The directors present the strategic report together with the audited financial statements for the period ended 24 January 2026.

Business Review

A.S.H.S. Limited trades worldwide as Anya Hindmarch. Dame Anya Hindmarch founded the brand in 1987. It is known for its luxury, organisation-led accessories, its work in sustainability and its playful, experiential approach to retail. Creativity, modern craftsmanship and personalisation sit at the heart of everything the brand does.

The group sells through its own stores in the UK and Asia and through its website. A curated network of wholesale, specialty and e-commerce partners extends its reach into key luxury markets around the world.

The group delivered a further year of growth in a challenging luxury market. Turnover rose 4% to £26.4m, and EBITDA increased by 21% to £0.6m. Since Anya Hindmarch bought back her namesake brand in 2019, turnover has grown from £14m to £26.4m.

Highlights of the period

• The Village. The six neighbouring stores in London, anchored by the Anya Café, continued to drive footfall, community engagement and digital content. Each store presents one of the brand's pillars in its own setting.

• The Village Hall. The changing store hosted six concepts during the period. These included the third cult Ice Cream Project,  a limited-edition product line and pharmacy with Boots the Chemist and Anya's Christmas Grotto, which welcomed 3,000 children.

• Distribution. The collections are stocked globally with leading luxury retailers including Net-a-Porter, Lane Crawford, Isetan and Nordstrom. The different pillars enable the brand to sit in multiple areas in department stores in dedicated branded corners. Village Hall concepts also allow the brand to take creative activations to partners. Beyond traditional wholesale the brand works on bespoke projects for corporate partners and leading hotel groups. Alongside this, a dedicated team work on customer acquisition,  through a series of in-market events & trunk shows with chosen brand Ambassadors.  

• Sustainability. The Universal Bag project now operates with 21 supermarkets across six countries, with the aim of keeping plastic in circulation and out of landfill. It has become best in class, the next generation Bag for Life with huge global impact.

• Chubby Hearts. In February 2025, the Hong Kong Government invited the brand to bring its Chubby Hearts installation to Hong Kong, following its London activation.

• Uniqlo. In May 2025, the brand launched its third collaboration with Uniqlo, which sold out quickly across 25 countries.

Growth in turnover and gross profit, together with disciplined cost and cash management, produced a stronger EBITDA performance and a smaller operating loss.

*Earnings before interest, tax, depreciation, amortisation, foreign exchange and exceptional items.

All regions grew during the period. Europe was the fastest-growing market, with turnover up 12%. The UK grew by 4%. Japan and the Rest of World grew by 2% each.

The group ended the period with net assets of £3.6m and cash at bank of £2.6m, an increase of £0.2m on the prior period.

The group's business is subject to a number of risks that could affect its future development. The directors consider the principal risks and uncertainties to be as follows.

Market and competition. The luxury accessories market is highly competitive, and consumer demand is affected by the wider economic environment. The group differentiates itself through a highly distinctive product range, its personalisation service, its experiential retail concepts and a strong direct-to-consumer model.

Credit risk. The group's principal credit risk arises from trade debtors. The group performs credit checks on all wholesale customers and sets appropriate credit limits. It also seeks credit insurance for substantially all of its trade customers.

Supply chain. The group sources its products through a network of third-party suppliers. Their quality, compliance with local laws and on-time delivery are important to ensure stock is available in stores, online and for wholesale customers. The group keeps in regular contact with suppliers to monitor performance against the terms of supply.

Liquidity risk. The directors manage liquidity risk by ensuring sufficient funds are available to meet seasonal operating needs. The group monitors budgets and cash flow forecasts weekly and works closely with its shareholders to ensure appropriate resources are available to fund its working capital cycle.

Foreign exchange risk. The group buys product in US dollars and euros. To reduce exchange risk and add certainty to cash flows, it takes out forward contracts on a proportion of these purchases. The group is also exposed to translation risk between the Japanese yen and sterling through its Japanese subsidiary. The parent company manages this exposure by pricing sales to the subsidiary in yen and converting yen balances into sterling.

