Company Registration No. 06149738 (England and Wales)
LAURELLE LONDON LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
LAURELLE LONDON LTD
COMPANY INFORMATION
Director
O McMahon
Company number
06149738
Registered office
Ground Floor
1279 London Road
Leigh-on-Sea
Essex
SS9 2AD
Auditor
Rickard Luckin Limited
Suite 8
Phoenix House
Christopher Martin Road
Basildon
Essex
SS14 3EZ
LAURELLE LONDON LTD
CONTENTS
Page
Strategic report
1
Director's report
2
Director's responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 24
LAURELLE LONDON LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 1 -

The director presents the strategic report for the year ended 31 May 2025.

Review of the business

The director is very pleased with the performance of the business as the financial statements show that turnover has increased by 20.8% compared with the previous year.

The increase in turnover is due to the company increasing its customer base through the signing of new contracts with major supermarkets and high street retailers. Despite this, the company has achieved lower gross profit margins this year of 16.8% (2024 - 18.6%). This is because the company has not passed increased costs from suppliers onto customers, in order to maintain market share and customer relationships in an ever competitive environment.

At the end of the year the business had net assets of £9,099,434 (2024 - £9,611,308).

Despite trading conditions continuing to be difficult due to fluctuating exchange rates and increased supplier costs, the company has enjoyed another successful year. Gross profit margins, as noted above, have decreased, however the company continue to concentrate on improving margins for specific product lines on the company's long standing perfume range which will help to improve profitability in future years.

Principal risks and uncertainties

The principal risk of the business is in respect to market trends and the demand for products.

Key performance indicators

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

|  | 2025 | 202 4
Turnover |  | £23,561,403 | £19,501,640
Turnover growth/ (decline) |  | 20.8% | 23.5%
Gross profit margin |  | 16.8% | 18.6%
Profit before tax |  | £789,571 | £539,817

On behalf of the board

O McMahon
Director
31 March 2026
LAURELLE LONDON LTD
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MAY 2025
- 2 -

The director presents his annual report and financial statements for the year ended 31 May 2025.

Principal activities

The principal activity of the company continued to be that of creating and manufacturing exclusive beauty brands for a variety of retailers.

Results and dividends

The results for the year are set out in the profit and loss account on page 7 of the financial statements.

Ordinary dividends were paid amounting to £1,265,020. The director does not recommend payment of a final dividend.

Director

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

O McMahon
Financial instruments
Liquidity risk

The company manages its cash and borrowing requirements in order to maximise interest income and minimise interest expense, whilst ensuring the company has sufficient liquid resources to meet the operating needs of the business.

Foreign currency risk

The company’s principal foreign currency exposures arise from trading with overseas companies. Company policy permits but does not demand that these exposures may be hedged in order to fix the cost in sterling. This hedging activity involves the use of foreign exchange forward contracts.

Auditor

Rickard Luckin Limited were appointed as auditor to the company and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

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.

On behalf of the board
O McMahon
Director
31 March 2026
LAURELLE LONDON LTD
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2025
- 3 -

The director is responsible for preparing the annual report 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 he 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; and

- 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 them to ensure that the financial statements comply with the Companies Act 2006. He 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.

LAURELLE LONDON LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBER OF LAURELLE LONDON LTD
- 4 -
Opinion

We have audited the financial statements of Laurelle London Ltd (the 'company') for the year ended 31 May 2025 which comprise the profit and loss account, the statement of comprehensive income, the balance sheet, the statement of changes in equity 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 May 2025 and of its profit 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 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 financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director 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 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.

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 director's 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 director's report have been prepared in accordance with applicable legal requirements.

LAURELLE LONDON LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF LAURELLE LONDON LTD
- 5 -
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 director's 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 director's remuneration specified by law are not made; or

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

Responsibilities of director

As explained more fully in the director's r esponsibilities s tatement, 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 director determines 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.

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.

The extent to which are procedures are capable of detecting irregularities, including fraud, is detailed below.

Capability of the audit in detecting irregularity, including fraud

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our: general commercial and sector experience; through verbal and written communications with those charged with governance and other management and via inspection of the company’s regulatory and legal correspondence.

We communicated identified laws and regulations to our team and remained alert to any indicators of non-compliance throughout the audit, we also specifically considered where and how fraud may occur within the company.

The potential effect of these laws and regulations on the financial statements varies considerably.

Firstly, the company is subject to laws and regulations that directly affect the financial statements, including: the company’s constitution, relevant financial reporting standards; company law; tax legislation and distributable profits legislation and we assess the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items.

