Corsair Group Ltd Group accounts (Group and Company)

COMPANY REGISTRATION NUMBER: 12300324

Corsair Group Ltd

Financial Statements

31 December 2024

Corsair Group Ltd

Financial Statements

Year ended 31 December 2024

Contents	Page

Strategic report	1

Directors' report	3

Independent auditor's report to the members	5

Consolidated statement of comprehensive income	8

Consolidated statement of financial position	9

Company statement of financial position	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

Corsair Group Ltd

Strategic Report

Year ended 31 December 2024

Review of the business The Group is a manufacturer, product developer, designers and distributors of licensed toiletries, fragrance and associated products. Results and performance The group 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 group. Whilst the directors are pleased with this, they are still planning increased growth from the group. Business Strategy The Group 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 group has made strategic investments in new showrooms, offices and staff. These additional resources will provide the group 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 group's success is dependent on the license selection, pricing and ongoing management of the business it accepts. The group 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 group, 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 Group takes time to consider each and every opportunity before committing. Foreign exchange risk The Group enters foreign exchange in order to hedge against any anticipated currency fluctuations. Credit risk The group carries out vigorous credit check verification and credit control procedures, which assists with cash flow management. Future Developments During the current year 2025 the group has maintained its growth and is still looking to expand even its product range and 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 2, 32-36 Station Close

Potters Bar

England

EN6 1TL

Corsair Group Ltd

Directors' Report

Year ended 31 December 2024

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

Directors

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

G Pringle
M Pringle
D Hudson	(Appointed 10 July 2024)

Dividends

The directors do not recommend the payment of a dividend.

Future developments

The future developments review is included within the Strategic Report.

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 group and the company and 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 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 group and 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 group and 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 2, 32-36 Station Close

Potters Bar

England

EN6 1TL

Corsair Group Ltd

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

Year ended 31 December 2024

Opinion

We have audited the financial statements of Corsair Group Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the consolidated statement of comprehensive income, consolidated statement of financial position, company statement of financial position, consolidated statement of changes in equity, company statement of changes in equity, consolidated 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 group's and of the parent company's affairs as at 31 December 2024 and of the group's 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 group 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 or the 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. 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 group and the parent 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 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' 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 group's and 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 group or 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 ab Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is nota 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 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 Group Ltd

Consolidated 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	15,993,392
	-------------	-------------
Gross profit	5,200,726	4,895,112

Administrative expenses		2,619,431	2,217,828
		------------	------------
Operating profit	5	2,581,295	2,677,284

Other interest receivable and similar income	9	9,358	3,689
Interest payable and similar expenses	10	70,224	47,927
		------------	------------
Profit before taxation		2,520,429	2,633,046

Tax on profit	11	733,204	696,091
		------------	------------
Profit for the financial year		1,787,225	1,936,955
		------------	------------

Contribution to EOT	(2,350,001)	(2,548,599)
	------------	------------
Total comprehensive income for the year	( 562,776)	( 611,644)
	------------	------------

All the activities of the group are from continuing operations.

Corsair Group Ltd

Consolidated Statement of Financial Position

31 December 2024

	2024	2023
		(restated)
Note	£	£

Fixed assets

Intangible assets	12	2,429,443	2,915,354
Tangible assets	13	285,052	80,991
		------------	------------
		2,714,495	2,996,345

Current assets

Stocks	15	1,362,036	2,003,546
Debtors	16	4,668,643	3,599,401
Cash at bank and in hand		2,772,275	737,625
		------------	------------
		8,802,954	6,340,572

Creditors: amounts falling due within one year	17	9,388,909	6,645,581
		------------	------------
Net current liabilities		585,955	305,009
		------------	------------
Total assets less current liabilities		2,128,540	2,691,336
		------------	------------
Net assets		2,128,540	2,691,336
		------------	------------

Capital and reserves

Called up share capital	20	1,000	1,000
Profit and loss account		2,127,540	2,690,336
		------------	------------
Shareholders funds		2,128,540	2,691,336
		------------	------------

