REGISTERED NUMBER: 11422145 (England and Wales)

Report of the Director and

Financial Statements for the Year Ended 31 December 2024

for

Aman Products UK Limited

Page

Company Information

1

Report of the Director

2

Report of the Independent Auditors

4

Income Statement

9

Balance Sheet

10

Notes to the Financial Statements

11

DIRECTOR:

Ms V F Paiva

SECRETARY:

Elemental Company Secretary Limited

REGISTERED OFFICE:

63 Brook Street

Mayfair

London

W1K 4HS

REGISTERED NUMBER:

11422145 (England and Wales)

AUDITORS:

Mercer & Hole LLP

Chartered Accountants

Statutory Auditor

21 Lombard Street

London

EC3V 9AH

The director presents her report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY

The principal activity of the company in the year under review was that of wholesale and retail sales of premium spa products.

REVIEW OF BUSINESS

The company's turnover in the period was £3,205,782 (2023: £1,367,734)

The company's gross profit in the period was £1,512,749 (2023: £1,019,517)

The loss before taxation in the period was £930,351 (2023: £307,762)

During the year the company made sales to both third party and group companies. As such, the company's performance (so far as it relates to sales to group companies) is tied to the performance of the overall group and the underlying hotels and resorts.

DIRECTOR

Ms V F Paiva held office during the whole of the period from 1 January 2024 to the date of this report.

GOING CONCERN

The director has prepared forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably plausible downsides, the company will have sufficient funds only through funding from Silverlink Resorts Limited to meet its liabilities as they fall due for that period, without which the company would not be able to continue in operation. Silverlink Resorts Limited is an associated company at the balance sheet date.

Those forecasts are dependent on Silverlink Resorts Limited providing additional financial support during that period. Silverlink Resorts Limited has indicated its intention to continue to make available such funds as are needed by the company, for the period covered by the forecasts.

However, whilst the director has a high expectation that such support would be forthcoming, they have been unable to adequately satisfy themselves as to the associated company's ability and commitment to providing this support.

Therefore this represents a material uncertainty related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. Notwithstanding this uncertainty, the director has concluded that the going concern basis of preparation remains appropriate.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless she is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements 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 director is 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 her to ensure that the financial statements comply with the Companies Act 2006. She is 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and she has taken all the steps that she ought to have taken as a director in order to make herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

Pursuant to the Companies Act 2006, the auditors were deemed to be reappointed for the year ended 31 December 2024 and Mercer and Hole LLP will therefore continue in office.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Ms V F Paiva - Director

24 December 2025

Qualified Opinion

We have audited the financial statements of Aman Products UK Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Balance Sheet and Notes to the Financial statements, 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 Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion except for the possible effects of the matter described in the basis for qualified opinion section of our report, 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 loss for the year then ended;

- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion

With respect to stocks held on the balance sheet as at 31 December 2024 with a carrying value of £2,677,653, the audit evidence available to us was limited because the company was unable to provide certain related purchase invoices, stock costing details and documentation to support stock valuation at the year end. Due to the nature of the company’s records we were unable to obtain sufficient appropriate audit evidence regarding the cost and carrying amount of stocks by using other audit procedures. Any adjustments could have a material effect on the company’s net liabilities as at 31 December 2024 and its loss for the period then ended and our opinion is therefore qualified in respect of stocks and also accordingly cost of sales.

The audit opinion on the financial statements for the period ended 31 December 2023 was modified in respect of the valuation and existence of stock with a carrying value of £2,920,669. Our opinion on the current period’s financial statements is also modified because of the possible effect of this matter on the comparability of the current period’s figures and the corresponding figures.

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 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 qualified opinion.

Material uncertainty relating to going concern

We draw attention to note 2 to the financial statements which describes how the ability of the Company to continue as a going concern is reliant on the ongoing financial support from Silverlink Resorts Limited, the Company's previous parent undertaking. Whilst Silverlink Resorts Limited has confirmed that they will continue to provide support to the Company for at least 12 months following the date of approval of these financial statements, it has also confirmed its intention to provide financial support to a number of other entities over the same period, and there is uncertainty over the continued availability of funding from Silverlink Resort Limited and the extent of the support available. The conditions that are set out in note 2 result in a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

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 director is responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the carrying value of stocks held at 31 December 2024 with a carrying value of £2,677,653. We have concluded that where the other information refers to stock balances or related balances such as cost of sales, it may be materially misstated for the same reason.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, except for the matter described in the Basis for Qualified Opinion paragraph of our report, based on the work undertaken in the course of the audit:

- the information given in the director's report for the financial year for which the financial statements are

prepared is consistent with the financial statements; and

- the director's report has 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 Report of the Director.

In respect of the limitation on our work relating to the cost and the carrying amount of stock as described above:

- in our opinion, adequate accounting records have not been kept;

- we have not received all the information and explanations we require for our audit; and

- we were unable to determine whether the financial statements are in agreement with the accounting records and returns.

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:

- returns adequate for our audit have not been received from branches not visited by us; or

- certain disclosures of director's remuneration specified by law are not made; or

- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the director's report and from the requirement to prepare a strategic report.

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Auditors' 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 a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. These included, but were not limited to, the Companies Act 2006, employment law, and tax legislation.

We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements and the financial report (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate entries including journals to misstate revenue or expenditure.

Audit procedures performed by the engagement team included:

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

- evaluation of the operating effectiveness of management's controls designed to prevent and detect irregularities;

- identifying and testing journal entries.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed non-compliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

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.