Secondly the company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on the amounts or disclosures in the financial statements, for instance through the imposition of fines and penalties, or through losses arising from litigations. We identified the following areas as those most likely to have such an affect: employment legislation; health and safety legislation; trade and export legislation; data protection regulations; anti-bribery and anti-corruption legislation.

LAURELLE LONDON LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBER OF LAURELLE LONDON LTD
- 6 -

ISAs (UK) limit the required procedures to identify non-compliance with these laws and regulations to the procedures, and no procedures over and above those already noted are required. These limited procedures did not identify any actual or suspected non-compliance which laws and regulations that could have a material impact on the financial statements.

In relation to fraud, we performed the following specific procedures in addition to those already noted:

- Challenging assumptions made by management in its significant accounting estimates;

- Identifying and testing journal entries, in particular any entries posted with unusual nominal ledger account combinations, journal entries crediting cash or any revenue account;

- Performing analytical procedures to identify unexpected movements in account balances which may be indicative of fraud;

- Ensuring that testing undertaken on both the performance statement, and the Balance Sheet includes a number of items selected on a random basis;

- Discussions with management.

These procedures did not identify any actual or suspected fraudulent irregularity that could have a material impact on the financial statements.

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 ISAs (UK). For example, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely the procedures that we are required to undertake would identify it. In addition, as with any audit, there remains a high risk of non-detection of irregularities, as these might involve collusion, forgery, intentional omissions, misrepresentation, or the override of internal controls. We are not responsible for preventing non-compliance with laws and regulations or fraud, and cannot be expected to detect non-compliance with all laws and regulations or every incidence of fraud.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 member 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 member those matters we are required to state to the member 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 member, for our audit work, for this report, or for the opinions we have formed.

Neil Brewer (Senior Statutory Auditor)
For and on behalf of Rickard Luckin Limited
1 April 2026
Chartered Accountants
Statutory Auditor
Suite 8
Phoenix House
Christopher Martin Road
Basildon
Essex
SS14 3EZ
LAURELLE LONDON LTD
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2025
- 7 -
2025
2024
Notes
£
£
Turnover
3
23,561,403
19,501,640
Cost of sales
(19,598,699)
(15,884,225)
Gross profit
3,962,704
3,617,415
Administrative expenses
(3,102,547)
(2,952,996)
Other operating income
158,812
-
0
Operating profit
4
1,018,969
664,419
Interest receivable and similar income
7
-
0
4,563
Interest payable and similar expenses
8
(61,450)
(83,339)
Amounts written off investments
9
(167,948)
(45,826)
Profit before taxation
789,571
539,817
Tax on profit
10
(36,425)
(19,636)
Profit for the financial year
753,146
520,181
LAURELLE LONDON LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2025
- 8 -
2025
2024
£
£
Profit for the year
753,146
520,181
Other comprehensive income
-
-
Total comprehensive income for the year
753,146
520,181
LAURELLE LONDON LTD
BALANCE SHEET
AS AT
31 MAY 2025
31 May 2025
- 9 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
12
692,253
487,129
Investments
13
6
6
692,259
487,135
Current assets
Stocks
15
7,087,155
6,173,327
Debtors
16
7,746,155
8,125,958
Cash at bank and in hand
1,434,199
1,084,463
16,267,509
15,383,748
Creditors: amounts falling due within one year
17
(7,043,296)
(4,539,607)
Net current assets
9,224,213
10,844,141
Total assets less current liabilities
9,916,472
11,331,276
Creditors: amounts falling due after more than one year
18
(647,144)
(149,554)
Provisions for liabilities
21
(169,894)
(1,570,414)
Net assets
9,099,434
9,611,308
Capital and reserves
Called up share capital
22
100
100
Profit and loss reserves
9,099,334
9,611,208
Total equity
9,099,434
9,611,308
The financial statements were approved and signed by the director and authorised for issue on 31 March 2026
O McMahon
Director
Company Registration No. 06149738
LAURELLE LONDON LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2025
- 10 -
Share capital
Profit and loss reserves
Total
£
£
£
Balance at 1 June 2023
100
9,151,027
9,151,127
Year ended 31 May 2024:
Profit and total comprehensive income for the year
-
520,181
520,181
Dividends
11
-
(60,000)
(60,000)
Balance at 31 May 2024
100
9,611,208
9,611,308
Year ended 31 May 2025:
Profit and total comprehensive income for the year
-
753,146
753,146
Dividends
11
-
(1,265,020)
(1,265,020)
Balance at 31 May 2025
100
9,099,334
9,099,434
LAURELLE LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2025
- 11 -
1
Accounting policies
Company information

Laurelle London Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Ground Floor, 1279 London Road, Leigh-on-Sea, Essex, SS9 2AD.

