REGISTERED NUMBER: 12482598 (England and Wales)

Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 July 2025

for

Aligne Ltd

Page

Company Information

1

Strategic Report

2

Report of the Directors

3

Report of the Independent Auditors

5

Income Statement

8

Other Comprehensive Income

9

Balance Sheet

10

Statement of Changes in Equity

11

Notes to the Financial Statements

12

DIRECTORS:

A H Povlsen

L Kaae

REGISTERED OFFICE:

Unit A

10 Fashion Street

London

E1 6PX

REGISTERED NUMBER:

12482598 (England and Wales)

AUDITORS:

Krogh & Partners Limited, (Statutory Auditor)

823 Salisbury House

29 Finsbury Circus

London

EC2M 5QQ

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

REVIEW OF BUSINESS

The principal activity is that of a wholesale and online retailer selling fashion textiles.

In 2024/25 the turnover amounted to kEUR 7,847. The income statement for 2024/25 shows a loss of kEUR 6,975. The loss is partly caused by closing final The Founded activities in the company and otherwise related to the expansion of the Aligne brand.

Today, all activities in the company are concerning Aligne. We see a positive increase in the turnover on several markets and the ambition for the brand is high.

PARTICULAR RISKS

In management's assessment, the Company and the Group, which the Company is part of, are not exposed to particular risks apart from those generally occurring in this line of business.

FOREIGN EXCHANGE RISK

The company's reporting currency is EUR as the main part of the company's sales transaction and cash flows are dominated in EUR.

ON BEHALF OF THE BOARD:

A H Povlsen - Director

7 July 2026

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

CHANGE OF NAME

The company passed a special resolution on 30 June 2025 changing its name from Braveheart International Limited to Aligne Ltd.

DIVIDENDS

During the year a dividend of £ 0 has been paid. The Director does not recommend the payment of a dividend.

FUTURE DEVELOPMENTS

The Company will only focus on expanding Aligne activities primarily in UK and US. Both B2C and B2B sales have been in a positive development and with our strategy we expect this to continue in the coming year. The current focus is on increasing brand awareness and expanding the customer base. The strategy is clear and well-defined, with high ambitions for Aligne.

DIRECTORS

A H Povlsen has held office during the whole of the period from 1 August 2024 to the date of this report.

Other changes in directors holding office are as follows:

L Kaae was appointed as a director after 31 July 2025 but prior to the date of this report.

T B Jensen ceased to be a director after 31 July 2025 but prior to the date of this report.

POLITICAL DONATIONS AND EXPENDITURE

The company made no political donations during the year (2024 - €Nil)

Donations to UK charities in the year totalled €0 (2024 - €5,760)

POST BALANCE SHEET EVENTS

No post balance sheet events have occurred since 31 July 2025 which requires reporting or disclosing in the accounts.

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;

-	state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

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

AUDITORS

The auditors, Krogh & Partners Limited, (Statutory Auditor), will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:

A H Povlsen - Director

7 July 2026

Opinion

We have audited the financial statements of Aligne 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 and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the company's affairs as at 31 July 2025 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

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

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

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

Opinions on other matters prescribed by the Companies Act 2006

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

-	the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of directors' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

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

-

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

-

we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge of the business;

-

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 company, including the Companies Act 2006 and taxation legislation;

-

we assessed the extent of compliance with the 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 instances of non-compliance throughout the audit.

We assessed the susceptibility of the company'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.

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

- performed analytical procedures to identify any unusual or unexpected relationships;

- tested journal entries to identify 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;

-

reviewing correspondence with HMRC and relevant regulators

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 or collusion.

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.

John Lindegaard (Senior Statutory Auditor)

for and on behalf of Krogh & Partners Limited, (Statutory Auditor)

823 Salisbury House

29 Finsbury Circus

London

EC2M 5QQ

7 July 2026

TURNOVER

7,847,044

7,638,821

Cost of sales

6,527,739

6,222,839

GROSS PROFIT

1,319,305

1,415,982

Administrative expenses

8,326,589

5,248,365

OPERATING LOSS

5

(7,007,284

)

(3,832,383

)

Interest payable and similar expenses

6

1,785,611

930,237

LOSS BEFORE TAXATION

(8,792,895

)

(4,762,620

)

Tax on loss

7

(1,817,823

)

(1,290,000

)

LOSS FOR THE FINANCIAL YEAR

(6,975,072

)

