Mitchell & Ness International Limited

	Page
Strategic Report	1
Directors' Report	2—3
Independent Auditor's Report	4—6
Statement of Income and Retained Earnings	7
Balance Sheet	8
Statement of Cash Flows	9
Notes to the Statement of Cash Flows	10
Notes to the Financial Statements	11—16

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

Review of the Business

The company will remain within the Group to hold the brand and manage associated licensing arrangements.

Principal Risks and Uncertainties

Following the cessation of trading activities after the year end, the company's principal risks relate primarily to the management of its brand and licensing arrangements. The directors continue to monitor these risks as part of the Group's governance processes.

Key Performance Indicators

The key performance indicators that the board monitor with regard to financial performance are as follows:

	2025	2024
	£	£
Turnover	7,469,268	9,689,209
Gross Profit	838,261	1,254,738
Gross Profit Margin	11%	13%
EBITDA Margin	(21%)	(13%)

Turnover decreased by £2.2 million (23%) during the year. Gross profit margin reduced from 13% to 11%, reflecting the trading conditions experienced during the period.

Following the year end, the company's trading activities were transferred to a fellow group company and these results therefore represent the final period of trading operations.

On behalf of the board

E A Arel

Director

4th September 2026

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Mitchell & Ness International Limited

Company No. 06818077

Directors' Report For The Year Ended 31 December 2025

Directors' Report

The directors present their report and the financial statements for the year ended 31 December 2025.

Principal Activity

The company's principal activity continues to be that of wholesale and distribution of sports related accessories and apparel.

Directors

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

G Schiffman
E Kumekpor	Resigned	14/02/2025
E A Arel	Appointed	13/01/2025

Statement of Directors' Responsibilities

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 the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', 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 the financial statements the directors are required to:

select suitable accounting policies and then apply them consistently;
make judgments and accounting estimates that are reasonable and prudent;
state whether applicable United Kingdom Accounting Standards, comprising FRS102, 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.

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

Statement of Disclosure of Information to Auditors

In the case of each director in office at the date the Directors' Report is approved:

so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.

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Mitchell & Ness International Limited

Directors' Report (continued)

For The Year Ended 31 December 2025

Independent Auditors

The auditors, Lancasters (Accountants) Limited, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.

On behalf of the board

E A Arel

Director

4th September 2026

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Independent Auditor's Report

to the Members of

Mitchell & Ness International Limited

Independent Auditor's Report

Opinion

We have audited the financial statements of Mitchell & Ness International Limited for the year ended 31 December 2025 which comprise the Statement of Income and Retained Earnings, Balance Sheet, Cash Flow Statement and the related notes, 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 (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

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 profit/(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 Auditor's 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 entity's ability to continue as a going concern for a period of at least 12 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 other information comprises the information included in the annual report, other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

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Independent Auditor's Report (continued)

to the Members of

Mitchell & Ness International Limited

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 Directors' Report.

We have nothing to report in respect of the following matters in relation to which 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 or 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 Directors' Responsibilities Statement set out on page 2—3, 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 is 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.

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 below:

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.

Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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Independent Auditor's Report (continued)

to the Members of

Mitchell & Ness International Limited

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 that 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.

Richard V Griggs FCA (Senior Statutory Auditor)

for and on behalf of Lancasters (Accountants) Limited , Statutory Auditor

4th September 2026

Lancasters (Accountants) Limited

Chartered Accountants & Registered Auditor

Manor Courtyard

Aston Sandford

Bucks

HP17 8JB

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Mitchell & Ness International Limited

Statement of Income and Retained Earnings

For The Year Ended 31 December 2025

Statement of Income and Retained Earnings

		2025	2024
	Notes	£	£
TURNOVER	3	7,469,268	9,689,209
Cost of sales		(6,631,007 )	(8,434,471 )

GROSS PROFIT		838,261	1,254,738

Administrative expenses		(2,650,833 )	(2,648,673 )

OPERATING LOSS	4	(1,812,572 )	(1,393,935 )
Loss on disposal of fixed assets		(4,786 )	-
Other interest receivable and similar income	8	57,583	-

LOSS BEFORE TAXATION		(1,759,775 )	(1,393,935 )
Tax on Loss	9	345,499	-

LOSS AFTER TAXATION BEING LOSS FOR THE FINANCIAL YEAR		(1,414,276 )	(1,393,935 )
RETAINED EARNINGS
As at 1 January 2025		1,949,693	3,343,628
As at 31 December 2025		535,417	1,949,693

The notes on pages 10 to 16 form part of these financial statements.

