Company registration number 01074674 (England and Wales)
GUINOT - MARY COHR UK LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
GUINOT - MARY COHR UK LIMITED
COMPANY INFORMATION
Directors
M Welsh
J D D Mondin
Secretary
L I C Filippi
Company number
01074674
Registered office
The Clock House
High Street
Ascot
Berkshire
SL5 7HU
Auditor
FLB Audit LLP
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
GUINOT - MARY COHR UK LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Statement of cash flows
11
Notes to the financial statements
12 - 27
GUINOT - MARY COHR UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

The directors present the strategic report for the year ended 31 December 2025.

Review of the business

We aim to present a balanced and comprehensive review of the development and the performance of our business during the year and its position at the year end. Our review is consistent with the size and non complex nature of our business and is written in the context of the risks and uncertainties that we face.

The principal activity of the company continues to be the sale of beauty treatment products and beauty therapy machines. It is currently the sole provider of Guinot, Mary Cohr and Masters Colors products to the United Kingdom and Ireland. It is a 100% subsidiary of its main supplier, Guinot SAS.

Principal risks and uncertainties

The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the business are considered to relate to the competition from other beauty treatments and products, the weakening of the UK and Irish economies, persistently high inflation as well as a continuing shortage of available beauty therapists.

Financial risk management

The company's operations expose it to financial risks that include price risk, credit risk and foreign exchange risk. The company's finance department implements policies set by the board of directors to mitigate these risks.

Price risk

The main price risk results from the company's main supplier Guinot, however, all price rises are known in advance and can be managed accordingly.

Credit risk

The majority of the company's customer base consists of established salons. The company has implemented policies that require appropriate credit checks on potential customers before sales are made.

Foreign exchange risk

The company buys in Euros and sells in both Sterling and Euros. The company operates accounts in both of these currencies to mitigate their exposure to foreign exchange risk.

Other uncertainties

The UK economy’s growth remained modest in 2025 (projected to be between 1.4% and 1.5%), with retail sales volumes showing a similar trend of very marginal growth only. Moreover, small businesses, amongst which are our customers, have suffered the combined impact of a 6.7% increase in National Living wage in April 2025 and the rise of employers’ National Insurance Contributions from 13.8% to 15%. This is likely to have a significant impact on the trading activity of our customers, and on their appetite and ability to invest in new equipment. There is also a risk that the proportion of smaller, home based beauty salons with a lesser buying capacity will increase to the detriment of larger businesses. Furthermore, fewer beauty therapists are now pursuing their professional qualifications to NVQ3 level-needed to be able to perform electrical treatments. This is likely to have an impact on the trading activity of the company. However, given the strength of the balance sheet and the funding options secured during the year the company is in a strong position to withstand the financial impact of this adverse pressure on trade, as well as counter it with appropriate measures to further develop existing and new business. Management has prepared prudent cash flow forecasts until December 2026 and has taken the appropriate measures to ensure that the company is a going concern.

Key performance indicators

The directors consider that the key performance indicators are those that communicate the financial performance and strength of the company as a whole; these being turnover, gross profit margin and net assets.

Trading conditions over the last 12 months have continued to be adversely impacted by macro-economic factors such as the difficult economic climate, low consumer confidence and a persisting shortage of available beauty therapists coupled with high inflationary pressure on salaries. As a consequence, our customers have become increasingly cautious with spending and reluctant to invest. To counter these environmental factors, the company has implemented a series of initiatives to adapt commercial offerings to this changing landscape. As a result of the combined effects of the above, turnover has marginally decreased by 4.5% from £8.2m to £7.8m.

GUINOT - MARY COHR UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -

The company has also continued to regularly and proactively review and adapt commercial offerings, as well as rationalise discretionary spend and seek to further improve efficiencies where possible. As a result of the combined effects of those, the gross profit margin stayed relatively stable from 61.5% to 61%, but the gross margin in absolute value was £4.67m in 2025, which was £352k down on the 2024 gross margin of £5.02m.

Overall, the company made a loss before tax of £752 k (202 4: £452k loss).

In 2025 the company has also reviewed, and expanded on, its existing new business approach so as to generate new revenue streams in the coming year.

Given the challenging context in which the company has been operating, the directors believe that this is a satisfactory performance.

Net assets decreased from £6.42m to £5.67m and at the year end the company held £550k (2024: £963k) in cash in the bank and remains financially secure.

On behalf of the board

M Welsh
Director
4 March 2026
GUINOT - MARY COHR UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 3 -

The directors present their annual report and financial statements for the year ended 31 December 2025.

Results and dividends

The results for the year are set out on page 8.