(3,472,620

)

LOSS FOR THE YEAR

(6,975,072

)

(3,472,620

)

OTHER COMPREHENSIVE INCOME

-

-

TOTAL COMPREHENSIVE INCOME FOR THE YEAR

(6,975,072

)

(3,472,620

)

FIXED ASSETS

Tangible assets

8

56,721

59,525

CURRENT ASSETS

Stocks

9

3,051,077

1,098,072

Debtors

10

7,625,228

8,789,387

Cash at bank

395

1,912,027

10,676,700

11,799,486

CREDITORS

Amounts falling due within one year

11

1,980,746

34,819,213

NET CURRENT ASSETS/(LIABILITIES)

8,695,954

(23,019,727

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,752,675

(22,960,202

)

CAPITAL AND RESERVES

Called up share capital

13

5,000,000

1,160,093

Share premium

14

46,187,950

11,339,908

Retained earnings

14

(42,435,275

)

(35,460,203

)

SHAREHOLDERS' FUNDS

8,752,675

(22,960,202

)

The financial statements were approved by the Board of Directors and authorised for issue on 7 July 2026 and were signed on its behalf by:

A H Povlsen - Director

L Kaae - Director

Called up

share

Retained

Share

Total

capital

earnings

premium

equity

€

€

€

€

Balance at 1 August 2023

1,160,093

(31,987,583

)

11,339,908

(19,487,582

)

Changes in equity

Total comprehensive income

-

(3,472,620

)

-

(3,472,620

)

Balance at 31 July 2024

1,160,093

(35,460,203

)

11,339,908

(22,960,202

)

Changes in equity

Issue of share capital

3,839,907

-

34,848,042

38,687,949

Total comprehensive income

-

(6,975,072

)

-

(6,975,072

)

Balance at 31 July 2025

5,000,000

(42,435,275

)

46,187,950

8,752,675

1.	STATUTORY INFORMATION

Aligne 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.

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.

The financial statements are prepared on a going concern basis assuming the continued financial support of the parent company. The parent company has confirmed that it will maintain financial support for the foreseeable future to enable the company to continue normal trading operations.

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

•

the requirements of Section 7 Statement of Cash Flows.

Turnover

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

Cost of sales

Cost of sales primarily include operating expenses for the year.

Administrative expenses

Administrative expenses include expenses relating to the Entity's ordinary activities, including expenses for premises, sales as well as office expenses, etc. This item also includes writedowns of debtors recognised in current assets.

Staff costs

Staff costs comprise wages and salaries, and social security contributions, pension contributions, etc. for entity staff.

Pension cost 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.

Interests and similar income and charges

Interest and similar income and charges are recognised in the profit and loss account over the term of such instruments at a constant rate on the carrying amount.

Foreign currencies

Transactions denominated in foreign currencies are recorded at the rates of exchange ruling at the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are translated at period end rates. The resulting exchange differences are dealt with in the profit and loss account in the period to which they arise.

Financial instruments

The company only has financial assets and liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation and less any accumulated provision for impairment. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use.

Depreciation is provided at rates estimated to write off the cost amounts, less estimated residual value, of each asset over its expected useful life as follows:

Computer hardware

4 years

Computer software

5 years

Stocks

Stocks are valued at the lower cost and net realizable value, after making due allowance for obsolete and slow moving items. Cost includes all costs incurred in bringing each product to its present location and condition.

Debtors

Debtors are valued individually and a provision is made according to this valuation.

Cash at bank and in hand

Cash at bank and in hand include cash holdings and bank deposit.

Creditors

Creditors are carried at payment or settlement amounts. Where the time value of money is material, creditors are carried at amortized cost.

Taxation

Current tax and deferred taxation, including UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred taxation is provided in full on an undiscounted basis, on all timing differences which result in an obligation at the balance sheet date to pay more tax, or a right to pay less tax, at a future date, at rates expected to crystallise based on current tax rates and law. Timing differences arise from the inclusion of items of income and expenditure in tax computations in periods different from those in which they are included in the financial statements.

Deferred tax assets are recognised where it is considered more likely than not that future profits will be available for offset.

