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| Registered number: 03748299
THE SOMERSET TOILETRY COMPANY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
THE SOMERSET TOILETRY COMPANY LIMITED COMPANY INFORMATION
DIRECTORS | S Buoy
| B Bateman
REGISTERED NUMBER | 03748299
REGISTERED OFFICE | Upper Bristol Road
| Clutton
| Somerset
| England
| BS39 5TA
INDEPENDENT AUDITORS | Bishop Fleming Audit Limited
| Chartered Accountants & Statutory Auditors
| 10 Temple Back
| Bristol
| BS1 6FL
THE SOMERSET TOILETRY COMPANY LIMITED CONTENTS
| Page
Strategic Report | 1 - 2
Directors' Report | 3 - 4
Directors' Responsibilities Statement | 5
Independent Auditors' Report | 6 - 9
Statement of Comprehensive Income | 10
Statement of Financial Position | 11
Statement of Changes in Equity | 12
Statement of Cash Flows | 13 - 14
Notes to the Financial Statements | 15 - 29
THE SOMERSET TOILETRY COMPANY LIMITED STRATEGIC REPORT FOR THE YEAR ENDED 31 DECEMBER 2025
INTRODUCTION
The board of directors outlined the key points below regarding our vision for the future, including the risks associated with supplying wholesale and direct supply to retail in many countries worldwide.
BUSINESS REVIEW
The Company achieved turnover of £16,549,976 during the year, an increase of 3% against the previous year. This performance has been driven by continued strong growth in the domestic market, supported by both own-brand sales and private label projects, which remain a key strategic focus. However, the overall result has been partially offset by a more challenging trading environment in the USA, where increased tariffs and associated cost pressures have impacted sales volumes and margins. Despite these challenges, the Company has maintained solid underlying profitability and the board is pleased to announce a profit before taxation of £1,462,306, representing a 51% increase on the 2024 audited accounts.
PRINCIPAL RISKS AND UNCERTAINTIES
The board of directors outlined the key points below regarding our vision for the future, including the risks associated with supplying wholesale and direct supply to retail in many countries worldwide. In the current climate of higher-than-normal tariffs, which persisted into 2026, additional risks are on the horizon; these could include a recession in America. We are nimble and can adapt quickly if needed. We also need to be mindful of domestic issues and the pressure on the government's expectations regarding taxation. We would expect it to become more challenging to trade over the coming years than it is now. We firmly believe that the sector in which we operate is less likely to present any major issues; however, we need to monitor the domestic situation and remain vigilant. Credit Risks The Company continues to monitor its customer base and their liquidity closely, and no significant credit risks have been identified to date. However, customers in North America remain under pressure, particularly due to tariff-related cost increases and margin constraints. We continue to engage with partners to ensure sustainable trading relationships. Liquidity The Company does not utilise its overdraft facility; however, it continues to closely monitor cash flow to ensure sufficient funds are available to support ongoing operations and growth, particularly in light of varying international market conditions. I nterest rate risk The Company has no borrowings; therefore, exposure to interest rate risk remains low.
FINANCIAL KEY PERFORMANCE INDICATORS
The board of directors continuously reviews all aspects of the marketplace and reacts accordingly. These reviews take place monthly among department heads, where financial performance, strategic initiatives, and market developments are discussed in detail. Where significant changes occur, the Company undertakes a full review of budgets to assess the impact on cash flow, sales performance, and profitability. Page 1
THE SOMERSET TOILETRY COMPANY LIMITED STRATEGIC REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 This report was approved by the board and signed on its behalf.
B Bateman Director
Date: 16 June 2026
Page 2
THE SOMERSET TOILETRY COMPANY LIMITED DIRECTORS' REPORT FOR THE YEAR ENDED 31 DECEMBER 2025 The Directors present their report and the financial statements for the year ended 31 December 2025.
RESULTS AND DIVIDENDS
The profit for the year, after taxation, amounted to £1,079,164 (2024: £768,635). No dividends have been proposed or paid (2024: £Nil).
