Registration number: NI666665

The Essence Vault Ltd

Contents

Directors' Report	1 to 2
Strategic Report	3
Independent Auditor's Report	4 to 6
Profit and Loss Account	7
Balance Sheet	8
Statement of Changes in Equity	9
Statement of Cash Flows	10
Notes to the Financial Statements	11 to 23

The Essence Vault Ltd

Directors' Report for the Year Ended 31 December 2024

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

Directors of the company

The directors who held office during the year were as follows:

Connor Martin

Mr Seamus O'Connor

Mr Oliver Hudson (resigned 4 April 2025)

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual 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 of 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 apply them consistently;

•	make judgements and accounting estimates that are reasonable and prudent;

•	state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

•	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.

Disclosure of information to the auditors

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditors are unaware.

Information included in the Strategic Report

In accordance with the provisions of S414c(11) of the Companies Act 2006, the following matters, otherwise required for inclusion in the Directors’ Report, have been included in the Strategic Report

• Financial instruments incorporating financial risk management objectives and policies, and

• Likely future developments in the business of the Company.

The Essence Vault Ltd

Directors' Report for the Year Ended 31 December 2024

Reappointment of auditors

In accordance with section 485 of the Companies Act 2006, a resolution for the re-appointment of Stevenson & Wilson as auditors of the company is to be proposed at the forthcoming Annual General Meeting.

Approved and authorised by the Board on 30 December 2025 and signed on its behalf by:
 

......................................... Connor Martin Director

The Essence Vault Ltd

Strategic Report for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

Principal activity

The principal activity of the company is retail sale of cosmetics and toiletries

Fair review of the business

The company, and the wider group, continued to experience high levels of growth through 2024. This was consistent with the directors strategy in trying to establish additional market share throughout the UK and EU. Much of the focus for the year was directed toward brand outreach and increasing visibility in the online market for which the Company invested heavily in. Despite the encouraging levels of growth, the Company is reporting a loss for the year.

This was largely anticipated, as the Board were aware that the benefit from the additional expenditure would not be fully realised until the following financial year. Nonetheless, it did create some pressures which resulted in additional borrowing costs impacting profitability still further. The directors undertook a systematic review of their operating models and processes, and have implemented subtle, but meaningful, adjustments, particularly with respect to direct online advertising. This has ensured that direct costs are incurred in the most efficient manner, rather than as a means of targeting top-line growth. The resulting improvement in performance has been significant, and they are pleased that the 2025 year will report not only increases in turnover but also substantial levels of operating profitability.

The market place remains extremely competitive with a high number of well-known brands accounting for a large portion of the market. The Company sells directly to the end consumer and so the level of disposable income is a key factor for demand. The directors are very aware of pressures on household income. However, since the Company’s price point is below that of many competitors, they are confident of maintaining market share even in such an environment.

Overall the directors are pleased with the current structure and position of the Company. They are disappointed to report a loss for the year, but the current year results are extremely encouraging and the Board believe they are in an advantageous position to consolidate and grow organically from this base.

The company's key financial and other performance indicators during the year were as follows:

Financial KPIs	Unit	2024	2023
Turnover	£	34,593,327	30,095,946
Gross profit	£	7,887,076	6,317,763
Net profit/(loss) before tax	£	(860,823)	375,033

Principal risks and uncertainties

Liquidity and cash flow risk remain key focusses of the company’s management. Management is actively monitoring and managing cash flow on a daily basis to ensure necessary funds are available to meet operating and financing requirements. Other risks arise from normal competition pressures, fluctuating input cost and the level of consumer spending.

Approved and authorised by the Board on 30 December 2025 and signed on its behalf by:
 

......................................... Connor Martin Director

The Essence Vault Ltd

Independent Auditor's Report to the Members of The Essence Vault Ltd

Opinion

We have audited the financial statements of The Essence Vault Ltd (the 'company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity, Statement of Cash Flows, 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 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 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 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 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 director's 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 original financial statements were 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 directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. 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.

The Essence Vault Ltd

Independent Auditor's Report to the Members of The Essence Vault Ltd

Opinion on other matter 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 Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

•	the Strategic Report and 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 our 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 and the Directors' Report.

We have nothing to report in respect of the following matters where 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 Statement of Directors' Responsibilities [set out on page 1], 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 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 auditor’s 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 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:

•

We identified the laws and regulations applicable to the company through discussions with directors and key personnel, and from our own knowledge and experience of the industry. We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006 and taxation legislation, while also giving consideration to data protection regulations, employment law and health and safety legislation.

•

The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations and the team remained alert to the possibility of fraud and non-compliance throughout the audit.

The Essence Vault Ltd

Independent Auditor's Report to the Members of The Essence Vault Ltd

•	We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur. We did so through discussions with management as to their assessment of areas where fraud or non-compliance might occur, as well as considering the internal controls in place to mitigate risks of fraud and non-compliance.
•	In order to ascertain the extent of compliance with the laws and regulations, we made enquiries of management as to whether there was any actual or potential litigation, we reviewed legal correspondence, we inspected tax correspondence and we performed analytical procedures to identify any unusual or unexpected activity.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s 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.

......................................
Peter Stevenson (Senior Statutory Auditor)
For and on behalf of Stevenson & Wilson, Statutory Auditor
 22-30 Broadway Avenue
Ballymena
Co. Antrim
BT43 7AA

30 December 2025

The Essence Vault Ltd

Profit and Loss Account for the Year Ended 31 December 2024

	Note	2024 £	2023 £
Turnover	3	34,593,327	30,095,946
Cost of sales		(26,706,251)	(23,778,183)
Gross profit		7,887,076	6,317,763
Administrative expenses		(7,017,148)	(5,541,871)
Operating profit	4	869,928	775,892
Other interest receivable and similar income	5	7,400	-
Interest payable and similar expenses	6	(1,738,151)	(400,859)
(Loss)/profit before tax		(860,823)	375,033
Tax on (loss)/profit	9	(23,678)	236,765
(Loss)/profit for the financial year		(884,501)	611,798

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

The Essence Vault Ltd

(Registration number: NI666665)
Balance Sheet as at 31 December 2024

	Note	2024 £	2023 £
Fixed assets
Intangible assets	10	21,051	23,480
Tangible assets	11	1,407,186	2,784,355
Investment property	12	153,712	153,712
Other financial assets	13	15,000	15,000
		1,596,949	2,976,547
Current assets
Stocks	14	5,828,041	2,124,876
Debtors	15	11,670,285	3,534,567
Cash at bank and in hand		704,228	1,398,323
		18,202,554	7,057,766
Creditors: Amounts falling due within one year	17	(18,052,491)	(7,171,027)
Net current assets/(liabilities)		150,063	(113,261)
Total assets less current liabilities		1,747,012	2,863,286
Creditors: Amounts falling due after more than one year	17	(44,549)	-
Provisions for liabilities	18	(16,181)	(292,503)
Net assets		1,686,282	2,570,783
Capital and reserves
Called up share capital	19	100	100
Retained earnings		1,686,182	2,570,683
Shareholders' funds		1,686,282	2,570,783

Approved and authorised by the Board on 30 December 2025 and signed on its behalf by:
 

.............................................. Connor Martin Director

.............................................. Mr Seamus O'Connor Director

The Essence Vault Ltd

Statement of Changes in Equity for the Year Ended 31 December 2024

	Share capital £	Retained earnings £	Total £
At 1 January 2024	100	2,570,683	2,570,783
Loss for the year	-	(884,501)	(884,501)
At 31 December 2024	100	1,686,182	1,686,282