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: 12300324

Corsair Group Ltd

Company Statement of Financial Position

31 December 2024

	2024	2023
Note	£	£

Fixed assets

Investments	14	9,000,538	9,000,538

Current assets

Cash at bank and in hand	49,563	49,803

Creditors: amounts falling due within one year	17	49,101	49,341
		--------	--------
Net current assets		462	462
		------------	------------
Total assets less current liabilities		9,001,000	9,001,000
		------------	------------

Capital and reserves

Called up share capital	20	1,000	1,000
Profit and loss account		9,000,000	9,000,000
		------------	------------
Shareholders funds		9,001,000	9,001,000
		------------	------------

The profit for the financial year of the parent company was £Nil (2023: £ 820,006 ).

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: 12300324

Corsair Group Ltd

Consolidated Statement of Changes in Equity

Year ended 31 December 2024

			Called up share capital	Profit and loss account	Total
Note			£	£	£
At 1 January 2023			1,000	3,301,980	3,302,980

Profit for the year				1,936,955	1,936,955
Other comprehensive income for the year:
	Contribution to EOT		–	(2,548,599)	(2,548,599)
			-------	------------	------------
Total comprehensive income for the year			–	( 611,644)	( 611,644)

At 31 December 2023 (as previously reported)			1,000	5,238,915	5,239,915
Prior period adjustments		19	–	(2,548,599)	(2,548,599)
			-------	------------	------------
At 31 December 2023 (restated)			1,000	2,690,316	2,691,316
			-------	------------	------------

Profit for the year				1,787,225	1,787,225
Other comprehensive income for the year:
	Contribution to EOT		–	(2,350,001)	(2,350,001)
			-------	------------	------------
Total comprehensive income for the year			–	( 562,776)	( 562,776)

			-------	------------	------------
At 31 December 2024			1,000	2,127,540	2,128,540
			-------	------------	------------

Corsair Group Ltd

Company Statement of Changes in Equity

Year ended 31 December 2024

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1 January 2023	1,000	8,179,994	8,180,994

Profit for the year		820,006	820,006
	-------	------------	------------
Total comprehensive income for the year	–	820,006	820,006

At 31 December 2023	1,000	9,000,000	9,001,000

Profit for the year		–	–

	-------	------------	------------
At 31 December 2024	1,000	9,000,000	9,001,000
	-------	------------	------------

Corsair Group Ltd

Consolidated Statement of Cash Flows

Year ended 31 December 2024

	2024	2023
		(restated)
	£	£

Cash flows from operating activities

Profit for the financial year	1,787,225	1,936,955

Adjustments for:
Depreciation of tangible assets	71,442	4,081
Amortisation of intangible assets	485,891	485,891
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	2,293,461	1,761,660
	------------	------------
Cash generated from operations	5,004,357	2,445,162

Interest paid	( 70,224)	( 47,927)
Interest received	9,358	3,689
Tax paid	( 825,000)	( 500,000)
	------------	------------
Net cash from operating activities	4,118,491	1,900,924
	------------	------------

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	( 240)	( 466,882)
Proceeds from loans from group undertakings	541,903	250,000
Contributions to EOT	(2,350,001)	(2,548,599)
	------------	------------
Net cash used in financing activities	( 1,808,338)	( 2,765,481)
	------------	------------

Net increase/(decrease) in cash and cash equivalents	2,034,650	( 919,574)
Cash and cash equivalents at beginning of year	737,625	1,657,199
	------------	------------
Cash and cash equivalents at end of year	2,772,275	737,625
	------------	------------

Corsair Group 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 and Wales. The address of the registered office is Unit 2, 32-36 Station Close, Potters Bar, EN6 1TL, England.

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 certain financial assets and liabilities measured at fair value through profit or loss.

Disclosure exemptions

The parent company satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following reduced disclosures available under FRS 102:

(a) Disclosures in respect of each class of share capital have not been presented.

(b) No cash flow statement has been presented for the company.

(c) Disclosures in respect of financial instruments have not been presented.

(d) No disclosure has been given for the aggregate remuneration of key management personnel.

