanFiveYears 2024-07-31 10850530 ns5:AllPeriods 2025-07-31 10850530 ns5:AllPeriods 2024-07-31 10850530 ns5:Secured 2025-07-31 10850530 ns5:Secured 2024-07-31 10850530 ns5:DeferredTaxation 2024-07-31 10850530 ns5:DeferredTaxation 2025-07-31 10850530 ns10:OrdinaryShareClass2 2025-07-31 10850530 ns10:OrdinaryShareClass3 2025-07-31 10850530 ns10:OrdinaryShareClass4 2025-07-31 10850530 1 2024-08-01 2025-07-31

REGISTERED NUMBER: 10850530 (England and Wales)

STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

AUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

FOR

LUCY AND YAK LTD

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

Page |

Company Information | 1 |

Strategic Report | 2 |

Report of the Directors | 7 |

Report of the Independent Auditor | 9 |

Income Statement | 13 |

Other Comprehensive Income | 14 |

Balance Sheet | 15 |

Statement of Changes in Equity | 17 |

Cash Flow Statement | 18 |

Notes to the Cash Flow Statement | 19 |

Notes to the Financial Statements | 21 |

LUCY AND YAK LTD

COMPANY INFORMATION

FOR THE YEAR ENDED 31 JULY 2025

| DIRECTORS: | F Meek

| L Coley

| SECRETARY: | V Rowan

| REGISTERED OFFICE: | Junction 36

| Unit 3, Newton Road

| Hoyland

| Barnsley

| S74 0FP

| REGISTERED NUMBER: | 10850530 (England and Wales)

| SENIOR STATUTORY AUDITOR: | Robert Watson FCA

| AUDITOR: | Xeinadin Audit Limited

| 8th Floor, Beckett House

| 36 Old Jewry

| London

| EC2R 8DD

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

The directors present their strategic report for the year ended 31 July 2025.

Principal activities

Founded in 2017, Lucy and Yak Ltd is an independent, people-focused brand, dedicated to upholding a positive environmental and social impact; showcasing that business can and should be done differently.

Our mission is to promote a way of sourcing, producing and doing business that positively impacts both people and planet. Using sustainable fabric choices, the Company's products are made using organic, recycled or deadstock fabrics which are all eligible for the Buyback scheme. In 2025, the Company launched Buyback online, opening the scheme up to customers who do not have access to a retail outlet.

In 2025, the brand was re-certified following the audit for GOTS (Global Organic Textile Standard) and GRS (Global Recycled Standard), with the addition of OCS (Organic Content Standard) ensuring products are certified throughout all processing stages. The Company completed mapping Tier 3 for clothing suppliers in 2025. The Company subscribes to Sedex, working with them to ensure it continues to operate responsibly, sustainably, protect workers and source ethically. All the Company's suppliers are also Sedex members.

The Company is an accredited 'Real Living Wage' employer, ensuring all our employees are paid fairly and according to the Real Living Wage Foundation's guidance.

The Company was nominated for a number of awards over the year, winning Brand of the Year at the Drapers Conscious Fashion Awards, with one judge calling it an 'impressive company built on strong values'. The brand also received a special mention at the 2025 LGBT awards.

Our community are our models, our influencers and our biggest fans. We create highly engaging content and reshare user generated content to bring them into our world. Our social channels now have 1.2 million followers.

After visiting Fior Di Loto, a charitable foundation in Northwest India, the Company's founders decided to contribute to their efforts to give girls in the region a vital education. Since 2018, the Company has donated a proportion of profits from 'doing Black Friday differently' to support the charity's work providing an education, improving living conditions, post education support as well as projects as part of International Women's Day. The Company is committed to continuing to support the Fior di Loto school, donating a total of £266,163 to date, which is equivalent to 1,021 years of education. The Company has also supported other charities through the year that align with the Company's mission.

REVIEW OF THE BUSINESS

Sales are generated from the Company's own website and a growing retail channel, with growth seen in all territories in the last financial year.

The business generated underlying EBITDA (earnings before interest, tax, depreciation and amortisation) of £1.538 million.

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

PRINCIPAL RISKS AND UNCERTAINTIES

The Directors have set out below the principal risks facing the business, together with the Company's plan to monitor and mitigate these risks. The risks and uncertainties described below are not exhaustive and there may be additional risks currently not known to the Directors or which the Directors believe to be less material, which may have an adverse effect on the Company.

Strategic risk

Brand and reputational risk:

The strength of the Lucy and Yak brand and its reputation are fundamental to the business.

