REGISTERED NUMBER: 04247657 (England and Wales)

Financial Statements for the Year Ended 31 March 2026

for

Novi UK Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

R Boppart

SECRETARY:

M A Buller

REGISTERED OFFICE:

The Barn

Narborough Wood Park

Desford Road

Enderby

Leicestershire

LE19 4XT

REGISTERED NUMBER:

04247657 (England and Wales)

AUDITORS:

Harris & Co (Accountants) Ltd, Statutory Auditor

2 Pavilion Court

600 Pavilion Drive

Northampton

NN4 7SL

CURRENT ASSETS

Debtors

5

73,912

45,192

Cash at bank

102,940

96,981

176,852

142,173

CREDITORS

Amounts falling due within one year

6

53,860

35,402

NET CURRENT ASSETS

122,992

106,771

TOTAL ASSETS LESS CURRENT LIABILITIES

122,992

106,771

CAPITAL AND RESERVES

Called up share capital

8

1,000

1,000

Retained earnings

121,992

105,771

SHAREHOLDERS' FUNDS

122,992

106,771

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 August 2026 and were signed by:

R Boppart - Director

1.	STATUTORY INFORMATION

Novi UK Ltd is a private company, limited by shares, and is registered and incorporated in England and Wales. The registered office is The Barn, Narborough Wood Park, Desford Road, Enderby, Leicestershire, LE19 4XT.

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.

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Turnover from the sale of services is recognised on provision of the service, which is deemed to be at the point of invoice.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Fixtures and fittings

-

20% on cost

Computer equipment

-

50% on cost

Tangible fixed assets are measured at cost, net of depreciation and any impairment losses.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS102 to all of its financial instruments.

Financial instruments are recognised when the company become party to the contractual provisions of the instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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

The tax expense represents the sum of the current tax expense and deferred tax expense. Current tax assets are recognised when tax paid exceeds the tax payable.

Current and deferred tax is charged or credited to profit or loss, except when it relates to items charged or credited to other comprehensive income or equity, when the tax follows the transaction or event it relates to and is also charged or credited to other comprehensive income, or equity.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have enacted or substantively enacted by the reporting date.

Deferred tax

Deferred tax is calculated at the tax rates that are expected to apply to the period when the asset is realised or the liability is settled based on tax rates that have been enacted or substantively enacted by the reporting date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences are differences between taxable profits and total comprehensive income that arise from the inclusion of income and expenses in tax assessments in different periods from their recognition in the financial statements.

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.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.

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. Difference between contribution payable in the year and contributions actually paid are shown as either accruals or prepayments.

Going concern

The financial statements have been prepared on a going concern basis. During the year all of the company's turnover is derived from recharges made to a group company and therefore, the company is reliant on its relationship with the group company and parent company to continue to trade. The parent company has indicated its willingness and ability to continue to support the company for a period of at least twelve months from the date of signing the financial statements. Management have contingency plans in place to mitigate the risks and uncertainties that the business faces due to the economic and health climate and in reviewing these plans and considering the support pledged by the parent company, the director considers that the company has adequate resources to continue in operation for the forseeable future and therefore that the going concern basis remains appropriate.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less.

Basic financial assets

Basic financial assets, which include other debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Classification of financial liabilities

Financial liabilities are equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

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.

Debt instrument are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any usused holiday entitlement is recognised in the period in which the employee's services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefit.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2025 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 April 2025

and 31 March 2026

68,836

13,326

82,162

DEPRECIATION

At 1 April 2025

and 31 March 2026

68,836

13,326

82,162

NET BOOK VALUE

At 31 March 2026

-

-

-

At 31 March 2025

-

-

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Amounts owed by group undertakings

35,744

18,983

Other debtors

38,168

26,209

73,912

45,192

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2026

2025

£

£

Trade creditors

24,402

9,695

Taxation and social security

18,929

19,488

Other creditors

10,529

6,219

53,860

35,402

7.	LEASING AGREEMENTS

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

2026

2025

£

£

Within one year

-

15,826

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2026

2025

value:

£

£

1,000

Ordinary

£1

1,000

1,000

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

The Report of the Auditors was unqualified.

Sarah Buswell FCA (Senior Statutory Auditor)

for and on behalf of Harris & Co (Accountants) Ltd, Statutory Auditor

10.	POST BALANCE SHEET EVENTS

On 4 June 2026 the company entered into a lease renewal for its existing premises for a period of six years commencing 1 November 2025. The lease renewal was not contractually committed at the reporting date. The company had continued to occupy the premises and the associated rent has been recognised in these financial statements.

11.	PARENT COMPANY AND ULTIMATE CONTROLLING PARTY

The immediate parent company is Novi Footwear Holdings AG, a company incorporated in Switzerland.

The ultimate controlling party is Mr Wortmann by virtue of his majority shareholding in the ultimate parent company Wortmann Schuh-Holding AG, a company incorporated in Germany.