No ordinary dividends were paid. The directors do not recommend payment of a final dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

M Welsh
J D D Mondin
Post reporting date events

There have been no significant events affecting the c ompany since the year end.

Auditor

In accordance with the company's articles, a resolution proposing that FLB Audit LLP be reappointed as auditor of the company will be put at a General Meeting.

Statement of directors' responsibilities

The directors are responsible 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 then apply them consistently;

- make judgements and accounting estimates that are reasonable and prudent; 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.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

GUINOT - MARY COHR UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 4 -
On behalf of the board
M Welsh
Director
4 March 2026
GUINOT - MARY COHR UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GUINOT - MARY COHR UK LIMITED
- 5 -
Opinion

We have audited the financial statements of Guinot - Mary Cohr UK Limited (the 'company') for the year ended 31 December 2025 which comprise the statement of comprehensive income, the statement of financial position, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including 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 2025 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's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information 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.

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 our audit:

- the information given in the strategic report and the directors' r eport 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.

GUINOT - MARY COHR UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GUINOT - MARY COHR UK LIMITED (CONTINUED)
- 6 -
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 identifie d material misstatements in the strategic report or the directors' r eport.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

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

- the financial statements are not in agreement with the accounting records and returns; or

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

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

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an 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:

- obtaining an understanding of the entity’s risk assessment process, including the risk of fraud;

- testing significant transactions, in particular the evaluation of the business rationale for any which appear unusual or outside the company’s normal course of business;

- evaluating the assumptions and judgements used by management within significant accounting estimates and assessing if these indicate evidence of management bias;

- evaluating the consistency of selected amounts or other items presented in the other information with the financial statements;

- requesting a reconciliation of amounts within the other information and the financial statements from management; comparing items in the reconciliation to the financial statements and the other information, and checking the mathematically accuracy of the reconciliation and;

- communicating relevant matters to all members of the audit team to ensure they understood the risks specific to Guinot-Mary Cohr UK Limited and the audit procedures planned to mitigate these.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that 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 instances of non-compliance. T he risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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 Auditors' report.

GUINOT - MARY COHR UK LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GUINOT - MARY COHR UK LIMITED (CONTINUED)
- 7 -

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.

Jacqui Williams (Senior Statutory Auditor)
For and on behalf of FLB Audit LLP, Statutory Auditor
Chartered Accountants
1010 Eskdale Road
Winnersh Triangle
Wokingham
Berkshire
RG41 5TS
4 March 2026
GUINOT - MARY COHR UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 8 -
2025
2024
Notes
£
£
Turnover
3
7,791,661
8,164,443
Cost of sales
(3,121,198)
(3,142,296)
Gross profit
4,670,463
5,022,147
Distribution costs
(1,006,884)
(939,232)
Administrative expenses
(4,419,559)
(4,519,656)
Operating loss
4
(755,980)
(436,741)
Interest receivable and similar income
8
62,089
58,985
Interest payable and similar expenses
9
(57,766)
(74,714)
Loss before taxation
(751,657)
(452,470)
Tax on loss
10
-
0
-
0
Loss and total comprehensive expense
(751,657)
(452,470)

The notes on pages 12 to 27 form part of these financial statements.

GUINOT - MARY COHR UK LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
11
352,796
413,906
Tangible assets
12
3,075,435
3,267,309
Investments
13
75
75
3,428,306
3,681,290
Current assets
Stocks
15
1,798,301
2,217,327
Debtors falling due after more than one year
16
594,371
591,457
Debtors falling due within one year
16
1,603,681
1,601,452
Cash at bank and in hand
550,219
962,754
4,546,572
5,372,990
Creditors: amounts falling due within one year
18
(1,765,429)
(1,629,262)
Net current assets
2,781,143
3,743,728
Total assets less current liabilities
6,209,449
7,425,018
Creditors: amounts falling due after more than one year
19
(539,753)
(1,003,665)
Net assets
5,669,696
6,421,353
Capital and reserves
Called up share capital
24
2,401,856
2,401,856
Share premium account
881,453
881,453
Profit and loss reserves
2,386,387
3,138,044
Total equity
5,669,696
6,421,353

These financial statements have been prepared in accordance with the provisions relating to medium-sized companies.