The Company has a proactive approach to social media monitoring. The Brand's followers are extremely important to the Company and its Brand Marketing and Customer Happiness teams actively engage with them to ensure any issues that are raised are responded to with understanding and in a timely manner.

There is a risk of damage to the brand by either internal action, the actions of external business partners, which includes unethical behaviour by suppliers, particularly around human rights, labour and working conditions, modern slavery, cyber security breaches, the environment and climate change.

All suppliers sign and agree to abide by the Company's supplier agreement which includes the ethical code of conduct. All suppliers are members of Sedex and the SMETA audit is followed up by a Lucy and Yak Ltd verification audit.

The Company has a sustainable exit plan in place in the event that a supplier is not able to meet the required standards of fairness, sustainable practices, quality, timeliness and accuracy required.

The Company has in place cyber security protocols and ensures that appropriate insurance is held in respect of key business areas.

Trading environment

Geopolitical and/or pandemic:

Risk to supply, demand and operational processes as a result of geopolitical disruption such as, conflict in the Middle East, the Russian invasion of Ukraine and ongoing tensions between the USA and China.

The Company's suppliers are currently mainly based in India and the supplier sourcing policy seeks to create flexibility in the supply chain to reduce exposure to geopolitical events.

Risk of a localised and/or global pandemic remains.

Since 78% of the Company's turnover is generated online it has demonstrated that it can continue to trade through a pandemic.

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

Economy:

The business operates mainly in the UK, US and the EU. A deterioration in the economic environment in any of these markets could result in a downturn in consumer expenditure, which has the potential to affect the financial position of the Company.

The planning process takes account of the predicted state of the economic environment.

The Company is exposed to significant risk because of the removal of the $800 de minimus exemption for UK imports in the US on 29th August 2025.

The Company also manages this risk by supplying a diverse product range that meets our customer's expectations of quality, fairness and a unique customer service experience.

The Company has a strategy in place to manage tariffs payable by US customers, as well as replace lost sales by developing alternative territories and expanding bricks and mortar growth.

Changing fashion/retail trends:

The Company's success depends on it designing products that its customers want to buy.

The range is built and bought with the design elements that the Company's core customers love, and new customers are looking for.

Loss of a key supplier:

It is critical that a robust, flexible and cost-effective supply base meets the Company's requirements for fairness, sustainable practices, quality, timeliness and accuracy.

If the Company does not manage its supply base effectively, or other environmental factors occur, product volume, delivery and quality issues could arise with the associated reputational damage within its customer base.

The business closely monitors its relationships with its long-standing supply chain partners to ensure they are adhering to expected standards of fairness, sustainability, quality and OTIF targets.

The Company is developing supplier relationships in new and existing locations to avoid over reliance on individual suppliers, factories and countries.

Currency risk:

The Company sells to a number of countries where customers can use foreign currency to complete purchases.

All invoices are in Sterling. Any currency payments are converted into Sterling by our digital provider. All our stock purchases are invoiced in Sterling.

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

Intellectual property

Breach of intellectual property and counterfeit product:

The retail clothing industry and distinctive brands such as Lucy and Yak, are continually a target for counterfeit operations. Copied Lucy and Yak products damage brand integrity and potentially future income.

The Company specifically prohibits suppliers from producing or selling its products to other parties. The Company monitors the retail environment for sales of counterfeit Lucy and Yak products and robustly defends its rights where such instances are identified.

The Company must not infringe the copyright of goods by other companies. Failure to protect this area could lead to costly legal proceedings and brand damage.

The Company actively monitors and assesses its designs to ensure that it does not infringe the copyright of others.

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

STRATEGIC REPORT

FOR THE YEAR ENDED 31 JULY 2025

STRATEGY FOR FUTURE GROWTH

The Company has developed strategies to make their inclusive, creative, comfortable and sustainable products accessible to everyone.

1. Re:Yak programme: we encourage our community to keep their Yaks in circulation for longer. This financial year the Re:Yak programme has been extended to accept Pre:Loved items through the website opening the Buyback scheme to all our cu stomers not just those who can visit a retail store. We have a Re:Yak repairs and customisation studio who ensure th at, where possible, every garment returned under the scheme is made available for re-sale. In 2024/25 we received 11,921 items and sold 10,989 units through the scheme.

2. Channel diversification: the Company has mainly traded from its own website. The Company opened 2 new stores and relocated one this fina ncial year with plans to continue investment in retail locations. A physical presence on the high street means the Compa ny can improve customer access to its Re:Yak programme.