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Mitchell & Ness International Limited

Balance Sheet

As At 31 December 2025

Balance Sheet

Registered number: 06818077

		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Tangible Assets	10		1,781,142		1,947,148

			1,781,142		1,947,148
CURRENT ASSETS
Stocks	11	2,069,789		3,636,520
Debtors	12	2,921,726		3,243,940
Cash at bank and in hand		688,019		630,859

		5,679,534		7,511,319
Creditors: Amounts Falling Due Within One Year	13	(6,725,159 )		(7,308,674 )

NET CURRENT ASSETS (LIABILITIES)			(1,045,625 )		202,645

TOTAL ASSETS LESS CURRENT LIABILITIES			735,517		2,149,793

NET ASSETS			735,517		2,149,793

CAPITAL AND RESERVES
Called up share capital	14		200		200
Share premium account			199,900		199,900
Profit and Loss Account			535,417		1,949,693

SHAREHOLDERS' FUNDS			735,517		2,149,793

On behalf of the board

E A Arel

Director

4th September 2026

The notes on pages 10 to 16 form part of these financial statements.

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Mitchell & Ness International Limited

Statement of Cash Flows

For The Year Ended 31 December 2025

Statement of Cash Flows

		2025	2024
	Notes	£	£
Cash flows from operating activities
Net cash (used in)/generated from operations	1	(1,438,133 )	3,103,687
Tax refunded/(paid)		1,204,284	(1,095,163 )

Net cash (used in)/generated from operating activities		(233,849 )	2,008,524

Cash flows from investing activities
Purchase of tangible assets		(63,694 )	(1,919,923 )
Interest received		57,583	-

Net cash used in investing activities		(6,111 )	(1,919,923 )



(Decrease)/increase in cash and cash equivalents		(239,960 )	88,601
Cash and cash equivalents at beginning of year	2	630,859	646,115
Foreign exchange gains/(losses) on cash and cash equivalents		297,120	(103,857 )

Cash and cash equivalents at end of year	2	688,019	630,859

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Mitchell & Ness International Limited

Notes to the Statement of Cash Flows

For The Year Ended 31 December 2025

Notes to the Statement of Cash Flows

1. Reconciliation of loss for the financial year to cash (used in)/generated from operations

	2025	2024
	£	£
Loss for the financial year	(1,414,276 )	(1,393,935 )
Adjustments for:
Tax on loss	(345,499 )	-
Interest income	(57,583 )	-
Depreciation of tangible assets	224,914	162,949
Loss on disposal of tangible assets	4,786	-
Foreign exchange (gains)/losses	(297,120)	103,857
Movements in working capital:
Decrease in stocks	1,566,731	100,820
(Increase)/decrease in trade and other debtors	(536,571 )	2,857,447
(Decrease)/increase in trade and other creditors	(583,515 )	1,272,549

Net cash (used in)/generated from operations	(1,438,133 )	3,103,687

2. Cash and cash equivalents

Cash and cash equivalents, as stated in the Statement of Cash Flows, relates to the following items in the Balance Sheet:

	2025	2024
	£	£
Cash at bank and in hand	688,019	630,859

3. Analysis of changes in net funds

	As at 1 January 2025	Cash flows	As at 31 December 2025
	£	£	£
Cash at bank and in hand	630,859	57,160	688,019

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Mitchell & Ness International Limited

Notes to the Financial Statements

For The Year Ended 31 December 2025

Notes to the Financial Statements

1. General Information

Mitchell & Ness International Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06818077 . The registered office is C/O Csc Cls (UK) Limited, 5 Churchill Place, 10th Floor, London, E14 5HU.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.

2.2. Turnover

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods

Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

2.3. Tangible Fixed Assets and Depreciation

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold	10% Straight line
Plant & Machinery	20% Reducing balance
Fixtures & Fittings	25% Straight line
Computer Equipment	20% Straight line

2.4. Stocks and Work in Progress

Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.

Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

Work in progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.

2.5. Cash and Cash Equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.

2.6. Foreign Currencies

Monetary 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 ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.

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Mitchell & Ness International Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.7. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.

2.8. Pensions

The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

3. Turnover

Analysis of turnover by geographical market is as follows:

	2025	2024
	£	£
United Kingdom	2,539,551	2,447,085
Rest of the world	4,929,717	7,242,124

	7,469,268	9,689,209

4. Operating Loss

The operating loss is stated after charging:

	2025	2024
	£	£
Bad debts	9,771	(121,763)
Research and Development Costs	16,583	23,122
Depreciation of tangible fixed assets	224,914	162,949

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Mitchell & Ness International Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

5. Auditor's Remuneration

Remuneration received by the company's auditors and their associates during the year was as follows:

	2025	2024
	£	£
Audit Services
Audit of the company's financial statements	31,210	33,490

6. Staff Costs

Staff costs, including directors' remuneration, were as follows:

	2025	2024
	£	£
Wages and salaries	1,080,198	1,044,728
Social security costs	131,725	106,535
Other pension costs	118,109	93,009