Consolidation

The financial statements consolidate the financial statements of Corsair Group Ltd and all of its subsidiary undertakings.

The results of subsidiaries acquired or disposed of during the year are included from or to the date that control passes.

The parent company has applied the exemption contained in section 408 of the Companies Act 2006 and has not presented its individual profit and loss account.

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

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed 10 years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10 years straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Short leasehold property	-	25% straight line
Plant and machinery	-	25% reducing balance
Motor vehicles	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. 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.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

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 this information.

5. Operating profit

Operating profit or loss is stated after charging/crediting:

	2024	2023
		(restated)
	£	£
Amortisation of intangible assets	485,891	485,891
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 group 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 income	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	2,520,429	2,633,046
	------------	------------
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. Intangible assets

Group	Goodwill
	£
Cost
At 1 January 2024 (as restated) and 31 December 2024	4,858,918
	------------
Amortisation
At 1 January 2024	1,943,584
Charge for the year	485,891
	------------
At 31 December 2024	2,429,475
	------------
Carrying amount
At 31 December 2024	2,429,443
	------------
At 31 December 2023	2,915,334
	------------

The company has no intangible assets.

13. Tangible assets

Group	Short leasehold property	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
	--------	---------	--------	---------	---------

The company has no tangible assets.

14. Investments

The group has no investments.

Company	Shares in group undertakings
	£
Cost
At 1 January 2024 as restated and 31 December 2024	9,000,538
	------------
Impairment
At 1 January 2024 as restated and 31 December 2024	–
	------------

Carrying amount
At 1 January 2024 and 31 December 2024	9,000,538
	------------
At 31 December 2023	9,000,538
	------------

Subsidiaries, associates and other investments

Details of the investments in which the parent company has an interest of 20% or more are as follows:

	Class of share	Percentage of shares held
Subsidiary undertakings
Corsair Toiletries Ltd	Ordinary	100
Corsair Holdings Ltd	Ordinary	100

The Registered Office of all undertakings is Unit 1, Park Industrial Estate, Park Street Lane, Herts AL2 2DR.

15. Stocks

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

16. Debtors

	Group		Company
	2024	2023	2024	2023
		(restated)	(restated)
	£	£	£	£
Trade debtors	4,524,115	3,440,962	–	–
Amounts owed by group undertakings	29,412	29,414	–	–
Prepayments and accrued income	115,116	48,260	–	–
Other debtors	–	80,765	–	–
	------------	------------	----	----
	4,668,643	3,599,401	–	–
	------------	------------	----	----

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

17. Creditors: amounts falling due within one year

	Group		Company
	2024	2023	2024	2023
		(restated)	(restated)
	£	£	£	£
Trade creditors	7,260,177	4,842,706	–	–
Amounts owed to group undertakings	791,903	250,000	–	–
Accruals and deferred income	216,003	216,003	–	–
Corporation tax	541,453	633,249	–	–
Social security and other taxes	530,272	654,282	–	–
Director loan accounts	49,101	49,341	49,101	49,341
	------------	------------	--------	--------
	9,388,909	6,645,581	49,101	49,341
	------------	------------	--------	--------

18. 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 ).

19. Prior year adjustment

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

20. Called up share capital

Issued, called up and fully paid

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

21. Analysis of changes in net debt

	At 1 Jan 2024	Cash flows	At 31 Dec 2024
	£	£	£
Cash at bank and in hand	737,625	2,034,650	2,772,275
Debt due within one year	(299,341)	(541,663)	(841,004)
	---------	------------	------------
	438,284	1,492,987	1,931,271
	---------	------------	------------

Corsair Group Ltd

Notes to the Financial Statements (continued)

Year ended 31 December 2024

22. Operating leases

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

	Group		Company
	2024	2023	2024	2023
		(restated)	(restated)
	£	£	£	£
Later than 5 years	47,000	47,000	–	–
	--------	--------	----	----

23. Related party transactions

Company

The group 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 group 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. It 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 controlling party is the Corsair Group Ownership Trust with shares held by a non trading company Corsair EOT Trustees Limited.