The Directors present their Strategic Report together with the audited financial statements of Hoodrich Limited (the "Company") for the period ended 31 December 2025.

The comparative results are for the period from 17 November 2023 to 31 December 2024.

The Company was acquired by Hoodrich Global Limited, a subsidiary of Iconix International Inc., on 17 November 2023. On the same date, the wholesale operations of the Company, including employees, were purchased by Ink (Clothing) Limited. Following this acquisition and subsequent disposal, the Company transitioned from a wholesale operating model to a licensing model with effect from 18 November 2023.

Since the transition, the Company has performed in line with expectations and has signed key licenses for expansion with a key global retailer, major European licensee to penetrate wholesale distribution channels in the UK and Europe, as well as additional partners in Latin America, China, and more recently an expansion into footwear.

Revenue is now solely generated from royalties from licensees with guaranteed minimum royalties, supported by an asset-light structure managed through Iconix affiliates, enabling the business to operate more efficiently while maintaining brand focus. The founder, Jemal Williams, remains actively involved in product inspiration and marketing and remains a shareholder of the Company.

Business model and strategy

The licensing model provides a scalable platform for global brand development. By partnering with specialist operators in retail and wholesale, the Company is able to:

• Expand internationally through licensing partners.

• Add new product categories, including footwear which has been extremely successful with minimal capital investment from the Company.

• Leverage the parent company infrastructure and expertise.

The focus of the Directors is to work collaboratively with its current licensed partners to further penetrate each of their markets, expand the brand’s global presence through licensing opportunities in new territories, and to strengthen the brand’s relevance through marketing and collaborations.

The principal risks facing the Company relate to brand performance in its core markets being UK and North America, the ability of licensees to deliver sustainable growth, and changes in consumer demand within the streetwear and lifestyle sector. These risks are mitigated by:

• Entering into licensing agreements with minimum guaranteed royalties.

• Diversifying licensees across multiple regions and product categories.

• Maintaining founder involvement to preserve authenticity and cultural connection with consumers.

Competitors

Key competitors are other streetwear leisure wear brands, mainly through wholesale operations in Europe, UK and USA.

Threat of new entrants

New brands frequently emerge but the capital expense for these new brands to continue the initial growth is very high. The Company benefits from established relationships with key retailers, strong brand equity, distribution through global partners, and licensing agreements with guaranteed minimum royalties, which reduce the impact of potential new entrants.

Customer power

The Company's ultimate customer is the consumer, however products reach consumers through wholesalers and retailers across the world. To manage this, the Company has secured long-term licensing agreements with key retailers, a strong e-commerce platform through a European licensee and established licensing partners who activate the brand marketing strategy at a local level to develop customer loyalty.

Threat of substitute

Consumer preferences may shift towards alternative brands, products, or categories. The Company addresses this by expanding into new categories such as footwear and by maintaining close engagement with its target audience through marketing and authentic brand storytelling.

Quality of service

The performance of licensees and partners is critical to maintaining brand reputation and consumer trust. Failure to provide a high quality of service could cause severe damage to the Company's reputation and its ability to find and retain new customers. To mitigate this risk, the Company works closely with licensees, sets clear performance standards, and benefits from oversight and shared services provided by affiliates of Iconix International Inc.

Government action

Changes in trade policy, import duties, or regulatory requirements could affect the business and its licensees, particularly in international markets and specifically the US. The Company monitors developments closely and benefits from Iconix’s global infrastructure and expertise to adapt as needed. Manufacturing in China is currently minimal for the brand, meaning the ultimate consumer is not significantly affected by fluctuating tariffs.

Development and performance

The Company's strategy is primarily to maintain its operational activities at their existing levels but also to explore opportunities for growth.

War and unrest

Geopolitical instability and unrest may disrupt international trade, supply chains, and consumer confidence in certain markets. The Company mitigates this risk by diversifying licensing arrangements across multiple regions, with licensees also having multiple supply chain bases. The Company has very little presence in the Middle East and no presence in Russia or Ukraine therefore sales are not directly impacted by the current unrest.

High inflation, interest rates and energy prices

Macroeconomic pressures may reduce consumer spending power and increase operational costs for licensees. The Company’s asset-light model limits direct exposure to cost increases, while guaranteed minimum royalties provide a buffer against reduced sales volumes.

Climate-related matters

Increasing consumer and regulatory focus on sustainability presents both risks and opportunities. Failure to adapt could harm brand reputation.

