IRIS Accounts Production v26.1.10.61 06673160 Board of Directors 1.1.24 5.1.25 5.1.25 6.8.2026 true false true false false false true false Auditors Opinion iso4217:GBP iso4217:USD iso4217:EUR xbrli:shares xbrli:pure utr:tonnes utr:kWh 06673160 2023-12-31 06673160 2025-01-05 06673160 2024-01-01 2025-01-05 06673160 2023-01-01 06673160 2023-01-02 2023-12-31 06673160 2023-12-31 06673160 ns15:EnglandWales 2024-01-01 2025-01-05 06673160 ns14:PoundSterling 2024-01-01 2025-01-05 06673160 ns10:Director1 2024-01-01 2025-01-05 06673160 ns10:PrivateLimitedCompanyLtd 2024-01-01 2025-01-05 06673160 ns10:SmallEntities 2024-01-01 2025-01-05 06673160 ns10:Audited 2024-01-01 2025-01-05 06673160 ns10:SmallCompaniesRegimeForDirectorsReport 2024-01-01 2025-01-05 06673160 ns10:SmallCompaniesRegimeForAccounts 2024-01-01 2025-01-05 06673160 ns10:FullAccounts 2024-01-01 2025-01-05 06673160 1 2024-01-01 2025-01-05 06673160 ns10:Director2 2024-01-01 2025-01-05 06673160 ns10:RegisteredOffice 2024-01-01 2025-01-05 06673160 ns5:CurrentFinancialInstruments 2025-01-05 06673160 ns5:CurrentFinancialInstruments 2023-12-31 06673160 ns5:ShareCapital 2025-01-05 06673160 ns5:ShareCapital 2023-12-31 06673160 ns5:SharePremium 2025-01-05 06673160 ns5:SharePremium 2023-12-31 06673160 ns5:CapitalRedemptionReserve 2025-01-05 06673160 ns5:CapitalRedemptionReserve 2023-12-31 06673160 ns5:RetainedEarningsAccumulatedLosses 2025-01-05 06673160 ns5:RetainedEarningsAccumulatedLosses 2023-12-31 06673160 ns5:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2025-01-05 06673160 ns5:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 06673160 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 06673160 ns5:ComputerSoftware 2023-12-31 06673160 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2025-01-05 06673160 ns5:ComputerSoftware 2024-01-01 2025-01-05 06673160 ns5:PatentsTrademarksLicencesConcessionsSimilar 2025-01-05 06673160 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2025-01-05 06673160 ns5:ComputerSoftware 2025-01-05 06673160 ns5:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 06673160 ns5:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 06673160 ns5:ComputerSoftware 2023-12-31 06673160 ns5:FurnitureFittings 2023-12-31 06673160 ns5:ComputerEquipment 2023-12-31 06673160 ns5:FurnitureFittings 2024-01-01 2025-01-05 06673160 ns5:ComputerEquipment 2024-01-01 2025-01-05 06673160 ns5:FurnitureFittings 2025-01-05 06673160 ns5:ComputerEquipment 2025-01-05 06673160 ns5:FurnitureFittings 2023-12-31 06673160 ns5:ComputerEquipment 2023-12-31 06673160 ns5:CostValuation 2023-12-31 06673160 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2025-01-05 06673160 ns5:WithinOneYear ns5:CurrentFinancialInstruments 2023-12-31 06673160 ns5:Non-currentFinancialInstruments ns5:AfterOneYear 2025-01-05 06673160 ns5:Non-currentFinancialInstruments ns5:AfterOneYear 2023-12-31 06673160 ns5:WithinOneYear 2025-01-05 06673160 ns5:WithinOneYear 2023-12-31 06673160 ns5:BetweenOneFiveYears 2025-01-05 06673160 ns5:BetweenOneFiveYears 2023-12-31 06673160 ns5:AllPeriods 2025-01-05 06673160 ns5:AllPeriods 2023-12-31

REGISTERED NUMBER: 06673160 (England and Wales)

| FINANCIAL STATEMENTS |

| FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025 |

| FOR |

| VOLLEBAK LTD |

| VOLLEBAK LTD (REGISTERED NUMBER: 06673160) |

CONTENTS OF THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025

Page |

| Company Information | 1 |

| Balance Sheet | 2 |

| Notes to the Financial Statements | 3 |

| VOLLEBAK LTD |

COMPANY INFORMATION

FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025

| DIRECTORS: | S Tidball

| N Tidball

| REGISTERED OFFICE: | The Centro Buildings 3rd Floor Centro 4

| 20 To 24 Mandela Street

| London

| NW1 ODU

| REGISTERED NUMBER: | 06673160 (England and Wales)