1.1
Accounting convention

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 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and disclosures;

- Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest income/expense and net gains/losses for financial instruments not measured at fair value; basis of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value changes recognised in profit or loss and in other comprehensive income;

- Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss, reconciliation of opening and closing number and weighted average exercise price of share options, how the fair value of options granted was measured, measurement and carrying amount of liabilities for cash-settled share-based payments, explanation of modifications to arrangements;

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

1.2
Going concern

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

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Turnover is recognised once goods have been despatched to the customer and an invoice is raised.

1.4
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.5
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.

LAURELLE LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 12 -

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:

Plant and equipment
25% reducing balance
Fixtures and fittings
25% reducing balance
Motor vehicles
25% reducing balance

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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are 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.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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.

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.

LAURELLE LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 13 -
1.8
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.

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.

1.9
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 balance sheet 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.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

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.

LAURELLE LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 14 -
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, loans from fellow group companies and preference shares that are classified as debt, 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.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are s ubsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value th r ough profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

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

1.10
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.

1.11
Taxation

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

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

LAURELLE LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
1
Accounting policies
(Continued)
- 15 -
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.

1.12
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision i s measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.13
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.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

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.

1.16
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 director is 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.

LAURELLE LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
2
Judgements and key sources of estimation uncertainty
(Continued)
- 16 -
Key sources of estimation uncertainty

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

Stock obsolescence provision

Stock is considered to be obsolete if a single item in that stock line has not been sold in the previous 24 months. A provision for these stock lines is therefore calculated and used to reduce the overall value of stock at year end.

3
Turnover and other revenue
2025
2024
£
£
Turnover analysed by class of business
Sale of goods
23,561,403
19,501,640
2025
2024
£
£
Turnover analysed by geographical market
Sales - United Kingdom
22,377,890
18,939,877
Sales - European Economic Area
1,022,842
395,970
Sales - Rest of the world
160,671
165,793
23,561,403
19,501,640
4
Operating profit
2025
2024
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange losses/(gains)
20,766
(52,534)
Research and development costs
23,524
36,808
Fees payable to the company's auditor for the audit of the company's financial statements
17,664
16,985
Depreciation of owned tangible fixed assets
221,946
153,567
Operating lease charges
105,887
50,930
5
Employees

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

2025
2024
Number
Number
39
43
LAURELLE LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
5
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2025
2024
£
£
Wages and salaries
1,251,461
1,306,749
Social security costs
114,558
120,111
Pension costs
21,155
22,291
1,387,174
1,449,151
6
Director's remuneration
2025
2024
£
£
Remuneration for qualifying services
15,000
15,000
7
Interest receivable and similar income
2025
2024
£
£
Interest income
Interest on bank deposits
-
0
4,563
8
Interest payable and similar expenses
2025
2024
£
£
Other interest on financial liabilities
38,783
83,339
Other interest
22,667
-
0
61,450
83,339
9
Amounts written off investments
2025
2024
£
£
Fair value gains/(losses) on financial instruments
Loss on foreign currency foward contracts
(167,948)
(45,826)
10
Taxation
2025
2024
£
£
Current tax
Adjustments in respect of prior periods
(11,191)
-
0
LAURELLE LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
10
Taxation
2025
2024
£
£
(Continued)
- 18 -
Deferred tax
Origination and reversal of timing differences
47,616
19,636
Total tax charge
36,425
19,636

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

2025
2024
£
£
Profit before taxation
789,571
539,817
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2024: 25.00%)
197,393
134,954
Tax effect of expenses that are not deductible in determining taxable profit
50,456
5,374
Adjustments in respect of prior years
(11,191)
-
0
Group relief
(199,334)
(120,868)
Permanent capital allowances in excess of depreciation
(899)
176
Taxation charge for the year
36,425
19,636
11
Dividends
2025
2024
£
£
Interim paid
1,265,020
60,000
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2024
590,757
358,773
21,143
970,673
Additions
376,007
51,063
-
0
427,070
At 31 May 2025
966,764
409,836
21,143
1,397,743
Depreciation and impairment
At 1 June 2024
270,224
204,365
8,955
483,544
Depreciation charged in the year
174,138
44,761
3,047
221,946
At 31 May 2025
444,362
249,126
12,002
705,490
LAURELLE LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
12
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
(Continued)
- 19 -
Carrying amount
At 31 May 2025
522,402
160,710
9,141
692,253
At 31 May 2024
320,533
154,408
12,188
487,129
13
Fixed asset investments
2025
2024
Notes
£
£
Investments in associates
14
6
6
14
Associates