The financial statements were approved by the board of directors and authorised for issue on 4 March 2026 and are signed on its behalf by:
M Welsh
Director
Company registration number 01074674 (England and Wales)
GUINOT - MARY COHR UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2024
1,309,786
881,453
3,590,514
5,781,753
Year ended 31 December 2024:
Loss and total comprehensive expense
-
-
(452,470)
(452,470)
Issue of share capital
24
1,092,070
-
0
-
1,092,070
Balance at 31 December 2024
2,401,856
881,453
3,138,044
6,421,353
Year ended 31 December 2025:
Loss and total comprehensive expense
-
-
(751,657)
(751,657)
Balance at 31 December 2025
2,401,856
881,453
2,386,387
5,669,696
Share premium
The share premium account records the amount above the nominal value received for shares sold, less transaction costs.
Profit and loss reserves
Profit and loss reserves represents cumulative profits and losses, net of dividends paid and adjustments.
GUINOT - MARY COHR UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
2025
2024
Notes
£
£
£
£
Cash flows from operating activities
Cash absorbed by operations
28
(242,080)
(582,718)
Investing activities
Purchase of intangible assets
(5,228)
(30,760)
Purchase of tangible fixed assets
(14,192)
(45,960)
Proceeds from disposal of tangible fixed assets
-
0
490
Interest received
62,089
58,985
Net cash generated from/(used in) investing activities
42,669
(17,245)
Financing activities
Proceeds from issue of shares
-
0
1,092,070
Repayment of bank loans
(155,358)
(151,489)
Interest paid
(57,766)
(74,714)
Net cash (used in)/generated from financing activities
(213,124)
865,867
Net (decrease)/increase in cash and cash equivalents
(412,535)
265,904
Cash and cash equivalents at beginning of year
962,754
696,850
Cash and cash equivalents at end of year
550,219
962,754
GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 12 -
1
Accounting policies
Company information

Guinot - Mary Cohr UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Clock House, High Street, Ascot, Berkshire, SL5 7HU.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. T he company has therefore taken advantage of e xemptions from the following disclosure requirements:

- Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Guinot SAS. These consolidated financial statements can be obtained from its registered office at 120 Avenue Charles De Gaulle, SC 80069, 92522 Neuilly-sur-Seine Cedex, France.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

1.2
Going concern

A true t the time of approving the financial statements, t he directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus t he directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Revenue

Revenue comprises sales of goods or services provided to customers net of value added tax and other sales taxes, less an appropriate deduction for actual and expected returns and discounts. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.

When cash inflows are deferred and represent a financing arrangement, the promised consideration is adjusted for the effects of the time value of money, which is recognised as interest income.

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

Rental income is recognised evenly over the life of the lease contract.

Franchise fees are recognised in-line with the franchise agreement.

GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -
1.4
Research and development expenditure

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic

lives, which range from 3 to 6 years.

If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs
10 years
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
2-5% straight line
Leasehold land and buildings
over the period of the lease
Plant and equipment
4-10 years straight line
Fixtures and fittings
10% straight line
Other
5-6 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Fixed asset investments

Interests in subsidiary is initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.9
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.10
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.

GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.12
Equity instruments

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

1.13
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 16 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.14
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.15
Retirement benefits

The company operates a defined contribution 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 other creditors in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.

1.16
Leases
As lessee

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

As lessor

When the company acts as a lessor, a lease is classified as a finance lease whenever it transfers substantially all the risks and rewards of ownership of the underlying asset to the lessee, either at the end of the lease term or for the major part of the economic life of the asset. All other leases are classified as operating leases. If an arrangement contains both lease and non-lease components, the company allocates the consideration in the contract to the two elements.

GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 17 -

Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.

1.17
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount 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 where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Depreciation and amortisation

Tangible fixed assets are depreciated over their useful economic lives. Intangible fixed assets are also amortised over their useful economic lives. The actual lives of the assets are assessed annually and may vary depending on a range of factors. These factors include product life cycles, maintenance programs of the assets, as well as technological innovation.

Stock provision

The company has recognised a provision for stock. The judgements, estimates and associated assumptions necessary to calculate this provision are based on group policy, historical experience and other reasonable factors.

3
Turnover
2025
2024
£
£
Turnover analysed by class of business
Retail sales of beauty products
7,015,270
7,626,578
Rental machine income
36,139
25,827
Franchise income
740,252
512,038
7,791,661
8,164,443
GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
3
Turnover
(Continued)
- 18 -
2025
2024
£
£
Turnover analysed by geographical market
United Kingdom
6,568,859
6,940,837
Rest of Europe
1,222,802
1,223,606
7,791,661
8,164,443

All turnover arose within the United Kingdom and the Republic of Ireland.

