Company registration number 01919436 (England and Wales)
PARFUMS VOGUE LIMITED
ANNUAL REPORT AND CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PARFUMS VOGUE LIMITED
COMPANY INFORMATION
Directors
K Gangji
P Spillmann
Secretary
P Spillmann
Company number
01919436
Registered office
14 Lyon Road
Congress House, 3rd Floor
Harrow
Middlesex
HA1 2EN
Auditor
Goodman Jones LLP
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
Business address
3rd Floor
Congress House
Lyon Road
Harrow
HA1 2EN
PARFUMS VOGUE LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Consolidated statement of comprehensive income
8
Consolidated balance sheet
9
Company balance sheet
10
Consolidated statement of changes in equity
11
Company statement of changes in equity
12
Consolidated statement of cash flows
13
Notes to the financial statements
14 - 25
PARFUMS VOGUE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 1 -

The directors present the strategic report for the year ended 31 March 2025.

Review of the business

The Group is involved in the manufacturing and supply of fragrances and toiletries to the main UK retail health and beauty stores and grocery chains as well as internet platforms such as Amazon. The Group also supplies several exports markets through exclusive distributors. The main products are under So....? fragrance brand and manufactured under Licence. The Group has expanded by launching other ranges within the same market sector as well as introducing a bath and body range.

The key performance indicators are as follows:

|  |  | 2025 £ | 2024 £ | Change %
Sales |  |  | 35,135,973 | 34,573,605 | 1.63
Gross Profit |  |  | 1 6,532,39 3 | 17,197,469 | (3.87)
Operating Profit |  |  | 3,314,550 | 4,922,928 | (32.67)

Despite the impact of challenging retail conditions in the UK, the Company has continued to deliver a strong performance.

Strategy
The Group continues to diversify its sourcing locations whilst maintaining healthy stock holdings. This has contributed to better service levels and maintaining margin despite inflationary headwinds. Both Forex and cost of maritime freight do impact the benefits of cheaper sourcing.
Competition
The sector both in the UK and exports markets remains extremely competitive we are required to maintain low entry level pricing and aggressive promotional offers. So…? Brand continues to benefit from a strong public recognition in the UK and some mature export markets, while growing its reputation in recently launched export markets which is expected to take a larger share of sales growth.
Customer base
The Group is observing the viability of certain customers, in particular in the discount sector in the UK.
Europe
The Group continues to expand its stock holding in Belgium to ensure a better service level for EU customers.
Ukraine War
While the Group has a small market in Ukraine the Group no longer supplies products to Russia even though its products do not come under any international sanctions.
Market risk
The sector in which the Group operates has constant market risks with the introduction of new brands, and while we have been able to defend and grow our position in recent years competing effectively against newcomers and established brands. Having managed risks comparatively well through extremely difficult market conditions The Group expects to improve its capacity to do so in the future. We are continuing to look at innovative ways to reduce Carbon footprint by using more recycled plastic and glass.
PARFUMS VOGUE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Financial risk
With volatility having increased, exchange rates have fluctuated extensively. The Group makes use of forward currency contracts to moderate its risk exposure to fluctuations in exchange rates. It is increasingly difficult in today's world to predict this effectively.
Future Developments
The Group expects to continue growth in both UK and Export markets. The strategy of maintaining NPD development throughout the Covid years seems to be bearing fruit with the expansion of our customer base and new markets. During the year, the Group focused on its supply chain and will look to expand its portfolio in the next financial year by introducing new fragrance variants to many of its ranges. The Group will look to expand its offerings to cater to both a diverse UK and export retailer base.

On behalf of the board

P Spillman
Director
4 December 2025
PARFUMS VOGUE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 March 2025.

Principal activities

The principal activity of the group continued to be that of distribution and marketing of fragrances and cosmetics.

The principle activity of the company is that of a holding company.

Results and dividends

The profit for the year, after taxation, amounted to £2,505,348 (2024 - £3,690,450).

During the year, the company paid dividends of £1,200,000 (2024 - £800,000).

Directors

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

Mr K Gangji
Mr P H Spillmann
Auditor

In accordance with the company's articles, a resolution proposing that Goodman Jones LLP be reappointed as auditor of the group will be put at a General Meeting.

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 group and company, and of the profit or loss of the group 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;

- 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 group and company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and 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 auditor of the company 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 auditor of the company is aware of that information.

PARFUMS VOGUE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 4 -
On behalf of the board
Mr P H Spillmann
Director
4 December 2025
PARFUMS VOGUE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF PARFUMS VOGUE LIMITED
- 5 -
Opinion

We have audited the financial statements of Parfums Vogue Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 202 4 which comprise the Consolidated Statement of Comprehensive Income, the Consolidated B alance S heet, the C ompany B alance S heet, the Consolidated S tatement of C hanges in E quity, the C ompany S tatement of C hanges in E quity, the Consolidated S tatement of C ash F lows 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 group and parent company's affairs as at 31 March 2025 and of its 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 group and parent 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.

