NITUMEN LIMITED

• ⚠

  Material uncertainty over going concern

  The Group and Parent Company's going concern is, by virtue of its reliance on a subsidiary's finance arrangement, intrinsically linked to the wider group headed by Nitumen Group Limited and its combined compliance with covenants. Going concern, by nature, is based on future estimated performance, and as such, despite the combined group's anticipated strong levels of profitability, the current debt arrangements in place set a high covenant requirement in relation to future profitability which, if the estimates vary could result in a future covenant breach event. This is an area of uncertainty for the directors over which they have no control.

1. NITUMEN LIMITED 2018-05-25 → present
2. SHIMMER TOPCO LIMITED 2018-05-21 → 2018-05-25

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

BDO LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The Group and Parent Company's going concern is, by virtue of its reliance on a subsidiary's finance arrangement, intrinsically linked to the wider group headed by Nitumen Group Limited and its combined compliance with covenants. Going concern, by nature, is based on future estimated performance, and as such, despite the combined group's anticipated strong levels of profitability, the current debt arrangements in place set a high covenant requirement in relation to future profitability which, if the estimates vary could result in a future covenant breach event. This is an area of uncertainty for the directors over which they have no control.”

Group structure

1. NITUMEN LIMITED · parent
   1. Candumen Limited 100%
   2. Iconic London (Holdings) Limited 100%
   3. Iconic London Inc 100% · USA
   4. @ICONICLDN Ltd 100%
   5. Iconic London Ltd 100%

Significant events

• “In 2024 sales of the Group declined by 11% year on year. The 2024 drop in sales can be explained by a number of contributing factors, including change in influencer marketing strategy and significant stock returns from US retailer Sephora.”
• “During 2024 the combined companies agreed with the lender an amendment and restatement agreement (ARA) related to the loan facilities agreement and this was signed by all parties in November 2024. The key changes in the new financing were an extension of the maturity of the loans from 2028 to 2029, rephasing of repayments and changes to the covenant tests. Covenant tests were waived until December 2024.”

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

Filings

5

last 12 months

Capital events

5

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

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

• Turnover

  -11.2%

  £22,842,150 → £20,293,235

• Cash

  -14.1%

  £1,000,788 → £859,192

• Net assets

  -5.9%

  £6,742,845 → £6,343,851

• Employees

  -7.5%

  40 → 37

• Operating profit

  -86.1%

  £2,084,565 → £289,418

• Profit before tax

  -111.5%

  £1,411,193 → -£162,830

• Wages

  +2.3%

  £2,627,884 → £2,689,280

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