REGISTERED NUMBER: 09193151 (England and Wales)

Group Strategic Report, Report of the Directors and

Consolidated Financial Statements for the Year Ended 31 December 2024

for

Laundryheap Limited

Page

Company Information

1

Group Strategic Report

2

Report of the Directors

4

Report of the Independent Auditors

6

Consolidated Income Statement

10

Consolidated Other Comprehensive Income

11

Consolidated Balance Sheet

12

Company Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Company Statement of Changes in Equity

15

Consolidated Cash Flow Statement

16

Notes to the Consolidated Cash Flow Statement

17

Notes to the Consolidated Financial Statements

19

DIRECTORS:

Mr M Bommai

Mr A Chikunov

Mr D Dimitrov

REGISTERED OFFICE:

3rd Floor 86-90 Paul Street

London

EC2A 4NE

REGISTERED NUMBER:

09193151 (England and Wales)

AUDITORS:

WP Audit Limited

Statutory Auditors

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS

Laundryheap Limited was incorporated in 2014 and since then has developed market-leading laundry & dry-cleaning services. Through incorporated of subsidiaries in various locations, the group has expanded through organic growth. The group continues to have sufficient resources to continue executing its growth strategy while maintaining a focus on operational efficiency and progression towards profitability.

PRINCIPAL RISKS AND UNCERTAINTIES

Market risk

The group's main risk derives from the market demand for laundry services. Uncertainty in the UK economy, including the impact of high levels of inflation, could affect the demand for services in the UK and adversely affect the group's growth prospects.

To mitigate the risk of economic contraction affecting demand for the group's services, the group continues to grow its customer base, both in the UK and overseas as well as expand its product offerings. The group's customer offerings are competitively priced.

Staff risk

The group also faces risk in relation to the retention of key staff. In order to mitigate this risk, the group provides a professional and flexible working environment along with a competitive pay structure and has an equity programme which is designed to retain key members of staff.

Information security risk

The group relies on secure, cloud-based technology infrastructure to support its operations across multiple jurisdictions. A material failure, cyber-attack, or unauthorised access to systems or customer data could result in financial loss, operational disruption and reputational damage.

To mitigate this risk, the group maintains robust access controls including multi-factor authentication, encrypted data environments and role-based permissions. Systems are hosted with established third-party providers with built-in redundancy and disaster recovery protocols. The group also monitors compliance with applicable data protection regulations, including GDPR where relevant, and periodically reviews its cybersecurity posture.

Tax risk

All transactions undertaken by the group have a business purpose and a commercial rationale. The group does not engage in any aggressive tax planning and does not implement structures purely for tax planning purposes. In relation to tax compliance, it is the policy of the group to fully comply with all applicable tax rules, regulations and disclosure requirements. The group uses appropriately qualified external advisors to look after the group's tax affairs.

KEY PERFORMANCE INDICATORS

To assist the board's management and governance of the business and to provide demonstrable evidence of achieving the group strategy, there are a number of important financial and non-financial key performance indicators (KPIs) which the business tracks. The main financial KPIs which the board examines monthly are as follows:

2024

2023

£   s

£   s

Turnover

20,125

17,708

Gross profit

7,086

6,418

EBITDA

(1,516

)

(1.674

)

Cash

3,157

1,405

The group continues to prioritise disciplined revenue growth combined with operational efficiency. Revenue increased by 14% year-on-year to £20.1m. Gross profit increased proportionately, reflecting stable unit economics and cost management initiatives implemented during the year. EBITDA losses reduced compared to the prior year, evidencing improved cost control and operating leverage as scale increases.

The group ended the year with cash of £3.2m, providing flexibility to support continued investment while progressing toward break-even.

In addition to financial performance, the board monitors a range of operational and customer metrics to assess the effectiveness of the group's strategy. Key non-financial KPIs include order volumes, active customer numbers, repeat usage rates, order frequency and service reliability metrics. These indicators provide insight into customer engagement, operational efficiency and long-term value creation.

ON BEHALF OF THE BOARD:

Mr D Dimitrov - Director

11 May 2026

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

PRINCIPAL ACTIVITY

The principal activity of the group in the year under review was that of washing and dry-cleaning services.

DIVIDENDS

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

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 January 2024 to the date of this report.

Mr M Bommai

Mr A Chikunov

Mr D Dimitrov

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing the Group 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

ON BEHALF OF THE BOARD:

Mr D Dimitrov - Director

11 May 2026

Opinion

We have audited the financial statements of Laundryheap Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated 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 group's and of the parent company affairs as at 31 December 2024 and of the group's loss for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group 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 group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-	the information given in the Group 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 Group 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 group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

-	the parent company 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 four, 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 group's and the parent 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 group or the parent company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

The engagement partners ensured that the engagement team collectively had the appropriate competence, capabilities and skill to identify or recognise non-compliance with applicable laws and regulations;

-we identified the laws and regulations applicable to the group through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

-we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;

-we assessed the extent of compliance with laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

-identified laws and regulations were communicated within the audit team regularly and the team remained alert to instance of non-compliance throughout the audit.

