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REGISTERED NUMBER: 03538453















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2024

FOR

CLIVE CHRISTIAN PERFUME LIMITED

CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024










Page

Company Information 1

Strategic Report 2

Report of the Director 6

Report of the Independent Auditors 8

Statement of Comprehensive Income 12

Statement of Financial Position 13

Statement of Changes in Equity 14

Notes to the Financial Statements 15


CLIVE CHRISTIAN PERFUME LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024







DIRECTOR: C Pace





REGISTERED OFFICE: 32 Brook Street
London
W1K 5DH





REGISTERED NUMBER: 03538453





AUDITORS: Belluzzo Audit Limited
Chartered Accountants and Statutory Auditors
38 Craven Street
London
WC2N 5NG

CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


Introduction

The directors present their strategic report on the company for the period ended 30 June 2024.

BUSINESS REVIEW
Clive Christian Perfume Limited is a purveyor of luxury perfumes, which it sells globally through wholesale, retail and distribution channels.

The management has chosen to support the growth of the brand awareness with balanced investments in marketing consistent with the sales volume. The company achieved a turnover of £10.43 m and a profit of £1.21 m.

During this year Clive Christian has consolidated its positioning in key markets through continuous support of strategic partners and increased performance ratings in department stores.

On the Financial Statement Position, the year closed with a positive cash balance of £1,720,113 without any other cash injections required from its ultimate parent company, Nichebox SRL.


CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

PRINCIPAL RISKS AND UNCERTAINTIES
The Company continues to operate within specific policies, agreed by the board, to control and monitor risks within the group.

The management has implemented the necessary operational flexibility to ensure the company will navigate through any potential downsides.

Currency

The company involves certain sales in foreign currencies and is therefore exposed to the risk of an adverse change in exchange rates. The situation is constantly being monitored to limit the exposure to a minimum.

Raw material price inflation

The company relies on certainty of supply and pricing of its raw materials. As such it endeavours to maintain more than one supplier of critical materials to minimise the risk of an unexpected price increase or the inability of a supplier to provide material of a sufficient quality when required.

Intellectual property infringement

The board is very aware of the need to protect the brand for which the company is famous. In order to do this, it actively pursues a policy of trademark registration and monitoring service to rigorously defends any threat whenever arise.

War in Ukraine

The ongoing war in Ukraine is impacting on the world economy as costs are rising due to higher energy and oil costs,leading inflation to be the biggest issue facing most economies. The company and group are closely monitoring their costs and are constantly looking at efficiency savings to mitigate any cost rises caused through inflation as a result of the ongoing conflict.

Cashflow and liquidity

As with most companies, cashflow is a major focus for the company and the directors. Management of cashflow, working capital and profitability are monitored closely by the board through monthly board meetings. Since 2020 Clive Christian has being able to self-finance through accurate cash flow monitoring and control and has closed the Fiscal Year with positive cash balances of £1,720,113.

Environment

The company takes its environmental obligations seriously and wherever possible action is taken to minimise any deleterious effect that its activities may cause. The raw materials are sourced from sustainable managed supplies and waste from the manufacturing process and office consumables are reused and recycles as much as practicable.

Employment

The company is aware of its obligations as an employer with regards to equal opportunities and health and safety. It is also aware that staff development benefits both the group and the employee and actively encourages training where necessary.

Financial key performance indicators

KPIs of the company are:

Number of 'retail outlets':
2024: 475
2023: 475

CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024


Gross profit margin
2024: 68.84%
2023: 64.37%


The Perfume Division sells largely to retail partners across the world, ranging from small independents to large department store chains, as well as specialist distributors in certain key markets who manage the relationship with local retailers. In total the fragrances were sold in 475 outlets in 2024 (475 outlets in 2023). Next year the company will focus on reinforcing its partnerships, the performance of the existing partners, investment in new digital platforms, and expansion into new territories and seeking new opportunities.

Gross profit margin is defined by the company as sales less cost of the goods sold and all other costs directly related to the sale of those goods, including logistics, retail staff, and direct marketing. Going forward into 2024-2025 management expect to see a further increase in brand awareness as the newly entered markets drive sales growth whilst, despite the current geopolitical issues, the company aims to improve efficiencies and cost savings.