Geopolitical and trade environment. Global conflict and changes in international trade policy, including tariffs, continue to create uncertainty. The group's suppliers and customers are spread across several countries, which reduces its exposure to disruption in any one market. The group keeps its supply routes under review.

Environmental and social responsibility

The group is committed to reducing the environmental impact of its business. It aims to recycle as much of its waste as possible and to use recycled raw materials where it can. The Universal Bag project continues to reduce the use of single-use plastic in supermarkets around the world. The mainline collection includes I Am A Plastic Bag - a capsule of bags made from recycled bottles and Return to Nature, pieces made from a specially created leather that is compostable.

The group makes no political contributions. It is active in the communities in which it operates and supports charitable causes connected with its industry.

The directors are confident about the group's prospects and will continue to build on the strategy that has delivered growth since 2019. Priorities for the coming year include:

• growing e-commerce sales and new customers through continued investment in digital marketing;

• continuing the programme of new concepts at The Village Hall and rolling out successful concepts to wholesale partners;

• developing the group's wholesale partnerships in key luxury markets, including Japan; and

• further collaborations and licensing partnerships that build brand awareness worldwide.

The directors have prepared a budget and cash flow forecasts for the period to January 2028. Having considered these forecasts and the principal risks above, the directors are satisfied that the group has adequate resources to meet its liabilities as they fall due for at least twelve months from the date these financial statements are approved. The financial statements have therefore been prepared on the going concern basis. Further detail is given in note 1.3.

Approval

The strategic report was approved on behalf of the board

The directors present their annual report and financial statements for the period ended 24 January 2026.

The principal activity of the company and the group continued to be that of the design, production and sale of luxury handbags and accessories.

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

The results for the period are set out on page 10.

No ordinary or preference dividends were paid during the period, and the directors do not recommend the payment of a final dividend.

In accordance with the company's articles, a resolution proposing that Rickard Luckin Limited be reappointed as auditor of the group 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 prepared the group and parent company 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 parent 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 United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent 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 parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent 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 parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

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 results for the period, principal risks and uncertainties, corporate and social responsibility and going concern.

We have audited the financial statements of A.S.H.S Limited (the 'parent company') and its subsidiaries (the 'group') for the period ended 24 January 2026 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 24 January 2026 and of the group's loss for the period 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.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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 period 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 group's and 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 group or 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.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management; through communications with the component auditor and via inspection of the parent company's regulatory and legal correspondence.

We discussed with those charged with governance and other management the policies and procedures regarding compliance with laws and regulations.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the group and the parent company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the parent company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution; relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the parent company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an effect: employment legislation; health and safety legislation; trade and export legislation; consumer rights legislation; data protection legislation; and anti-bribery and anti-corruption legislation.

ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance with laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we and the component auditor performed the following specific procedures in addition to those already noted:

• Challenging assumptions made by management in its significant accounting estimates in particular: impairment of fixed assets, stock provisions, provisions, and recognition of deferred tax assets;

• Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations and consolidation journals;

• Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

• Ensuring that testing undertaken on both the performance statement, and the Balance Sheet includes a number of items selected on a random basis; and

• Discussions with management.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

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 ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

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

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 period was £2,652,497 (2025 - £1,412,508 loss).

A.S.H.S. Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is The Stable Block, The Plough Brewery, 516 Wandsworth Road, London, SW8 3JX.

The group consists of A.S.H.S. Limited and all of its subsidiaries.

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 £000.

The financial statements have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. 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 company prepares publicly available consolidated financial statements, 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’: Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; 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 consolidated group financial statements consist of the financial statements of the parent company A.S.H.S Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 24 January 2026. 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.

These financial statements are prepared on the going concern basis. The group made a loss for the period of £395,000 and the group had net assets of £3,622,000. The company had net assets of £3,367,000 as at 24 January 2026.

The directors have prepared cash flow forecasts and have implemented a strategic plan that is expected to improve the group's financial performance.

Based on these cashflow forecasts and with the support of a shareholder and a close family member of a shareholder, the directors are satisfied that the company is able to meet its liabilities as and when they fall due, for at least the next twelve months from the date of signing these financial statements and therefore the directors consider that it is appropriate to prepare these financial statements on the going concern basis.

