Seasalt Holdings Limited

Contents

Seasalt Holdings Limited

Company Information

Seasalt Holdings Limited

Strategic Report

52 Week Period ended 31 January 2026

The directors present their strategic report for the Seasalt Holdings Limited group of companies for the 52-week period from 2 February 2025 to 31 January 2026.

PRINCIPAL ACTIVITY

The principal activity of the group is the design, sourcing and sale of women’s and men’s clothing, through a multichannel model comprising owned retail stores, ecommerce and third-party partners in the UK and internationally.

BUSINESS OVERVIEW
Established in Cornwall by Don Chadwick over four decades ago, Seasalt is a premium lifestyle brand that inspires people of all ages to dress with creativity and confidence. We operate a multichannel model: at the year-end, we had 82 stores across the UK, Ireland and the US, a thriving online business, and hundreds of stockists globally. Our strategy is to maintain our position as one of the UK’s most popular clothing brands and to accelerate international growth with a growing community of loyal customers.

Our mission is to inspire a life worn well through making responsibly sourced clothing woven with stories of Cornwall. We focus on designing modern and stylish womenswear, with an expanding menswear range. Every Seasalt product is made to love and last, in quality fabrics that wash and wear beautifully, offering a breadth of versatile styles and fits at a price point that reflects affordable quality for customers looking for something unique. Our distinctive brand handwriting, influenced by our Cornish heritage, is brought to life by a talented team of in-house designers, making the Seasalt aesthetic instantly recognisable.

Everything we do is done with purpose and we believe clothing and retail should be a force for good. We are one of the most sustainable brands on the UK high street and, as a proud Ethical Trade Initiative member, we stand for fair work and full transparency. In recognition of our brand’s founding values and progressive approach to doing business, we are committed to ambitious targets, including increasing the use of certified responsible materials in products year-on-year and transitioning to become a Carbon Net Zero business by 2040, in alignment with the BRC roadmap. In addition, we continue to actively support charities and projects that make a difference to our community.

We have been recognised as a leader in the sector. Recent awards include: British Business Awards - Retail Business of the Year 2025; Drapers Conscious Fashion - Best Social Enterprise or Charity Initiative 2025 (our “Brave the Weather Together” campaign in support of mental health charity Mind); and Retail Gazette’s Best Retailer under £500m 2025.

PERFORMANCE REVIEW
With record EBITDA of £12.1m and Operating Profits of £8.0m, the Group’s performance demonstrates the resilience of its multichannel business model, delivering stable revenues, improving gross margins and increasing earnings. Disciplined cost control and a continued focus on operational efficiency supported greater profitability, with both EBITDA and operating profit increasing year-on-year.

The Group also delivered a significant improvement in operating cash flow, reflecting robust trading performance and disciplined management of working capital. As a result, year-end liquidity strengthened materially, with the Group ending the year with a cash position of over £10m underpinning the strength of the balance sheet and providing a solid platform for future investment and growth.

Seasalt Holdings Limited

Strategic Report

52 Week Period ended 31 January 2026

Multichannel model

The enduring strength of our business model is founded on our multichannel approach, allowing us to best serve customers wherever and however they choose to shop, while providing flexibility to adapt to changing market conditions. In the year, we focused on optimising these highly complementary channels to support sustainable, profitable growth. We continued to invest in and grow our stores channel, ending the year with 82 stores. Our stores play a critical role in bringing Seasalt’s brand to life, showcasing the quality and craftmanship of our product while delivering the exceptional differentiated customer service that underpins our strong customer loyalty and advocacy.

We focused our efforts on the online channel by improving marketing effectiveness which resulted in profitability growth. Third party channels are an increasingly important part of our business and now represent 25% of our revenues (and substantially more at retail sales value) and grew strongly, particularly in international markets.

We made strides in our international expansion during the year. We continued to grow significantly across Europe with Zalando and opened our fifth Irish store in Cork. Following market entry in 2024, we further scaled our U.S. business both with third parties including Nordstrom and Bloomingdales, and trialling four standalone stores. As a result, our international revenue increased by £6m to 15% of total revenues.

