LADDIE TOPCO LIMITED

• ⚠

  Material uncertainty over going concern

  We draw attention to Note 2 in the financial statements, which indicates that the Group's forecast for the going concern period to 31 October 2026 includes assumptions on projected growth and new business development across its sales channels. The recent trading performance and the current economic uncertainty, along with other matters set out in Note 2, indicates that a material uncertainty exists that may cast significant doubt in the Group and company's ability to continue as a 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. Our opinion is not modified in respect of this matter.

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Consolidated group

Auditor

Ernst & Young LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“We draw attention to Note 2 in the financial statements, which indicates that the Group's forecast for the going concern period to 31 October 2026 includes assumptions on projected growth and new business development across its sales channels. The recent trading performance and the current economic uncertainty, along with other matters set out in Note 2, indicates that a material uncertainty exists that may cast significant doubt in the Group and company's ability to continue as a 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. Our opinion is not modified in respect of this matter.”

Group structure

1. LADDIE TOPCO LIMITED · parent
   1. Laddie Midco Limited 100% · England · Intermediate parent undertaking
   2. Laddie Bidco Limited 100% · England · Intermediate parent undertaking
   3. Radley Hong Kong Limited 100% · Hong Kong · Non-trading
   4. Radley Netherlands B.V 100% · Netherlands · Non-trading
   5. Radley Outlets Limited 100% · England · Non-trading
   6. Radley Retail Limited 100% · England · Non-trading
   7. Radley + Co Limited 100% · England · Design, retail and wholesale of bags and accessories
   8. Radley USA, LLC 100% · Delaware · Retail and wholesale of bags and accessories

Significant events

• “There were no material events since the reporting date requiring disclosure in these financial statements.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

7

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

1

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.

• Turnover

  -8.6%

  £71,975,000 → £65,805,000

• Cash

  +73.2%

  £896,000 → £1,552,000

• Net assets

  -31.6%

  -£63,286,000 → -£83,294,000

• Employees

  -10.9%

  450 → 401

• Operating profit

  -627.2%

  -£1,602,000 → -£11,649,000

• Profit before tax

  -113.5%

  -£9,395,000 → -£20,062,000

• Wages

  -12.3%

  £12,990,000 → £11,392,000

Each % is (latest − prior) ÷ |prior| for the line item as filed. The comparison is only shown when the latest and prior accounts cover broadly equal-length periods — short or long stubs (typical around incorporation or a year-end change) are suppressed rather than misrepresented. Lines a company doesn't report are omitted. About these numbers