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 group's and parent 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.

Opinions on other matters prescribed by the Companies Act 2006

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

- T he 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.

PARFUMS VOGUE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PARFUMS VOGUE LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

- the parent company 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 parent 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 parent 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to industry sector regulations and unethical and prohibited business practices, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and UK Tax Legislation. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Appropriate audit procedures in response to these risks were carried out. These procedures included:

- Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud;

- Reading minutes of meetings of those charged with governance;

- Obtaining and reading correspondence from legal and regulatory bodies including HMRC;

- Identifying and testing journal entries;

- Challenging assumptions and judgements made by management in their significant accounting estimates.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members; and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

PARFUMS VOGUE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF PARFUMS VOGUE LIMITED
- 7 -

There are inherent limitations in the audit procedures described above. The further removed instances of noncompliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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 parent 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 parent company’s members those matters we are required to state to them 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 parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Esther Wood
Senior Statutory Auditor
For and on behalf of Goodman Jones LLP
4 December 2025
Chartered Accountants
Statutory Auditor
1st Floor Arthur Stanley House
40-50 Tottenham Street
London
W1T 4RN
PARFUMS VOGUE LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2025
- 8 -
2025
2024
Notes
£
£
Turnover
4
35,135,973
34,573,604
Cost of sales
(18,603,580)
(17,376,135)
Gross profit
16,532,393
17,197,469
Distribution costs
(10,943,034)
(9,928,475)
Administrative expenses
(2,274,809)
(2,346,066)
Operating profit
5
3,314,550
4,922,928
Interest receivable and similar income
7
13,936
-
0
Interest payable and similar expenses
8
(7,383)
-
0
Profit before taxation
3,321,103
4,922,928
Tax on profit
12
(815,755)
(1,232,478)
Profit for the financial year
2,505,348
3,690,450
There was no other comprehensive income 2024 (2023 - £Nil).

The notes on pages 14 - 25 form part of these financial statements.

PARFUMS VOGUE LIMITED
CONSOLIDATED BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
14
91,326
68,626
Current assets
Stocks
16
10,840,819
11,600,543
Debtors
17
3,252,158
4,585,573
Cash at bank and in hand
3,436,574
2,517,324
17,529,551
18,703,440
Creditors: amounts falling due within one year
18
(7,161,583)
(9,611,735)
Net current assets
10,367,968
9,091,705
Total assets less current liabilities
10,459,294
9,160,331
Provisions for liabilities
Deferred tax liability
19
8,228
14,613
(8,228)
(14,613)
Net assets
10,451,066
9,145,718
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
10,450,966
9,145,618
Total equity
10,451,066
9,145,718
The financial statements were approved by the board of directors and authorised for issue on 4 December 2025 and are signed on its behalf by:
04 December 2025
Mr P H Spillmann
Director
Company registration number 01919436 (England and Wales)
PARFUMS VOGUE LIMITED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 10 -
2025
2024
Notes
£
£
£
£
Fixed assets
Investments
13
3
3
Current assets
Debtors
17
97
98,645
Cash at bank and in hand
15,992
101,452
16,089
200,097
Creditors: amounts falling due within one year
18
(16,022)
(200,000)
Net current assets
67
97
Net assets
70
100
Capital and reserves
Called up share capital
20
100
100
Profit and loss reserves
(30)
-
0
Total equity
70
100

As permitted by s408 Companies Act 2006, the company has not presented its own statement of comprehensive income and related notes.

The financial statements were approved by the board of directors and authorised for issue on 4 December 2025 and are signed on its behalf by:
04 December 2025
Mr P H Spillmann
Director
Company registration number 01919436 (England and Wales)
PARFUMS VOGUE LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
100
6,255,168
6,255,268
Year ended 31 March 2024:
Profit and total comprehensive income
-
3,690,450
3,690,450
Dividends
10
-
(800,000)
(800,000)
Balance at 31 March 2024
100
9,145,618
9,145,718
Year ended 31 March 2025:
Profit and total comprehensive income
-
2,505,348
2,505,348
Dividends
10
-
(1,200,000)
(1,200,000)
Balance at 31 March 2025
100
10,450,966
10,451,066
PARFUMS VOGUE LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
100
-
0
100
Year ended 31 March 2024:
Profit and total comprehensive income for the year
-
800,000
800,000
Dividends
10
-
(800,000)
(800,000)
Balance at 31 March 2024
100
-
0
100
Year ended 31 March 2025:
Profit and total comprehensive income
-
1,199,970
1,199,970
Dividends
10
-
(1,200,000)
(1,200,000)
Balance at 31 March 2025
100
(30)
70
PARFUMS VOGUE LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2025
- 13 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
2,987,711
2,627,325
Interest paid
(7,383)
-
0
Income taxes paid
(822,140)
(1,114,332)
Net cash inflow from operating activities
2,158,188
1,512,993
Investing activities
Purchase of tangible fixed assets
(60,249)
(26,763)
Proceeds from disposal of tangible fixed assets
7,375
-
Interest received
13,936
-
0
Net cash used in investing activities
(38,938)
(26,763)
Financing activities
Dividends paid to equity shareholders
(1,200,000)
(800,000)
Net cash used in financing activities
(1,200,000)
(800,000)
Net increase in cash and cash equivalents
919,250
686,230
Cash and cash equivalents at beginning of year
2,517,324
1,831,094
Cash and cash equivalents at end of year
3,436,574
2,517,324
PARFUMS VOGUE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 14 -
1
Company information

