Company registration number 09698305 (England and Wales)
BONDI SANDS EUROPE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BONDI SANDS EUROPE LIMITED
COMPANY INFORMATION
Directors
S. Wilson
S. Cagle
J. Workman
(Appointed 1 January 2025)
Company number
09698305
Registered office
6 Agar Street
London
WC2N 4HN
Auditor
Rouse Audit LLP
55 Station Road
Beaconsfield
Buckinghamshire
HP9 1QL
BONDI SANDS EUROPE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Profit and loss account
8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Notes to the financial statements
12 - 18
BONDI SANDS EUROPE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Principal activities

The principal activities of the company continued to be that of selling self-tanning, sun care and skin care products across the UK and Europe. On 1st November 2024 all of the trade and part of the net assets were hived up to the parent company Kao (UK) Limited, following the hive up the company has now ceased trading.

Fair review of the business

Bondi Sands Europe Limited realigned their financial year end to 31 st of December, with the financial statements for 2023 representing the 18-month period from 1 July 2022 to 31 December 2023. Consequently, the financial results for 2024 compare a 10-month period (up to the date the trade was hived up to Kao UK) versus a 1 8-month period for the comparative period.

The business maintained strong engagement with retailers and distributors, enabling continued momentum in market share gains in both self-tanning and sun care categories.

On 30th of August, the business was acquired by Kao UK from its parent company Kao USA and as of 1st of November, the operations of the Company were transferred to Kao UK. In addition, as of 1st of November, the Company transferred part of its assets and liabilities to Kao UK (parent). This included a net asset transfer of approx. £11.1M resulting in an intercompany balance due from Kao UK.

Principal risks and uncertainties

The following key financial risks have been identified:

Market r isk

The Directors believe that inflation remains a key risk for the business, as high inflation may lead consumers to reduce discretionary spending, causing a softening largely in the tanning category.

Supply c hain r isk

Supply Chain risks have significantly reduced from the past years, as prices stabilized in 2024.

Currency r isk

The company purchases all of its products in foreign currency, with 90% in AUD and the balance in USD. In 2024, the GBP remained relatively stable.

Liquidity r isk

The Directors regularly review the Group’s ongoing liquidity risks as part of the planning process. The Group actively manages short and long-term cash flows. The acquisition by Kao has provided access to Kao funding facilities, ensuring sufficient resources to meet its payment obligations.

Credit r isk

The Group’s principal credit risk pertains to the recovery of amounts owed by customers for invoiced sales. This risk is managed through credit checks on customers before engagement, proactive communications on debtor balances, and active overdue debt management and reporting. Customer payment histories are regularly reviewed, and allowances for bad debts are made if necessary.

Future developments

The Company integrated its operations into Kao UK Limited as per November 1, 2024.

Key performance indicators

The group continues to focus on key financial performance indicators that are reviewed regularly by Directors. Including, but not limited to Net Revenue, Gross Profit, EBITDA, Working Capital and Free Cash Flow. The Directors and key management personal of Bondi Sands Group Europe Limited reviews these in detail monthly to continually assess strategies based on their performance.

BONDI SANDS EUROPE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Other performance indicators

The Group also reviews several non-financial performance indicators regularly, including Net Promoter Score, Market Penetration, Marketing Performance, Employee Retention, and Sustainability. The Group values the quality and engagement of its employees, supported by the strong culture underpinned by “Bondi Connect.” Regular staff engagement surveys and reviews are conducted to measure staff engagement.

Engagement with suppliers, customers and others in a business relationship

The Directors regularly engage with external parties to ensure smooth operation of the supply chain and exceed customer expectations. The Group collaborates with a trusted panel of preferred and approved manufacturers and suppliers, maintaining good communication and high delivery standards. Directors proactively discuss potential delays, quality concerns, and commercial issues with employees, customers, and vendors to ensure operational excellence.

On behalf of the board

S. Cagle
Director
13 October 2025
BONDI SANDS EUROPE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2024.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

S. Wilson
S. Cagle
K. Frank
(Resigned 30 January 2025)
J. Workman
(Appointed 1 January 2025)
Statement of directors' responsibilities

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are 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 directors are required to:

- select suitable accounting policies and then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are 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 enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

BONDI SANDS EUROPE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
On behalf of the board
S. Cagle
Director
13 October 2025
BONDI SANDS EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BONDI SANDS EUROPE LIMITED
- 5 -
Opinion

We have audited the financial statements of Bondi Sands Europe Limited (the 'company') for the year ended 31 December 2024 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including 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 31 December 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 Auditor's 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 directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

On 1 November 2024 the business was hived up into Kao (UK) Limited as part of a restructuring exercise and the company ceased trading on this date. The remaining reserves will be distributed to the parent company post year end in order to clear all outstanding intercompany balances. The company continues to be a non trading entity. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report and financial statements.