| AUDITORS: | Xeinadin Audit Limited

| Statutory Auditors

| Level 5a

| Maple House

| 149 Tottenham Court Road

| London

| W1T 7NF

| VOLLEBAK LTD (REGISTERED NUMBER: 06673160) |

BALANCE SHEET

5 JANUARY 2025

| 2025 | 2023 |

| Notes | £ | £ | £ | £ |

FIXED ASSETS

Intangible assets | 4 | 421,751 |  | 461,088 |  |

Tangible assets | 5 | 19,956 |  | 68,146 |  |

Investments | 6 | 7 |  | 7 |  |

441,714 |  | 529,241 |  |

CURRENT ASSETS

Stocks | 2,989,490 |  | 5,794,815 |  |

Debtors | 7 | 1,265,504 |  | 1,700,587 |  |

Cash at bank | 360,875 |  | 896,917 |  |

4,615,869 |  | 8,392,319 |  |

CREDITORS

Amounts falling due within one year | 8 | 4,298,944 |  | 8,579,980 |  |

NET CURRENT ASSETS/(LIABILITIES) | 316,925 |  | (187,661 | ) |

TOTAL ASSETS LESS CURRENT LIABILITIES | 758,639 |  | 341,580 |  |

PROVISIONS FOR LIABILITIES | 75,874 |  | 103,345 |  |

NET ASSETS | 682,765 |  | 238,235 |  |

CAPITAL AND RESERVES

Called up share capital | 5,478 |  | 3,464 |  |

Share premium | 17,136,502 |  | 11,638,063 |  |

Capital redemption reserve | 12 |  | 12 |  |

Retained earnings | (16,459,227 | ) | (11,403,304 | ) |

SHAREHOLDERS' FUNDS | 682,765 |  | 238,235 |  |

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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 August 2026 and were signed on its behalf by:

S Tidball - Director

| VOLLEBAK LTD (REGISTERED NUMBER: 06673160) |

NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025

1. | STATUTORY INFORMATION

| Vollebak 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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

| Going concern

| The company meets its day-to-day working capital requirements through careful management of working capital positions

| As the company continues to be loss-making, the going concern status is assured through a combination of revenue from sales of products and external fundraising from existing and new investors. If the company is unable to secure sufficient funding, then there will be a material uncertainty regarding the going concern status of the company.

| Turnover

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

| The company sells goods through its website for delivery to the customer. Payment is accepted by debit or credit card at the time of the transaction. Turnover is recognised when (a) significant risks and rewards of ownership have been transferred to the buyer; (b) the amount of revenue can be measured reliably; (c) it is probable that future economic benefits will flow to the entity. Sales are made with a right to return within 30 days of receipt of the goods for either a credit note or cash refund. Provision is made for refunds or credit notes based on the expected level of returns by reference to historical data.

| Intangible assets

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

| Patents and licences are being amortised evenly over their estimated useful life of ten years.

| Website developments are being amortised evenly over their estimated useful life of three years.

| Under development assets will be amortised once they are completed.

| Tangible fixed assets

| Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

| Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using either a straight line or reducing balance method, as indicated below.

| Depreciation is provided on the following basis:

| Improvements |  | - Straight line over the life of the lease |  |

| Fixtures and fittings |  | - Straight line over three years |  |

| Computer equipment |  | - Straight line over three years |  |

| Investments in subsidiaries

| Investments in subsidiary undertakings are recognised at cost.

| VOLLEBAK LTD (REGISTERED NUMBER: 06673160) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025

2. | ACCOUNTING POLICIES - continued

| Stocks

| Stocks are stated at the lower of cost and estimated selling price. Cost is based on the cost of purchase on a first in, first out basis. Finished goods include attributable overheads.

| At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to sell. The impairment loss is recognised immediately in profit or loss.

| Financial instruments

| The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors.

| Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transaction price unless the arrangement constitutes a financing transaction where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method.

| Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

| Basic financial liabilities including trade and other creditors are initially recognised at transaction price, unless the arrangement constitutes a financing transaction where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method.

| Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

| Taxation

| Taxation for the period comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

| Taxation in the Profit and Loss Account includes amounts recoverable from HMRC by the surrender of losses through the Research and Development Tax Credit scheme. Research and Development is recognised in the Accounts and Tax Computation on an arising basis.

| 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 period 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.

| VOLLEBAK LTD (REGISTERED NUMBER: 06673160) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025

2. | ACCOUNTING POLICIES - continued

| Research and development

| The company engages in research and development activities to apply newly developed technologies and newly discovered materials to create state-of-the-art clothing products with market leading durability, sustainability and design. Expenditure on research and development is written off in the year in which it is incurred. Research and development tax credits for surrendered tax losses are recognised in the period in which the losses were made.

| 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.

| 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.

| Operating leases

| Payments under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

| Cash and cash equivalents

| Cash and cash equivalents includes cash in hand, deposits held at call with banks, and other short-term highly liquid investments with original maturities of three months or less.

3. | EMPLOYEES AND DIRECTORS

| The average number of employees during the period was 29 (2023 - 31 ) .