In May 2025, we relaunched our loyalty program, Seasalt Rewards, expanding the programme to include online as well as our stores channel. Customer reception to Seasalt Rewards has been fantastic and by 31 January, we had nearly 500,000 members.

Financial performance
All numbers and metrics relate to continuing operations.

Our robust turnover was supported by strong cost management and disciplined capital allocation. Gross margin improvement and stable administrative expenses resulted in EBITDA of £12.1m, 2% growth on the prior year and operating profit before exceptionals of £8.0m, 4% growth on the prior year. PBT was £3.3m, with the decline of £0.6m on the prior year primarily reflecting a non-cash £1.3m loss on financial assets driven by USD / GBP exchange rate volatility. The £0.5m increase in interest expense is driven by our shareholder’s (BGF) dividend liabilities, not external borrowings. Reported profit after tax for the period was £2.7m.

Seasalt Holdings Limited

Strategic Report

52 Week Period ended 31 January 2026

Gross profit margins increased by 44bps on the prior year as improvements in sourcing were offset by the impact of international expansion - particularly in the U.S. where we absorbed increases in tariffs. Administrative expenses were £74m, in line with the prior year. Substantial cost increases were driven by the rise in national insurance costs but were offset by robust cost management including organisation transformation initiatives undertaken across Head Office and Retail teams. Non-recurring administrative expenses from continuing operations were £1.9m, reflecting costs associated with our Head Office and Retail team transformation and impairment costs from our implementation of Microsoft D365 finance, stock and warehouse management elements (which we decided to halt in 2025).

The Group hedges its US dollar requirements by entering into forward contracts to cover planned stock purchases. There has been significant volatility in US dollar throughout the year: on 31 January 2026 the GBP USD exchange rate was approximately 1.37 with mark to market valuation resulting in the balance sheet reflecting an unrealised loss of £0.9m relative to an £0.3m unrealised gain on 1 February 2025 when the GBP USD was approximately 1.24. The difference between these unrealised positions drove a £1.3m loss on financial assets at fair value through profit and loss. The Group’s underlying USD hedging program remains robust and is supporting our gross margin improvement.

Interest payable and similar expenses was £1.6m an increase of £0.4m on the prior year. Per the 2018 investment agreement the Group pays dividends to BGF. These obligations are treated as debt-like items in our financial statements and as such, year on year cash increases in those obligations are reflected in interest expense.

Tax on profit was £0.5m, a reduction of £0.7m on the prior year primarily driven by £0.4m adjustment to deferred taxation. Resulting profit, from continuing operations, was £2.7m in line with the prior year.

Strong operating cash generation and disciplined management of working capital drove a marked improvement in liquidity during the year. Net cash flow from operating activities increased by £10.7m to £13.0m, supporting a transition from net debt to a net cash position and increasing cash balances to £10.1m at year end (£4.8m as of 1 February 2025). This strong cash generation was driven by rigorous working capital management, particularly improved inventory efficiency. This substantial strengthening of the balance sheet enhances the Group's financial resilience and provides capacity to support future strategic investment and growth.

Discontinued operations represent our US stores that closed in May 2026 after an extensive trial programme, as part of our disciplined approach to capital allocation. Although our US third party business has grown rapidly, demonstrating the appeal of our brand with US consumers, our store portfolio has not delivered acceptable returns. We have therefore prioritised investment in our successful third-party partnerships, which provides a scalable platform for profitable growth in the US market.

Seasalt Holdings Limited

Strategic Report

52 Week Period ended 31 January 2026

PRINCIPAL RISKS AND UNCERTAINTIES
The Group has exposure to a variety of risks, which are managed with the purpose of minimising any potential adverse effect on the Group's performance.

