In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Neous Limited for the year ended 31 October 2025 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Neous Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Neous Limited and state those matters that we have agreed to state to the Board of Directors of Neous Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Neous Limited and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Neous Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Neous Limited. You consider that Neous Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Neous Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

For the financial year ended 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

Neous Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, 2-16 Bayford Street, London, England, E8 3SE.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

At 31 October 2025 the company had net liabilities of £2,123,621 (2024: £1,846,976). This is after a provision of €260,186 (£229,479) for doubtful debts owed by Saks Fifth Avenue.

Saks Fifth Avenue is a US wholesale customer. It stopped paying the company in July 2025, and its parent group filed for Chapter 11 bankruptcy protection in January 2026. The filing happened after the year end, but it is evidence of conditions that already existed at the balance sheet date, so the director has provided in full for the amount outstanding. This is a one-off loss caused by the insolvency of a single customer and does not reflect how the business is trading underneath. Since then the company has tightened its credit controls. Shipments to the customer are now released only after payment or credit insurance confirmation is received, and on that basis Saks has paid for its orders from the Spring/Summer 2026 season onwards.

Before this provision, operating profit rose to £112,939 (2024: £88,071, excluding the exceptional creditor forgiveness). Interest costs fell from £291,679 to £169,441.

The company has already recorded a healthy order book with its wholesale partners for the 2026 and 2027 seasons. This gives the director good visibility of future revenue. The company stays focused on keeping costs down and running efficiently: during the year consultancy fees, freight, bank charges and travel costs all fell, and the director continues to review overheads closely. 

The director has considered the company’s forecasts and the actions described above. She believes the company has adequate resources to continue operating for the foreseeable future. For this reason she continues to adopt the going concern basis in preparing the financial statements.

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes and is recognised on sale to the customer, which is considered the point of delivery. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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 credited or charged to profit or loss.

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

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.

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the financial instrument.

Debtors do not carry interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired.

Creditors are not interest bearing and are included at their nominal value.

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 leases asset are consumed.

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

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.

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

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