Corsair Toiletries Ltd Company accounts

COMPANY REGISTRATION NUMBER: 1254443

Corsair Toiletries Ltd

Financial Statements

31 December 2024

Corsair Toiletries Ltd

Financial Statements

Year ended 31 December 2024

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Statement of comprehensive income	8

Statement of financial position	9

Statement of changes in equity	10

Statement of cash flows	11

Notes to the financial statements	12

Corsair Toiletries Ltd

Strategic Report

Year ended 31 December 2024

Review of the business The Company is a manufacturer, product developer, designers and distributors of licensed toiletries, fragrance and associated products. Results and performance The company has seen a 35% increase in turnover during the year, whilst also maintaining a margin of around 25%. These are the key KPI indicators for the company. Whilst the directors are pleased with this, they are still planning increased growth from the company. Business Strategy The Company supports its product ranges through strong promotional and marketing plans. It is also committing more resource to promoting its own brands with key retailers. The company has made strategic investments in new showrooms, offices and staff. These additional resources will provide the company with improved infrastructure to significantly boost turnover now and in the future. Turnover from the export side of the business has also increased due to better logistical operations now in place. The company's success is dependent on the license selection, pricing and ongoing management of the business it accepts. The company is continually reviewing and renewing its range of brands, whilst it invests time and resources looking for innovative and compelling products to add to its portfolio. Production is based in China, India and Turkey, which has contributed to the competitive unit costs of our products in the year 2024. Principal risks and uncertainties Market Risk The current economic climate remains very competitive. In order to maintain margins in the company, focus will be placed upon achieving this through improving the purchase cycle and pricing with its major suppliers. Selecting the right license is always a potential risk but the Company takes time to consider each and every opportunity before committing. Foreign exchange risk The Company enters foreign exchange in order to hedge against any anticipated currency fluctuations. Credit risk The company carries out vigorous credit check verification and credit control procedures, which assists with cash flow management.

Future developments During the current year 2025 the company has maintained its growth and is still looking to expand its product range and manufacturing processes.

This report was approved by the board of directors on 17 December 2025 and signed on behalf of the board by:

M Pringle

Director

Registered office:

Unit 1, Park Industrial Estate

Park Street Lane

Frogmore

St Albans

Herts

AL2 2DR

Corsair Toiletries Ltd

Directors' Report

Year ended 31 December 2024

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

Principal activities

The company's principal activity continued to be that of wholesalers in toiletries.

Directors

The directors who served the company during the year were as follows:

M Pringle
G Pringle
O Pringle	(Resigned 30 April 2024)

Dividends

Particulars of recommended dividends are detailed in note 12 to the financial statements.

Future developments

The future developments review is included within the Strategic Report.

Disclosure of information in the strategic report

The business review is included within the Strategic Report on Page 1.

Directors' responsibilities statement

The directors are responsible for preparing the strategic report, directors' 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 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 judgments and accounting estimates that are reasonable and prudent; - 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. Auditor

Each of the persons who is a director at the date of approval of this report confirms that:

- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.

This report was approved by the board of directors on 17 December 2025 and signed on behalf of the board by:

M Pringle

Director

Registered office:

Unit 1, Park Industrial Estate

Park Street Lane

Frogmore

St Albans

Herts

AL2 2DR

Corsair Toiletries Ltd

Independent Auditor's Report to the Members of Corsair Toiletries Ltd

Year ended 31 December 2024

Opinion

We have audited the financial statements of Corsair Toiletries Ltd (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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; - 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.

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. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

- the information given in the strategic report and the directors' report 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 identified material misstatements in the strategic report or the directors' report. 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' responsibilities statement, 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 Auditors' 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 a fraud or error and are considered material if, individually or in aggregate, they could be reasonably expected to influence the economic decisions of the user of the 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, are now detailed below - Enquiring of management around actual and potential litigation claims; - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; - Performing audit work over the risks of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias. Because of the inherent limitations of an audit, there is a risk we will not detect all irregularities, including those leading to a material misstatement in the financial statements or a non-compliance with a a law or regulation. This risk increases the more compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of the instances of non-compliance. A further description of our responsibilities for the audit of the financial statements is located on the FRC website at: www.frc.org.uk/auditorsresponsibilties. This description forms part of our Auditors 'Report. Use of our report

This report is made solely to the company's members, as a body, in accordance with chapter 3 of part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in 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 members as a body, for our audit work, for this report, or for the opinions we have formed.