Supply chain pressures and labour market challenges

Global supply chain disruption and labour shortages may affect licensees’ ability to source, manufacture, and deliver products.

Exchange rate volatility

As the brand expands internationally, fluctuations in foreign exchange rates could affect royalty income and licensee performance. This risk is managed through contracts denominated in stable currencies, GBP and USD, where possible, and by diversifying income streams across different geographies.

The Directors monitor the performance of the Company using a range of financial and non-financial key performance indicators (KPIs). The following KPIs have been identified as most relevant to the Company’s current licensing model:

The financial year ended 31 December 2025 reflects a period of consolidation for the Company, following its acquisition by Hoodrich Global Limited in the prior year and a key strategic shift to a licensing business model.

Revenue increased very slightly in 2025, and administrative expenses reduced due to less transition costs than the prior year.

Gross profit margin remained 100% as the Company no longer incurs cost of sales, reflecting the efficiency of the asset-light model.

Net profit of £6.03m represents a substantial increase from the prior year mainly as a result of corporation tax rebate.

EBITDA was slightly improved from prior year, further evidencing the profitability of the new model.

The Directors are satisfied with the performance of the Company in its first full period under the licensing model and believe it is well positioned for sustainable, scalable growth.

The Company works closely with its licensees, retail partners, and wholesale distributors to build long-term, collaborative relationships. Regular dialogue ensures alignment on brand strategy, product quality, and consumer engagement. Feedback from customers and partners is used to inform product development and strengthen brand positioning.

On behalf of the board

The Directors present their report together with the audited financial statements of Hoodrich Limited (the "Company") for the period ended 31 December 2025. The comparative information is for the period 17 November 2023 to 31 December 2024.

The principal activity of the Company continued to be that of developing and promoting the Hoodrich trademark.

The profit for the period, after taxation, amounted to £6,025,334 (period ended 31 December 2024 - profit of £4,440,055).

Dividends were paid during the period amounting to £5,000,000 (period ended 31 December 2024 - £6,350,000).

The directors do not propose the payment of a final dividend.

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

The Company held qualifying professional indemnity insurance during the period for the benefit of one or more Directors in a form and scope detailed within the Companies Act 2006.

Subsequent to the period end, the Company paid a dividend of £4,000,000 on 1 June 2026. There have been no other significant events affecting the Company since the period end.

The Directors expect continued growth in international markets, particularly North America, Asia and Latin America. Expansion into new product categories such as footwear provides an opportunity to broaden the brand’s appeal. The licensing model, supported by Iconix International Inc.’s affiliate network, is expected to deliver sustainable growth with limited capital investment from the Company.

Azets Audit Services were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

The directors are responsible for preparing the annual 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 and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

In preparing these financial statements, the directors are required to:

• select suitable accounting policies and then apply them consistently;

• make judgements and accounting estimates that are reasonable and prudent; and

• 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.

In accordance with section 414C(11) of the Companies Act, certain matters required to be detailed in the Directors' Report are detailed in the Strategic Report where the Directors consider them to be of strategic importance to the Company.

Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that:

• so far as the Director is aware, there is no relevant audit information of which the Company's auditor is unaware; and

• the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditor is aware of that information.

The Company works closely with its licensees, retail partners, and wholesale distributors to build long-term, collaborative relationships. Regular dialogue ensures alignment on brand strategy, product quality, and consumer engagement. Feedback from customers and partners is used to inform product development and strengthen brand positioning.

In preparing these financial statements, the Directors have assessed the Company's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements.

In making this assessment, the Directors considered the Company's financial resources, current trading performance and forecasts for the 2026 and 2027 financial years, including a range of scenarios to assess the potential impact on cash flows, liquidity and the overall financial position.

Based on this review and current cash flow projections, the Directors have a reasonable expectation that the Company have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on the going concern basis.

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

We have audited the financial statements of Hoodrich Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the company's affairs as at 31 December 2025 and of its profit 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The 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. 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 course of 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 our audit:

• the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 and returns; or

• certain disclosures of directors' remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

As explained more fully in the directors' responsibilities statement, 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.

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.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we 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.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

• Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; 

• Reviewing minutes of meetings of those charged with governance;

• Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection; 

• Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;

• Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. 

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 or non-compliance with regulation.  This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

Hoodrich Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Slingsby Place, 3rd Floor, St. Martin's Courtyard, London, England, WC2E 9AB.

