REGISTERED NUMBER: 09795567 (England and Wales)

Report of the Directors and

Financial Statements for the Year Ended 31 December 2025

for

Golden Goose DB UK Limited

Page

Company Information

1

Report of the Directors

2

Report of the Independent Auditors

4

Income Statement

9

Balance Sheet

10

Notes to the Financial Statements

12

DIRECTORS:

Mr D Piarulli

Ms F Pisano

Mr D Pirlo

Mr P Mina'

REGISTERED OFFICE:

5th Floor

10 Brook Street

Mayfair

London

W1S 1BG

REGISTERED NUMBER:

09795567 (England and Wales)

AUDITORS:

Nordens Audit Limited

The Retreat

406 Roding Lane South

Woodford Green

Essex

IG8 8EY

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

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2025 to 31 December 2025.

Mr D Piarulli (resigned on 6 May 2026)

Ms F Pisano

Mr D Pirlo

Mr P Mina

Following the year end, Paolo Dal Ferro was appointed as a director of the Company with effect from 6 May 2026.

STATEMENT OF DIRECTORS' RESPONSIBILITIES

The directors are responsible for preparing 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.

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, Nordens Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting, in accordance with section 485 of the Companies Act 2006.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mr P Mina' - Director

31 July 2026

Opinion

We have audited the financial statements of Golden Goose DB UK Limited (the 'company') for the year ended 31 December 2025 which comprise the Income Statement, Balance Sheet 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 December 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 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 Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Directors has 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 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; or

-	the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Directors.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities set out on page two, 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.

Discussions were held with the directors with a view to identifying those laws and regulations that could be

expected to have a material impact on the financial statements. During the engagement team briefing, the

outcomes of these discussions and enquiries were shared with the team, as well as consideration as to

where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:

- Those laws and regulations considered to have a direct effect on the financial statements include UK

financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits

legislation.

- It is considered that there are no laws and regulations for which non-compliance may be fundamental to

the operating aspects of the business.

- Audit procedures undertaken in response to the potential risks relating to irregularities (which include

fraud and non-compliance with laws and regulations) comprised of:

- inquiries of management and those charged with governance as to whether the entity complies with

such laws and regulations;

- enquiries with the same concerning any actual or potential litigation or claims;

- inspection of relevant legal correspondence; review of board minutes;

- testing the appropriateness of entries in the nominal ledger, including journal entries;

- reviewing transactions around the end of the reporting period; and

- the performance of analytical procedures to identify unexpected movements in account balances which

may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities,

including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the

entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that

result from fraud might be inherently more difficult to detect than irregularities that result from error. As

explained above, there is an unavoidable risk that material misstatements may not be detected, even

though the audit has been planned and performed in accordance with ISAs (UK).

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.

Lorraine Curtis (Senior Statutory Auditor)

for and on behalf of Nordens Audit Limited

The Retreat

406 Roding Lane South

Woodford Green

Essex

IG8 8EY

4 August 2026

TURNOVER

6,526,944

6,349,164

Cost of sales

3,663,119

3,224,793

GROSS PROFIT

2,863,825

3,124,371

Distribution costs

34,255

24,405

Administrative expenses

4,377,632

3,031,623

4,411,887

3,056,028

(1,548,062

)

68,343

Other operating income

3

1,336,763

324,334

OPERATING (LOSS)/PROFIT

5

(211,299

)

392,677

Interest receivable and similar income

2,108

-

(209,191

)

392,677

Interest payable and similar expenses

60,494

29,653

(LOSS)/PROFIT BEFORE TAXATION

(269,685

)

363,024

Tax on (loss)/profit

6

102,159

112,805

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(371,844

)

250,219

FIXED ASSETS

Intangible assets

7

-

292,891

Tangible assets

8

2,605,533

523,153

2,605,533

816,044

CURRENT ASSETS

Stocks

2,567,592

1,780,314

Debtors

9

1,936,000

333,287

Cash at bank

48,725

159,207

4,552,317

2,272,808

CREDITORS

Amounts falling due within one year

10

6,656,703

2,318,020

NET CURRENT LIABILITIES

(2,104,386

)

(45,212

)

TOTAL ASSETS LESS CURRENT LIABILITIES

501,147

770,832

PROVISIONS FOR LIABILITIES

174,689

72,530

NET ASSETS

326,458

698,302

CAPITAL AND RESERVES

Called up share capital

100

100

Share premium

872,900

872,900

Retained earnings

(546,542

)

(174,698

)

326,458

698,302

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 31 July 2026 and were signed on its behalf by:

Mr P Mina' - Director

1.	STATUTORY INFORMATION

Golden Goose DB UK Limited 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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.

Intangible assets

Intangible assets are initially recognised at cost. Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

Lease premium - straight line over the lease term

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

During the year, the company adopted the amendments to FRS 102 relating to lease accounting. As a result, lease related key money previously recognised within intangible fixed assets has been reassessed and reclassified to tangible fixed assets as part of the related right of use asset where the substance of the arrangement was considered to be a leased asset. The reclassification had no impact on net assets or reported profit for the year.

Tangible fixed assets

Tangible assets are initially recognised at cost. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Leasehold property - straight line over the lease term

Plant and machinery - straight line over three years

Fixtures and fittings - straight line over five years

Lease premium - straight line over the lease term

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow-moving items.

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 obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern

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

The company is a wholly owned subsidiary of Golden Goose S.p.A. and is dependent upon the continued financial support of the wider Golden Goose group to meet its ongoing working capital requirements. The directors have considered the company's financial position, forecasts and cash flow requirements for a period of at least twelve months from the date of approval of these financial statements.

