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Registered number:
FOR THE YEAR ENDED 31 MARCH 2026
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COMPANY INFORMATION
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CONTENTS
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GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their strategic report for the year ended 31 March 2026.
The Group is engaged in the manufacturing and sale of premium mass-market, skin care and cosmetic products around the world. The products are manufactured using specialist subcontractors located mainly in the UK, which are then sold directly in the UK and USA. Distributors are used for all other jurisdictions. The Group sells products to retailers, including grocery chains, pharmacies, independent stores, and e-retailers as well as directly to consumers via its own website.
The Group's business strategy is to remain competitive, with the emphasis on improving performance, providing high-quality and relevant products, whilst focusing on cost efficiency. Our key focuses for improving performance have come in several areas. Firstly, driving and developing further the digital side of the business. Secondly, driving an efficient and effective bricks-and-mortar business, being in the right stores whilst having the right cost base to drive sales. Thirdly, product innovation is key for the business to grow. This enables the business to remain relevant and win in the marketplace. Lastly, as we go through the cost-of-living crisis, a key focus is to drive down cost and risk in the business to protect profit and cash. A lower cost base and better sales mix will enable the business to succeed. The directors are confident that, by adopting the above strategies and investing in our people, the Group will be successful.
The results for the year show profits before taxation of £466,577. This compares positively with the financial year ended March 2025 figure of £85,346. The result was above expectations for the following reasons:
1.Increased online marketing spend drove significant B2C sales increase which in turn translated in better
operating margin
2.Exiting of unprofitable or low-margin product lines and B2B retailers.
3.Revenue increase of 51% vs LY because of successful new product launches and increased but more
targeted marketing spent. In-store promotions have almost doubles vs LFY but were concentrated almost
exclusively to our largest UK B2B retailer which in turn drove the increase in revenue. Likewise, marketing
spent more than doubled against LFY mainly targeting B2C customers. This has driven the increase in
profitability.
4.The Group has traditionally drawn most of its revenue from the UK. This has been more pronounced in
the current FY with 94% of total revenue derived from the UK. This was due to management’s decision to
exit all international brick-and-mortar retailers and sell internationally solely via online marketplaces.
The Group continues to maintain a strong financial position with reserves of £6,518,065 on 31 March 2026 (2025 - £6,470,728).
The management of the business and the execution of the Group's strategy are subject to risk. The Group's internal control, which is based on standards, procedures, and good practices, is aimed at reducing risks.
The key business risk and uncertainty affecting the Group is currently the cost-of-living crisis. Stubbornly high food and electricity prices are eating at the consumer’s disposable income which in turn affects spending. We have observed reduced footfall on the high street and high energy prices may force store closures. We are monitoring this whilst reducing business risk as we move forward. This is primarily around driving a different sales mix and reducing the cost base of the business to align to new buying patterns. Other areas of risk which are more relevant is the historically high tax burden imposed on UK residents, and since the Group’s business is 94% UK based any government policy that reduces the British consumer’s disposable income is an area of concern. Other risk factors include our customers' financial condition and changes in the retail and cosmetic industries. Lastly, risk from retailer inventory control practices including, but not limited to, levels of inventory carried at point of sale and practices used to control inventory shrinkage affect the business and we work closely with our retailers to understand any potential changes.
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GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
Key performance indicators are revenue and profit before taxation. These are disclosed on Page 9.
Financial risk management Foreign currency, credit and interest rate risks have little impact on the Group's operations because the directors have taken the following actions: 1) Matching foreign currency outflows with inflows, thus avoiding foreign exchange hedging using financial
instruments.
2)Maintaining a diversified pool of customers to avoid concentration risk.
3)Not having any bank loans.
The directors recognise that our employees are our most important asset to our business and delivery of our strategy. The success of our business depends on retaining and motivating employees. The directors ensure the business cares for the employee's well-being and offers benefits which are designed to be competitive within the market. All employees have targets and objectives that relate to individual and business performance whilst training needs are met.
The need to foster the Group's business relationships with suppliers and customers Delivering our strategy requires strong relationships with suppliers and customers. The directors are aware of the fair and professional relationships we promote. Regular meetings are held at differing levels to discuss objectives, performance and how to drive performance for all parties.