3. Maximising potential of international territories: the Company is opening trading US and EU companies.

4. Product expansion: the Company is expanding its product range to offer new and existing customers access to sustainable apparel, h omeware and accessories in designs that stand the test of time and can be worn again and again for many occasio ns.

5. Community: Brand reputation is at the heart of the business success, so we seek constant feedback and engagement fro m our customer base. We also facilitate our buy and sell Facebook marketplace and, this financial year we will e xtended the benefits in our VIP, You & Yak, customer programme.

ON BEHALF OF THE BOARD:

F Meek - Director

18 March 2026

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 JULY 2025

The directors present their report with the financial statements of the company for the year ended 31 July 2025.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of the retail sale of clothing, homeware and accessories.

DIVIDENDS

The total distribution of dividends for the year ended 31 July 2025 was £200,263 (2024: £459,856).

EVENTS SINCE THE END OF THE YEAR

Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS

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

F Meek

L Coley

Other changes in directors holding office are as follows:

C J Renwick - resigned 21 July 2025

L Greenwood - resigned 21 July 2025

STATEMENT OF DIRECTORS' RESPONSIBILITIES

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.

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

REPORT OF THE DIRECTORS

FOR THE YEAR ENDED 31 JULY 2025

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 auditor is unaware, and each director has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.

ON BEHALF OF THE BOARD:

F Meek - Director

18 March 2026

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF

LUCY AND YAK LTD

Opinion

We have audited the financial statements of Lucy and Yak Ltd (the 'company') for the year ended 31 July 2025 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 July 2025 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 Auditor 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 Auditor 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.

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF

LUCY AND YAK LTD

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 Statement of Directors' Responsibilities set out on page seven, 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.

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF

LUCY AND YAK LTD

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 Auditor 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:

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates, and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We design audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to the Companies Act 2006. Our tests included agreeing the financial statement disclosures to underlying supporting documentation and enquiries with management. We did not identify any key audit matters relating to irregularities, including fraud. As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and evaluating whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.

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. The 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 Auditor.

REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF

LUCY AND YAK LTD

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 Auditor 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.

Robert Watson FCA (Senior Statutory Auditor)

for and on behalf of Xeinadin Audit Limited

8th Floor, Beckett House

36 Old Jewry

London

EC2R 8DD

18 March 2026

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

INCOME STATEMENT

FOR THE YEAR ENDED 31 JULY 2025

| 31.7.25 | 31.7.24 |

| Notes | £ | £ | £ | £ |

TURNOVER | 3 | 35,606,216 |  | 33,267,655 |  |

Cost of sales | 14,885,064 |  | 13,075,042 |  |

GROSS PROFIT | 20,721,152 |  | 20,192,613 |  |

Distribution costs | 5,447,690 |  | 6,008,832 |  |

Administrative expenses | 14,057,951 |  | 12,079,990 |  |

|  |  | 19,505,641 |  |  |  |  | 18,088,822 |  |

1,215,511 |  | 2,103,791 |  |

Other operating income | 11,978 |  | 33,273 |  |

OPERATING PROFIT | 5 | 1,227,489 |  | 2,137,064 |  |

Interest receivable and similar income | 42,710 |  | 33,328 |  |

1,270,199 |  | 2,170,392 |  |

Interest payable and similar expenses | 6 | 133,358 |  | 131,378 |  |

PROFIT BEFORE TAXATION | 1,136,841 |  | 2,039,014 |  |

Tax on profit | 7 | 591,620 |  | 446,331 |  |

PROFIT FOR THE FINANCIAL YEAR | 545,221 |  | 1,592,683 |  |

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

OTHER COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 JULY 2025

| 31.7.25 |  | 31.7.24

| Notes | £ | £ |

PROFIT FOR THE YEAR | 545,221 |  | 1,592,683 |  |

OTHER COMPREHENSIVE INCOME | - |  | - |  |

TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 545,221 |  | 1,592,683 |  |

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

BALANCE SHEET

31 JULY 2025

| 31.7.25 | 31.7.24 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 9 | - |  | - |  |