DIRECTORS
The Directors who served during the year were:
S Buoy
B Bateman
FUTURE DEVELOPMENTS
The business continues to see positive momentum in the UK market, where demand remains robust and opportunities for further growth in both retail and private label sectors are encouraging. The Company is actively working with its partners in the USA to mitigate the effects of tariff changes through pricing strategies, operational efficiencies, and supply chain adjustments. We continue to explore opportunities in other international markets, including South America and emerging territories, where distribution partnerships provide longer-term growth potential. Whilst some regions are experiencing ongoing retail challenges, the Board remains confident that diversification across markets will support sustainable growth over the medium term.
DISCLOSURE OF INFORMATION TO AUDITORS
Each of the persons who are Directors at the time when this Directors' Report is approved has confirmed that: ∙so far as the Director is aware, there is no relevant audit information of which the Company's auditors are unaware, and ∙the Director has taken all the steps that ought to have been taken as a Director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.
POST BALANCE SHEET EVENTS
There have been no significant events affecting the Company since the year end.
AUDITORS
The auditors, Bishop Fleming Audit Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. Page 3
THE SOMERSET TOILETRY COMPANY LIMITED DIRECTORS' REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 This report was approved by the board and signed on its behalf.
B Bateman Director
Date: 16 June 2026
Upper Bristol Road
Clutton
Somerset
England
BS39 5TA
Page 4
THE SOMERSET TOILETRY COMPANY LIMITED DIRECTORS' RESPONSIBILITIES STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2025 The Directors are responsible for preparing the Strategic Report, the Directors' 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently; ∙make judgements and accounting estimates that are reasonable and prudent; ∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; ∙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 to 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. Page 5
THE SOMERSET TOILETRY COMPANY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SOMERSET TOILETRY COMPANY LIMITED
OPINION
We have audited the financial statements of The Somerset Toiletry Company 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 the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: ∙give a true and fair view of the state of the Company's affairs as at 31 December 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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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 Auditors' 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. Page 6
THE SOMERSET TOILETRY COMPANY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SOMERSET TOILETRY COMPANY LIMITED (CONTINUED)
OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006
In our opinion, based on the work undertaken in the course of the audit: ∙the information given in the Strategic Report and the Directors' Report 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.
MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report. 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' Responsibilities Statement set out on page 5, 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. Page 7
THE SOMERSET TOILETRY COMPANY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SOMERSET TOILETRY COMPANY LIMITED (CONTINUED)
AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' 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: In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we have considered the following: ∙We have considered the nature of the sector, control environment, and performance including the design of remuneration policies; ∙We have considered the results of enquiries of company directors and management in relation to their own identification and assessment of the risks of irregularities within the entity; ∙We have considered key processes and controls and performed walkthroughs of transactions to confirm the operation of those systems. As a result of these procedures, we have considered the opportunities and incentives that may exist within the organisation for fraud and identified the highest area of risk to be in relation to revenue recognition, with a particular risk in relation to period-end cut-off. In common with all audits under ISAs (UK) we are also required to perform specific procedures to respond to the risk of management override. We have also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, FRS 102 and UK tax legislation. In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the Company’s ability to operate or avoid a material penalty. These included data protection legislation, health and safety regulations, and employment law. Our procedures to respond to risks identified included the following: ∙Reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; ∙Enquiring of management in relation to actual and potential claims or litigation; ∙Performing analytical procedures to identify unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; ∙Reviewing board meeting minutes; ∙Performing audit testing in relation to revenue with a particular focus around the period-end cut off; ∙In addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; ∙Assessing whether the judgements made in accounting estimates are indicative of potential bias; and ∙Evaluating the business rationale of significant transactions that are unusual or outside the normal course of business. We also communicated identified laws and regulations and potential fraud risks to all team members involved in the engagement and remained alert to possible indicators of fraud or non-compliance with laws and regulations throughout the audit. Page 8
THE SOMERSET TOILETRY COMPANY LIMITED INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE SOMERSET TOILETRY COMPANY LIMITED (CONTINUED) 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. The 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.