Mr Shenol Moustafa, FCA

(Senior Statutory Auditor)

For and on behalf of

Hurshens Limited

Chartered accountants & statutory auditor

Unit 2, 32-34 Station Close

Herts

EN6 1TL

17 December 2025

Corsair Toiletries Ltd

Statement of Comprehensive Income

Year ended 31 December 2024

		2024	2023
			(restated)
Note		£	£
Turnover	4	28,242,130	20,888,504

Cost of sales	23,041,404	15,777,667
	-------------	-------------
Gross profit	5,200,726	5,110,837

Administrative expenses		2,133,540	1,947,662
		------------	------------
Operating profit	5	3,067,186	3,163,175

Other interest receivable and similar income	9	9,358	3,689
Interest payable and similar expenses	10	70,224	47,927
		------------	------------
Profit before taxation		3,006,320	3,118,937

Tax on profit	11	733,204	696,091
		------------	------------
Profit for the financial year		2,273,116	2,422,846
		------------	------------

Contribution to EOT	(2,350,001)	(2,548,599)
	------------	------------
Total comprehensive income for the year	( 76,885)	( 125,753)
	------------	------------

All the activities of the company are from continuing operations.

Corsair Toiletries Ltd

Statement of Financial Position

31 December 2024

	2024		2023
			(restated)
Note	£	£	£

Fixed assets

Tangible assets	13		285,052	80,991

Current assets

Stocks	14	1,362,036	2,003,546
Debtors	15	4,968,013	3,898,771
Cash at bank and in hand		2,722,712	687,823
		------------	------------
		9,052,761	6,590,140

Creditors: amounts falling due within one year	16	9,123,805		6,380,238
		------------		------------
Net current (liabilities)/assets			( 71,044)	209,902
			---------	---------
Total assets less current liabilities			214,008	290,893
			---------	---------

Capital and reserves

Called up share capital	19	20,000	20,000
Profit and loss account	20	194,008	270,893
		---------	---------
Shareholders funds		214,008	290,893
		---------	---------

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the medium companies regime.

These financial statements were approved by the board of directors and authorised for issue on 17 December 2025 , and are signed on behalf of the board by:

M Pringle

Director

Company registration number: 1254443

Corsair Toiletries Ltd

Statement of Changes in Equity

Year ended 31 December 2024

			Called up share capital	Profit and loss account	Total
Note			£	£	£
At 1 January 2023			20,000	1,216,652	1,236,652

Profit for the year				2,422,846	2,422,846
Other comprehensive income for the year:
	Contribution to EOT		–	(2,548,599)	(2,548,599)
			--------	------------	------------
Total comprehensive income for the year			–	( 125,753)	( 125,753)

Dividends paid and payable		12	–	( 820,006)	( 820,006)
			--------	------------	------------
Total investments by and distributions to owners			–	( 820,006)	( 820,006)

At 31 December 2023 (as previously reported)			20,000	2,819,492	2,839,492
Prior period adjustments		18	–	(2,548,599)	(2,548,599)
			--------	------------	------------
At 31 December 2023 (restated)			20,000	270,893	290,893
			--------	------------	------------

Profit for the year				2,273,116	2,273,116
Other comprehensive income for the year:
	Contribution to EOT		–	(2,350,001)	(2,350,001)
			--------	------------	------------
Total comprehensive income for the year			–	( 76,885)	( 76,885)

			--------	------------	------------
At 31 December 2024			20,000	194,008	214,008
			--------	------------	------------

Corsair Toiletries Ltd

Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
		(restated)
	£	£

Cash flows from operating activities

Profit for the financial year	2,273,116	2,422,846

Adjustments for:
Depreciation of tangible assets	71,442	4,081
Other interest receivable and similar income	( 9,358)	( 3,689)
Interest payable and similar expenses	70,224	47,927
Gains on disposal of tangible assets	–	( 7,268)
Tax on profit	733,204	696,091

Changes in:
Stocks	641,510	( 1,388,249)
Trade and other debtors	( 1,069,242)	( 1,088,237)
Trade and other creditors	2,293,460	2,581,728
	------------	------------
Cash generated from operations	5,004,356	3,265,230

Interest paid	( 70,224)	( 47,927)
Interest received	9,358	3,689
Tax paid	( 825,000)	( 500,000)
	------------	------------
Net cash from operating activities	4,118,490	2,720,992
	------------	------------

Cash flows from investing activities

Purchase of tangible assets	( 275,503)	( 70,554)
Proceeds from sale of tangible assets	–	15,537
	------------	------------
Net cash used in investing activities	( 275,503)	( 55,017)
	------------	------------

Cash flows from financing activities

Proceeds from borrowings	–	( 466,667)
Proceeds from loans from group undertakings	541,903	250,000
Dividends paid	–	( 820,006)
Contributions to EOT	(2,350,001)	(2,548,599)
	------------	------------
Net cash used in financing activities	( 1,808,098)	( 3,585,272)
	------------	------------