Tangible assets | 10 | 2,485,654 |  | 1,836,877 |  |

Investments | 11 | 78 |  | 78 |  |

2,485,732 |  | 1,836,955 |  |

CURRENT ASSETS

Stocks | 12 | 5,307,364 |  | 7,131,567 |  |

Debtors | 13 | 2,175,817 |  | 2,067,773 |  |

Cash at bank and in hand | 6,218,706 |  | 3,683,057 |  |

13,701,887 |  | 12,882,397 |  |

CREDITORS

Amounts falling due within one year | 14 | 5,539,340 |  | 4,706,649 |  |

NET CURRENT ASSETS | 8,162,547 |  | 8,175,748 |  |

TOTAL ASSETS LESS CURRENT LIABILITIES | 10,648,279 |  | 10,012,703 |  |

CREDITORS

Amounts falling due after more than one year | 15 | - |  | (10,000 | ) |

PROVISIONS FOR LIABILITIES | 20 | (395,414 | ) | (94,796 | ) |

NET ASSETS | 10,252,865 |  | 9,907,907 |  |

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

BALANCE SHEET - continued

31 JULY 2025

| 31.7.25 | 31.7.24 |

| Notes | £ | £ | £ | £ |

CAPITAL AND RESERVES

Called up share capital | 21 | 100 |  | 100 |  |

Retained earnings | 10,252,765 |  | 9,907,807 |  |

SHAREHOLDERS' FUNDS | 10,252,865 |  | 9,907,907 |  |

The financial statements were approved by the Board of Directors and authorised for issue on 18 March 2026 and were signed on its behalf by:

F Meek - Director

L Coley - Director

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 JULY 2025

| Called up |

| share |  | Retained |  | Total

| capital |  | earnings |  | equity

£ | £ | £ |

Balance at 1 August 2023 | 100 |  | 8,774,989 |  | 8,775,089 |  |

Changes in equity

Dividends | - |  | (459,865 | ) | (459,865 | ) |

Total comprehensive income | - |  | 1,592,683 |  | 1,592,683 |  |

Balance at 31 July 2024 | 100 |  | 9,907,807 |  | 9,907,907 |  |

Changes in equity

Dividends | - |  | (200,263 | ) | (200,263 | ) |

Total comprehensive income | - |  | 545,221 |  | 545,221 |  |

Balance at 31 July 2025 | 100 |  | 10,252,765 |  | 10,252,865 |  |

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2025

| 31.7.25 |  | 31.7.24

| Notes | £ | £ |

Cash flows from operating activities

Cash generated from operations | 1 | 4,747,639 |  | 328,393 |  |

Interest paid | (133,358 | ) | (131,378 | ) |

Tax paid | (409,146 | ) | (48,620 | ) |

Net cash from operating activities | 4,205,135 |  | 148,395 |  |

Cash flows from investing activities

Purchase of tangible fixed assets | (1,090,056 | ) | (727,486 | ) |

Sale of tangible fixed assets | 119,339 |  | 11,478 |  |

Interest received | 42,710 |  | 33,328 |  |

Net cash from investing activities | (928,007 | ) | (682,680 | ) |

Cash flows from financing activities

New loans in year | 5,268,743 |  | (1,212,795 | ) |

Loan repayments in year | (5,737,873 | ) | 1,689,672 |  |

Capital repayments in year | - |  | (17,834 | ) |

Amount introduced by directors | 200,000 |  | 170,000 |  |

Amount withdrawn by directors | (272,086 | ) | (125,218 | ) |

Equity dividends paid | (200,263 | ) | (459,865 | ) |

Net cash from financing activities | (741,479 | ) | 43,960 |  |

Increase/(decrease) in cash and cash equivalents | 2,535,649 |  | (490,325 | ) |

Cash and cash equivalents at beginning of year | 2 | 3,683,057 |  | 4,173,382 |  |

Cash and cash equivalents at end of year | 2 | 6,218,706 |  | 3,683,057 |  |

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2025

1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

| 31.7.25 |  | 31.7.24

£ | £ |

| Profit before taxation | 1,136,841 |  | 2,039,014 |  |

| Depreciation charges | 317,578 |  | 268,676 |  |

| Loss on disposal of fixed assets | 4,363 |  | 18,162 |  |

| Finance costs | 133,358 |  | 131,378 |  |

| Finance income | (42,710 | ) | (33,328 | ) |

1,549,430 |  | 2,423,902 |  |

| Decrease/(increase) in stocks | 1,824,203 |  | (1,333,440 | ) |

| Increase in trade and other debtors | (3,243 | ) | (611,599 | ) |

| Increase/(decrease) in trade and other creditors | 1,377,249 |  | (150,470 | ) |