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 Auditors' 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. Stuart Crisp BSc FCA (Senior Statutory Auditor) for and on behalf of Bishop Fleming Audit Limited Chartered Accountants Statutory Auditors 10 Temple Back Bristol BS1 6FL 16 June 2026 Page 9
THE SOMERSET TOILETRY COMPANY LIMITED STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 16,549,976 | 16,039,659
Cost of sales |  | (11,023,065) | (11,681,560)
Gross profit |  | 5,526,911 | 4,358,099
Administrative expenses |  | (4,104,069) | (3,407,505)
Operating profit |  | 1,422,842 | 950,594
Interest receivable and similar income | 8 | 39,464 | 20,829
Interest payable and similar expenses | 9 | - | (35)
Profit before tax |  | 1,462,306 | 971,388
Tax on profit | 10 | (383,142) | (202,753)
Profit for the financial year |  | 1,079,164 | 768,635
There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 15 to 29 form part of these financial statements.
Page 10
THE SOMERSET TOILETRY COMPANY LIMITED REGISTERED NUMBER:03748299 STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Intangible assets | 11 |  | 44,387 |  | 67,589
Tangible assets | 12 |  | 563,460 |  | 574,099
|  |  | 607,847 |  | 641,688
Current assets |  |  |  |  |
Stocks | 13 | 1,665,390 |  | 1,337,830 |
Debtors: amounts falling due within one year | 14 | 2,988,260 |  | 2,681,307 |
Cash at bank and in hand | 15 | 4,447,982 |  | 3,613,964 |
|  | 9,101,632 |  | 7,633,101 |
Creditors: amounts falling due within one year | 16 | (1,935,300) |  | (1,573,323) |
Net current assets |  |  | 7,166,332 |  | 6,059,778
Total assets less current liabilities |  |  | 7,774,179 |  | 6,701,466
Provisions for liabilities |  |  |  |  |
Deferred tax | 17 |  | (105,107) |  | (111,657)
Net assets |  |  | 7,669,072 |  | 6,589,809
Capital and reserves |  |  |  |  |
Called up share capital | 18 |  | 100 |  | 1
Profit and loss account |  |  | 7,668,972 |  | 6,589,808
|  |  | 7,669,072 |  | 6,589,809
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
B Bateman
Director
Date: 16 June 2026
The notes on pages 15 to 29 form part of these financial statements. Page 11
THE SOMERSET TOILETRY COMPANY LIMITED STATEMENT OF CHANGES IN EQUITY FOR THE YEAR ENDED 31 DECEMBER 2025
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 1 | 5,821,173 | 5,821,174
Profit for the year | - | 768,635 | 768,635
At 1 January 2025 | 1 | 6,589,808 | 6,589,809
Profit for the year | - | 1,079,164 | 1,079,164
Shares issued during the year | 99 | - | 99
At 31 December 2025 | 100 | 7,668,972 | 7,669,072
| The notes on pages 15 to 29 form part of these financial statements.
Page 12
THE SOMERSET TOILETRY COMPANY LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2025
|  |  | 2025 | 2024
|  |  | £ | £
Cash flows from operating activities |  |
Profit for the financial year | 1,079,164 | 768,635
Adjustments for: |  |
Amortisation of intangible assets | 21,590 | 15,999
Depreciation of tangible assets | 126,454 | 115,189
Loss on disposal of tangible assets | - | 4,051
Interest paid | - | 35
Interest received | (39,464) | (20,829)
Taxation charge | 383,142 | 202,753
(Increase)/decrease in stocks | (327,560) | 363,574
(Increase) in debtors | (306,953) | (488,067)
Increase in creditors | 450,673 | 217,482
Corporation tax (paid) | (478,388) | (148,545)
Net cash generated from operating activities | 908,658 | 1,030,277
Cash flows from investing activities |  |
Purchase of intangible fixed assets | (18,388) | (41,339)
Grants received for intangible assets | 20,000 | -
Purchase of tangible fixed assets | (115,815) | (136,010)
Sale of tangible fixed assets | - | 80,630
Interest received | 39,464 | 20,829
Net cash used in investing activities | (74,739) | (75,890)
Page 13
THE SOMERSET TOILETRY COMPANY LIMITED STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025
|  | 2025 | 2024
|  | £ | £
Cash flows from financing activities |  |
Issue of ordinary shares | 99 | -
Interest paid | - | (35)
Net cash from/(used in) financing activities | 99 | (35)
Net increase in cash and cash equivalents | 834,018 | 954,352
Cash and cash equivalents at beginning of year | 3,613,964 | 2,659,612
Cash and cash equivalents at the end of year | 4,447,982 | 3,613,964
Cash and cash equivalents at the end of year comprise: |  |
Cash at bank and in hand | 4,447,982 | 3,613,964
| 4,447,982 | 3,613,964
The notes on pages 15 to 29 form part of these financial statements.