The group has taken advantage of the Companies Act provisions that permit the group to prepare financial statements within 7 days of its accounting reference date.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services 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.

A provision is made for expected wholesale returns based on previous experience and commercialised terms in place.

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.

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.

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.

Property leases acquired have been separated from goodwill. They are recognised at fair value and amortised over the lengths of the leases.

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:

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

Depreciation 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:

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, associates and jointly controlled entities 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 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.

Reinstatement costs are capitalised and amortised over the length of the lease.

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 and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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.

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 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 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.

Other financial assets are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss.

Financial assets, other than those held at fair value through profit and loss, 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, and loans 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.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate.

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. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

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 period. 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 periods 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.

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.

Provisions are recognised when the group has a legal or constructive present obligation as a result of a past event, it is probable that the group will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

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 unused 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 benefits.

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

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 leased asset are consumed.

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.

Exceptional items

Income and expenses classified as exceptional are shown separately on the face of the profit and loss account. Income and expenses are treated as exceptional in nature if they are significant one off income or expenses and are not expected to reoccur.

FRS 102 (September 2024)

Following the FRC’s periodic review, the FRC have issued a revised FRS 102 (September 2024) effective for periods commencing on or after 1 January 2026. The first period the group will adopt the revised standard is the period ending 30 January 2027. The revised standard is expected to have a material impact on the group’s financial statements. The directors are still in the process of identifying the full impact of these changes. Set out below are the expected changes:

• Operating leases committed to as at 24 January 2026 as disclosed in the notes to the financial statements will be brought onto the balance sheet as a right of use asset to be included within fixed assets and a corresponding lease liability to be included within creditors as at 25 January 2026. There will be no restatement of the results and financial position of the group for the period ended 24 January 2026 as a result of this change.

• The revised FRS 102 introduces a 5 step model to revenue recognition. The impact of adopting this 5 step approach is not anticipated to impact revenue recognition and no restatement is expected.

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 has made losses in recent periods which may be an indication that intangible and tangible fixed assets are impaired. The directors have concluded that no further impairment provision is necessary after reviewing the expected future performance of these assets, or groups of assets for a larger cash generating unit.

The directors have made provisions against raw material and finished goods where they estimate the recoverable value of stock is lower than the cost, based on age and seasonality, condition and location of stock.

The directors have reviewed the leases that the group has entered into and have made appropriate provisions for onerous leases where the cost of the leases exceed any expected future benefit to be gained from these leases.

In addition to this, the directors have made a provision for dilapidations based on their experience from previous store closures.

The directors have also made appropriate provisions for sales returns after the period end relating to this period, based on experience and actual returns received.

A deferred tax asset has been recognised for tax losses where it is probable the timing difference will reverse and those losses that the directors expect to be utilised against profits in future periods. There is therefore a certain level of estimation of the expected utilisation of the carried forward losses and the resulting deferred tax asset recognised.

The directors have chosen not to disclose particulars of turnover in accordance with Schedule 1, Part 3, paragraph 68 of statutory instrument 2018 No 410 of the Companies Act.

During the current and prior period, legal and professional fees relating to a dispute have been treated as exceptional.

Exceptional HR costs include one off expenditure and redundancy payments.

The amortisation of intangible assets is included within administration expenses.

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

Their aggregate remuneration comprised:

Wages and salary costs during the current period for the group include £42,000 (2025: £71,000) which relate to exceptional HR costs. Redundancy payments made are included within exceptional items.

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2025 - 2).

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

Details of the company's subsidiaries at 24 January 2026 are as follows:

The registered office for all subsidiary undertakings incorporated in England and Wales is The Stable Block, The Plough Brewery, 516 Wandsworth Road, London, SW8 3JX.

A.S.H.S. Nevada LLC is registered at c/o CSC Services of Nevada, Inc., 502 East John Street, Carson City, Nevada 89706, USA.

A.S.H.S. Madison LLC is registered at c/o VCorp Agent Services, Inc., 25 Robert Pitt Drive Suite 204, Monsey, New York, 10952, USA.

A.S.H.S. Downtown LLC is registered at 795 Madison Avenue, New York, New York, 10065, USA.