| Cash generated from operations | 4,747,639 |  | 328,393 |  |

2. | CASH AND CASH EQUIVALENTS

| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

| Year ended 31 July 2025

| 31.7.25 |  | 1.8.24

£ | £ |

| Cash and cash equivalents | 6,218,706 |  | 3,683,057 |  |

| Year ended 31 July 2024

| 31.7.24 |  | 1.8.23

£ | £ |

| Cash and cash equivalents | 3,683,057 |  | 4,173,382 |  |

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE CASH FLOW STATEMENT

FOR THE YEAR ENDED 31 JULY 2025

3. | ANALYSIS OF CHANGES IN NET FUNDS

| At 1.8.24 | Cash flow | At 31.7.25

£ | £ | £ |

| Net cash |

| Cash at bank and in hand | 3,683,057 |  | 2,535,649 |  | 6,218,706 |  |

3,683,057 |  | 2,535,649 |  | 6,218,706 |  |

| Debt

| Debts falling due within 1 year | (1,689,672 | ) | 459,130 |  | (1,230,542 | ) |

| Debts falling due after 1 year | (10,000 | ) | 10,000 |  | - |  |

(1,699,672 | ) | 469,130 |  | (1,230,542 | ) |

| Total | 1,983,385 |  | 3,004,779 |  | 4,988,164 |  |

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2025

1. | STATUTORY INFORMATION

| Lucy and Yak Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

| The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

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.

| Basis of consolidation

| The company is a parent company but has not prepared consolidated financial statements. The company has one subsidiary, Lucy and Yak LLC which was dormant throughout the financial year and is considered by the directors to be immaterial to the group.

| In accordance with Section 9 of FRS 102, the directors have therefore not prepared consolidated financial statements and these financial statements present information about the company as an individual undertaking only.

| Significant judgements and estimates

| No significant judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements.

| There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

2. | ACCOUNTING POLICIES - continued

| Turnover

| Turnover is measured at the fair value of the consideration received or receivable after appropriate deduction for estimated returns, VAT and discounts.

| Turnover from retail sales 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.

| Store sales are recognised when goods are sold to the customer and e-commerce sales are recognised on despatch to the customer.

| Gift card sales are deferred and subsequently recognised when redeemed by the customer, or on expiry. Unredeemed gift cards are recognised as deferred income.

| Intangible assets

| Intangible assets are initially measured at cost. After initial recognition, they are measured at cost less any accumulated amortisation and accumulated impairment losses.

| Goodwill, which represents the amount paid in connection with the acquisition of the business in 2017, was amortised evenly over its estimated useful life of five years. The goodwill is now fully amortised, and the annual charges have ceased.

| Tangible fixed assets

| Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

| Depreciation is provided on tangible fixed assets as follows, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life:

| Computer equipment |  | - 33% reducing balance |  |

| Fixtures and fittings |  | - 20% reducing balance |  |

| Plant and machinery |  | - 25% reducing balance |  |

| Motor vehicles |  | - 25% reducing balance |  |

| Website development |  | - straight line over 3 years |  |

| Leasehold property improvements |  | - straight line over 5-10 years |  |

| Assets under construction are not depreciated until they are available for use. Upon completion, the asset is reclassified to the appropriate category of property, plant and equipment and depreciation commences from the date the asset is available for use.

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

| Financial instruments

| Financial instruments are classified, and accounted for, according to the substance of the contractual arrangement either as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

| Taxation

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

| Current or deferred taxation assets and liabilities are not discounted.

| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the 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

| Assets held under hire purchase agreements are capitalised and disclosed under tangible fixed assets at their net book value. The capital element of the future lease payments is treated as a liability and the interest is applied monthly at variable rates and is released to the profit and loss account.

| Rentals paid under operating leases, where substantially all of the benefits and risks of ownership remain with the lessor, are charged to the profit and loss account on a straight line basis over the period of the lease.

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

2. | ACCOUNTING POLICIES - continued

| 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 profit before taxation are attributable to the one principal activity of the company.