Andrew Dean (Senior Statutory Auditor)

for and on behalf of Mercer & Hole LLP

Chartered Accountants

Statutory Auditor

21 Lombard Street

London

EC3V 9AH

24 December 2025

TURNOVER

3,205,782

1,367,734

Cost of sales

1,693,033

348,217

GROSS PROFIT

1,512,749

1,019,517

Distribution costs

219,263

127,123

Administrative expenses

2,264,476

1,200,368

2,483,739

1,327,491

OPERATING LOSS

(970,990

)

(307,974

)

Amounts written off by

related parties

4

40,526

-

(930,464

)

(307,974

)

Interest receivable and similar income

113

212

LOSS BEFORE TAXATION

(930,351

)

(307,762

)

Tax on loss

-

-

LOSS FOR THE FINANCIAL YEAR

(930,351

)

(307,762

)

CURRENT ASSETS

Stocks

2,677,653

2,920,669

Debtors

5

1,326,474

377,739

Cash at bank

325,507

46,708

4,329,634

3,345,116

CREDITORS

Amounts falling due within one year

6

9,913,401

7,998,532

NET CURRENT LIABILITIES

(5,583,767

)

(4,653,416

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(5,583,767

)

(4,653,416

)

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained losses

(5,583,768

)

(4,653,417

)

SHAREHOLDERS' FUNDS

(5,583,767

)

(4,653,416

)

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

The financial statements were approved by the director and authorised for issue on 24 December 2025 and were signed by:

Ms V F Paiva - Director

1.	STATUTORY INFORMATION

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

The functional and presentation currency of the financial statement is the Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £1.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The accounting polices set out below have, unless otherwise stated, been applied consistently to all

periods presented in these financial statements.

Turnover

Revenue represents the sale of merchandise to hotels of the group. Revenue from the sale of goods is stated net of estimated customer returns, rebates, and other similar allowances. Specifically, revenue from the dale of goods is recognised when the goods are delivered, and the legal title has passed. Revenue relates solely to continuing operations. There are recognised gains or losses in the period other than the results for those years as shown in the profit and loss account and, accordingly, a statement of other comprehensive income is not presented.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making allowance for obsolete and slow moving items. Cost is calculated using FIFO (First-in, first-out) method.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are take in into account in arriving at the operating result.

Going concern basis of accounting

Notwithstanding net current liabilities of £5,583,767 (2023: £4,653,416) and a loss for the year of £930,351 (2023: £307,762), the financial statements have been prepared on a going concern basis which the director considers to be appropriate for the following reasons:

- The director has prepared forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably plausible downsides, the company will have sufficient funds only through funding from Silverlink Resorts Limited to meet its liabilities as they fall due for that period. without which the company would not be able to continue in operation. Silverlink Resorts Limited is an associated company at the balance sheet date.

- Those forecasts are dependent on Silverlink Resorts Limited providing additional financial support during that period. Silverlink Resorts Limited has indicated its intention to continue to make available such funds as are needed by the company, for the period covered by the forecasts.

However, whilst the director has a high expectation that such support would be forthcoming, they have been unable to adequately satisfy themselves as to the associated company's ability and commitment to providing this support.

Therefore this represents a material uncertainty related to events or conditions that may cast significant doubt on the entity's ability to continue as a going concern. Notwithstanding this uncertainty, the director has concluded that the going concern basis of preparation remains appropriate.

Critical accounting judgements and key sources of estimation uncertainty

In application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

Key sources of estimation uncertainty

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

Stock provision

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stock provision on slow moving and obsolete stock is designed to ensure that stock is valued accurately and is assessed with reference to selling price, historical sales pattern and post year-end trading performance.

Debtors Provision

At each reporting date, management of the company assess the recoverability of debtors. Recoverability of debtor is deemed to be doubtful when one or more events that have a detrimental impact on the estimated cash flow of the debtor has occurred.

Evidence that there is doubt over the recoverability of a debtor includes, but is not limited to,the following observable data:

- significant financial difficulty of the debtor;

- a breach of contract such as a default or being more than 90 days past due;

- it is probable that the debtor will enter bankruptcy or other financial reorganisation; or

- the disappearance of an active market for a security because of financial difficulties.

Provision for debtors measured at amortised costs are deducted from the gross carrying amount. The gross carrying amount of a debtor is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when management determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off.

Financial instruments

All of the financial instruments of the company are basic and the company has elected to apply the

provisions of Section 11 "Basic Financial Instruments of FRS 102" to all its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instruments.

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recoginsed as liabilities once they are no longer at the discretion of the company.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

There were no staff costs for the year ended 31 December 2024 nor for the year ended 31 December 2023.

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

No emoluments were paid to the director of the company during the period in relation to her services to this company, as the director considers her services to be insignificant.

4.	OTHER INCOME

31.12.24

31.12.23

£

£

Amounts written off by

related parties

40,526

-

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

752,056

132,828

Other debtors

574,418

244,911

1,326,474

377,739

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

1,013,405

873,375

Amounts owed to group undertakings

1,799,952

638,731

Amounts owed to associates

6,999,134

6,275,362

Other creditors

100,910

211,064

9,913,401

7,998,532

Included in creditors above are balances owed to group undertakings and related parties which are payable on demand and non interest bearing.

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1

Ordinary

1

1

1

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the Company.

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption under Section 1A Small Entities FRS 102 from the requirements not to disclose transactions with its parent undertaking and fellow group undertakings on the grounds that all subsidiary undertakings which are party to transactions are wholly owned by the ultimate controlling party.

During the year an amount owed to Aman Resorts Pte Limited of £40,526 was written off after being forgiven.

9.	ULTIMATE CONTROLLING PARTY

As at the date of approval of these financial statements, the immediate controlling party by virtue of its shareholding is:

Aman Essentials Limited

63 Brook Street

Mayfair, London

W1K 4HS

Incorporated in the United Kingdom

Aman Essentials Limited is controlled by virtue of its shareholding by:

Grand AH Investments Limited

Incorporated in the British Virgin Islands.