-We assessed the susceptibility of the group's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by;

-making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;

-considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and

-understanding the design of the group's remuneration policies.

To address the risk of fraud through management bias and override of controls, we;

-performed analytical procedures to identify unusual or unexpected relationships;

-tested journal entries to identify unusual transactions;

-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and

-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations; we designed procedures which included, but were not limited to;

-agreeing financial statement disclosures to underlying supporting documentation;

-enquiring of management as to actual and potential litigation and claims; and

-reviewing correspondence with HMRC, relevant regulators and group's legal advisors.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment of collusion.

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. This 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 Auditors.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Philippa Duckworth BSc FCCA (Senior Statutory Auditor)

for and on behalf of WP Audit Limited

Statutory Auditors

TOR

Saint-Cloud Way

Maidenhead

Berkshire

SL6 8BN

12 May 2026

TURNOVER

3

20,125,440

17,707,892

Cost of sales

(13,039,604

)

(11,290,279

)

GROSS PROFIT

7,085,836

6,417,613

Administrative expenses

(9,371,209

)

(8,760,086

)

(2,285,373

)

(2,342,473

)

Other operating income

1,932

7

OPERATING LOSS

5

(2,283,441

)

(2,342,466

)

Interest receivable and similar income

4,987

4,066

(2,278,454

)

(2,338,400

)

Interest payable and similar expenses

6

(105,717

)

(182,304

)

LOSS BEFORE TAXATION

(2,384,171

)

(2,520,704

)

Tax on loss

7

132,955

227,225

LOSS FOR THE FINANCIAL YEAR

(2,251,216

)

(2,293,479

)

Loss attributable to:

Owners of the parent

(2,251,216

)

(2,293,479

)

LOSS FOR THE YEAR

(2,251,216

)

(2,293,479

)

OTHER COMPREHENSIVE INCOME

Currency translation

1,529

64,566

Income tax relating to other comprehensive income

-

-

OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX

1,529

64,566

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(2,249,687

)

(2,228,913

)

Note

Prior year adjustment

9

417,971

(1,306,396

)

TOTAL COMPREHENSIVE INCOME SINCE LAST ANNUAL REPORT

(1,831,716

)

(3,535,309

)

Total comprehensive income attributable to:

Owners of the parent

(1,831,716

)

(3,535,309

)

FIXED ASSETS

Intangible assets

10

2,422,183

2,052,401

Tangible assets

11

89,587

135,007

Investments

12

-

-

2,511,770

2,187,408

CURRENT ASSETS

Debtors

13

1,442,400

1,132,943

Cash at bank

3,157,470

1,404,988

4,599,870

2,537,931

CREDITORS

Amounts falling due within one year

14

(6,239,620

)

(2,089,918

)

NET CURRENT (LIABILITIES)/ASSETS

(1,639,750

)

448,013

TOTAL ASSETS LESS CURRENT LIABILITIES

872,020

2,635,421

CREDITORS

Amounts falling due after more than one year

15

-

(781,197

)

PROVISIONS FOR LIABILITIES

20

(3,400

)

(2,705

)

NET ASSETS

868,620

1,851,519

CAPITAL AND RESERVES

Called up share capital

21

3

3

Share premium

22

11,235,129

10,530,617

Share option reserve

22

1,417,783

855,507

Retained earnings

22

(11,784,295

)

(9,534,608

)

SHAREHOLDERS' FUNDS

868,620

1,851,519

The financial statements were approved by the Board of Directors and authorised for issue on 11 May 2026 and were signed on its behalf by:

Mr D Dimitrov - Director

FIXED ASSETS

Intangible assets

10

2,369,370

1,985,859

Tangible assets

11

46,360

73,642

Investments

12

16,380

16,379

2,432,110

2,075,880

CURRENT ASSETS

Debtors

13

6,040,233

4,398,841

Cash at bank

2,549,206

723,485

8,589,439

5,122,326

CREDITORS

Amounts falling due within one year

14

(5,889,383

)

(1,579,622

)

NET CURRENT ASSETS

2,700,056

3,542,704

TOTAL ASSETS LESS CURRENT LIABILITIES

5,132,166

5,618,584

CREDITORS

Amounts falling due after more than one year

15

-

(781,197

)

PROVISIONS FOR LIABILITIES

20

(2,000

)