| An analysis of turnover by geographical market is given below:

| 31.7.25 |  | 31.7.24

£ | £ |

| United Kingdom | 25,216,197 |  | 24,294,479 |  |

| United States of America | 5,725,277 |  | 4,492,290 |  |

| Germany | 903,288 |  | 770,648 |  |

| Ireland | 566,219 |  | 641,673 |  |

| Australia | 637,813 |  | 620,434 |  |

| France | 489,426 |  | 434,718 |  |

| Canada | 489,617 |  | 407,993 |  |

| Netherlands | 343,600 |  | 379,472 |  |

| Rest of the World | 1,234,779 |  | 1,225,948 |  |

35,606,216 |  | 33,267,655 |  |

4. | EMPLOYEES AND DIRECTORS

| 31.7.25 |  | 31.7.24

£ | £ |

| Wages and salaries | 5,171,319 |  | 4,507,335 |  |

| Social security costs | 515,925 |  | 397,034 |  |

| Other pension costs | 100,731 |  | 86,582 |  |

5,787,975 |  | 4,990,951 |  |

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

| 31.7.25 |  | 31.7.24

| Directors | 4 |  | 4 |  |

| Management | 48 |  | 50 |  |

| Operations and support staff | 154 |  | 138 |  |

206 |  | 192 |  |

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

4. | EMPLOYEES AND DIRECTORS - continued

| 31.7.25 |  | 31.7.24

£ | £ |

| Directors' remuneration | 259,406 |  | 273,202 |  |

| Directors' pension contributions to money purchase schemes | 1,407 |  | 2,514 |  |

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

| Money purchase schemes | 4 |  | 4 |  |

| Information regarding the highest paid director is as follows:

| 31.7.25 |  | 31.7.24

£ | £ |

| Emoluments etc | 127,737 |  | 119,968 |  |

| Pension contributions to money purchase schemes | 1,321 |  | 1,321 |  |

5. | OPERATING PROFIT

| The operating profit is stated after charging:

| 31.7.25 |  | 31.7.24

£ | £ |

| Other operating leases | 82,444 |  | 64,097 |  |

| Depreciation - owned assets | 317,577 |  | 268,676 |  |

| Loss on disposal of fixed assets | 4,363 |  | 18,162 |  |

| Auditors' remuneration | 30,000 |  | 24,000 |  |

6. | INTEREST PAYABLE AND SIMILAR EXPENSES |

| 31.7.25 |  | 31.7.24

£ | £ |

| Bank loan interest | 133,358 |  | 131,378 |  |

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

7. | TAXATION

| Analysis of the tax charge

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

| 31.7.25 |  | 31.7.24

£ | £ |

| Current tax:

| UK corporation tax | 291,003 |  | 444,874 |  |

| Deferred tax | 300,617 |  | 1,457 |  |

| Tax on profit | 591,620 |  | 446,331 |  |

| UK corporation tax has been charged at 25% (2024 - 25%).

| Reconciliation of total tax charge 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:

| 31.7.25 |  | 31.7.24

£ | £ |

| Profit before tax | 1,136,841 |  | 2,039,014 |  |

| Profit multiplied by the standard rate of corporation tax in the UK of 25% (2024 - 25%) | 284,210 |  | 509,754 |  |

| Effects of:

