The directors present the strategic report for the year ended 31 December 2025, in comparison to the 3-month period from incorporation on 2 October 2024 to 31 December 2024.

The principal activity of the company is to carry on the business of a holding company and to provide management services to the trading subsidiary. The principal activity of the group is the sale of women's swimwear and associated products. The directors do not anticipate any changes to this in the future.

The year ended 31 December 2025 represents the first full financial year of trading following the incorporation of Hunza G Holdings Limited on 2 October 2024 and the subsequent management buyout and acquisition of Hunza G Limited.

During the year, Hunza G Limited continued to deliver stable trading performance, supported by the strength of the brand and continued investment in operations and people. Revenue for the year was £26,601,394 (2024: £3,947,746). The prior period covered only the three months to 31 December 2024; on an annualised basis, revenue increased by approximately 69% compared to the prior period. Trading profitability remained solid and operating cash flows were positive.

The group reported a profit after tax of £56,447 (2024: loss of £37,593) for the year, including goodwill amortisation of £3,684,769 (2024: loss of £37,593 including amortisation of £676,382). EBITDA for the year was £6,064,172 (2024: £1,109,606), representing an EBITDA margin of 23% (2024: 28%).

The balance sheet remains strong as at 31 December 2025, with net assets of £31,921,549 (2024: £31,876,822). This reflects continued investment in the business, including marketing and team expansion.

The directors consider the group to be in a strong position to continue its growth trajectory into 2026, supported by brand momentum, expanding distribution channels, and disciplined cost management.

Financial key performance indicators

The group monitors and reports on Key Performance Indicators (KPIs) monthly. The KPIs used to review performance, include, but are not limited to, Revenue, EBITDA and EBITDA margin. These KPIs are used to assess current performance against business strategy and inform decision making.

Where possible, risks to the business are mitigated through a robust internal control environment. Business risks are reviewed on an ongoing basis by senior management.

Foreign Currency Risk

The group is exposed to currency risk through purchase invoices in foreign currency, and revenues generated in other currencies. The exposure is limited as the group is able to naturally hedge a large proportion of costs.

Liquidity Risk and Cashflow Risk

Liquidity is an ongoing risk as the group seeks to finance growth as well as maintain a reasonable level of cash to ensure the group can manage unforeseen economic events. The group manages potential liquidity risk by carefully monitoring cashflow forecasts and future working capital requirements to ensure there is significant cash available for future liabilities.

Uncertain Economic Climate

The group is affected by fluctuations in consumer spending and rising costs. To mitigate potential risks arising from the wider context, the group has invested in the DTC channel, as well as focusing the growth in key markets overseas to spread the wholesale customer base.

Supply Chain Risk

The group works with a limited number of factories to ensure quality and best in class. Management regularly reviews the supply chain and works closely alongside factories to mitigate supply chain risk through disruptions and capacity restrictions.

Credit Risk

The group has some credit risk exposure from its trade debtors. To manage risk, debtor ageing is closely monitored and terms are regularly reviewed, with many wholesale customers on prepayment and deposit terms.

Interest Rate Risk

The group is exposed to interest rate risk through its borrowings, which are at variable rates linked to the Bank of England base rate. Rising interest rates could increase finance costs and reduce profitability. Given the current level of debt and prevailing market rates, management considers the group’s exposure to interest rate risk to be moderate.

The Group will continue to invest in all channels and focus growth on key international markets.

There are no events after the reporting date that impact the group.

On behalf of the board

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

Principal activities

The principal activity of the Company is to carry on the business of a holding company and to provide management services to the trading subsidiary. The principal activity of the Group is the sale of women's swimwear and associated products. The Directors do not anticipate any changes to this in the future.

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a further dividend.

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

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

The group has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the Group's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the information on and exposure to financial risk, future developments and post reporting date events.

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

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 group and company, and of the profit or loss of the group 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;

• state whether applicable UK Accounting Standards 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 group and company will continue in business.

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

We have audited the financial statements of Hunza G Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows 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 group's and the parent company's affairs as at 31 December 2025 and of the group's 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 group and parent 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 group's and parent 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 group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent company 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 parent 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 parent 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.