Seasalt Holdings Limited

Strategic Report

52 Week Period ended 31 January 2026

ENVIRONMENTAL, SOCIAL, EMPLOYEE AND COMMUNITY MATTERS

Seasalt has been a values-led business from the very beginning, whether pioneering GOTS, meeting our Responsible Fabric commitments, or building meaningful employment and creative work in Cornwall and beyond. Ethical trading is a core element of our sustainability practices. We are proud to have been a member of the Ethical Trading Initiative (ETI) since 2018. As a full member, we require every Seasalt supplier to adhere to an internationally recognised labour code covering fair and safe working practices, reasonable working hours and living wages. More details of our Sustainability Policies and Practices including our 2025 Impact Report can be found https://www.seasaltcornwall.com/reports-policies

The Environment
The Group’s largest environmental impact comes from the production of the materials used to make our clothing. Ensuring that our fabrics are responsibly sourced is a great opportunity to create positive change - both within Seasalt and across the entire industry. In 2020, we set ambitious science based (Scope 1 & 2) sustainability targets that kept our impact on people and environment at the forefront of our design choices each season. We’re proud to say that we’ve now met those requirements, converting four of our most used fabrics to a more responsible alternative of the same fibre.

The Group recognises that its global operations have an environmental impact and is committed to monitoring and reducing emissions year-on-year. The Group is also aware of its reporting obligations under The Companies (Directors’ Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. We continue to report all material GHG emissions across our global operations.

Seasalt Holdings Limited

Strategic Report

52 Week Period ended 31 January 2026

Carbon reporting
This section discloses our energy consumption, greenhouse gas emissions (GHG) and energy efficiency initiatives from 1 February 2025 to 31 January 2026 in line with the UK Government's Streamlined Energy and Carbon Reporting (SECR) regulation under the Companies (Directors' Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations (2018).

As a large unquoted company with UK energy use over 40MWh, we are required to disclose associated UK GHG emissions from energy use.

Emissions have been calculated in accordance with the WBCSD/WRI Greenhouse Gas Protocol: A Corporate Accounting and Reporting Standard (Revised Edition), alongside the UK Government Environmental Reporting Guidelines, including Streamlined Energy and Carbon Reporting (SECR) guidance (March 2019). UK Government greenhouse gas conversion factors for company reporting (2024) have been applied. An operational control approach has been used to define organisational boundaries.

Upon conducting the FYE-Jan 26 emissions calculations, an error was found with the FYE-Jan 25 stationary combustion calculations. In FYE-Jan 25, any retail store that was expected to have gas consumption but where none was recorded, gas consumption was estimated using the total gas consumption for retail sites and adjusting this by the square footage of retail units. However, in FYE-Jan 26, it has been confirmed that the gap in gas consumption was actually a reflection of there being no gas on-site, hence the FYE-Jan 25 stationary combustion emissions were an overstatement.

In addition, we did not remove the energy consumption and emissions data for our stores in the Republic of Ireland in FYE-Jan 25. As we have restated stationary combustion for FYE-Jan 25, we have also removed all Republic of Ireland stores to ensure consistency across FYE-Jan 25 and FYE-Jan 26.

Therefore, the FYE-Jan 26 disclosure is presented alongside the original FYE-Jan 25 figures, and the updated FYE-Jan 25 figures. It should be noted that as all gas consumption in the UK is green gas, the change in consumption is significant from an energy consumption point of view (kWh), rather than a carbon emissions point of view.

Seasalt Limited’s total energy consumption for FYE-Jan 26 was 2,517,243 kWh an increase of 6% on FYE-Jan 25. This includes the company’s electricity and natural gas usage, and transport fuels for business travel in employee-owned cars and hire cars.

Carbon Emissions decreased however from FYE-Jan 25. Scope 2 emissions from purchased electricity are reported using a location-based approach. However, Scope 2 emissions using a market-based approach were also calculated. Seasalt Limited’s purchased electricity is from 100% renewable sources, and therefore Scope 2 emissions are reduced using a market-based approach. Using a location-based approach, total greenhouse gas emissions are 465.13 tonnes CO2e, a decrease of 63.03 tCO2e (12%) from FYE-Jan 25. Using a market-based approach the total greenhouse gas emissions are 32.23 tonnesCO2e, an over 50% reduction from 66.56 tonnesCO2e in FYE-Jan 25.