Page 14
THE SOMERSET TOILETRY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | COMPANY INFORMATION
The Somerset Toiletry Company Limited is a limited liability company incorporated in England and Wales. The registered office is Upper Bristol Road, Clutton, Somerset, England, BS39 5TA. The principal activity of the company is the manufacture and sale of perfumes and toiletries. 2.ACCOUNTING POLICIES
| 2.1 | BASIS OF PREPARATION OF FINANCIAL STATEMENTS
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3). The following principal accounting policies have been applied:
| 2.2 | GOING CONCERN
The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
| 2.3 | FOREIGN CURRENCY TRANSLATION
Functional and presentation currency The Company's functional and presentational currency is sterling. Transactions and balances Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction. Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss. Page 15
THE SOMERSET TOILETRY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.4 | TURNOVER
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised: Sale of goods Turnover from the sale of goods is recognised when all of the following conditions are satisfied: ∙the Company has transferred the significant risks and rewards of ownership to the buyer; ∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold; ∙the amount of turnover can be measured reliably; ∙it is probable that the Company will receive the consideration due under the transaction; and ∙the costs incurred or to be incurred in respect of the transaction can be measured reliably. Generally, taking into account the above conditions, revenue from the sale of goods is recognised either when goods are delivered to the customer's premises by the company, or when the goods are collected or despatched from the company's own premises (or a supplier's premises) and the customer has taken on the transit risk at that point.
| 2.5 | OPERATING LEASES: THE COMPANY AS LESSEE
Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
| 2.6 | INTEREST INCOME
Interest income is recognised in profit or loss using the effective interest method.
| 2.7 | FINANCE COSTS
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
| 2.8 | PENSIONS
DEFINED CONTRIBUTION PENSION PLAN 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 accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds. Page 16
THE SOMERSET TOILETRY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.9 | CURRENT AND DEFERRED TAXATION
The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income. Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that: ∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and ∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met. Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
| 2.10 | INTANGIBLE ASSETS
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount. All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
| 2.11 | TANGIBLE FIXED ASSETS
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Page 17
THE SOMERSET TOILETRY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.11 | TANGIBLE FIXED ASSETS (CONTINUED)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis:
|  |  |  | Long-term leasehold property | - | 10% straight line
|  |  |  | Plant and machinery | - | 10-25% straight line
|  |  |  | Motor vehicles | - | 25% reducing balance
|  |  |  | Fixtures and fittings | - | 20-25% straight line
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
| 2.12 | STOCKS
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
| 2.13 | DEBTORS
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
| 2.14 | CASH AND CASH EQUIVALENTS
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
| 2.15 | CREDITORS
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method. Page 18
THE SOMERSET TOILETRY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.16 | PROVISIONS FOR LIABILITIES
Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made. Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties. Increases in provisions are generally charged as an expense to profit or loss.