4. | INTANGIBLE FIXED ASSETS

| Patents |

| and |  | Website |  | Under |

| licences |  | developments |  | development |  | Totals

£ | £ | £ | £ |

| COST

| At 1 January 2024 | 36,961 |  | 216,120 |  | 288,417 |  | 541,498 |  |

| Additions | - |  | 46,800 |  | - |  | 46,800 |  |

| At 5 January 2025 | 36,961 |  | 262,920 |  | 288,417 |  | 588,298 |  |

| AMORTISATION

| At 1 January 2024 | 14,719 |  | 65,691 |  | - |  | 80,410 |  |

| Amortisation for period | 3,697 |  | 82,440 |  | - |  | 86,137 |  |

| At 5 January 2025 | 18,416 |  | 148,131 |  | - |  | 166,547 |  |

| NET BOOK VALUE

| At 5 January 2025 | 18,545 |  | 114,789 |  | 288,417 |  | 421,751 |  |

| At 31 December 2023 | 22,242 |  | 150,429 |  | 288,417 |  | 461,088 |  |

| VOLLEBAK LTD (REGISTERED NUMBER: 06673160) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025

5. | TANGIBLE FIXED ASSETS

| Fixtures |

| and |  | Computer |

| fittings |  | equipment |  | Totals

£ | £ | £ |

| COST

| At 1 January 2024 | 87,326 |  | 77,363 |  | 164,689 |  |

| Additions | 617 |  | 963 |  | 1,580 |  |

| At 5 January 2025 | 87,943 |  | 78,326 |  | 166,269 |  |

| DEPRECIATION

| At 1 January 2024 | 47,732 |  | 48,811 |  | 96,543 |  |

| Charge for period | 28,988 |  | 20,782 |  | 49,770 |  |

| At 5 January 2025 | 76,720 |  | 69,593 |  | 146,313 |  |

| NET BOOK VALUE

| At 5 January 2025 | 11,223 |  | 8,733 |  | 19,956 |  |

| At 31 December 2023 | 39,594 |  | 28,552 |  | 68,146 |  |

6. | FIXED ASSET INVESTMENTS

| Shares in

| group

| undertaking

£ |

| COST

| At 1 January 2024

| and 5 January 2025 | 7 |  |

| NET BOOK VALUE

| At 5 January 2025 | 7 |  |

| At 31 December 2023 | 7 |  |

7. | DEBTORS

2025 | 2023 |

£ | £ |

| Amounts falling due within one year:

| Trade debtors | 10,253 |  | 93,115 |  |

| Amounts owed by group undertakings | 288,074 |  | 290,524 |  |

| Other debtors | 678,339 |  | 1,028,110 |  |

976,666 |  | 1,411,749 |  |

| Amounts falling due after more than one year:

| Other debtors | 288,838 |  | 288,838 |  |

| Aggregate amounts | 1,265,504 |  | 1,700,587 |  |

| Exemption has been claimed to not disclosure related party balances relating to wholly owned subsidiaries.

| VOLLEBAK LTD (REGISTERED NUMBER: 06673160) |

NOTES TO THE FINANCIAL STATEMENTS - continued

FOR THE PERIOD 1 JANUARY 2024 TO 5 JANUARY 2025

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

2025 | 2023 |

£ | £ |

| Bank loans and overdrafts | 844,319 |  | - |  |

| Trade creditors | 1,885,000 |  | 1,301,366 |  |

| Amounts owed to group undertakings | 12,567 |  | 1,977 |  |

| Taxation and social security | 294,217 |  | 439,820 |  |

| Other creditors | 1,262,841 |  | 6,836,817 |  |

4,298,944 |  | 8,579,980 |  |

9. | LEASING AGREEMENTS

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

2025 | 2023 |

£ | £ |

| Within one year | 43,965 |  | 481,250 |  |

| Between one and five years | 549,563 |  | - |  |

593,528 |  | 481,250 |  |

10. | SECURED DEBTS

| The following secured debts are included within creditors:

2025 | 2023 |

£ | £ |

| Other creditors | - |  | 1,424,725 |  |

| The above balance is secured by a fixed and floating charge over the company's assets.

11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

| The Report of the Auditors was unqualified.

| Anthony Cowan BSc FCA (Senior Statutory Auditor)

| for and on behalf of Xeinadin Audit Limited

| We draw attention to Note 2 in the financial statements, which indicates that the company continues to incur significant losses and therefore requires external assistance to continue operating as a going concern. As stated in Note 2, since the company is reliant on external funding, a material uncertainty exists that may cast significant doubt on the company’s ability to continue as a going concern, should this funding not be obtainable. Management believes that they will be able to obtain the necessary funding and we would further draw attention to Note 12 which shows funds received by investors since the year-end date. Our opinion is therefore not modified in respect of this matter.

12. | FUNDS RAISED SINCE YEAR-END

| A total of £9,908,440 has been raised by the company since the year-end. This money has been used as working capital of the company as well as facilitating the development of the company as it works towards profitability.