The financial statements are prepared for the year ended 31 December 2025. The comparative figures relate to the period from 17 November 2023 to 31 December 2024. As the comparative period is of a different length to the current financial year, the comparative amounts presented in these financial statements are not directly comparable.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

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 £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This Company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this Company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The Company has therefore taken advantage of exemptions from the following disclosure requirements:

• Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

• Section 3 'Financial Statements Presentation': A statement of cash flows for the reporting period;

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues': Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

• Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the Company are consolidated in the financial statements of Hoodrich Global Limited. These consolidated financial statements are available from its registered office, 10 Slingsby Place, London, England, WC2E 9AB.

In preparing these financial statements, the Directors have assessed the Company's ability to continue as a going concern for a period of at least twelve months from the date of approval of these financial statements.true

In making this assessment, the Directors considered the Company's financial resources, current trading performance and forecasts for the 2026 and 2027 financial years, including a range of scenarios to assess the potential impact on cash flows, liquidity and the overall financial position.

Based on this review and current cash flow projections, the Directors have a reasonable expectation that the Company have adequate resources to continue in operational existence for the foreseeable future, being at least twelve months from the date of approval of these financial statements. Accordingly, the financial statements have been prepared on the going concern basis.

Turnover represents various license agreements entered into by the Company that provide revenues based on minimum royalties and additional revenues based on a percentage of sales. Minimum royalty is recognised on a straight-line basis over the full contract term. Royalties exceeding the defined minimum amounts in a specific contract year (sales-based royalties), as defined in each license agreement, are recognised only in the periods in which the minimum guarantee for the contract year has been achieved.

Turnover is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

At each reporting period end date, the Company reviews the carrying amounts of its tangible and intangible 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, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's balance sheet when the Company becomes party to the contractual provisions of the instrument.

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.

Basic financial assets, which include debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the Company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Financial liabilities and 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, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the Company’s contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the Company are recorded at the 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.

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the Company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

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 benefits.

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period-end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'administrative expenses'.

In the application of the Company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

The Company enters into various license agreements that provide revenues based on minimum royalties and additional revenues based on a percentage of sales. Minimum royalty is recognised on a straight-line basis over the full contract term. Royalties exceeding the defined minimum amounts in a specific contract year (sales-based royalties), as defined in each license agreement, are recognised only in the periods in which the minimum guarantee for the contract year has been achieved.

The average monthly number of persons (excluding directors) employed by the company during the year was:

Their aggregate remuneration comprised:

Wages and salaries in the prior period relate to redundancy costs.

The Company has no employees other than the Directors, who are remunerated via Iconix International Inc. subsidiaries and no recharge is made.

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

Amounts owed by group undertakings are unsecured, interest free and repayable on demand.

Amounts owed to group undertakings are unsecured, interest free and repayable on demand.

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Each share is entitled to one vote in any circumstance. Each share is entitled to share equally in dividend payments or any other distribution, including a distribution arising from a winding up of the Company.

The Company's capital and reserves are as follows:

Called up share capital

The called up share capital represents the nominal value of the shares issued.

Profit and loss account

Profit and loss account represents cumulative profits or losses, net of dividends paid and other adjustments.

Subsequent to the period end, the Company paid a dividend of £4,000,000 on 1 June 2026. There have been no other significant events affecting the Company since the period end.

Related party transactions with Hoodrich Global Limited, a 90% owner of Hoodrich Limited, relate to the following:

• £4,500,000 paid relating to dividends (2024: £5,715,000).

• £4,301,866 intercompany balance owing to Hoodrich Limited regarding Sellers settlement payment (paid by Hoodrich Limited on behalf of Hoodrich Global Limited). Debtor balance as at year end of £4,301,866 (2024: £3,251,000).

Related party transactions with Iconix International Inc., an associated company, relate to:

• Management recharges of £2,823,415 (2024: £2,768,484). Amount outstanding as at year end of £662,927 (2024: £345,440).

Other related party transactions, relate to the following;

• £150,000 (2024: £162,500) paid to Jemal Williams, a director of the Company, in respect of consultancy services provided.

The immediate parent company and smallest group to consolidate the results of this Company is Hoodrich Global Limited, a company registered in England and Wales. The registered office is 10 Slingsby Place, London, England, WC2E 9AB.

The largest group to consolidate the results of this Company is Iconix International Inc., a company registered in the United States of America.

The ultimate controlling party is the Avram Glazer Irrevocable Exempt Trust, a trust registered in the United States of America.