Seasalt Holdings Limited

Strategic Report

52 Week Period ended 31 January 2026

* The reported emissions intensity ratio is the total gross emissions per 1’000 units sold

Social and community
We are committed to making meaningful contributions to charities and communities close to us. As one of Cornwall’s biggest employers, we have the passion and resources to strengthen community resilience both in Cornwall and further afield. We recognise that our activities have a direct impact on the wellbeing of employees, customers, suppliers and the wider communities in the places where Seasalt has retail outlets. That’s why we set ourselves the target of donating £1 million to charity and achieving 20,000 hours of volunteering, by the end of 2025. We are proud to have met these goals. In 2025 colleagues contributed an incredible 3,058 hours of volunteering.

Employees
The Group employed 1,322 people as at January 2026 with a diverse range of talent and we are committed to valuing this diversity in the effective employment of people in the best interests of the Group and of our staff. Everything we do comes down to the collective energy of our employees. We believe in creating a positive environment where our differences are respected and each of us feels valued for our contribution.

We are proud that our workforce is made up of 82% women, and we have developed a range of policies and resources to address the specific health challenges that women face. Our policies also embrace flexible working, enhanced annual leave, enhanced gender-blind family leave, long service recognition and employee volunteering and giving.

Seasalt Holdings Limited

Strategic Report

52 Week Period ended 31 January 2026

Seasalt is an equal opportunities employer providing employment and development opportunities to suitably skilled people regardless of age, race, colour, religion, gender, sexual orientation, ethnic origin, nationality, marital status or disability. Then ensuring that the working environment is inclusive and progressive so that employees can reach their potential and fulfil their ambitions. Seasalt is a Disability Confident Committed employer. Disability Confident is creating a movement encouraging employers to think differently about disability and improve how they recruit, retain and develop disabled people.

To further support inclusivity as a business priority, Seasalt’s Inclusion strategy covers three pillars:

The Group regularly communicates business strategic objectives and reflects culture through content on the intranet, newsletters, events and training to ensure the cascade of information throughout the Group.

The Group recognises employees’ lives can change over time and tries to accommodate these changes within the work structure wherever practical. This has included facilitating hybrid and remote working for our workforce.

Pension Reform
The Group introduced a workplace pension scheme in April 2014 and operates a generous scheme with 7% employer contributions.

GOING CONCERN

The financial statements have been prepared on a going-concern basis. The Directors consider this to be appropriate for the following reasons:

Seasalt Holdings Limited

Strategic Report

52 Week Period ended 31 January 2026

POST BALANCE SHEET EVENTS
Following a detailed review of the financial performance and future prospects of the Group’s US own-store retail operations, the Directors concluded that the level of profitability achieved did not meet expectations. Accordingly, a strategic decision was taken during the year to dissolve the Group’s US retail entity, Seasalt US Retail, in an orderly manner and close our 4 US stores. The Group remains committed to its strategy of accelerating international growth but have decided to focus efforts and resources in the US on its successful third-party relationships.
 

Section 172 (1) Statement

The Group’s key strategic decisions taken during the period were to support the growth and long-term success of the business. The directors recognise their obligations to key stakeholders - customers, employees, communities, landlords, suppliers and shareholders - to operate a responsible business whilst promoting the long-term success of the Group for the benefit of its members as a whole in accordance with section 172(1) of the Companies Act 2006. As set out above at the start of this report, business dealings and interactions by the Group and its representatives are grounded in long-held core values.

Details of how the directors have had regard to the matters set out in section 172(1) are given below:

Approved and authorised by the Board on 26 August 2026 and signed on its behalf by:
 

Seasalt Holdings Limited

Directors' Report

52 Week Period ended 31 January 2026

The directors present their report and the for the period from 2 February 2025 to 31 January 2026.

Results and dividends

The reported loss for the financial year amounted to £0.3m (Year ended February 2025: profit of £2.7m), with profit from continuing operations £2.7m, level with the prior year.

The Group declared and paid dividends obligations to BGF amounting to £1.1m during the year (Year ended February 2025: £1.1m). The directors will continue to declare and pay dividend obligations to BGF during the current year. Note that these obligations are treated as debt-like items in our financial statements and as such, dividend payments are included in interest expense.