| Expenses not deductible for tax purposes | 35,352 |  | - |  |

| Capital allowances in excess of depreciation | (13,772 | ) | (63,303 | ) |

| Loss on disposal of assets | 1,091 |  | 4,541 |  |

| Deferred taxation movement | 300,617 |  | 1,457 |  |

| Revenue expenditure allowable for tax | (15,878 | ) | (6,118 | ) |

| Total tax charge | 591,620 |  | 446,331 |  |

8. | DIVIDENDS

| 31.7.25 |  | 31.7.24

£ | £ |

| Ordinary A shares of 1p each |

| Interim | 200,000 |  | 117,591 |  |

| Ordinary B shares of 1p each |

| Interim | - |  | 335,000 |  |

| Ordinary C shares of 1p each |

| Interim | 263 |  | 7,274 |  |

200,263 |  | 459,865 |  |

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

9. | INTANGIBLE FIXED ASSETS

| Goodwill

£ |

| COST

| At 1 August 2024

| and 31 July 2025 | 122,600 |  |

| AMORTISATION

| At 1 August 2024

| and 31 July 2025 | 122,600 |  |

| NET BOOK VALUE

| At 31 July 2025 | - |  |

| At 31 July 2024 | - |  |

10. | TANGIBLE FIXED ASSETS

| Assets |  | Short |

| under |  | leasehold |  | Plant and |  | Website

| construction |  | improvements |  | machinery |  | development

£ | £ | £ | £ |

| COST

| At 1 August 2024 | - |  | 1,568,285 |  | 20,465 |  | 21,240 |  |

| Additions | 84,200 |  | 774,516 |  | 5,840 |  | - |  |

| Disposals | - |  | (116,094 | ) | - |  | - |  |

| At 31 July 2025 | 84,200 |  | 2,226,707 |  | 26,305 |  | 21,240 |  |

| DEPRECIATION

| At 1 August 2024 | - |  | 144,380 |  | 9,583 |  | 14,567 |  |

| Charge for year | - |  | 178,825 |  | 3,741 |  | 6,673 |  |

| Eliminated on disposal | - |  | (8,672 | ) | - |  | - |  |

| At 31 July 2025 | - |  | 314,533 |  | 13,324 |  | 21,240 |  |

| NET BOOK VALUE

| At 31 July 2025 | 84,200 |  | 1,912,174 |  | 12,981 |  | - |  |

| At 31 July 2024 | - |  | 1,423,905 |  | 10,882 |  | 6,673 |  |

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

10. | TANGIBLE FIXED ASSETS - continued

| Fixtures |

| and |  | Motor |  | Computer |

| fittings |  | vehicles |  | equipment |  | Totals

£ | £ | £ | £ |

| COST

| At 1 August 2024 | 311,694 |  | 33,179 |  | 279,484 |  | 2,234,347 |  |

| Additions | 168,400 |  | - |  | 57,100 |  | 1,090,056 |  |

| Disposals | (5,970 | ) | (28,927 | ) | (4,849 | ) | (155,840 | ) |

| At 31 July 2025 | 474,124 |  | 4,252 |  | 331,735 |  | 3,168,563 |  |

| DEPRECIATION

| At 1 August 2024 | 67,910 |  | 18,612 |  | 142,418 |  | 397,470 |  |

| Charge for year | 70,132 |  | 1,236 |  | 56,970 |  | 317,577 |  |

| Eliminated on disposal | (1,887 | ) | (19,503 | ) | (2,076 | ) | (32,138 | ) |

| At 31 July 2025 | 136,155 |  | 345 |  | 197,312 |  | 682,909 |  |

| NET BOOK VALUE

| At 31 July 2025 | 337,969 |  | 3,907 |  | 134,423 |  | 2,485,654 |  |

| At 31 July 2024 | 243,784 |  | 14,567 |  | 137,066 |  | 1,836,877 |  |

11. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertakings

£ |

| COST

| At 1 August 2024

| and 31 July 2025 | 78 |  |

| NET BOOK VALUE

| At 31 July 2025 | 78 |  |

| At 31 July 2024 | 78 |  |

12. | STOCKS

| 31.7.25 |  | 31.7.24

£ | £ |

| Finished goods | 5,307,364 |  | 7,131,567 |  |

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.7.25 |  | 31.7.24

£ | £ |

| Trade debtors | 309,072 |  | - |  |

| Other debtors | 483,623 |  | 263,717 |  |

| Directors' current accounts | - |  | 61,482 |  |

| Tax | 35,864 |  | 35,864 |  |

| Prepayments | 1,347,258 |  | 1,706,710 |  |

2,175,817 |  | 2,067,773 |  |

14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |

| 31.7.25 |  | 31.7.24

£ | £ |

| Bank loans and overdrafts (see note 16) | 1,230,542 |  | 1,689,672 |  |

| Trade creditors | 1,614,782 |  | 785,661 |  |

| Amounts owed to group undertakings | 78 |  | 78 |  |

| Corporation tax | 65,739 |  | 183,882 |  |

| Social security and other taxes | 127,958 |  | 124,988 |  |

| VAT | 541,516 |  | 597,158 |  |

| Other creditors | 506,650 |  | 824,778 |  |

| Accruals and deferred income | 1,452,075 |  | 500,432 |  |

5,539,340 |  | 4,706,649 |  |

15. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |

| 31.7.25 |  | 31.7.24

£ | £ |

| Bank loans (see note 16) | - |  | 10,000 |  |

16. | LOANS

| An analysis of the maturity of loans is given below:

| 31.7.25 |  | 31.7.24

£ | £ |

| Amounts falling due within one year or on demand:

| Bank loans | 1,230,542 |  | 1,689,672 |  |

| Amounts falling due between one and two years:

| Bank loans - 1-2 years | - |  | 10,000 |  |

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

17. | LEASING AGREEMENTS

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

| 31.7.25 |  | 31.7.24

£ | £ |

| Within one year | 1,888,473 |  | 838,650 |  |

| Between one and five years | 5,347,737 |  | 2,411,494 |  |

| In more than five years | 1,537,878 |  | 1,081,419 |  |

8,774,088 |  | 4,331,563 |  |

18. | SECURED DEBTS

| The following secured debts are included within creditors:

| 31.7.25 |  | 31.7.24

£ | £ |

| Bank loans | 1,230,542 |  | 1,699,672 |  |

| Bank loans are secured by a debenture including a fixed charge over all present freehold and leasehold property; first fixed charge over book and other debts, chattels, goodwill and uncalled capital, both present and future; and first floating charge over all assets and undertaking both present and future dated 31 October 2022.

| General Letter of Pledge dated 2 November 2022.