Net increase/(decrease) in cash and cash equivalents	2,034,889	( 919,297)
Cash and cash equivalents at beginning of year	687,823	1,607,120
	------------	------------
Cash and cash equivalents at end of year	2,722,712	687,823
	------------	------------

Corsair Toiletries Ltd

Notes to the Financial Statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is Unit 1, Park Industrial Estate, Park Street Lane, Frogmore, St Albans, Herts, AL2 2DR.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of assets and liabilities measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Invoice discounting

The company has entered into an invoice discounting agreement, whereby it receives a proportion of its sales invoices as an advance. The relevant sales invoices are included in trade debtors, but are assigned to the discount house. Advances are disclosed in the balance sheet as current liabilities when they exist, otherwise amounts due to the company are included within cash at bank with no separate disclosure.

Going concern

Based upon the work we have performed, we have not identified any material uncertainties relating to events or conditions that 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 use.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Stock provisions- The company sells branded products with agreed licence periods. When calculating stock provisions and write downs,management have to consider market conditions and recoverability of stock held at the year end.

Revenue recognition

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

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Property improvement	-	25% reducing balance
Plant and equipment	-	25% reducing balance
Fixtures and fittings	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised

Financial instruments

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. The company has elected to apply the provisions of Section 11 "Basic Financial Instruments" of FRS 102 to all its financial instruments. Inter company loans are classed as basic financial instruments, and are interest free and are repayable on demand. As a result they are not held at amortised value, but instead these loans are stated at fair value. Derivatives such as foreign exchange contracts, are not basic financial instruments.They are initially recognised at fair value on the date the contract is entered into and are subsequently measured at their fair value. Changes in fair value are recorded in the profit and loss account.

Defined contribution plans

The company operates a defined contribution pension scheme for the directors. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the Profit and Loss Account.

4. Turnover

Turnover arises from:

	2024	2023
		(restated)
	£	£
Sale of goods	28,242,130	20,888,504
	-------------	-------------

The directors consider it to be seriously prejudicial to the interests of the company to disclose information regarding turnover.

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
		(restated)
	£	£
Depreciation of tangible assets	71,442	4,081
Gains on disposal of tangible assets	–	( 7,268)
Impairment of trade debtors	–	11,724
	--------	--------

6. Auditor's remuneration

	2024	2023
		(restated)
	£	£
Fees payable for the audit of the financial statements	10,000	10,000
	--------	--------

Fees payable to the company's auditor and its associates for other services:

Other non-audit services	1,100	6,672
	--------	--------

7. Staff costs

The average number of persons employed by the company during the year, including the directors, amounted to:

	2024	2023
	No.	No.
Distribution staff	25	21
Management staff	2	2
	----	----
	27	23
	----	----

The aggregate payroll costs incurred during the year, relating to the above, were:

	2024	2023
		(restated)
	£	£
Wages and salaries	1,437,371	1,371,748
Social security costs	126,206	153,805
Other pension costs	15,046	13,421
	------------	------------
	1,578,623	1,538,974
	------------	------------

8. Directors' remuneration

The directors' aggregate remuneration in respect of qualifying services was:

	2024	2023
		(restated)
	£	£
Remuneration	123,751	170,916
	---------	---------

The number of directors who accrued benefits under company pension plans was as follows:

	2024	2023
		(restated)
	No.	No.
Defined contribution plans	1	1
	----	----

9. Other interest receivable and similar income

	2024	2023
		(restated)
	£	£
Interest on cash and cash equivalents	9,358	3,689
	-------	-------

10. Interest payable and similar expenses

	2024	2023
		(restated)
	£	£
Other interest payable and similar charges	70,224	47,927
	--------	--------

11. Tax on profit

Major components of tax expense

	2024	2023
		(restated)
	£	£

Current tax:

UK current tax expense	733,204	733,249
Adjustments in respect of prior periods	–	( 37,158)
	---------	---------
Total current tax	733,204	696,091
	---------	---------
	---------	---------
Tax on profit	733,204	696,091
	---------	---------

Reconciliation of tax expense

The tax assessed on the profit on ordinary activities for the year is lower than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 23.52 %).