A.S.H.S. New York Inc is registered at 110 Prince Street, New York, New York 10012, USA.

Anya Hindmarch Japan Inc is registered at Hillside Terrace Building F, Room 302, 18-8 Sarugaku-cho, Shibuya-ku, Tokyo, Japan.

A.S.H.S North America Ltd is registered at 112 North Curry Street, Carson City, Nevada, 89703, USA.

During the year the company had entered into various hedging instruments, to reduce its exposure to movements in the principal exchange rates in which it had transactions. Included in Other Creditors is the fair value of the contracts of £32,000 (2025: £61,000 included in Other Debtors).

At the period end the directors made a provision for old and damaged stock including discontinued stock lines. During the period there was a net debit to the profit and loss account in respect of this totalling £36,000 (2025: £453,000 net credit) and for the company a net debit of £84,000 (2025: £433,000 net credit).

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

The deferred tax asset set out above is expected to reverse partially within 12 months and partially in more than 12 months and relates to the utilisation of tax losses against future expected profits of the same period for the group.

The group has estimated tax losses of £68.4m (2025: £69.5m) available to carry forward against future profits.

The group has a deferred tax asset which it has not provided for in the accounts amounting to £17.1m (2025: £17.7m). It is not certain that the timing difference will reverse and for this reason no provision has been made for the part of the deferred tax asset.

The directors have made provisions for the net cost to the group, of onerous leases on loss making stores. In addition to this, a provision has been made for dilapidations where there is a commitment to return stores to their original condition.

A provision has been made for legal & professional costs relating to a dispute arising during the prior period.

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.

In the prior period, 2,000 £0.01 Growth shares were issued for £20.

The ordinary shares have attached to them full voting, dividend and capital distribution (including on winding up) rights. They do not confer any rights of redemption.

The performance shares will rank pari passu with the ordinary shares as to voting rights, dividend and capital distribution, subject to the company's financial performance meeting certain thresholds. Until such time and subject thereto, the performance shares have no voting, dividend or capital distribution rights. They do not confer rights of redemption.

The growth shares will rank pari passu with the ordinary shares as to voting rights, dividends and capital distribution only on an exit and subject to certain hurdles and minimum returns having been achieved. Until such time and subject thereto, the growth shares have no voting, dividend or capital distribution rights. They do not confer rights of redemption.

The founder share does not confer any rights to dividends and capital distribution (including on winding up), or rights of redemption, but shall be entitled to receive notice of, attend, speak and vote at general meetings, with two votes for every vote cast by a holder of ordinary shares, performance shares and growth shares.

The A preference shares rank in priority to the B preference shares. The C preference shares rank in priority to the A preference shares. Subject to certain initial investment amounts being repaid in full, the preference shares will rank in priority to the ordinary shares, growth shares and performance shares with respect to dividend and capital distribution until certain holders of preference shares have received a prescribed return on their preference shares, following which the preference shares will be cancelled. Until such time and subject thereto, the preference shares have no rights to dividends or capital distribution. They do not carry any voting rights nor do they confer rights of redemption.

Amounts contracted for but not provided in the financial statements:

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:

Company

As at the period end the company owed £580,000 (2025: £1,224,000) to a subsidiary undertaking and was owed £113,000 (2025: £nil) by a subsidiary undertaking.

Group

Payments have been made in the period in respect of consultancy services received during the period from a director of the group. These payments totalled £3,000 for the period (2025: £3,000).

Payments have been made in the period in respect of freight and storage services received during the period from a related company in which a shareholder has common significant influence. The total value of services received during the period totalled £109,000 (2025: £Nil). At the period end, the group owed £42,000 (2025: £Nil) for the services received during the period.

At the period end, the group owed £800,000 (2025: £400,000) to a related party by virtue of being a close family member of a shareholder. During the period, interest totalling £30,000 (2025: £18,000) was paid in respect of this loan.

At the period end, the group owed £1,000,000 (2025: £750,000) to a related party by virtue of their shareholding in the group. During the period, interest totalling £48,000 (2025: £25,000) was paid in respect of this loan.

As at the current and prior period end, Anya Seymour was the ultimate controlling party by virtue of her shareholding.