Parfums Vogue Limited ("the company") is a private limited company domiciled and incorporated in England and Wales. The registered office is 14 Lyon Road, Congress House, 3rd Floor, Harrow, Middlesex, HA1 2EN.

The group consists of Parfums Vogue Limited and all of its subsidiaries.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Impairment of stock

Inventories are stated at the lower of cost and net realisable value. The directors use their judgement to estimate the net realisable value used, if one cannot reasonably be determined by a third party. Further information is given in the Company's accounting policies.

Recoverability of trade debtors

When determining whether receivables are recoverable, consideration is made of any objective impairment to any financial assets that are measured at amortised cost, including observable data that comes to the attention of the company or other factors which may also be evidence of impairment, including significant changes with an adverse effect that have taken place it he market, economic or legal environment in respect of that financial asset.

2
Accounting policies
2.1
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, (modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value). The principal accounting policies adopted are set out below.

PARFUMS VOGUE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 15 -
2.2
Basis of consolidation

The consolidated financial statements present the results of the parent company and its own subsidiaries ("the group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.

The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of financial position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

2.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

2.4
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is recognised at dispatch, except in instances where different terms have been agreed, as this is the point when the risks and rewards of ownership are considered to have been transferred to the customer.

2.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
Written off on a straight line basis over the term of the lease
Plant and equipment
20% straight line, 25% reducing balance, 33% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

2.6
Impairment of fixed assets

Fixed assets are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Fixed assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

PARFUMS VOGUE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 16 -
2.7
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.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

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 the statement of comprehensive income.

2.8
Financial instruments

The group 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 group's balance sheet when the group becomes party to the contractual provisions of the instrument.

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.

2.9
Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.10
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 group’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 if, and only if, there is 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.

PARFUMS VOGUE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
2
Accounting policies
(Continued)
- 17 -
2.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2.12
Retirement benefits

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

2.13
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 d asset are consumed.

2.14
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.

4
Turnover and other revenue
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
26,463,237
28,034,876
Rest of Europe
6,312,480
3,605,514
Rest of the world
2,374,194
2,933,215
35,149,911
34,573,605
2025
2024
£
£
Other revenue
Interest income
13,936
-
PARFUMS VOGUE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 18 -
5
Operating profit
2025
2024
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange gains
(58,751)
(163,383)
Depreciation of owned tangible fixed assets
30,489
31,658
(Profit)/loss on disposal of tangible fixed assets
(3,126)
1,000
Stocks impairment losses recognised or reversed
302,323
465,529
Operating lease charges
41,775
40,583
6
Auditor's remuneration
2025
2024
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company's subsidiaries
50,500
50,500
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
13,936
-
0
2025
2024
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through profit or loss
13,936
-
8
Interest payable and similar expenses
2025
2024
£
£
Other finance costs:
Other interest
7,383
-
9
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
42
44
2
2
PARFUMS VOGUE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
9
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

Group
Company
2025
2024
2025
2024
£
£
£
£
Wages and salaries
1,478,221
1,388,513
-
0
-
0
Social security costs
168,788
141,905
-
-
Pension costs
27,444
23,716
-
0
-
0
1,674,453
1,554,134
-
0
-
0
10
Dividends
2025
2024
Recognised as distributions to equity holders:
£
£
Final paid
1,200,000
800,000
11
Impairments

Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:

2025
2024
Notes
£
£
In respect of:
Stocks
16
302,323
465,529
Recognised in:
Cost of sales
302,323
465,529
PARFUMS VOGUE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 20 -
12
Taxation
2025
2024
£
£
Current tax
UK corporation tax on profits for the current period
822,141
1,231,596
Deferred tax
Origination and reversal of timing differences
882
(809)
Total tax charge
815,755
1,232,478

