| REGISTERED NUMBER: |
| THE SHOWER LAB LTD |
| Financial Statements for the Period 1 July 2023 to 31 December 2024 |
| REGISTERED NUMBER: |
| THE SHOWER LAB LTD |
| Financial Statements for the Period 1 July 2023 to 31 December 2024 |
| THE SHOWER LAB LTD (REGISTERED NUMBER: 07613186) |
| Contents of the Financial Statements |
| FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Statement of Financial Position | 2 |
| Notes to the Financial Statements | 3 |
| THE SHOWER LAB LTD |
| Company Information |
| FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2024 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| INDEPENDENT AUDITORS: |
| Chartered Accountants and Statutory Auditors |
| 36-38 Northland Row |
| Dungannon |
| Co. Tyrone |
| BT71 6AP |
| BANKERS: |
| 1 Donegall Square South |
| Belfast |
| BT1 5LR |
| THE SHOWER LAB LTD (REGISTERED NUMBER: 07613186) |
| Statement of Financial Position |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| NON-CURRENT ASSETS |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks | 6 |
| Receivables: amounts falling due within one year |
7 |
| Cash at bank |
| PAYABLES |
| Amounts falling due within one year | 8 | ( |
) | ( |
) |
| NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| PAYABLES |
| Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | ( |
) |
| NET (LIABILITIES)/ASSETS | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Capital redemption reserve |
| Retained earnings | ( |
) |
| ( |
) |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| THE SHOWER LAB LTD (REGISTERED NUMBER: 07613186) |
| Notes to the Financial Statements |
| FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| The Shower Lab Ltd is a |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The financial statements have been prepared on the going concern basis, not withstanding the fact the company had net current liabilities of £234,476 and had total net liabilities of £249,531. The company generated a loss before tax of £542,013. |
| The company was purchased by the Flair group in June 2024, and the current directors are in the process of reviewing revenue streams and costs to bring the company to profitability in the near future. Management have prepared forecasts which demonstrate that the Company may require some support from its fellow group companies in the next 12 months to help support the company. |
| The directors have obtained confirmation from the group's ultimate parent company, Ardtir Investments Ltd, that the company has underlying support for a period of at least 12 months from the date of signing these financial statements and are satisfied that they can demonstrate a strong financial position to withstand potential future challenges or cash flow requirements for the foreseeable future. |
| It is on this basis, that the directors have prepared the financial statements on a going concern basis. |
| 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 |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised: |
| Sale of goods: |
| Revenue from the sale of goods is recognised when all of the following conditions are satisfied: |
| - the significant risks and rewards of ownership have been transferred to the buyer; |
| - the company retains no continuing involvement or control over the goods; |
| - the amount of revenue can be measured reliably; |
| - it is probable that future economic benefits will flow through the company |
| - the costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| THE SHOWER LAB LTD (REGISTERED NUMBER: 07613186) |
| Notes to the Financial Statements - continued |
| FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Property, plant and equipment |
| Property, plant and equipment are stated at cost, less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended. The charge to depreciation is calculated to write off the original cost or valuation of property, plant and equipment, less their estimated residual value, over their expected useful lives as follows: |
| Motor Vehicles | -20% Straight Line |
| Fixtures and Fittings | -25% Straight Line |
| Computer Equipment | -20% Straight Line |
| The carrying values of property, plant and equipment are reviewed annually for impairment in periods if events or changes in circumstances indicate the carrying value may not be recoverable. |
| Inventories |
| Stocks are valued at the lower of cost and net realisable value. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises actual or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling. |
| THE SHOWER LAB LTD (REGISTERED NUMBER: 07613186) |
| Notes to the Financial Statements - continued |
| FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| The company have chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments. |
| (i) Financial assets |
| Basic financial assets, including trade and other receivables, cash and bank balances and amounts |
| owed by related parties and are initially recognised at transaction price, 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. Such assets are subsequently carried at |
| amortised cost using the effective interest method. |
| At the end of each reporting period financial assets measured at amortised cost are assessed for |