4
Operating loss
2025
2024
Operating loss for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
43,651
(8,345)
Depreciation of tangible fixed assets
206,066
218,817
Amortisation of intangible assets
66,338
65,020
5
Auditor's remuneration
2025
2024
Fees payable to the company's auditor:
£
£
For audit services
Audit of the financial statements of the company
21,500
20,600
6
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Management
2
2
Warehouse
8
7
Administration
13
10
Sales and marketing
42
48
Ireland
2
2
Total
67
69
GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
6
Employees
(Continued)
- 19 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
2,568,695
2,611,288
Social security costs
318,410
305,184
Pension costs
199,302
205,095
3,086,407
3,121,567
7
Directors' remuneration
2025
2024
£
£
Remuneration for qualifying services
139,428
153,079
Company pension contributions to defined contribution schemes
20,211
19,575
159,639
172,654

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2024 - 1).

8
Interest receivable and similar income
2025
2024
£
£
Interest income
Other interest income
62,089
58,985
9
Interest payable and similar expenses
2025
2024
£
£
Interest on financial liabilities measured at amortised cost
Interest on bank overdrafts and loans
21,000
24,870
Interest payable to group undertakings
36,766
49,844
57,766
74,714
GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
10
Taxation

The actual charge for the year can be reconciled to the expected credit for the year based on the profit or loss and the standard rate of tax as follows:

2025
2024
£
£
Loss before taxation
(751,657)
(452,470)
Expected tax credit based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
(187,914)
(113,118)
Tax effect of expenses that are not deductible in determining taxable profit
51,300
32,403
Change in unrecognised deferred tax assets
136,614
80,715
Taxation charge for the year
-
-

The company has tax adjusted losses carried forward of £5,569,378 (202 4: £5,111,829) for use against future profits. A deferred tax asset of £1,329,970 (202 4: £1,192,247) in relation to the unutilised tax losses has not been recognised, as the timing of future taxable profits arising within the company against which to utilise these losses, is uncertain.

The tax losses carried forward do not have an expiry date.

11
Intangible fixed assets
Development costs
£
Cost
At 1 January 2025
661,048
Additions
5,228
At 31 December 2025
666,276
Amortisation and impairment
At 1 January 2025
247,142
Amortisation charged for the year
66,338
At 31 December 2025
313,480
Carrying amount
At 31 December 2025
352,796
At 31 December 2024
413,906
GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
12
Tangible fixed assets
Freehold land and buildings
Leasehold land and buildings
Plant and equipment
Fixtures and fittings
Other
Total
£
£
£
£
£
£
Cost
At 1 January 2025
4,820,938
143,615
299,836
739,931
147,415
6,151,735
Additions
-
0
-
0
1,399
12,793
-
0
14,192
At 31 December 2025
4,820,938
143,615
301,235
752,724
147,415
6,165,927
Depreciation and impairment
At 1 January 2025
1,854,842
107,043
240,265
534,861
147,415
2,884,426
Depreciation charged in the year
138,935
8,032
26,146
32,953
-
0
206,066
At 31 December 2025
1,993,777
115,075
266,411
567,814
147,415
3,090,492
Carrying amount
At 31 December 2025
2,827,161
28,540
34,824
184,910
-
0
3,075,435
At 31 December 2024
2,966,096
36,572
59,571
205,070
-
0
3,267,309

The carrying value of land and buildings comprises:

2025
2024
£
£
Freehold
2,827,161
2,966,096
Long leasehold
28,540
36,572
2,855,701
3,002,668
13
Fixed asset investments
2025
2024
Notes
£
£
Investments in subsidiaries
14
75
75
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2025 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
GBP (Westmead) Management Ltd
The Clock House, High Street, Ascot, England, SL5 7HU
Dormant
Ordinary
75.00
GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 22 -
15
Stocks
2025
2024
£
£
Finished goods and goods for resale
1,798,301
2,217,327

The carrying value of stocks is stated net of cumulative impairment losses of £177,623 (202 4: £225,709).

During the year, a net reversal of impairment of £48,086 (2024: £25,577) was recognised in profit or loss.

16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
1,372,710
1,364,438
Other debtors
10,060
9,803
Prepayments and accrued income
220,911
227,211
1,603,681
1,601,452
2025
2024
Amounts falling due after more than one year:
£
£
Trade debtors
531,996
529,082
Deferred tax asset (note 22)
62,375
62,375
594,371
591,457
Total debtors
2,198,052
2,192,909
17
Finance lease receivables
2025
2024
Amounts receivable under finance leases:
£
£
Within 1 year
429,697
486,639
Years 2-5
581,497
583,901
Total undiscounted lease payments receivable
1,011,194
1,070,540
Unearned finance income
(106,763)
(111,393)
Present value of lease payments receivable
904,431
959,147
GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
17
Finance lease receivables
(Continued)
- 23 -
2025
2024
£
£
The net amount is receivable as follows:
Within one year
372,435
430,065
In two to five years
531,996
529,082
904,431
959,147

The company leases equipment under finance leases. These transactions give the lessee rights approximating to ownership and therefore the company recognises a receivable amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capital payments over the term of the lease. Unearned finance income is receivable over the lease term. The gross investment in the lease is the total amount receivable over the lease term including the net investment and finance income.