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

2025
2024
£
£
Profit before taxation
3,321,133
4,922,928
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
830,283
1,230,732
Tax effect of expenses that are not deductible in determining taxable profit
4,391
1,667
Permanent capital allowances in excess of depreciation
(18,268)
(8,718)
Depreciation on assets not qualifying for tax allowances
9,573
7,915
Other permanent differences
(3,838)
-
0
Origination and reversal of timing differences
(6,386)
882
Taxation charge
815,755
1,232,478
13
Fixed asset investments
Group
Company
2025
2024
2025
2024
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
3
3
PARFUMS VOGUE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
13
Fixed asset investments
(Continued)
- 21 -
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 April 2024 and 31 March 2025
3
Carrying amount
At 31 March 2025
3
At 31 March 2024
3
14
Tangible fixed assets
Group
Leasehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 April 2024
8,850
336,821
345,671
Additions
-
0
60,249
60,249
Disposals
-
0
(25,947)
(25,947)
At 31 March 2025
8,850
371,123
379,973
Depreciation and impairment
At 1 April 2024
8,850
268,196
277,047
Depreciation charged in the year
-
0
30,174
30,174
Eliminated in respect of disposals
-
0
(18,574)
(18,574)
At 31 March 2025
8,850
279,797
288,647
Carrying amount
At 31 March 2025
-
91,326
91,326
At 31 March 2024
-
0
68,625
68,625
PARFUMS VOGUE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 22 -
15
Subsidiaries

Details of the company's subsidiaries at 31 March 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Incos Limited
United Kingdom
Ordinary
100
Brand Managers Limited
United Kingdom
Ordinary
100
16
Stocks
Group
Company
2025
2024
2025
2024
£
£
£
£
Raw materials and consumables
128,872
333,264
-
-
Finished goods and goods for resale
10,711,947
11,267,279
-
0
-
0
10,840,819
11,600,543
-
-
17
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,586,553
3,896,059
-
0
-
0
Other debtors
370,672
163,378
97
98,645
Prepayments and accrued income
281,373
512,576
-
0
-
0
3,238,598
4,572,013
97
98,645
Amounts falling due after more than one year:
Other debtors
13,560
13,560
-
0
-
0
Total debtors
3,252,158
4,585,573
97
98,645
PARFUMS VOGUE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 23 -
18
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Trade creditors
5,528,305
7,421,207
-
0
-
0
Amounts owed to group undertakings
30
-
0
30
200,000
Corporation tax payable
67,613
586,927
-
0
-
0
Other taxation and social security
75,959
49,102
-
-
Other creditors
21,757
9,981
15,992
-
0
Accruals and deferred income
1,467,919
1,544,518
-
0
-
0
7,161,583
9,611,735
16,022
200,000
19
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Group
£
£
Accelerated capital allowances
8,228
14,613
Group
Company
2025
2025
Movements in the year:
£
£
Liability at 1 April 2024
14,613
-
Credit to profit or loss
(6,385)
-
Liability at 31 March 2025
8,228
-

20
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
PARFUMS VOGUE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 24 -
21
Operating lease commitments
Lessee

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

Group
Company
2025
2024
2025
2024
£
£
£
£
Within one year
42,100
42,100
-
-
Between two and five years
84,200
126,300
-
-
126,300
168,400
-
-
22
Related party transactions
Transactions with related parties

At the reporting date, the Group owes £15,895 (2024: £101,790 owed by its directors) to its directors included in other debtors and creditors. These amounts are interest free and repayable on demand.

The Group has incurred expenses of £3,615,737 (2024: £3,553,451) during the period from Debonair Trading Internacional Lda, a company owned by a close family member of a director.

At the end of the accounting period a balance of £4,269,613 (2024: £5,218,204) was payable to Debonair Trading Internacional Lda and is included within note 14 as £3,629,383 (2024: £4,476,427) within trade creditors and £640,230 (2024: £741,777) within accruals and deferred income. At the end of the reporting period a balance of £120,781 (2024: £118,170) was owed to the group.

23
Controlling party
The ultimate controlling party is K Gangji by virtue of his majority shareholding.
PARFUMS VOGUE LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 25 -
24
Cash generated from group operations
2025
2024
£
£
Profit for the year after tax
2,505,348
3,690,450
Adjustments for:
Taxation charged
815,755
1,232,478
Finance costs
7,383
-
0
Investment income
(13,936)
-
0
Depreciation and impairment of tangible fixed assets
30,174
31,343
Movements in working capital:
Decrease/(increase) in stocks
759,724
(4,136,015)
Decrease/(increase) in debtors
1,333,415
(468,749)
(Decrease)/increase in creditors
(2,450,152)
2,277,818
Cash generated from operations
2,987,711
2,627,325
25
Analysis of changes in net funds - group
1 April 2024
Cash flows
31 March 2025
£
£
£
Cash at bank and in hand
2,517,324
919,250
3,436,574
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