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 directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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.

BONDI SANDS EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BONDI SANDS EUROPE LIMITED (CONTINUED)
- 6 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- the information given in the strategic report and the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.

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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which 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 directors' remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

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

- through discussions with the directors and other management, we identified the laws and regulations applicable to the company; and

- focusing on the specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, we assessed the extent of compliance with those laws and regulations identified above through making enquiries of management and inspecting relevant correspondence.

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; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations;

BONDI SANDS EUROPE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF BONDI SANDS EUROPE LIMITED (CONTINUED)
- 7 -

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 detailed in the accounting policies were indicative of potential bias; and

- investigated the rationale behind significant or unusual bank 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;

- reading the minutes of meetings of those charged with governance;

- 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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's member 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 member those matters we are required to state to the member in an auditor's report 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 member, for our audit work, for this report, or for the opinions we have formed.

Leighton Bower (Senior Statutory Auditor)
For and on behalf of Rouse Audit LLP, Statutory Auditor
Chartered Accountants
55 Station Road
Beaconsfield
Buckinghamshire
HP9 1QL
14 October 2025
BONDI SANDS EUROPE LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
Year
Period
ended
ended
31 December
31 December
2024
2023
Notes
£
£
Turnover
3
28,051,698
43,508,394
Cost of sales
(20,903,662)
(34,238,986)
Gross profit
7,148,036
9,269,408
Administrative expenses
(5,336,089)
(9,026,847)
Operating profit
4
1,811,947
242,561
Interest receivable and similar income
6
28,877
-
0
Interest payable and similar expenses
7
(433,962)
(515,896)
Profit/(loss) before taxation
1,406,862
(273,335)
Tax on profit/(loss)
8
(364,625)
50,591
Profit/(loss) for the financial year
1,042,237
(222,744)

The profit and loss account has been prepared on the basis that all operations are continuing operations.

BONDI SANDS EUROPE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
Year
Period
ended
ended
2024
2023
£
£
Profit/(loss) for the year
1,042,237
(222,744)
Other comprehensive income
-
-
Total comprehensive income for the year
1,042,237
(222,744)
BONDI SANDS EUROPE LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 10 -
2024
2023
Notes
£
£
£
£
Current assets
Stocks
9
-
10,578,642
Debtors
10
5,445,820
6,859,065
Cash at bank and in hand
-
0
372,212
5,445,820
17,809,919
Creditors: amounts falling due within one year
11
(686,047)
(14,092,383)
Net current assets
4,759,773
3,717,536
Capital and reserves
Called up share capital
14
100
100
Profit and loss reserves
4,759,673
3,717,436
Total equity
4,759,773
3,717,536

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 13 October 2025 and are signed on its behalf by:
S. Cagle
Director
Company registration number 09698305 (England and Wales)
BONDI SANDS EUROPE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 July 2022
100
3,940,180
3,940,280
Period ended 31 December 2023:
Loss and total comprehensive income
-
(222,744)
(222,744)
Balance at 31 December 2023
100
3,717,436
3,717,536
Year ended 31 December 2024:
Profit and total comprehensive income
-
1,042,237
1,042,237
Balance at 31 December 2024
100
4,759,673
4,759,773
BONDI SANDS EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
1
Accounting policies
Company information

Bondi Sands Europe Limited is a private company limited by shares incorporated in England and Wales. The registered office is 6 Agar Street, London, WC2N 4HN.

1.1
Reporting period

During the prior year the company changed it's reporting period end from 30 June to 31 December. The change of year end allowed the reporting period to align with the seasonality of the business. The comparative period in these financial statements represents the results for the 18 month period to 31 December 2023.

1.2
Accounting convention

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts 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.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Kao Corporation. These consolidated financial statements are available from its registered office, 14-10, Nihonbashi Kayabacho 1-chome Chuo-ku, Tokyo, 103-8210, Japan.

1.3
Going concern

On 1 November 2024 the business was hived up into Kao (UK) Limited as part of a restructuring exercise and the company ceased trading on this date. The remaining reserves will be distributed to the parent company post year end in order to clear all outstanding intercompany balances. The company continues to be a non trading entity. Accordingly, the directors continue to adopt the going concern basis in preparing the annual report and financial statements.