(2,000

)

NET ASSETS

5,130,166

4,835,387

CAPITAL AND RESERVES

Called up share capital

21

3

3

Share premium

22

11,235,130

10,530,617

Share option reserve

22

1,417,783

855,507

Retained earnings

22

(7,522,750

)

(6,550,740

)

SHAREHOLDERS' FUNDS

5,130,166

4,835,387

Company's loss for the financial year

(972,010

)

(1,056,541

)

The financial statements were approved by the Board of Directors and authorised for issue on 30 April 2026 and were signed on its behalf by:

Mr D Dimitrov - Director

Called up

Share

share

Retained

Share

option

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

3

(5,999,299

)

8,641,892

417,971

3,060,567

Prior year adjustment

-

(1,306,396

)

-

-

(1,306,396

)

As restated

3

(7,305,695

)

8,641,892

417,971

1,754,171

Changes in equity

Issue of share capital

-

-

1,888,725

-

1,888,725

Total comprehensive income

-

(2,646,884

)

-

-

(2,646,884

)

Share option charge

-

-

-

437,536

437,536

Balance at 31 December 2023

3

(9,952,579

)

10,530,617

855,507

1,433,548

Prior year adjustment

-

417,971

-

-

417,971

As restated

3

(9,534,608

)

10,530,617

855,507

1,851,519

Changes in equity

Issue of share capital

-

-

704,512

-

704,512

Total comprehensive income

-

(2,249,687

)

-

-

(2,249,687

)

Share option charge

-

-

-

562,276

562,276

Balance at 31 December 2024

3

(11,784,295

)

11,235,129

1,417,783

868,620

Called up

Share

share

Retained

Share

option

Total

capital

earnings

premium

reserve

equity

£

£

£

£

£

Balance at 1 January 2023

3

(4,187,803

)

8,641,892

417,971

4,872,063

Prior year adjustment

-

(1,306,396

)

-

-

(1,306,396

)

As restated

3

(5,494,199

)

8,641,892

417,971

3,565,667

Changes in equity

Issue of share capital

-

-

1,888,725

-

1,888,725

Total comprehensive income

-

(1,474,512

)

-

-

(1,474,512

)

Share option charge

-

-

-

437,536

437,536

Balance at 31 December 2023

3

(6,968,711

)

10,530,617

855,507

4,417,416

Prior year adjustment

-

417,971

-

-

417,971

As restated

3

(6,550,740

)

10,530,617

855,507

4,835,387

Changes in equity

Issue of share capital

-

-

704,512

-

704,512

Total comprehensive income

-

(972,010

)

-

-

(972,010

)

Share option charge

-

-

-

562,276

562,276

Balance at 31 December 2024

3

(7,522,750

)

11,235,129

1,417,783

5,130,165

Cash flows from operating activities

Cash generated from operations

1

1,995,362

(1,326,639

)

Interest paid

(105,717

)

(182,304

)

Tax paid

(42,050

)

420,272

Net cash from operating activities

1,847,595

(1,088,671

)

Cash flows from investing activities

Purchase of intangible fixed assets

(728,952

)

(930,638

)

Purchase of tangible fixed assets

(36,180

)

(89,402

)

Sale of tangible fixed assets

19,865

-

Interest received

4,987

4,066

Net cash from investing activities

(740,280

)

(1,015,974

)

Cash flows from financing activities

Loan repayments in year

(57,863

)

(154,535

)

Capital repayments in year

-

(18,525

)

Share issue

704,512

1,888,725

Net cash from financing activities

646,649

1,715,665

Increase/(decrease) in cash and cash equivalents

1,753,964

(388,980

)

Cash and cash equivalents at beginning of year

2

1,404,988

1,802,344

Effect of foreign exchange rate changes

(1,482

)

(8,376

)

Cash and cash equivalents at end of year

2

3,157,470

1,404,988

1.	RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

31.12.24

31.12.23

£

£

Loss before taxation

(2,384,171

)

(2,520,704

)

Depreciation charges

782,962

668,688

Loss/(profit) on disposal of fixed assets

2,397

(1,270

)

Share option expense

324,165

437,536

Finance costs

105,717

182,304

Finance income

(4,987

)

(4,066

)

(1,173,917

)

(1,237,512

)

Increase in trade and other debtors

(157,333

)

(332,240

)

Increase in trade and other creditors

3,326,612

243,113

Cash generated from operations

1,995,362

(1,326,639

)

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 December 2024

31.12.24

1.1.24

£

£

Cash and cash equivalents

3,157,470

1,404,988

Year ended 31 December 2023

31.12.23

1.1.23

£

£

Cash and cash equivalents

1,404,988

1,802,344