| 2.17 | FINANCIAL INSTRUMENTS
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument. Basic financial assets Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments. Impairment of financial assets At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. 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. Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate. If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss. Basic 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 the deduction of all its liabilities. Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and Page 19
THE SOMERSET TOILETRY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.ACCOUNTING POLICIES (CONTINUED)
| 2.17 | FINANCIAL INSTRUMENTS (CONTINUED)
loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial. Debt instruments are subsequently carried at their amortised cost using the effective interest rate method. Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
3. | JUDGEMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. The items in the financial statements where these judgements have been made include: Stock Stock is valued at the lower of cost and net realisable value. Net realisable value includes, where necessary, provisions for slow moving and obsolete stocks. Calculation of these provisions requires judgements to be made, which include forecast customer demand, the economic environment and stock loss trends. Page 20
THE SOMERSET TOILETRY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
4. | TURNOVER
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Product sales | 16,368,362 | 15,874,022
| Cafe sales | 181,614 | 165,637
|  | 16,549,976 | 16,039,659
Analysis of turnover by country of destination:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| United Kingdom | 5,049,906 | 4,185,319
| Rest of Europe | 1,076,989 | 871,591
| Rest of the world | 10,423,081 | 10,982,749
|  | 16,549,976 | 16,039,659
5. | AUDITORS' REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditors for the audit of the Company's financial statements | 18,700 | 17,850
Page 21
THE SOMERSET TOILETRY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
6. | EMPLOYEES
| Staff costs, including Directors' remuneration, were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 2,328,884 | 2,164,041
| Social security costs | 274,218 | 209,168
| Cost of defined contribution scheme | 198,189 | 159,335
|  | 2,801,291 | 2,532,544
| The average monthly number of employees, including the Directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Direct Staff | 24 | 26
|  | Administrative Staff | 50 | 50
|  |  | 74 | 76
7. | DIRECTORS' REMUNERATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Directors' emoluments | 197,917 | 175,000
| Company contributions to defined contribution pension schemes | 106,642 | 92,042
|  | 304,559 | 267,042
| During the year retirement benefits were accruing to 2 Directors (2024: NIL) in respect of defined contribution pension schemes.
| The highest paid Director received remuneration of £100,000 (2024: £100,000). The value of the Company's contributions to a defined contribution pension scheme in respect of the highest paid Director amounted to £53,321 (2024: £46,321).
8. | INTEREST RECEIVABLE
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest receivable | 39,464 | 20,829
|  | 39,464 | 20,829
Page 22
THE SOMERSET TOILETRY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
9. | INTEREST PAYABLE AND SIMILAR EXPENSES
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Bank interest payable | - | 35
|  | - | 35
10. | TAXATION
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| CORPORATION TAX |  |
| Current tax on profits for the year | 384,874 | 273,570
| Adjustments in respect of previous periods | 4,818 | (43,538)
|  | 389,692 | 230,032
| TOTAL CURRENT TAX | 389,692 | 230,032
| DEFERRED TAX |  |
| Origination and reversal of timing differences | (21,593) | (27,279)
| Adjustments in respect of prior periods | 15,043 | -
| TOTAL DEFERRED TAX | (6,550) | (27,279)
| TAX ON PROFIT | 383,142 | 202,753
Page 23
THE SOMERSET TOILETRY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 10.TAXATION (CONTINUED)
| FACTORS AFFECTING TAX CHARGE FOR THE YEAR
| The tax assessed for the year is higher than (2024: lower than) the standard rate of corporation tax in the UK of 25% (2024: 25%). The differences are explained below:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Profit on ordinary activities before tax | 1,462,306 | 971,388
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024: 25%) | 365,577 | 242,847
| EFFECTS OF: |  |
| Fixed asset differences | (5,523) | -
| Expenses not deductible for tax purposes | 3,227 | 2,002
| Adjustments to tax charge in respect of previous periods | 4,818 | (43,538)
| Adjustments to tax charge in respect of previous periods - deferred tax | 15,043 | -