1.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods, at the point of sale, provided in the normal course of business, and is shown net of VAT and other sales related taxes. Revenue is recognised at the point of despatch of goods.

1.5
Stocks

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 including freight and repackaging costs. Freight costs are deferred over the stock holding period of three to six months.

Cost is calculated using the average costing method.

BONDI SANDS EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

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.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are recognised initially at transaction price.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense.

BONDI SANDS EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

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 lease s asset are consumed.

1.11
Foreign exchange

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.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty
Deferred freight costs

An estimate is made to defer the cost of freight of items held in stock. It is calculated by deferring freight invoices for stock delivered within three to six months of the year and is based on an estimated stock holding policy of three to six months. This estimate will have an impact on the stock value and profit of the company.

Stock provision

A provision is made against slow moving stock items in accordance with the group policy. This involves certain judgement on the probability of future sales.

3
Turnover
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
23,013,938
33,950,931
Europe
4,368,998
7,531,914
Rest of World
668,762
2,025,549
28,051,698
43,508,394
BONDI SANDS EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 15 -
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange gains
(106,599)
(435,518)
Fees payable to the company's auditor for the audit of the company's financial statements
25,342
42,000
Depreciation of owned tangible fixed assets
-
30,732
(Profit)/loss on disposal of tangible fixed assets
-
22,165
Operating lease charges
3,227
186,578
5
Employees

The average monthly number of persons (excluding directors) employed by the company during the year was as follows. From June 2024 all employees were transferred to Kao UK.

2024
2023
Number
Number
Administration
3
9
Sales and marketing
10
20
Total
13
29

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
1,854,424
3,327,595
Social security costs
47,177
373,576
Pension costs
23,980
112,441
1,925,581
3,813,612
6
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest receivable from group companies
28,877
-
0
7
Interest payable and similar expenses
2024
2023
£
£
Interest payable to group undertakings
316,443
327,774
Other interest
117,519
188,122
433,962
515,896
BONDI SANDS EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 16 -
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
314,819
-
0
Foreign current tax on profits for the current period
7,230
-
0
Total current tax
322,049
-
0
Deferred tax
Origination and reversal of timing differences
42,576
(50,591)
Total tax charge/(credit)
364,625
(50,591)

The actual charge/(credit) for the year can be reconciled to the expected charge/(credit) for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit/(loss) before taxation
1,406,862
(273,335)
Expected tax charge/(credit) based on the standard rate of corporation tax in the UK of 25.00% (2023: 22.01%)
351,716
(60,148)
Tax effect of expenses that are not deductible in determining taxable profit
5,679
16,234
Effect of change in corporation tax rate
-
0
(6,060)
Permanent capital allowances in excess of depreciation
-
0
(617)
Effect of overseas tax rates
7,230
-
0
Taxation charge/(credit) for the year
364,625
(50,591)
9
Stocks
2024
2023
£
£
Raw materials and consumables
-
10,578,642
BONDI SANDS EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 17 -
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
0
6,580,641
Amounts owed by group undertakings
5,445,820
-
0
Other debtors
-
0
98,255
Prepayments and accrued income
-
0
137,593
5,445,820
6,816,489
Deferred tax asset (note 12)
-
0
42,576
5,445,820
6,859,065
11
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
165,215
6,574,817
Amounts owed to group undertakings
72,961
4,256,699
Corporation tax
156,285
-
0
Other taxation and social security
264,135
1,544,188
Other creditors
20,651
51,812
Accruals and deferred income
6,800
1,664,867
686,047
14,092,383
12
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Assets
Assets
2024
2023
Balances:
£
£
Short term timing difference
-
1,556
Losses and other deductions
-
41,020
-
42,576
2024
Movements in the year:
£
Asset at 1 January 2024
(42,576)
Charge to profit or loss
42,576
Liability at 31 December 2024
-
BONDI SANDS EUROPE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
23,980
112,441

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

14
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
15
Operating lease commitments
Lessee

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

2024
2023
£
£
Within one year
-
0
8,835
16
Ultimate controlling party

The ultimate parent undertaking is Kao Corporation, a company incorporated in Japan.

The smallest group in which these accounts are consolidated is that headed up by Kao Corporation. The registered office of this company is 14-10, Nihonbashi Kayabacho 1-chome Chuo-ku, Tokyo, 103-8210, Japan.

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