Argentum Apothecary Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 07521601 (England and Wales)

Financial Statements for the Year Ended 31 December 2024

for

Argentum Apothecary Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J Isaacs

S Gray

G Lu

W Lau

F Yu

REGISTERED OFFICE:

1st Floor Spitalfields House

1 Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

BUSINESS ADDRESS:

119 Portland Road

Notting Hill

London

W11 4LN

REGISTERED NUMBER:

07521601 (England and Wales)

AUDITORS:

TC Group

Statutory Auditor

First Floor

Spitalfields House

Stirling Way

Borehamwood

Hertfordshire

WD6 2FX

FIXED ASSETS

Intangible assets

4

193,781

170,456

Tangible assets

5

214,486

255,473

Investments

6

700

408,967

426,629

CURRENT ASSETS

Stocks

2,877,322

3,667,847

Debtors

7

933,855

698,328

Cash at bank and in hand

131,028

464,401

3,942,205

4,830,576

CREDITORS

Amounts falling due within one year

8

(420,203

)

(1,390,638

)

NET CURRENT ASSETS

3,522,002

3,439,938

TOTAL ASSETS LESS CURRENT

LIABILITIES

3,930,969

3,866,567

CREDITORS

Amounts falling due after more than one

year

9

(75,000

)

(125,000

)

PROVISIONS FOR LIABILITIES

(34,341

)

(46,797

)

NET ASSETS

3,821,628

3,694,770

CAPITAL AND RESERVES

Called up share capital

12

42,955

Share premium

1,249,161

Retained earnings

2,529,512

2,402,654

SHAREHOLDERS' FUNDS

3,821,628

3,694,770

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2025 and were signed on its behalf by:

J Isaacs - Director

1.	STATUTORY INFORMATION

Argentum Apothecary Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Preparation of consolidated financial statements

The financial statements contain information about Argentum Apothecary Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on the amounts recognised in the financial statements:

Stock: Stock is included as per the accounting policy set out below. Management have assessed the need to write off or provide against any specific items based on their remaining shelf life, the levels held at year end, and the expected sales of such items in the immediate period post year end.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods excluding discounts, rebates, value added tax and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on delivery of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of twenty years.

Development costs are being amortised evenly over their estimated useful life of three years.

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 provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc - 33% on reducing balance and 25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less impairment.

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.

Consignment stocks

Consignment stocks represent goods sent to a thirdparty on a sale or return basis. Once the goods are sold, the sale is recognised.

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.

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 statement of financial position 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 including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 a 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.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation

Taxation for the year 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 or deferred taxation assets and liabilities are not discounted.

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

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

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

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

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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.

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.

Going concern

Based on the cashflow forecasts prepared by the directors until November 2026, the directors believe that the company has sufficient resources to meet its liabilities as and when they fall due for a period of at least twelve months from date of signing of these financial statements and as a result, these financial statements should be prepared on a going concern basis.

However, this is largely dependent on the continued support for its operations from the company's parent, Key Axis Limited, as well as the company achieving its sales targets and other assumptions made in the cashflow forecasts. Consequently, they continue to adopt the going concern basis of accounting in preparing these annual financial statements.These financial statements do not include any adjustments if the above support from its parent is withdrawn.

Leasing commitments

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 leases asset are consumed.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2023 - 28 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

210,272

Additions

44,648

At 31 December 2024

254,920

AMORTISATION

At 1 January 2024

39,816

Charge for year

21,323

At 31 December 2024

61,139

NET BOOK VALUE

At 31 December 2024

193,781

At 31 December 2023

170,456

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

COST

At 1 January 2024

68,742

583,869

652,611

Additions

-

33,259

Disposals

-

(88,092

)

(88,092

)

At 31 December 2024

68,742

529,036

597,778

DEPRECIATION

At 1 January 2024

12,230

384,908

397,138

Charge for year

6,875

54,359

61,234

Eliminated on disposal

-

(75,080

)

(75,080

)

At 31 December 2024

19,105

364,187

383,292

NET BOOK VALUE

At 31 December 2024

49,637

164,849

214,486

At 31 December 2023

56,512

198,961

255,473

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 January 2024

and 31 December 2024

700

NET BOOK VALUE

At 31 December 2024

700

At 31 December 2023

700

Investments represent the company's stake in La Maison Forty-Seven Inc., a wholly owned subsidiary registered in the USA.

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Trade debtors

725,339

56,563

Other debtors

208,516

641,765

933,855

698,328

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

Bank loans and overdrafts

50,000

Trade creditors

229,954

486,274

Taxation and social security

62,516

261,272

Other creditors

77,733

593,092

420,203

1,390,638

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE

YEAR

31.12.24

31.12.23

£

Bank loans

75,000

125,000

10.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.24

31.12.23

£

Within one year

47,466

75,000

Between one and five years

-

300,000

In more than five years

-

168,750

47,466

543,750

11.	SECURED DEBTS

The bank loans are secured by a fixed and floating charge over the Company's assets and a guarentee from two of the directors.

12.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

3,888

A Preferred

£1

3,888

18,020

B Preferred

£1

18,020

21,047

Ordinary

£1

21,047

42,955

13.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Michael Marcus FCA FCCA (Senior Statutory Auditor)

for and on behalf of TC Group

14.	RELATED PARTY DISCLOSURES

At 31 December 2024, the company has a balance of £7,809 (2023: £7,809) due from La Maison Forty-Seven Inc., the subsidiary undertaking.

At 31 December 2024, included in the carrying value of stock was £1,162,267 (2023: £842,598) worth of stock on consignment to the company's immediate parent and an amount owing to the company's immediate parent of £0 (2023: £498,054) which is included in other creditors.

15.	POST BALANCE SHEET EVENTS

Subsequent to the year end, the Company initiated a strategic reorganisation of its operations to enhance long-term efficiency and brand development. This included integrating certain functions within a broader beauty group structure and realigning its geographical footprint to support future growth. These measures are expected to strengthen the Company's foundations and improve overall operational performance.

16.	ULTIMATE CONTROLLING PARTY

The Company's immediate parent is Key Axis Limited, a company registered in Hong Kong and is the smallest group into which the company is consolidated. Its registered office is Room D, 10/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, KLN, Hong Kong and its consolidated accounts are available for inspection by appointment at this address.

The ultimate controlling party and the largest group into which the company is consolidated is Shanghai Ushopal Brand Holding Group Co. Ltd, a company registered in China. Its registered office is Room 3506, 35th Floor, T1 Office Building, No. 1133, Changning Road, Changning District, Shanghai, 200050 China and its consolidated accounts are available for inspection by appointment at this address.