ACCOUNTS - Final Accounts

Registered number: 10162784

VIKENIAS UK LTD

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2024


VIKENIAS UK LTD REGISTERED NUMBER:10162784

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£


Current assets
Stocks	4	2,741,188		2,047,561
Debtors: amounts falling due within one year	5	1,591,829		4,699,898
Cash at bank and in hand	6	963,976		440,580
		5,296,993		7,188,039
Creditors: amounts falling due within one year	7	(4,259,598)		(8,510,997)
Net current assets/(liabilities)			1,037,395		(1,322,958)
Total assets less current liabilities			1,037,395		(1,322,958)

Net assets/(liabilities)			1,037,395		(1,322,958)

Capital and reserves
Called up share capital		3,000	3,000
Other reserves	8	2,507,010	-
Profit and loss account		(1,472,615)	(1,325,958)
		1,037,395	(1,322,958)

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

Francisco Javier Jiménez Sánchez

Director

Date: 22 December 2025

The notes on pages 3 to 10 form part of these financial statements.

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		VIKENIAS UK LTD

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Other reserves	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2023	3,000	-	(726,962)	(723,962)
Comprehensive income for the year
Loss for the year	-	-	(598,996)	(598,996)

At 1 January 2024	3,000	-	(1,325,958)	(1,322,958)
Comprehensive income for the year
Loss for the year	-	-	(146,657)	(146,657)
Contributions by and distributions to owners
Contribution in the year	-	2,507,010	-	2,507,010
Total transactions with owners	-	2,507,010	-	2,507,010
At 31 December 2024	3,000	2,507,010	(1,472,615)	1,037,395

The notes on pages 3 to 10 form part of these financial statements.

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VIKENIAS UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

Vikenias UK Ltd is a private company limited by shares, incorporated in England and Wales under the Companies Act 2006. The company's registered number is 10162784 and the registered office is 6th Floor, 2 London Wall Place, London, EC2Y 5AU.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are presented in £ sterling, the financial currency, rounded to the nearest £1.

The following principal accounting policies have been applied:

2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

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VIKENIAS UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution pension plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

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VIKENIAS UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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 immediately in profit or loss.

2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

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VIKENIAS UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date.

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in

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VIKENIAS UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.11

Financial instruments (continued)

the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

4.	Stocks
		2024	2023
		£	£

Finished goods for resale	2,741,188	2,047,561
	2,741,188	2,047,561

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VIKENIAS UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Debtors

					2024	2023
					£	£


Trade debtors	1,591,829	1,625,905
Amounts owed by group undertakings	-	1,987,492
Amounts owed by related entities	-	952,507
Other debtors	-	133,994
	1,591,829	4,699,898

6.	Cash and cash equivalents
		2024	2023
		£	£

Cash at bank and in hand	963,976	440,580
	963,976	440,580

7.	Creditors: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	2,661	95,368
Amounts owed to group undertakings	601,426	299,159
Amounts owed to related entities	2,815,631	7,830,635
Other taxation and social security	603,689	7,198
Other creditors	9,665	6,196
Accruals and deferred income	226,526	272,441
	4,259,598	8,510,997

Reserves

Other reserves

During the year, the Parent Entity, Cipselo SL, made a capital contribution of £2,507,010 (2023: Nil) to the Company. This contribution was made without the issue of shares and has therefore been recognised directly in other reserves within equity. The contribution represents additional capital support from the parent.

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VIKENIAS UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held seperately from those of the Company in an independently administered fund. The pension cost charge represents contributions by the Company to the fund and amounted to £3,522 (2023: £3,240). Contributions totalling £294 (2023: £294) were payable to the fund at the balance sheet date and are included in creditors.

10.

Related party transactions

The company has taken advantage of the exemption available in Financial Reporting Standard 102 Section 33 not to disclose transactions with other entities that are wholly owned subsidiaries of Cipselo SL.

The amounts owed by related parties at the year-end amounting to Nil (2023: £856,540) were owed by Yodeyma Parfums SL, a company where Mr Francisco Javier Jiménez Sánchez is a director and shareholder. The amounts owed were for customer collections or supplier payments made by the Yodeyma Parfums SL on behalf of Vikenias UK Limited, this has been fully settled by Vikenias UK Limited in the year.

The amounts owed from related parties at the year-end includes an amount of 11,805 (2023: £11,085) owed by the company Adrasto SL, resulted from purchases of services at arm's lenght in the prior years. Adrasto SL is a company where Mr Francisco Javier Jiménez Sánchez is a director and shareholder.

The amounts owed to related parties at the year-end includes an amount of £16,497 (2023: £11,674) owed to the company Yodeyma Parfums SL, resulting from purchases of perfumes and cosmetics on an arm’s length basis for resale. Yodeyma Parfums SL is a company where Mr Francisco Javier Jiménez Sánchez is a director and shareholder.

The amounts owed to related parties at the year-end includes an amount of £2,202,088 (2023: £7,419,967) owed to the company Andromeda Manufacturing SL, resulting from purchases of goods on arm’s length basis. Andromeda Manufacturing SL is a company where Mr Francisco Javier Jiménez Sánchez is a director and shareholder.

The amounts owed to related parties at the year-end includes an amount of £490,554 (2023: £314,215) owed to the company Kenfay Cosmetics SL, resulting from purchases of goods and services on an arm’s length basis. Kenfay Cosmetics SL is a company where Mr Francisco Javier Jiménez Sánchez is a director and shareholder.

11.	Parent entity and ultimate controlling party

Vikenias UK Ltd is a subsidiary company and is included in the group financial statements of Cipselo SL, a company incorporated in Spain with a registered office at Paseo Castellana, 182-10 28046, Madrid, Spain.

The company is under the control of Jiménez Sánchez, Francisco Javier by virtue of a controlling interest in the ultimate parent company.

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VIKENIAS UK LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

12.	Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2024 was qualified.

The qualification in the audit report was as follows:

We were unable to obtain sufficient and appropriate audit evidence over elements of the Company's stock at both 1 January 2024 and 31 December 2024. The issues related to consignment stock held by customers and merchants which totalled £853,720 at 1 January 2024 and £1,114,378 at 31 December 2024. We were also unable to obtain sufficient evidence through the application of alternative procedures. Consequently, we have been unable to determine whether any adjustment to the closing stock balance or related party balances, including cost of sales, was necessary. Due to the issues at the start of the current financial year, the audit report for the preceding year, ended 31 December 2023, was also qualified.

The audit report was signed on 22 December 2025 by Stephen Poleykett BA (Hons) FCA (Senior Auditor) (Senior Statutory Auditor) on behalf of MHA.

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