3.	EMPLOYEES AND DIRECTORS

The average monthly number of persons employed by the company

2025

2024

(including directors) during the year was:

Sales

16

13

Administration

2

2

18

15

2025

2024

€

€

Their total remuneration was:

Wages and salaries

1,417,192

1,131,527

Social security costs

167,330

136,104

Pension costs (defined contribution plans)

27,400

23,462

1,611,922

1,291,093

4.	DIRECTORS' EMOLUMENTS

The directors of the company are also directors or officers of the companies within the Group. The directors' services to te company do not occupy a significant amount of their time. As such the directors do not consider that they have received ant remuneration for their incidental services to the company for the year ended 31 July 2025.

5.	OPERATING LOSS

The operating loss is stated after charging:

2025

2024

€

€

Depreciation - owned assets

31,231

13,391

Auditors' remuneration

21,000

21,000

6.

INTEREST PAYABLE AND SIMILAR EXPENSES

2025

2024

€

€

Interest group undertakings

1,671,550

916,240

Exchange rate loss

114,061

13,997

1,785,611

930,237

7.

TAXATION

Analysis of the tax credit

The tax credit on the loss for the year was as follows:

2025

2024

€

€

Current tax:

UK corporation tax

(1,242,814

)

-

UK Corporation tax - adjustments to prior year

(1,225,009

)

-

Total current tax

(2,467,823

)

-

Deferred tax:

Change in deferred tax

(475,000

)

(1,290,000

)

Group relief - adjustments to prior year

1,125,000

-

Total deferred tax

650,000

(1,290,000

)

Tax on loss

(1,817,823

)

(1,290,000

)

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

8.	TANGIBLE FIXED ASSETS

Computer

equipment

€

COST

At 1 August 2024

103,611

Additions

28,427

At 31 July 2025

132,038

DEPRECIATION

At 1 August 2024

44,086

Charge for year

31,231

At 31 July 2025

75,317

NET BOOK VALUE

At 31 July 2025

56,721

At 31 July 2024

59,525

9.

STOCKS

2025

2024

€

€

Goods for resale

3,051,077

1,098,072

10.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

€

€

Trade debtors

320,931

902,046

Amounts owed by group undertakings

504,072

1,137,090

Other debtors

463,702

1,544,655

Tax

1,242,814

-

VAT

143,201

69,441

Deferred tax asset

4,200,000

4,850,000

Prepayments and accrued income

750,508

286,155

7,625,228

8,789,387

11.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

€

€

Trade creditors

894,491

216,308

Amounts owed to group undertakings

545,741

34,137,987

Social security and other taxes

10,246

45,010

Other creditors

-

119,752

VAT

-

70,509

Accruals and deferred income

530,268

229,647

1,980,746

34,819,213

12.	DEFERRED TAX

€

Balance at 1 August 2024

(4,850,000

)

Provided during year

(475,000

)

Group relief, prior year

1,125,000

Balance at 31 July 2025

(4,200,000

)

13.	CALLED UP SHARE CAPITAL

2025

2024

GBP

GBP

Called-up, allotted and fully paid:

4,265,778 ordinary shares of £1 each

4,265,778

1,000,000

3,265,778 Ordinary shares of 1 each were allotted as fully paid at a premium of 10.11 per share during the year.

14.

RESERVES

Retained

Share

earnings

premium

Totals

€

€

€

At 1 August 2024

(35,460,203

)

11,339,908

(24,120,295

)

Deficit for the year

(6,975,072

)

(6,975,072

)

Shares issued in the year

-

34,848,042

34,848,042

At 31 July 2025

(42,435,275

)

46,187,950

3,752,675

15.	ULTIMATE PARENT COMPANY

The director considers Heartland A/S (incorporated in Denmark) as the ultimate parent company. The director Anders Holch Povlsen is considered to be the ultimate controlling party by virtue of his interest in the share capital of this company's ultimate parent company.

Heartland A/S is the largest group to consolidate these financial statements and copies can be obtained from:

Heartland A/S

Store Torv 1, 3.

8000 Aarhus C

Denmark

Bestseller A/S (incorporated in Denmark) is the smallest group to consolidate these financial statements and copies can be obtained from:

Bestseller A/S

Fredskovvej 5

7330 Brande

Denmark

16.	OTHER FINANCIAL COMMITMENTS

Operating leases

At 31 July the company had commitments under non-cancellable operating leases as set out below:

2025

2024

€

€

Not later than one year

812,199

295,945

Later than one year and not later than five years

1,040,696

0

Later than five years

0

0

1,852,895

295,945

17.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.