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

19. | FINANCIAL INSTRUMENTS

| The carrying amounts of the company's financial instruments are as follows:

|  | 31.7.25 |  | 31.7.24 |  |

| £ |  | £ |  |

| Financial assets |  |

| - Trade debtors (note 13) |  | 309,072 |  | - |  |

| - Directors loan accounts (note 13) |  | - |  | 61,482 |  |

| - Other debtors (note 13) |  | 483,623 |  | 263,717 |  |

|  | 792,695 |  | 325,199 |  |

| Cash at bank |  |

| Measured at amortised cost: |  |

| - Cash and bank balances |  | 6,218,706 |  | 3,683,057 |  |

|  | 6,218,706 |  | 3,683,057 |  |

| Financial Liabilities |  |

| Measured at amortised cost |  |

| - Bank loans (notes 14 and 15) |  | 1,230,542 |  | 1,699,672 |  |

| - Trade creditors (note 14) |  | 1,614,785 |  | 785,661 |  |

| - Other creditors (note 14) |  | 506,650 |  | 824,778 |  |

| - Deferred income |  | 662,642 |  | - |  |

|  | 4,014,619 |  | 3,310,111 |  |

20. | PROVISIONS FOR LIABILITIES

| 31.7.25 |  | 31.7.24

£ | £ |

| Deferred tax | 395,414 |  | 94,796 |  |

| Deferred |

| tax |

£ |

| Balance at 1 August 2024 | 94,796 |  |

| Accelerated capital allowances | 300,618 |  |

| Balance at 31 July 2025 | 395,414 |  |

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

21. | CALLED UP SHARE CAPITAL

| Allotted, issued and fully paid:

| Number: | Class: | Nominal | 31.7.25 |  | 31.7.24

| value: | £ | £ |

| 4,750 | Ordinary A | 1p | 47 |  | 47 |  |

| 4,750 | Ordinary B | 1p | 48 |  | 48 |  |

| 500 | Ordinary C | 1p | 5 |  | 5 |  |

100 |  | 100 |  |

22. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

|  | 31.7.25 |  |  | 31.7.24 |  |

|  | £ |  |  | £ |  |

| L Greenwood |  |

| Balance outstanding at the start of year |  | 56,280 |  |  | 64,630 |  |

| Amounts advanced |  | 110,003 |  |  | 76,650 |  |

| Amounts repaid |  | - |  |  | (85,000 | ) |

| Amounts transferred to other debtors |  | (166,283 | ) |  | - |  |

| Balance outstanding at end of year |  | - |  |  | 56,280 |  |

|  | 31.7.25 |  |  | 31.7.24 |  |

|  | £ |  |  | £ |  |

| C J Renwick |  |

| Balance outstanding at the start of year |  | 5,202 |  |  | 41,633 |  |

| Amounts advanced |  | 162,083 |  |  | 48,569 |  |

| Amounts repaid |  | (200,000 | ) |  | (85,000 | ) |

| Amounts transferred to other creditors |  | 32,715 |  |  | - |  |

| Balance outstanding at end of year |  | - |  |  | 5,202 |  |

| During the year, the company advanced funds to the directors as detailed above, following their resignation on 21 July 2025, the outstanding balances of £166,282 and £32,715 were transferred to other debtors and other creditors respectively.

| At the year end, no amounts were outstanding in respect of directors (2024: £61,482 debtor).

23. | RELATED PARTY DISCLOSURES

| Other related parties |

| Included within other debtors are amounts due from shareholders of £166,283 (2024: £nil).

| Included within other creditors are amounts due to shareholders of £32,715 (2024: £nil).

LUCY AND YAK LTD (REGISTERED NUMBER: 10850530)

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE YEAR ENDED 31 JULY 2025

24. | POST BALANCE SHEET EVENTS

| On 2 March 2026, the shareholders transferred a controlling interest in the Company to an Employee Ownership Trust. This transaction represents a non-adjusting post-balance sheet event. The financial statements have not been adjusted to reflect this change. The consideration for the shares was £8,998,800.