| objective evidence of impairment. 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 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 when (a) the contractual rights to the cash flows from the asset |
| expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset |
| are transferred to another party or (c) despite having retained some significant risks and rewards |
| of ownership, control of the asset has been transferred to another party who has the practical |
| ability to unilaterally sell the asset to an unrelated third party without imposing additional |
| restrictions. |
| (ii) Financial liabilities |
| Basic financial liabilities, including trade and other payables, bank loans and overdrafts and |
| amounts owed to related parties 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 receipts discounted at a market rate of interest. Debt instruments are |
| subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the |
| establishment of loan facilities are recognised as transaction costs of the loan to the extent that it |
| is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until |
| the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the |
| facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and |
| amortised over the period of the facility to which it relates. |
| Trade payables are obligations to pay for goods or services that have been acquired in the ordinary |
| course of business from suppliers. Accounts 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 payables |
| are recognised initially at transaction price and subsequently measured at amortised cost using the |
| effective interest method. |
| Financial liabilities are derecognised when the liability is extinguished, that is when the contractual |
| obligation is discharged, cancelled or expires. |
| (iii) Offsetting |
| 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. |
| THE SHOWER LAB LTD (REGISTERED NUMBER: 07613186) |
| Notes to the Financial Statements - continued |
| FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2024 |
| 3. | ACCOUNTING POLICIES - continued |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| 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. |
| 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 period 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 currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Cash flow statement |
| The company has availed of the exemption in FRS 102 Section 1A from the requirement to prepare a Statement of Cash Flows because it is classified as a small company. |
| Share capital |
| Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| THE SHOWER LAB LTD (REGISTERED NUMBER: 07613186) |
| Notes to the Financial Statements - continued |
| FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2024 |
| 5. | PROPERTY, PLANT AND EQUIPMENT |
| Fixtures |
| Improvements | Plant and | and | Motor |
| to property | machinery | fittings | vehicles | Totals |
| £ | £ | £ | £ | £ |
| COST |
| At 1 July 2023 |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 July 2023 |
| Charge for period |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 30 June 2023 |
| The net book value of tangible fixed assets includes amounts of £4,027 (2023: £6,712) in respect of assets held under hire purchase agreements. |
| 6. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Inventories |
| 7. | RECEIVABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| 8. | PAYABLES: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts |
| Hire purchase contracts |
| Trade payables |
| Amounts owed to group undertakings |
| Amounts owed to related parties | 1,714 | - |
| Taxation and social security |
| Other payables |
| Amounts owed to group undertakings are interest free and repayable on demand. |
| THE SHOWER LAB LTD (REGISTERED NUMBER: 07613186) |
| Notes to the Financial Statements - continued |
| FOR THE PERIOD 1 JULY 2023 TO 31 DECEMBER 2024 |
| 9. | PAYABLES: AMOUNTS FALLING DUE AFTER ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans |
| Hire purchase contracts |
| Trade creditors |
| Other creditors |
| The company's factoring facility is secured by a fixed and floating charge over all the company's assets. |
| 10. | SECURED DEBTS |
| The following secured debtrs are included within creditors: |
| 2024 | 2023 |
| £ | £ |
| Paragon | 210,168 | 318,843 |
| The company's factoring facility is secured by a fixed and floating charge over all company assets. |
| 11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
| The Auditors' Report was unqualified. |
| for and on behalf of |
| 12. | RELATED PARTY DISCLOSURES |
| The following entities are regarded as related parties due to common directors and shareholders. |
| - | Sanbra Ltd |
| Amounts owed to/by The Shower Lab Ltd at year end: |
| 2024 | 2023 |
| Amounts (owed to | ) | Amounts (owed to | ) |
| / by The Shower Lab Ltd | / by The Shower Lab Ltd |
| £ | £ |
| Sanbra Ltd | 1,714 | - |
| 13. | ULTIMATE CONTROLLING PARTY |
| The ultimate controlling party is |
| The company regards Flair Showers Limited, a company registered in the Northern Ireland, as |
| its immediate parent company. The ultimate parent and the largest and smallest group financial |
| statements that consolidate this company is Ardtir Investments Ltd. |