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Registration number: 13026591

Troy Lee Designs Ltd
Filleted Financial Statements
for the Period from 1 October 2023 to 31 December 2024

Troy Lee Designs Ltd

Contents

Statement of Directors' Responsibilities | 1
Statement of Financial Position | 2
Notes to the Financial Statements | 3 to 7

Troy Lee Designs Ltd

Statement of Directors' Responsibilities

The directors are responsible for preparing 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 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 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.

Troy Lee Designs Ltd

(Registration number: 13026591)
Statement of Financial Position as at 31 December 2024

| Note | 2024 £ | 2023 £
Current assets |  |  |
Stocks | 4 | 551,084 | 2,553,594
Debtors | 5 | 160,944 | 303,726
Cash at bank and in hand |  | 219,486 | 28,966
|  | 931,514 | 2,886,286
Creditors: Amounts falling due within one year | 6 | (158,029) | (64,027)
Total assets less current liabilities |  | 773,485 | 2,822,259
Creditors: Amounts falling due after more than one year | 6 | (1,192,654) | (3,661,022)
Net liabilities |  | (419,169) | (838,763)
Capital and reserves |  |  |
Called up share capital |  | 1 | 1
Profit and loss account |  | (419,170) | (838,764)
Shareholders' deficit |  | (419,169) | (838,763)

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 30 April 2026 and signed on its behalf by:

W Keefe Director

Troy Lee Designs Ltd

Notes to the Financial Statements for the Period from 1 October 2023 to 31 December 2024

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 7
Sonar Portsmouth
Limberline Road
Portsmouth
PO3 5GR
England

Principal activity

The principal activity of the company is that of the wholesale of clothing and footwear.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

Troy Lee Designs Ltd

Notes to the Financial Statements for the Period from 1 October 2023 to 31 December 2024 (continued)

2 | Accounting policies (continued)

Audit report

The Independent Auditor's Report issued a disclaimer of opinion.
For the period from 1 October 2023 to 31 December 2024, the company did not maintain adequate accounting records. This arose due to errors in the operation of new accounting software; and
deficiencies in the maintenance of accounting records with the parent company. As of the date of our report, management was still in the process of identifying and correcting the errors. As a result of these matters, we were unable to determine whether any adjustments might have been found necessary in respect of recorded or unrecorded transactions, and the elements making up the financial statements.
The name of the Senior Statutory Auditor who signed the audit report on 30 April 2026 was Valerie Doyle, who signed for and on behalf of Westcotts (SW) LLP, Plym House, 3 Longbridge Road, Marsh Mills, Plymouth, Devon, PL6 8LT.

.........................................

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

Troy Lee Designs Ltd

Notes to the Financial Statements for the Period from 1 October 2023 to 31 December 2024 (continued)

2 | Accounting policies (continued)

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2023 - 2).

These employees are all the registered directors of the company and they received no remuneration from the company within the period.

4 | Stocks

| 2024 £ | 2023 £
Finished goods and goods for resale | 551,084 | 2,553,594

Troy Lee Designs Ltd

Notes to the Financial Statements for the Period from 1 October 2023 to 31 December 2024 (continued)

5 | Debtors

| 2024 £ | 2023 £
Trade debtors | 7,954 | -
Other debtors | 81,509 | 271,119
Prepayments | 71,481 | 32,607
| 160,944 | 303,726

6 | Creditors

Creditors: amounts falling due within one year

| 2024 £ | 2023 £
Due within one year |  |
Trade creditors | 100,562 | 18
Accruals | 38,141 | 62,606
Other creditors | 19,326 | 1,403
| 158,029 | 64,027

Creditors: amounts falling due after more than one year

| 2024 £ | 2023 £
Due after one year |  |
Amounts owed to group undertakings and undertakings in which the company has a participating interest | 1,192,654 | 3,661,022

Troy Lee Designs Ltd

Notes to the Financial Statements for the Period from 1 October 2023 to 31 December 2024 (continued)

7 | Reserves

The changes to each component of equity resulting from items of other comprehensive income for the current period were as follows:

Profit and loss account:
This reserve records retained earnings and accumulated losses.

8 | Related party transactions

During the year, an intercompany balance of £1,274,047 owed to the parent company was written off. Subsequent to this write-off, additional expenditure was incurred with the parent company, resulting in a balance remaining outstanding at the year end. The write-off has been recognised within other operating income.

9 | Parent and ultimate parent undertaking

Controlling party

The controlling party is the parent company, Troy Lee Designs LLC, whose registered office is 155 East Rincon Street, Corona, Ca 92879 USA. The ultimate parent company was 2 Ride Holding SAS between March 2022 and 25 July 2024, whose registered office is 110 Rte de la Valentine, 13011 Marseille, France. On this date, Troy Lee Designs LLC was purchased from 2 Ride Holding SAS by a private individual.