In making this assessment, the directors have had regard to the current level of trading, the net current liability position, the quantum of amounts owed to group undertakings, and the ongoing financial support available from the parent company. The directors are satisfied that the parent company has both the intention and ability to continue to provide such support as and when required.

On this basis, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due for the foreseeable future. The directors consider that no material uncertainties exist that may cast significant doubt on the company's ability to continue as a going concern. Accordingly, the directors consider it appropriate to prepare the financial statements on the going concern basis.

In forming this assessment, the directors have taken into account the continuing financial support historically provided by the parent undertaking, and the directors have a reasonable expectation that such support will continue for the foreseeable future.

3.	OTHER OPERATING INCOME

2025

2024

£

£

Intercompany adjustments

1,011,455

-

Other income

325,308

324,334

1,336,763

324,334

Other operating income mainly comprises income arising from gift related invoices and credit notes issued to a wholesale customer, together with a refund of employer payroll social security contributions received from the government. Included within other operating income are non recurring adjustments recognised during the year to correct historical deferrals and intercompany invoicing errors. These items are not expected to recur in future periods.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2024 - 22 ) .

No remuneration, benefits in kind or pension contributions were paid to, or accrued for, the directors of the company during the year (2024: nil).

5.	OPERATING (LOSS)/PROFIT

The operating loss (2024 - operating profit) is stated after charging:

2025

2024

£

£

Depreciation - owned assets

179,139

103,839

Lease premium amortisation

-

150,000

Auditors' remuneration

10,650

10,500

6.

TAXATION

Analysis of the tax charge

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

2025

2024

£

£

Current tax:

UK corporation tax

-

74,069

Deferred tax

102,159

38,736

Tax on (loss)/profit

102,159

112,805

7.	INTANGIBLE FIXED ASSETS

Lease

premium

£

COST

At 1 January 2025

1,500,000

Reclassification/transfer

(1,500,000

)

At 31 December 2025

-

AMORTISATION

At 1 January 2025

1,207,109

Reclassification/transfer

(1,207,109

)

At 31 December 2025

-

NET BOOK VALUE

At 31 December 2025

-

At 31 December 2024

292,891

8.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

Long

to

Plant and

and

leasehold

property

machinery

fittings

Totals

£

£

£

£

£

COST

At 1 January 2025

840,833

-

72,866

828,888

1,742,587

Additions

685,216

1,000,000

98,200

501,401

2,284,817

Reclassification/transfer

(126,180

)

1,500,000

41,473

76,413

1,491,706

At 31 December 2025

1,399,869

2,500,000

212,539

1,406,702

5,519,110

DEPRECIATION

At 1 January 2025

516,740

-

55,268

647,426

1,219,434

Charge for year

135,096

307,895

8,652

35,391

487,034

Reclassification/transfer

-

1,207,109

-

-

1,207,109

At 31 December 2025

651,836

1,515,004

63,920

682,817

2,913,577

NET BOOK VALUE

At 31 December 2025

748,033

984,996

148,619

723,885

2,605,533

At 31 December 2024

324,093

-

17,598

181,462

523,153

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Improvements

to

property

£

COST

Additions

1,000,000

Reclassification/transfer

1,500,000

At 31 December 2025

2,500,000

DEPRECIATION

Charge for year

307,895

Reclassification/transfer

1,207,109

At 31 December 2025

1,515,004

NET BOOK VALUE

At 31 December 2025

984,996

9.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

6,149

16,826

Amounts owed by group undertakings

1,011,455

-

Other debtors

405,978

208,397

Tax

83,628

49,567

Prepayments

428,790

58,497

1,936,000

333,287

All amounts owed by group undertakings are unsecured, repayable on demand and are expected to be settled in the normal course of business.

10.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade creditors

152,985

190,152

Amounts owed to group undertakings

5,815,687

1,454,317

VAT

258,121

280,429

Other creditors

249,494

141,589

Accrued expenses

180,416

251,533

6,656,703

2,318,020

All amounts owed to group undertakings are unsecured, repayable on demand and are expected to be settled in the normal course of business.

11.	LEASING AGREEMENTS

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

2025

2024

£

£

Within one year

1,319,111

803,096

Between one and five years

2,628,841

1,855,354

In more than five years

530,944

690,838

4,478,896

3,349,288

The operating lease commitments disclosed primarily relate to property leases. Certain lease arrangements give rise to recognised right of use assets in tangible fixed assets where the substance of the arrangement meets the criteria for recognition under FRS 102.

12.	RELATED PARTY DISCLOSURES

As a wholly owned subsidiary, the company is exempt under Section 1A of FRS 102 from the requirement to disclose transactions with its parent undertaking and other wholly owned subsidiaries of the Golden Goose S.p.A. group.

During the year, the company entered into transactions with group undertakings in the normal course of business, primarily comprising trading transactions, cost recharges and intercompany funding arrangements.

At the balance sheet date, amounts owed to group undertakings totalled £5,815,687 (2024: £1,454,317) and amounts owed by group undertakings totalled £1,011,455 (2024: £nil). All balances are unsecured, repayable on demand and are expected to be settled in the normal course of business.

13.	ULTIMATE CONTROLLING PARTY

As at 31 December 2025, the Company's ultimate parent undertaking was Permira VII Investment Platform Limited. Since June 2026, the Company's ultimate parent undertaking has been HSG Golden Age (HK) Limited.

The financial results of Golden Goose DB UK Limited are consolidated into the accounts of its parent

company, Golden Goose Group S.p.A., incorporated in Italy. The consolidated financial statements

are managed internally by Golden Goose Group S.p.A..