The impact of the Group's operations on the community and environment
We are aware of our impact on the environment and community. The Group supports charities and local communities through local initiatives. From an environmental perspective the Group seeks to reduce its carbon footprint and seeks to increase the percentage of recycled plastics used in our packaging. In addition, the parent company is certified carbon neutral by Carbon UK.
The desirability of the Group maintaining high standards of business conduct
The Group promotes its values, beliefs and ethical standards in the office whilst there are forums for employees to discuss all these topics.
This report was approved by the board on 4 August 2026 and signed on its behalf.
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DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2026
The directors present their report and the financial statements for the year ended 31 March 2026.
The directors who served during the year were:
The profit for the year, after taxation, amounted to £347,303 (2025 - £85,175).
The total distribution of dividends for the year ended 31 March 2026 was £300,000 (2025 - £220,000).
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
There are no future developments that affect the Group.
throughout the year and at the date of this report.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2026
On 9 July 2026, the Company declared and paid an interim dividend of £150,000 to its shareholder in respect of the financial year ending 31 March 2027. As the dividend was declared after the reporting date, no liability has been recognised in these financial statements.
There have been no other significant events affecting the Group since the year end.
Under section 487(2) of the Companies Act 2006, Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.
This report was approved by the board on
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NIP AND FAB LIMITED
In our opinion the financial statements:
∙give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 March 2026 and of the Group's 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.
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 Group's or the parent 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.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NIP AND FAB LIMITED (CONTINUED)
misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group 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 Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent Company 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.
As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
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 Group 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,
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NIP AND FAB LIMITED (CONTINUED)
including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
∙the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
∙we identified the laws and regulations applicable to the Group through discussions with directors and other management, and from our commercial knowledge and experience of the cosmetics sector;
∙we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
∙we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
∙identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
∙making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud;
∙considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and
∙understanding the design of the Group’s remuneration policies.
To address the risk of fraud through management bias and override of controls, we:
∙performed analytical procedures to identify any unusual or unexpected relationships;
∙tested journal entries to identify unusual transactions;
∙assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
∙investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
∙agreeing financial statement disclosures to underlying supporting documentation;
∙enquiring of management as to actual and potential litigation and claims; and
∙reviewing correspondence with HMRC and relevant regulators.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF NIP AND FAB LIMITED (CONTINUED)
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.
for and on behalf of
Chartered Accountants
Statutory Auditors
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD
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CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2026
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CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 25 form part of these financial statements.
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COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2026
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 16 to 25 form part of these financial statements.
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CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2026
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CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2026
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CONSOLIDATED ANALYSIS OF NET FUNDS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
Nip and Fab Limited is a private company, limited by shares, registered in England and Wales. Its registered office and business address is The Studio Building, 6th Floor, 21 Evesham Street, London, W11 4AJ.
2.Accounting policies
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 Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. The Group derives revenue from wholesale and retail sales. Revenue from both is recognised when the significant risks and rewards of ownership of the goods have passed to the customer. This is usually when the goods are dispatched from the warehouse. The Group has a small number of contracts with retailers where unsold products may be returned at the retailer's discretion. Revenue is reduced by the amount relevant to the number of unsold products returned at time the return is confirmed by the customer.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Defined contribution pension plan
The Group does not employ staff directly. A sister company, under common control, employs staff and recharges their costs to the Group, including pension contributions. The sister company operates a defined contribution scheme. A defined contribution plan is a pension plan under which the employer pays fixed contributions into a separate entity, with no further obligation once paid.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
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.
The estimated useful lives range as follows:
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.
The Group only enters into transactions that result in the recognition of basic financial assets and
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
2.Accounting policies (continued)
basic financial liabilities.
Basic financial assets, such as trade and other debtors, are initially recognised at the transaction price less attributable transaction costs. Basic financial liabilities, such as trade and other creditors, are initially recognised at the transaction price plus attributable transaction costs. Subsequently, they are measured at amortised cost using the effective interest method, less any impairment losses in the case of basic financial assets. Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is an 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. Estimates and underlying assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are reasonable under the circumstances. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. In preparing these financial statements the directors have made the following judgements:
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
9.Taxation (continued)
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2026
The immediate parent entity is
The directors, M Papageorgiou and E Hatzistefanis, are the ultimate beneficial owners. The ultimate controlling party is considered to be
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