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 our planning process:

• We enquired of management the systems and controls the group and parent company has in place, the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud. The group and parent company did not inform us of any known, suspected or alleged fraud.

• We obtained an understanding of the legal and regulatory frameworks applicable to the group and parent company. We determined that the following were most relevant: FRS 102, Companies Act 2006, GDPR, Employment Law, Consumer Rights Act and other applicable International Trading Regulations.

• We considered the incentives and opportunities that exist in the group and parent company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.

• Using our knowledge of the group and parent company, together with the discussions held with the group and parent company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

• Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.

• Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.

• Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to the valuation of stock, valuation of goodwill arising on consolidation, recoverability of amounts owed from group and recognition of shared based payment expenses.

• Assessing the extent of compliance, or lack of, with the relevant laws and regulations.

• Testing key revenue lines, in particular cut-off, for evidence of management bias.

• Obtaining third-party confirmation of material bank, loan and stock balances.

• Documenting and verifying all significant related party and consolidated balances and transactions.

• Reviewing documentation such as the company board minutes for discussions of irregularities including fraud.

• Testing all material consolidation adjustments.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

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.

Use of our report

This report is made solely to the parent 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 parent 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

The statement of comprehensive income 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 groups.

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £3,307,374 (Period ended 31 Dec 2024 - £619,107 profit).

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

Hunza G Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is First Floor, 51-52 Frith Street, London, England, W1D 4SH.

The group consists of Hunza G Holdings Limited and all of its subsidiaries.

The comparative figures relate to the period from incorporation on 2 October 2024 to 31 December 2024. The current period figures relate to the year ended 31 December 2025. Therefore, the comparative amounts presented in the financial statements (including the related notes) are not entirely 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.

The 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 for parent company information presented within the consolidated financial statements:

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

• 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.

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

The consolidated group financial statements consist of the financial statements of the parent company Hunza G Holdings Limited together with all entities controlled by the parent company (its subsidiaries).

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

The group has performed well during the period ended 31 December 2025, reporting a profit after tax of £56,447 for the year, including goodwill amortisation of £3,684,769 (2024: loss of £37,593 including amortisation of £676,382). This performance has continued post year end.

The directors have considered the ability of the group to trade for a period of twelve months from the date of signing the financial statements, considering current financial performance, liquidity and forecast performance.

At the time of approving the financial statements, the directors are confident the group will have adequate resources to continue in operational existence for a period of at least twelve months and meet all their liabilities as and when they fall due.

Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for clothing & accessories provided in the normal course of business, and 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.

Revenue from the sale of goods is recognised when substantially all risks and rewards associated to stock is passed to the customer, on delivery of the goods.

Research expenditure is written off against profits in the year in which it is incurred.

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Assets are not amortised until they are brought into use by the company.

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 of assets less their residual values over their useful lives on the following bases:

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

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

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

In the parent company financial statements investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

At each reporting period end date, the group 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 group 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.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs. Where appropriate, recent purchases prices are used in order to determine cost.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and 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, cash and bank balances, and amounts owed by group companies, 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 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 or 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.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group 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 group after deducting all of its liabilities.

Basic financial liabilities, including creditors, bank loans and amounts owed to fellow group companies 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 group's contractual obligations expire or are discharged or cancelled.

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs.

The tax expense represents the sum of the tax currently payable.

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 group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

The costs of short-term employee benefits are recognised as a liability and an expense.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value of the equity instruments granted. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

The expense in relation to options over the parent company’s shares granted to employees of a subsidiary is recognised by the company as a capital contribution, and presented as an increase in the company’s investment in that subsidiary.

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.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

In the application of the group’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 group produces clothes which are subject to changing consumer demand and fashion trends. As a result of this, it is necessary to consider the net realisable value of stock and associated provision required. When calculating this provision, the group considers the nature and condition of the stock as well as the ability for it to be re-purposed for future manufacture.

As at 31 December 2025, a total provision of £74,157 (2024: £87,416) had been recognised. The movement in the stock provision is charged to cost of sales.

Goodwill represents the excess of the cost of the acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment.

The assessment of impairment requires judgements to be made by the directors, which includes the assessment of financial information of those subsidiaries and their expected future performance, which is outside the control of the company.