	2024	2023
		(restated)
	£	£
Profit on ordinary activities before taxation	3,006,320	3,118,937
	------------	------------
Profit on ordinary activities by rate of tax	751,580	733,590
Adjustment to tax charge in respect of prior periods	–	( 37,158)
Effect of capital allowances and depreciation	( 18,376)	( 341)
	------------	------------
Tax on profit	733,204	696,091
	------------	------------

12. Dividends

Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):

	2024	2023
		(restated)
	£	£
Equity dividends on ordinary shares	–	820,006
	----	---------

13. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£	£
Cost
At 1 January 2024 (as restated)	31,133	241,338	–	80,505	352,976
Additions	–	94,377	87,899	93,227	275,503
	--------	---------	--------	---------	---------
At 31 December 2024	31,133	335,715	87,899	173,732	628,479
	--------	---------	--------	---------	---------
Depreciation
At 1 January 2024	26,706	232,637	–	12,642	271,985
Charge for the year	885	26,228	21,973	22,356	71,442
	--------	---------	--------	---------	---------
At 31 December 2024	27,591	258,865	21,973	34,998	343,427
	--------	---------	--------	---------	---------
Carrying amount
At 31 December 2024	3,542	76,850	65,926	138,734	285,052
	--------	---------	--------	---------	---------
At 31 December 2023	4,427	8,701	–	67,863	80,991
	--------	---------	--------	---------	---------

14. Stocks

	2024	2023
		(restated)
	£	£
Finished goods and goods for resale	1,362,036	2,003,546
	------------	------------

15. Debtors

	2024	2023
		(restated)
	£	£
Trade debtors	4,524,115	3,440,962
Amounts owed by group undertakings	328,782	328,784
Prepayments and accrued income	115,116	48,260
Other debtors	–	80,765
	------------	------------
	4,968,013	3,898,771
	------------	------------

Trade debtors disclosed are all assigned to the invoice discounting house.

16. Creditors: amounts falling due within one year

	2024	2023
		(restated)
	£	£
Trade creditors	7,260,177	4,842,707
Amounts owed to group undertakings	791,903	250,000
Corporation tax	541,453	633,249
Social security and other taxes	530,272	654,282
	------------	------------
	9,123,805	6,380,238
	------------	------------

The banking facilities are secured by a fixed and floating charge over all the company's assets.

17. Employee benefits

Defined contribution plans

The amount recognised in profit or loss as an expense in relation to defined contribution plans was £ 15,046 (2023: £ 13,421 ).

18. Prior year adjustment

Payments to the Employee Ownership Trust were reclassified as contributions on behalf of the trust.

19. Called up share capital

Authorised share capital

	2024		2023
			(restated)
	No.	£	No.	£
Ordinary shares of £ 1 each	20,000	20,000	20,000	20,000
	--------	--------	--------	--------

Issued, called up and fully paid

	2024		2023
			(restated)
	No.	£	No.	£
Ordinary shares of £ 1 each	20,000	20,000	20,000	20,000
	--------	--------	--------	--------

20. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

21. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	687,823	2,034,889	2,722,712
Debt due within one year	(250,000)	(541,903)	(791,903)
	---------	------------	------------
	437,823	1,492,986	1,930,809
	---------	------------	------------

22. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2024	2023
		(restated)
	£	£
Later than 5 years	47,000	47,000
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Corsair Toiletries Ltd

Notes to the Financial Statements (continued)

Year ended 31 December 2024

23. Related party transactions

The company operates from a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The company paid rent to the scheme of £47,000 (2023:£47,000) during the year. The company made sales to a related company of £- (2023:£351,795) during the year. Amounts due from this company amounted to £- (2023:£-). The company also purchased services from a related party for £- (2023:£92,053). The amount due to this company was £110,463 (2023:£110,463). All transactions are at open market value. The company also owes this company £745,000 (2024:£250,000). The directors receive emoluments as disclosed in note 8 in these accounts.

24. Controlling party

The ultimate controlling party is the Corsair Group Ownership Trust with shares held by a non trading company Corsair EOT Trustees Limited. The immediate Parent company was Corsair Holdings Ltd of Unit 2, 32-34 Station Close, Potters Bar, EN6 1TL. The Company is 100% owned by this company.

25. Financial risk management

The company has exposures to three main areas of risk - foreign exchange currency exposure, liquidity risk and customer credit exposure. To a lesser extent the company is exposed to interest rate risk.

Foreign exchange transactional currency exposure

The company is exposed to currency exchange rate risk due to a significant proportion of its payables being denominated in non-Sterling currencies. The net exposure of each currency is monitored and managed by the use of forward foreign exchange contract.

Liquidity risk

The objective of the company in managing liquidity risk is to ensure that it can meet its financial obligations as and when they fall due. The company expects to meet its financial obligations through operating cash flows. In the event that the operating cash flows would not cover all the financial obligations the company has credit facilities available.

Customer credit exposure

The group may offer credit terms to its customers which allow payment of the debt after delivery of the goods or services. The group is at risk to the extent that a customer may be unable to pay the debt on the specified due date. This risk is mitigated by the strong on-going customer relationships and by credit insurance.

Interest rate risk

The company borrows from its bankers using either overdrafts or invoice discounting whose tenure depends on the nature of the asset and management's view of the future direction of interest rate.