18
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
20
92,452
155,330
Trade creditors
156,152
127,996
Amounts owed to group undertakings
923,000
793,513
Taxation and social security
389,594
220,389
Other creditors
51,782
61,277
Accruals and deferred income
152,449
270,757
1,765,429
1,629,262
19
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
20
-
0
92,480
Amounts owed to group undertakings
539,753
911,185
539,753
1,003,665
20
Loans and overdrafts
2025
2024
£
£
Bank loans
92,452
247,810
Payable within one year
92,452
155,330
Payable after one year
-
0
92,480
GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
20
Loans and overdrafts
(Continued)
- 24 -

Bank loans are secured by a fixed and floating charge over the company’s assets, bear interest at 2.42% per annum above the Bank of England base rate, and mature in June 2026.

21
Financial instruments
2025
2024
£
£
Carrying amount of financial assets include:
Debt instruments measured at amortised cost
2,464,985
3,024,703
Carrying amount of financial liabilities include:
Measured at amortised cost
1,885,567
2,386,951

Financial assets carried at amortised cost are comprised of cash, trade debtors, finance leases receivable and other debtors.

Financial liabilities carried at amortised cost are comprised of bank loans, trade creditors, amounts owed to group undertakings, other creditors and accruals.

22
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

2025
2024
Balances:
£
£
Accelerated capital allowances
(120,187)
(43,626)
Tax losses
179,158
85,774
Other timing differences
3,404
20,227
62,375
62,375
There were no deferred tax movements in the year.
23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
199,302
205,095

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

Contributions totalling £24,297 (2024: £25,079) were payable to the fund at the balance sheet date and are included in other creditors.

GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 25 -
24
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2,401,856
2,401,856
2,401,856
2,401,856

All shares rank pari passu in respect of voting, dividend and distribution (including on winding up) rights. The shares do not confer any rights of redemption.

25
Operating lease commitments
As lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2025
2024
£
£
Within 1 year
165,108
197,319
Years 2-5
334,550
417,711
After 5 years
2,246
12,038
501,904
627,068
26
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Purchases
Purchases
2025
2024
£
£
Parent company
2,360,563
2,732,811
Fellow subsidiary
52,447
56,044
2025
2024
Amounts due to related parties
£
£
Parent company
1,453,851
1,693,291
Fellow subsidiary
8,903
11,407
GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
26
Related party transactions
(Continued)
- 26 -

Amounts due to the parent company consist of:

- Intercompany loans of £834,483 (2024: £1,119,650) and £80,989 (2024: £227,244). The loans mature in September 2028 and July 2026 respectively and carry interest at rates ranging between 2.57% and 3.33% per annum.

- Amounts relating to trade payables of £538,379 (2024: £346,397), arising on the supplier’s standard credit terms.

Amounts owed to a fellow subsidiary, Mary Cohr SAS, relate to trade payables arising on the supplier’s standard credit terms.

Other information

The c ompany has taken advantage of the exemption from the requirement to disclose transactions with wholly owned group companies.

27
Ultimate controlling party

The immediate parent company is Guinot SAS, incorporated in France, which prepares consolidated financial statements that include the results of the company. Copies of the consolidated accounts can be obtained from its registered office at 120 Avenue Charles De Gaulle, SC 80069, 92522 Neuilly-sur-Seine Cedex, France.

The ultimate controlling party of the company is Dr J D D Mondin.

28
Cash absorbed by operations
2025
2024
£
£
Loss after taxation
(751,657)
(452,470)
Adjustments for:
Finance costs
57,766
74,714
Investment income
(62,089)
(58,985)
(Gain)/loss on disposal of tangible fixed assets
-
50
Amortisation and impairment of intangible assets
66,338
65,020
Depreciation and impairment of tangible fixed assets
206,066
218,817
Movements in working capital:
Decrease in stocks
419,026
9,172
(Increase)/decrease in debtors
(5,143)
316,964
Decrease in creditors
(172,387)
(756,000)
Cash absorbed by operations
(242,080)
(582,718)
GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 27 -
29
Analysis of changes in net funds
1 January 2025
Cash flows
Interest charged
31 December 2025
£
£
£
£
Cash at bank and in hand
962,754
(412,535)
-
550,219
Borrowings excluding overdrafts
(247,810)
159,826
(4,468)
(92,452)
714,944
(252,709)
(4,468)
457,767
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