The revenue in each geographic region is monitored and disclosed in note 4.


CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2024

SECTION 172(1) STATEMENT
The board of Directors consider they have promoted the interests of key stakeholders and the broader matters set out in section 172(1) (a-f) of the Companies Act. This section describes how the directors have had regard to these matters in exercising their duty to promote the success of the company for the benefit of its members.

s172(1)(A) The likely consequence of any decision in the long term

The strategy is to build a quality business, organically, by exploring expanding new markets that are allied to the company’s existing core business whilst retaining strong, net assets and cash reserves. During the year, this has required a balance between capital expenditure and enhancing facilities whilst remaining alert to the risks being posed by changes in buyer behaviours.

s172(1)(B) the interest of the company’s employees

There is a company-wide commitment to treating employees fairly and respectfully. The company is an equal opportunities employer and is fair to employees in pay and benefits, health and safety at work, and in the training and personal development offered. It is the aim of the company that our employees, demonstrate the values, attitudes and culture of the company when dealing with each other, our customers, and our stakeholders.

s172(1)(C) The need to foster the company’s business relationships with supplies, customers and others

Delivering the company’s quality policy requires strong, mutually beneficial relationships with suppliers, customers, and governmental organisations. The company believes in lasting partnerships, founded on shared commitment to quality, value and service.

s172(1)(D) the impact of the company’s operations on the community and the environment

The role the company must and does play in society is recognised. The company will only succeed by working with customers, governments, suppliers and other stakeholders.

s172(1)(E) The desirability of the company maintaining a reputation for high standards of business conduct.

As a company which always seeks to provide high-quality products to customers, we are aware of the need to maintain and enhance the reputation of the company for competency and quality and all dealings with stakeholders and customers.
Over and above this our policies on modern slavery and any irresponsible business practices are widely promulgated to staff and to customers.

s172(1)(F) The need to act fairly as between members of the company.

All decisions taken seek to ensure fairness between members of the company. The impact of decisions on stakeholders remains a key variable in any and all decision-making.

ON BEHALF OF THE BOARD:





C Pace - Director


14 January 2025

CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 JUNE 2024


The director presents his report with the financial statements of the company for the year ended 30 June 2024.

DIVIDENDS
The profit for the year, after taxation, amounted to £ 1,205,710 (2023 - £1,866,362).
The directors do not recommend the payment of a dividend (2023: £Nil).

DIRECTOR
The Director who served during the year was:

Consolato Pace

STREAMLINED ENERGY AND CARBON REPORTING
The directors have evaluated the energy consumption of the company and are satisfied the 40,000 KWh threshold has not been exceeded. On this basis, the streamlined carbon and energy reporting disclosures have not been provided.

DIRECTOR'S RESPONSIBILITIES STATEMENT
The Director is responsible for preparing the Strategic Report, the Director's Report and the financial statements in
accordance with applicable law and regulations.

Company law requires the Director to prepare financial statements for each financial year. Under that law the Director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the Director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the Director is required to:

• select suitable accounting policies for the Company's financial statements 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 Company
will continue in business.

The Director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

The focus for 2024-2025 is to improve the profitability of the group company, strengthening partnerships and its
performance with current distributors and retail partners focusing on key Regions (US and Middle East); expanding into white space territories in Asia, Africa, Latin America and Canada; reviewing and changing partners and business models where needed in mature markets (UK & Germany); building a new digital platform (website and ecommerce); improvements in gross margin through savings in components, production costs and warehousing and logistics; continue building a cohesive brand presence and communications, evolving with the actual times.

DISCLOSURE OF INFORMATION TO AUDITORS
The Director at the time when this Director's Report is approved has confirmed that:

• so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and
• he has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit
information and to establish that the Company's auditors are aware of that information.

CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 30 JUNE 2024


AUDITORS
Belluzzo Audit Limited were appointed auditors during the year. Belluzzo Audit Limited, will be proposed for reappointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





C Pace - Director


14 January 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CLIVE CHRISTIAN PERFUME LIMITED


Opinion
We have audited the financial statements of Clive Christian Perfume Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of 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 company's affairs as at 30 June 2024 and of its 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the 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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

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 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 the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CLIVE CHRISTIAN PERFUME LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Director's Responsibilities Statement set out on page six, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CLIVE CHRISTIAN PERFUME LIMITED


Auditors' responsibilities for the audit of the financial statements
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 a Report of the Auditors 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.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;

- we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge and experience of the sector;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, UK financial reporting standards as issued by the Financial Reporting Council and UK tax legislation.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; and

We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
- performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
-assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias;
-investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

- agreeing financial statement disclosures to underlying supporting documentation;
- enquiring of management as to actual and potential litigation and claims;

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CLIVE CHRISTIAN PERFUME LIMITED

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the 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 company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Tony Castagnetti (Senior Statutory Auditor)
for and on behalf of Belluzzo Audit Limited
Chartered Accountants and Statutory Auditors
38 Craven Street
London
WC2N 5NG

14 January 2025

CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2024

2024 2023
Notes £    £   

TURNOVER 4 10,439,659 10,828,604

Cost of sales (3,252,506 ) (3,858,019 )
GROSS PROFIT 7,187,153 6,970,585

Administrative expenses (5,636,187 ) (4,688,235 )
1,550,966 2,282,350

Other operating income - 50,695
OPERATING PROFIT 6 1,550,966 2,333,045


Interest payable and similar expenses 7 (17,067 ) -
PROFIT BEFORE TAXATION 1,533,899 2,333,045

Tax on profit 8 (328,189 ) (466,683 )
PROFIT FOR THE FINANCIAL YEAR 1,205,710 1,866,362

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,205,710

1,866,362

CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

STATEMENT OF FINANCIAL POSITION
30 JUNE 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 9 72,500 91,021
Tangible assets 10 752,283 581,592
Investments 11 1 1
824,784 672,614

CURRENT ASSETS
Stocks 12 2,248,223 2,744,111
Debtors: amounts falling due within one
year

13

5,081,763

7,824,904
Debtors: amounts falling due after more than
one year

13

59,598

59,598
Cash at bank 1,720,113 589,037
9,109,697 11,217,650
CREDITORS
Amounts falling due within one year 14 (2,390,158 ) (5,287,109 )
NET CURRENT ASSETS 6,719,539 5,930,541
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,544,323

6,603,155

CREDITORS
Amounts falling due after more than one
year

15

-

(135,417

)

PROVISIONS FOR LIABILITIES 18 (20,000 ) (149,125 )
NET ASSETS 7,524,323 6,318,613

CAPITAL AND RESERVES
Called up share capital 19 7,547,358 7,547,358
Retained earnings 20 (23,035 ) (1,228,745 )
SHAREHOLDERS' FUNDS 7,524,323 6,318,613

The financial statements were approved by the director and authorised for issue on 14 January 2025 and were signed by:





C Pace - Director


CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 July 2022 7,547,358 (3,095,107 ) 4,452,251

Changes in equity
Total comprehensive income - 1,866,362 1,866,362
Balance at 30 June 2023 7,547,358 (1,228,745 ) 6,318,613

Changes in equity
Total comprehensive income - 1,205,710 1,205,710
Balance at 30 June 2024 7,547,358 (23,035 ) 7,524,323

CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024


1. GENERAL INFORMATION

Clive Christian Perfume Limited is a private company, limited by shares, incorporated in England & Wales under the Companies Act 2006. The registered office is stated on the company information page. The nature of the company's operations and its principal activities is that of a wholesaler, retailer and distributor of luxury perfumes.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

• the requirements of Section 7 Statement of Cash Flows;
• the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
• the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
• the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A.

This information is included in the consolidated financial statements of Nichebox S.R.L as at 30 June 2024 and the address of their registered office is Via Turati Filippo, 29, 20121, Italy.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Revenue
Revenue represents the value, net of value added tax and discounts, of goods provided to customers. Revenue is recognised at the point where risks and rewards transfer to the customer, which is at the point of sale for retail stores, for website sales and some wholesale sales revenue is recognised when the goods are received by the customer.

Intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

The estimated useful lives range as follows:

Computer software & trademark - 10 years

Management have deemed that 10 years is a reliable estimate of the useful life as this is the period that they expect to receive benefits from the trademark and website.

CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property - 20% per annum straight line
Plant and machinery - 10% - 20% per annum straight line
Fixtures and fittings - 20% per annum straight line
Heritage assets - 1% per annum straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Stocks
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currency translation
Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Hire purchase and leasing commitments
Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight line basis over the lease term.

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


2. ACCOUNTING POLICIES - continued

Pensions
Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held
separately from the Company in independently administered funds.

Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Group accounts
The financial statements contain information about Clive Christian Perfume Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company has taken advantage of the exemption conferred by section 401 of the Companies Act 2006 not to produce consolidated financial statements as it is included in group accounts of a larger group headed by Nichebox S.R.L., a company incorporated in Italy. Copies of the consolidated financial statements of Nichebox S.R.L are available from Via Turati Filippo, 29, 20121, Italy.

Going concern
The directors have at the time of approving the financial statements a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.

The directors have undertaken the actions forecasted in the strategic business plans aimed at reducing structural costs and increasing profitability. At the same time, the company has continued to invest in the growth of the brand opening new markets and partnerships with new distributors. The actions put in place and the positive performance of the business already allow the company not to depend on the financial support of the ultimate parent company.

The directors are confident that the company will have sufficient funds to continue to meet its liabilities as they fall due for at least 12 months from the approval of the financial statements and therefore have prepared the financial statements on a going concern basis.

CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


3. JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION

In preparing these financial statements, the Directors have had to make the following judgements:

Impairment of tangible and intangible fixed assets (see note 9 and 10)
Determine whether there are indicators of impairment of the Company's tangible and intangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.

Other key sources of estimation uncertainty

Stock provisioning (see note 12)
Stock is carried in the statement of financial position at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving stock. The director has used his knowledge and experience of the industry to determine the level of provisioning required based on the ageing profile of stock.

Recoverability of amounts due from group undertakings (see note 13)
Provision for impairment of the carrying value of amounts due from group undertakings is made based on management's estimate of the prospect of recovering the amounts due, which includes considering the solvency of the counterparty and its future outlook, based on budgets and forecasts prepared by management.

4. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

2024 2023
£    £   
United Kingdom 438,184 995,633
Europe 2,347,478 1,873,134
Rest of the world 7,653,997 7,959,837
10,439,659 10,828,604

All revenue is attributable to fragrance production and wholesale.

5. EMPLOYEES AND DIRECTORS
2024 2023
£    £   
Wages and salaries 30,972 33,877
Social security costs 3,741 3,901
Other pension costs - 1,693
34,713 39,471

The average number of employees during the year was as follows:
2024 2023

Administrative 1 1

CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


5. EMPLOYEES AND DIRECTORS - continued

2024 2023
£    £   
Director's remuneration - -

6. OPERATING PROFIT

The operating profit is stated after charging:

2024 2023
£    £   
Hire of plant and machinery 27,322 7,057
Other operating leases 196,084 203,400
Depreciation - owned assets 209,695 118,087
Loss on disposal of fixed assets - 34,340
Computer software amortisation 19,551 11,968
Auditors' remuneration 28,750 21,650
Foreign exchange differences 237,328 212,932

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£    £   
Other loan interest payable 17,067 -

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2024 2023
£    £   
Current tax:
Corporation tax 328,189 433,060
Prior year adjustment - 33,623

Tax on profit 328,189 466,683

CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£    £   
Profit before tax 1,533,899 2,333,045
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20.500%)

383,475

478,274

Effects of:
Expenses not deductible for tax purposes 115 -
Adjustments to tax charge in respect of previous periods - 33,624
Other differences leading to an increase (decrease) in the tax charge (55,401 ) (45,215 )
Total tax charge 328,189 466,683

9. INTANGIBLE FIXED ASSETS
Computer
software
£   
COST
At 1 July 2023 103,417
Additions 1,030
At 30 June 2024 104,447
AMORTISATION
At 1 July 2023 12,396
Amortisation for year 19,551
At 30 June 2024 31,947
NET BOOK VALUE
At 30 June 2024 72,500
At 30 June 2023 91,021

CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


10. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings Totals
£    £    £    £   
COST
At 1 July 2023 68,360 789,011 32,615 889,986
Additions 115,771 222,972 41,643 380,386
At 30 June 2024 184,131 1,011,983 74,258 1,270,372
DEPRECIATION
At 1 July 2023 - 298,521 9,873 308,394
Charge for year 33,757 162,911 13,027 209,695
At 30 June 2024 33,757 461,432 22,900 518,089
NET BOOK VALUE
At 30 June 2024 150,374 550,551 51,358 752,283
At 30 June 2023 68,360 490,490 22,742 581,592

11. FIXED ASSET INVESTMENTS
Investment
in
subsidiary
company
£   
COST
At 1 July 2023
and 30 June 2024 1
NET BOOK VALUE
At 30 June 2024 1
At 30 June 2023 1

Subsidiary undertakings

The following were subsidiary undertakings of the Company:
Name Registered Office Principal Activity Class of Holding
Shares
Clive Christian 9100 S. Daedal Blvd - Fragrance Wholesale Members rights 100%
perfume LLC Suite 1500 -Miami,FI.33156

The Crown 32 Brook Street, London, Dormant Ordinary 100%
Perfumery England, W1K 5DH
Co Limited

CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


12. STOCKS
2024 2023
£    £   
Raw materials 783,508 1,291,031
Finished goods 1,464,715 1,453,080
2,248,223 2,744,111

13. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 2,380,830 2,132,021
Other debtors 190,526 157,500
Amounts owed by group undertak 2,128,183 5,186,869
VAT 147,933 238,796
Prepayments and accrued income 234,291 109,718
5,081,763 7,824,904

Amounts falling due after more than one year:
Other debtors 59,598 59,598

Aggregate amounts 5,141,361 7,884,502

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts (see note 16) 135,417 62,500
Trade creditors 662,719 567,360
Tax 328,189 484,504
Social security and other taxes 4,558 -
Other creditors - 16,491
Amounts owed to group undertak 599,846 3,755,148
Accruals and deferred income 659,429 401,106
2,390,158 5,287,109

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans (see note 16) - 135,417

CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


16. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Bank loans 135,417 62,500

Amounts falling due between two and five years:
Bank loans - 2-5 years - 135,417

17. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 182,105 33,110
Between one and five years 777,677 761,122
In more than five years 794,640 993,300
1,754,422 1,787,532

18. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Other provisions 20,000 149,125

The provision for liabilities are related to a provision for dilapidation of £ 20,000 (2023: £123,800) and other lease-related charges.

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,175,000 Ordinary £1 1,175,000 1,175,000
6,372,358 Preference £1 6,372,358 6,372,358
7,547,358 7,547,358

The preference shares have attached to them full voting, dividend and capital distribution (including winding up) rights. The holders are not entitled to receive notice of, attend, speak or vote at, general meetings of the company. the right to the preference dividend has priority over any payment by way of dividend or other distribution (including winding up) to the holders of any other class of shares. The right to the preference dividend shall be subject to the payment of all amounts that have accrued and are in arrears in respect of the preference dividend.

CLIVE CHRISTIAN PERFUME LIMITED (REGISTERED NUMBER: 03538453)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2024


20. RESERVES

Profit and loss account

This reserve records retained earnings and accumulated losses.

21. RELATED PARTY TRANSACTIONS

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The company performed the following related party transactions during the current fiscal year.

Liquides Imaginaires France SAS - Net debtor balance due (Asset) - £345,982 (2023: £342,482).
(Associate)
Skinbox S.R.L - Net debtor balance due (Asset) - £4,067 (2023: £4,067).
(Associate)

22. CONTROLLING PARTY

The company is an immediate subsidiary of Nichebox UK Limited, a company incorporated in England and Wales. The ultimate parent company is Nichebox S.R.L, a company incorporated in Italy. In the opinion of the director, there is no single ultimate controlling party.

The smallest and the largest group of undertakings for which consolidated accounts at 30 June 2024 are prepared is that headed by Nichebox S.R.L, a company incorporated in Italy. The consolidated accounts for this entity will be available to the public and may be obtained from Via Turati Filippo, 29, 20121, Italy.