Details of the company's associates at 31 May 2025 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
ZIDAC LABORATORIES INT. LIMITED
Ground Floor, 1279 London Road, Leigh-On-Sea, Essex, United Kingdom, SS9 2AD
Ordinary
50.00
15
Stocks
2025
2024
£
£
Finished goods and goods for resale
7,087,155
6,173,327
16
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,570,150
2,269,787
Amounts owed by group undertakings
1,516,777
1,421,503
Other debtors
2,170,777
4,386,841
Prepayments and accrued income
484,701
47,827
7,742,405
8,125,958
LAURELLE LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
16
Debtors
(Continued)
- 20 -
2025
2024
Amounts falling due after more than one year:
£
£
Prepayments and accrued income
3,750
-
0
Total debtors
7,746,155
8,125,958
17
Creditors: amounts falling due within one year
2025
2024
Notes
£
£
Bank loans
19
114,087
102,358
Other borrowings
19
-
0
460,000
Trade creditors
4,710,080
2,921,332
Corporation tax
103,189
-
0
Other taxation and social security
262,685
278,856
Deferred income
305,943
28,462
Other creditors
1,431,477
742,428
Accruals and deferred income
115,835
6,171
7,043,296
4,539,607
18
Creditors: amounts falling due after more than one year
2025
2024
Notes
£
£
Bank loans and overdrafts
19
118,942
149,554
Other creditors
528,202
-
0
647,144
149,554
19
Loans and overdrafts
2025
2024
£
£
Bank loans
233,029
251,912
Other loans
-
0
460,000
233,029
711,912
Payable within one year
114,087
562,358
Payable after one year
118,942
149,554
LAURELLE LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
19
Loans and overdrafts
(Continued)
- 21 -

Long term bank loans relate to the Coronavirus Business Interruption Loan Scheme, the term of these loans range from 36 months to 60 months, with interest rates ranging from 8.9% to 11.6%

Other loans relates to amounts due to MOM Ltd, a company under common control. These amounts are repayable on demand, no interest is applied to these outstanding amounts.

20
Deferred taxation

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

Liabilities
Liabilities
2025
2024
Balances:
£
£
Accelerated capital allowances
169,477
121,782
Retirement benefit obligations
417
496
169,894
122,278
2025
Movements in the year:
£
Liability at 1 June 2024
122,278
Charge to profit or loss
47,616
Liability at 31 May 2025
169,894
21
Provisions for liabilities
2025
2024
Notes
£
£
HMRC settlement provision
-
1,448,136
Deferred tax liabilities
20
169,894
122,278
169,894
1,570,414

During the year HMRC accepted the settlement opportunity relating to the historic use of a Remuneration Trust by the company, which had been proposed by the Director in a prior period. As a result, this provision has crystalised into a liability and has been included within Other Creditors due within one year £727,602 and due after one year £528,202 at the year end.

22
Share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
LAURELLE LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 22 -
23
Retirement benefit schemes
2025
2024
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
21,155
22,291

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.

24
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
91,737
195,812
Years 2-5
180,914
248,356
272,651
444,168
LAURELLE LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 23 -
25
Directors' transactions

Advances or credits have been granted by the company to its directors as follows:

Advances
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
-
1,994,467
319,473
(2,008,192)
305,748
1,994,467
319,473
(2,008,192)
305,748
26
Ultimate controlling party

Laurelle London Ltd is a 100% subsidiary of Laurelle Holdings Limited, which is the ultimate parent company. Laurelle Holdings Limited has a registered office address of Ground Floor, 1279 London Road, Leigh-On-Sea, Essex, United Kingdom, SS9 2AD.

The compan y's results are included in the consolidated accounts of Laurelle Holdings Limited which is both the largest and smallest group into which the entity is consolidated. The consolidated accounts of Laurelle Holdings Limited are publically available from the Companies House, Crown Way, Cardiff CF14 3UZ.

The ultimate controlling party is Oliver McMahon.

LAURELLE LONDON LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2025
- 24 -
27
Related party transactions

Companies under common control

During the year, Laurelle London Limited made sales of £309,557 (202 4: £279,429) to companies under common control. As at 31 May 2025, Laurelle London Limited owed £993,214 (2024: £616,474) to companies under common control and was owed £938,287 (2024: £408,655) by companies under common control.

Associated company

During the year, Laurelle London Limited made sales of £nil (202 4: £2,569) and purchases of £3,255,559 (2024: £2,167,026) to an associated company. As at 31 May 2025, Laurelle London Limited was owed £562,317 (2024: £1,094,341) by the associated company.

Group Companies

As at 31 May 2025, Laurelle London Limited was owed £1,516,777 (2024: £1,421,503) by wholly owned group entities.

In accordance with FRS102 the company has not disclosed transactions with wholly owned companies within the group.

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