| Other differences leading to an increase in the tax charge | - | 1,442
| TOTAL TAX CHARGE FOR THE YEAR | 383,142 | 202,753
| FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
There were no factors that may affect future tax charges. Page 24
THE SOMERSET TOILETRY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
11. | INTANGIBLE ASSETS
|  | Computer software
|  | £
| COST |
| At 1 January 2025 | 104,710
| Additions | 18,388
| Grants received | (20,000)
| At 31 December 2025 | 103,098
| AMORTISATION |
| At 1 January 2025 | 37,121
| Charge for the year | 21,590
| At 31 December 2025 | 58,711
| NET BOOK VALUE |
| At 31 December 2025 | 44,387
| At 31 December 2024 | 67,589
Page 25
THE SOMERSET TOILETRY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
12. | TANGIBLE FIXED ASSETS
|  | Long-term leasehold property | Plant and machinery | Motor vehicles | Fixtures and fittings | Total
|  | £ | £ | £ | £ | £
| COST |  |  |  |  |
| At 1 January 2025 | 70,950 | 777,778 | 31,113 | 138,256 | 1,018,097
| Additions | 2,015 | 55,623 | 49,650 | 8,527 | 115,815
| Disposals | - | (17,424) | - | (320) | (17,744)
| At 31 December 2025 | 72,965 | 815,977 | 80,763 | 146,463 | 1,116,168
| DEPRECIATION |  |  |  |  |
| At 1 January 2025 | 22,718 | 314,775 | 16,667 | 89,838 | 443,998
| Charge for the year | 5,086 | 89,032 | 9,818 | 22,518 | 126,454
| Disposals | - | (17,424) | - | (320) | (17,744)
| At 31 December 2025 | 27,804 | 386,383 | 26,485 | 112,036 | 552,708
| NET BOOK VALUE |  |  |  |  |
| At 31 December 2025 | 45,161 | 429,594 | 54,278 | 34,427 | 563,460
| At 31 December 2024 | 48,232 | 463,003 | 14,446 | 48,418 | 574,099
13. | STOCKS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 1,345,282 | 1,148,334
| Finished goods and goods for resale | 320,108 | 189,496
|  | 1,665,390 | 1,337,830
Page 26
THE SOMERSET TOILETRY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
14. | DEBTORS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 2,588,930 | 2,379,259
| Other debtors | 4,367 | 51,542
| Prepayments and accrued income | 394,963 | 250,506
|  | 2,988,260 | 2,681,307
15. | CASH AND CASH EQUIVALENTS
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Cash at bank and in hand | 4,447,982 | 3,613,964
|  | 4,447,982 | 3,613,964
16. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 1,225,165 | 856,074
| Corporation tax | 184,874 | 273,570
| Other taxation and social security | 175,339 | 181,834
| Other creditors | 102 | 107
| Accruals and deferred income | 349,820 | 261,738
|  | 1,935,300 | 1,573,323
Page 27
THE SOMERSET TOILETRY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
17. | DEFERRED TAXATION
|  | 2025
|  | £
| At beginning of year | (111,657)
| Charged to profit or loss | 6,550
| AT END OF YEAR | (105,107)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | (132,120) | (134,173)
| Short term timing differences | 27,013 | 22,516
|  | (105,107) | (111,657)
18. | SHARE CAPITAL
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | ALLOTTED, CALLED UP AND FULLY PAID |  |
|  | 100 (2024: 1) Ordinary shares of £1.00 each | 100 | 1
On 21 November 2025, 99 Ordinary shares were issued at a nominal value of £1.
19. | PENSION COMMITMENTS
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £198,189 (2024: £159,335). Contributions totalling £11,537 (2024: £549) were payable to the fund at the reporting date and are included in social security and other taxes. Page 28
THE SOMERSET TOILETRY COMPANY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
20. | COMMITMENTS UNDER OPERATING LEASES
| At 31 December 2025 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Not later than 1 year | 232,264 | 140,710
| Later than 1 year and not later than 5 years | 794,809 | 401,215
| Later than 5 years | 499,862 | -
|  | 1,526,935 | 541,925
21. | RELATED PARTY TRANSACTIONS
| The International Toiletry Company Limited is a company under common control. At the year end, The Somerset Toiletry Company Limited was owed £Nil (2024: £50,239) by The International Toiletry Company Limited. This amount is non-interest bearing and is included in other debtors. Following a change in the ownership of the company in September 2025, Serendipity Toiletries Pty ceased to be a company under common control. Prior to the change, purchases of £13,671 (2024: £48,630) were made from Serendipity Toiletries Pty. At the year end, The Somerset Toiletry Company Limited owed Serendipity Toiletries Pty £Nil (2024: £1,814). Buoy Property Limited is a company under common directorship. During the year, rent was payable of £110,700 (2024: £88,000) to Buoy Property Limited, further purchases were incurred of £16,048 (2024: £Nil. At the year end, Buoy Property Limited owed The Somerset Toiletry Company Limited £Nil (2024: £6,662).
22. | CONTROLLING PARTY
There is no ultimate controlling party.
Page 29