To consider any potential impairment, management have performed an assessment of the future cash flow projections of the subsidiary discounted back to net present value, in addition to considering a multiples based approach.

The determination of the discount rates and multiples applied requires judgement and certain assumptions to be made.

As at 31 December 2025, no impairments (2024: £nil) have been recognised against goodwill.

The fair value of equity-settled share-based payments is determined at the date of grant. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. This calculation requires estimates to be made as to the valuation of the company's share capital and likelihood of the options vesting. These factors are discussed further in note 21.

On the basis of considerations made, directors have not recognised any expense relating to the options for the year ended 31 December 2025.

Debtors are initially held at the transaction price, and are subsequently held at cost including, where necessary, provisions for any debts that are not deemed to be recoverable. Calculations of these provisions require judgements and estimates to be made, including the situation of group entities and any other external factors which may affect the ability to pay. There is an element of estimation uncertainty in determining the recoverable amounts.

At 31 December 2025, no provisions had been recognised against amounts owing from group undertakings (2024: £nil).

Depreciation and amortisation have been recognised as part of administration expenses.

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

Their aggregate remuneration comprised:

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:

On 16 October 2024, the company subscribed to a single share, with a par value of £0.10, in Hunza G Bidco Limited at par.

Details of the company's subsidiaries at 31 December 2025 are as follows:

Registered office addresses (all UK unless otherwise indicated):

On 18 September 2025 and 5 December 2025, respectively, the company's subsidiary, Hunza G Limited, incorporated two wholly-owed subsidiaries, Hunza G Inc. and Hunza Trading (Shanghai) Co. Ltd.

Loan notes are payable to Hunza G Holdings Limited by Hunza G Bidco Limited and are included within amounts owed by group undertakings. The loan notes are unsecured, attract interest at a rate of 10.5% per annum, and are repayable in full on the four year anniversary.

As at 31 December 2025, amounts owed by group undertakings include £35,280,547 (2024: £31,929,533) outstanding in respect of the above loan notes, including accrued interest of £3,966,132 (2024: £615,118). The remaining amounts are unsecured, interest free and repayable on demand.

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

Bank loans outstanding at year end has a gross balance of £7,500,000, less unamortised fees of £58,333. The loan is secured by way of a fixed and floating charge over the assets of the group in favour of the bank. The loan is repayable in quarterly instalments and is repayable in full over a term of four years. The loan attracts interest at 3.75% per annum above the Bank of England Base rate.

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

On 17 September 2025, the company entered into an option scheme with certain employees of subsidiary entities. Under this scheme, 337,492 share options were granted to certain employees. Each option entitled the holder to subscribe for new shares in Hunza G Holdings Limited. The option agreement provides for options to vest over time, or cliff vest on a measurement date if certain performance conditions are met. Time vested option awards vest in monthly instalments over a 48 month period.

On 17 September 2025, the company entered into an EMI option scheme with certain employees of the subsidiary entities. Under this scheme, 221,238 share options were granted to certain employees. Each option entitled the holder to subscribe for new shares in Hunza G Holdings Limited. The option agreement provides for options to vest in monthly instalments over a 48 month period.

The options outstanding at 31 December 2025 had a remaining contractual period not exceeding 3.25 years and an exercise price of £4.62. Options may only be exercised on an exit event.

During the period, an expense of £nil has been recognised in respect of these options. The directors have paid consideration to the fair value of the options at grant, likelihood of vesting and likelihood of an exit event.

The shares have full voting, dividend and capital distribution rights. They does not confer rights to redemption.

Group and company

During the prior period, the group entered into an agreement with Barclays Bank Plc to provide a loan totalling £12,000,000. The loan is secured by way of a fixed and floating charge over the assets of the group in favour of the bank. The total secured amount under the agreement at 31 December 2025 totalled £7,500,000 (2024: £12,000,000).

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The remuneration of key management personnel is as follows.

During the period, payments relating to services provided by a director of a subsidiary were incurred, totalling £27,300 (2024: £48,530). Payments relating to costs recharged from a shareholder were made totalling £7,863 (2024: £nil).

At 31 December 2025, amounts totalling £nil (2024:£3,983) were owed to the group by a director.