Directors of the group

The directors who held office during the period were as follows:

L G Chadwick - Company secretary and director

N M Chadwick

N J Dorbin

M J Harrison

P L Hayes

Qualifying third party provisions
The Company has taken out qualifying third party indemnity insurance in respect of the directors and officers of the Company.

Matters covered in the strategic report
A fair review of the business, likely future developments, details of research and development activities and employment policies are set out in the Strategic Report, which further includes details of the principal and financial risks facing the Group and the policies to address these risks.

Statement of directors’ responsibilities in respect of the Strategic Report, the Directors’ Report and the financial statements.

The directors are responsible for preparing the Strategic Report, the Directors’ Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law they have elected to prepare the financial statements in accordance with UK accounting standards and applicable law (UK Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland.

Seasalt Holdings Limited

Directors' Report

52 Week Period ended 31 January 2026

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 estimates that are reasonable and prudent;
• State whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
• Assess the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and
• Use the going concern basis of accounting unless they either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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 responsible for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general responsibility for taking such steps as are reasonably open to them to safeguard the assets of the company and to prevent and detect fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company’s website. Legislation in the UK governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Disclosure of information to the auditor

Independent auditor

Under section 487(2) of the Companies Act 2006, PKF Francis Clark will be deemed to have been reappointed as auditor 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the financial statements with the registrar, whichever is earlier.
 

Approved and authorised by the Board on 26 August 2026 and signed on its behalf by:
 

Seasalt Holdings Limited

Statement of Directors' Responsibilities

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 group and the company and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group's and the company's transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Seasalt Holdings Limited

Independent Auditor's Report to the Members of Seasalt Holdings Limited

Opinion

We have audited the financial statements of Seasalt Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the period from 2 February 2025 to 31 January 2026, which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, 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:

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 auditor 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 director's 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 and parent company's ability to continue as a going concern for a period of at least twelve months from when the original financial statements were 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 included in the annual report, other than the financial statements and our auditor’s report 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.

Seasalt Holdings Limited

Independent Auditor's Report to the Members of Seasalt Holdings Limited

We have nothing to report in this regard.

Opinion on other matter prescribed by the Companies Act 2006

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

Matters on which we are required to report by exception

In the light of our 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 and the Directors' Report.

Seasalt Holdings Limited

Independent Auditor's Report to the Members of Seasalt Holdings Limited

Auditor’s 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 an auditor’s report 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed as follows:

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the group and management.

We obtained an understanding of the legal and regulatory frameworks that are applicable to the group at the planning stage of the audit. We gained an understanding of the industry in which the group operates as part of this assessment to identify the key laws and regulations affecting the group. As part of this, we reviewed the group’s website for indication of any regulations and certification in place which are applicable to the group and discussed these with the relevant individuals responsible for compliance. Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to The General Data Protection Regulation (“GDPR”), health and safety regulations, employment laws, Extended Producer Responsibility Regulation and product safety standards where non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation or the loss of the group’s licence to operate. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and tax legislation.

We discussed with management how compliance with these laws and regulations is monitored and discussed the policies and procedures in place. As part of our planning procedures, we assessed the risk of any non-compliance with laws and regulations on the group's ability to continue trading and the risk of material misstatement to the accounts.

We also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements. The key incentive is to meet the expectations of the group and we determined that the principal risks were related to the overstatement of profit and the intention to show steady growth in the group.

Based on this understanding, we designed our audit procedures to identify non-compliance with such laws and regulations. Our procedures involved the following:

Seasalt Holdings Limited

Independent Auditor's Report to the Members of Seasalt Holdings Limited

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. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate omissions, collusion, forgery, misrepresentations, or the override of internal controls. We are also less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements.

A further description of our responsibilities is available on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor’s report 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.

......................................
James M Barrett BA (Hons) BFP FCA (Senior Statutory Auditor)
PKF Francis Clark, Statutory Auditor

Melville Building East
Unit 18
23 Royal William Yard
Plymouth
Devon
PL1 3GW

26 August 2026

Seasalt Holdings Limited

Consolidated Statement of Comprehensive Income

52 Week Period ended 31 January 2026