	1,330,032	1,244,272

7. Average Number of Employees

Average number of employees, including directors, during the year was as follows:

	2025	2024
Office and administration	10	9
Sales, marketing and distribution	5	7
Directors	2	2
Warehouse	6	6

	23	24

8. Interest Receivable and Similar Income

	2025	2024
	£	£
Other interest receivable	57,583	-

9. Tax on Profit

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

	Tax Rate		2025	2024
	2025	2024	£	£
Current tax
UK Corporation Tax	25.0%	25.0%	(345,499 )	-


Total tax charge for the period			(345,499 )	-

The actual credit for the year can be reconciled to the expected credit for the year based on the loss and the standard rate of corporation tax as follows:

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Mitchell & Ness International Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

	2025	2024
	£	£
Profit before tax	(1,759,775)	(1,393,935)

Tax on profit at 25% (UK standard rate)	(439,944 )	(348,484 )
Expenses not deductible for tax purposes	57,663	127,604
Capital allowances	(14,920 )	(18,038 )
Tax losses unutilised carried forward	397,201	238,918
Group relief	(345,499 )	-

Total tax charge for the period	(345,499)	-

10. Tangible Assets

	Land & Property
	Leasehold	Plant & Machinery	Fixtures & Fittings	Computer Equipment	Total
	£	£	£	£	£
Cost
As at 1 January 2025	2,002,202	135,509	108,472	72,290	2,318,473
Additions	60,002	-	3,692	-	63,694
Disposals	-	(53,811 )	-	-	(53,811 )

As at 31 December 2025	2,062,204	81,698	112,164	72,290	2,328,356

Depreciation
As at 1 January 2025	143,777	66,685	88,573	72,290	371,325
Provided during the period	200,220	16,937	7,757	-	224,914
Disposals	-	(49,025 )	-	-	(49,025 )

As at 31 December 2025	343,997	34,597	96,330	72,290	547,214

Net Book Value
As at 31 December 2025	1,718,207	47,101	15,834	-	1,781,142

As at 1 January 2025	1,858,425	68,824	19,899	-	1,947,148

11. Stocks

	2025	2024
	£	£
Stock	2,069,789	3,636,520

12. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	1,115,912	1,698,353
Amounts owed by group undertakings	1,799,806	564,331
Other debtors	6,008	981,256

	2,921,726	3,243,940

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Mitchell & Ness International Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

13. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	22,484	638,436
Amounts owed to group undertakings	5,708,498	5,849,809
Other creditors	647,096	706,456
Taxation and social security	149,612	39,504
Accruals and deferred income	197,469	74,469

	6,725,159	7,308,674

14. Share Capital

	2025	2024
Allotted, called up and fully paid	£	£
200 Ordinary Shares of £ 1.00 each	200	200

15. Other Commitments

The total of future minimum lease payments under non-cancellable operating leases are as following:

	2025	2024
	£	£
Not later than one year	293,250	293,250
Later than one year and not later than five years	525,460	818,740

	818,710	1,111,990

16. Post Balance Sheet Events

Following the year end, the company ceased trading operations. All remaining stock was transferred to a fellow group company, which now carries on the trading activities previously undertaken by the company. The cessation of trading and transfer of stock occurred after the reporting date and does not result in an adjustment to the amounts recognised in these financial statements. The directors consider this to be a material non-adjusting event after the reporting period.

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Mitchell & Ness International Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

17. Controlling Parties

Mitchell & Ness LLC, a Delaware limited liability company incorporated in the United States, is the immediate parent company. Their address is 235 S 17th Street, Philadelphia, PA 19103.

The company's ultimate parent company is Fanatics Commerce Holdco Inc , registered in the United States.

During the year, the company made sales of £2,588,286 (2024: £1,156,528) to Fanatics (International) Ltd, a subsidiary in the group.

During the year, the company made sales of £53,876 (2024: £NIL) to Topps Europe Ltd, a subsidiary in the group.

During the year, the company made sales of £30,607 (2024: £NIL) to Mitchell & Ness LLC.

During the year, the company made purchases of £22,183 (2024: £NIL) from Fanatics (International) Ltd.

During the year, the company made purchases of £1,949,255 (2024: £2,997,330) from Mitchell & Ness LLC.

Included in debtors is £1,447,111 (2024: £564,331) owed by Fanatics (International) Ltd.

Included in debtors is £345,499 (2024: £NIL) owed by Topps Europe Limited.

Included in debtors is £7,196 (2024: £NIL) owed by Mitchell & Ness LLC.

Included in creditors is £16,004 (2024: £495,162) owed to Fanatics (International) Ltd.

Included in creditors is £5,692,494 (2024: £5,354,647) owed to Mitchell & Ness LLC.

The above transactions took place in the normal course of business and on an arms length basis.

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