Company registration number 11979517 (England and Wales)
BLEACH LONDON HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
BLEACH LONDON HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Ms A Brownsell
Mr E Keune
Ms T O'Neill
Mr J W Van De Pol
Company number
11979517
Registered office
Unit 1, Cassia Building
Hackney Road
London
E8 2GY
Auditor
Gravita Audit II Limited
Aldgate Tower
2 Leman Street
London
United Kingdom
E1 8FA
BLEACH LONDON HOLDINGS LIMITED
CONTENTS
Page
Directors' report
1 - 2
Independent auditor's report
3 - 5
Group statement of comprehensive income
6
Group statement of financial position
7
Company statement of financial position
8
Group statement of changes in equity
9
Company statement of changes in equity
10
Notes to the financial statements
11 - 23
BLEACH LONDON HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2025
- 1 -

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

Principal activities

The principal activity of the company continued to be that of acting as a holding company, which consolidates the activities of its subsidiaries, whose primary activities are the sale of hair products and accessories to retailers and end users.

Results and dividends

The results for the year are set out on page 9.

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

Directors

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

Ms A Brownsell
Mr E Keune
Ms T O'Neill
Mr J W Van De Pol
Statement of directors' responsibilities

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law, the directors have prepared the group and parent company financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law, the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the group and parent company, and of the profit or loss of the group for that period.

In preparing these financial statements, the directors are required to:

- select suitable accounting policies and then apply them consistently;

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

- state whether applicable U nited K ingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the group and parent company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and parent company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and parent company, and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and parent company, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company 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 auditor of the company is aware of that information.

Small companies exemption

This report has been prepared in accordance with the provisions applicable to groups and companies entitled to the exemptions of the small companies regime.

BLEACH LONDON HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 2 -
On behalf of the board
Ms T O'Neill
Director
26 July 2026
BLEACH LONDON HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BLEACH LONDON HOLDINGS LIMITED
- 3 -
Opinion

We have audited the financial statements of Bleach London Holdings Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2025 which comprise the group statement of comprehensive income, the group statement of financial position, the company statement of financial position, the group statement of changes in equity, the company 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 group's and the parent company's affairs as at 31 December 2025 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.

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 group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

- T he information given in the directors' r eport for the financial year for which the financial statements are prepared is consistent with the financial statements; and

- The directors' report has been prepared in accordance with applicable legal requirements.

BLEACH LONDON HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLEACH LONDON HOLDINGS LIMITED
- 4 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and parent company and its environment obtained in the course of the audit, we have not identifie d material misstatements in the directors' r eport.

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

- adequate accounting records have not been kept 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; or

- the directors were not entitled to take advantage of the small companies exemption from the requirement to prepare a strategic report.

Responsibilities of directors

As explained more fully in the directors' r esponsibilities s tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the group's and 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and management.

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 business and the sector in which it operates;

- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006.

- we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management, legal team 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 company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

- understanding the business model as part of the control and business environment;

- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and

- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

BLEACH LONDON HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BLEACH LONDON HOLDINGS LIMITED
- 5 -

To address the risk of fraud through management bias and override of controls, we:

- 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;

- enquiring of management of actual and potential non-compliance with laws and regulations; and

- reviewing correspondence with HMRC.

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 by for example forgery, or intentional misrepresentation or through collusion. Our audit procedures are designed to detect material misstatement. We are not responsible for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.

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 parent 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 parent company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the parent company and the parent company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Sarah Wilson FCA (Senior Statutory Auditor)
For and on behalf of Gravita Audit II Limited, Statutory Auditor
Chartered Accountants
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
28 July 2026
BLEACH LONDON HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2025
- 6 -
2025
2024
Notes
£
£
Turnover
11,825,648
10,189,183
Cost of sales
(6,726,398)
(6,976,431)
Gross profit
5,099,250
3,212,752
Administrative expenses
(4,312,844)
(3,451,687)
Operating profit/(loss)
786,406
(238,935)
Interest receivable and similar income
5
729
760
Interest payable and similar expenses
(238,818)
(132,120)
Profit/(loss) before taxation
548,317
(370,295)
Tax on profit/(loss)
(3,691)
(4,303)
Profit/(loss) for the financial year
544,626
(374,598)
Other comprehensive income
Currency translation gain arising in the year
3,387
38,879
Total comprehensive income for the year
548,013
(335,719)
Profit/(loss) for the financial year is all attributable to the owner of the parent company.
Total comprehensive income for the year is all attributable to the owner of the parent company.
BLEACH LONDON HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2025
31 December 2025
- 7 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
6
3,411
9,564
Tangible assets
7
45,132
331,417
48,543
340,981
Current assets
Stocks
2,387,249
2,869,333
Debtors
9
2,686,517
2,715,539
Cash at bank and in hand
106,284
124,830
5,180,050
5,709,702
Creditors: amounts falling due within one year
10
(3,209,538)
(4,557,910)
Net current assets
1,970,512
1,151,792
Total assets less current liabilities
2,019,055
1,492,773
Creditors: amounts falling due after more than one year
11
(3,467,038)
(3,489,539)
Net liabilities
(1,447,983)
(1,996,766)
Capital and reserves
Called up share capital
13
10,266
9,496
Share premium account
14,931,278
14,931,278
Other reserves
303,402
300,015
Profit and loss reserves
(16,692,929)
(17,237,555)
Total equity
(1,447,983)
(1,996,766)

These financial statements have been prepared in accordance with the provisions applicable to groups and companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 July 2026 and are signed on its behalf by:
26 July 2026
Ms T O'Neill
Director
Company registration number 11979517 (England and Wales)
BLEACH LONDON HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2025
31 December 2025
- 8 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
6
72
3,177
Current assets
Debtors
9
1,596,860
859,135
Creditors: amounts falling due within one year
10
(268,470)
(107,210)
Net current assets
1,328,390
751,925
Total assets less current liabilities
1,328,462
755,102
Creditors: amounts falling due after more than one year
11
(3,467,038)
(3,489,539)
Net liabilities
(2,138,576)
(2,734,437)
Capital and reserves
Called up share capital
13
10,266
9,496
Share premium account
14,931,278
14,931,278
Other reserves
94,243
94,243
Profit and loss reserves
(17,174,363)
(17,769,454)
Total equity
(2,138,576)
(2,734,437)

As permitted by section 408 of the Companies Act 2006, the c ompany has not presented its own profit and loss account and related notes. The c ompany’s profit for the year was £595,091 (2024 - £1,206,119 loss).

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 26 July 2026 and are signed on its behalf by:
26 July 2026
Ms T O'Neill
Director
Company registration number 11979517 (England and Wales)
BLEACH LONDON HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 9 -
Share capital
Share premium account
Capital contribution reserve
Merger reserve
Foreign exchange reserve
Profit and loss reserves
Total
£
£
£
£
£
£
£
Balance at 1 January 2024
9,430
14,931,278
94,243
99,326
67,567
(16,862,957)
(1,661,113)
Year ended 31 December 2024:
Loss for the year
-
-
-
-
-
(374,598)
(374,598)
Other comprehensive income:
Currency translation differences
-
-
-
-
38,879
-
0
38,879
Total comprehensive income
-
-
-
-
38,879
(374,598)
(335,719)
Issue of share capital
13
66
-
0
-
-
-
-
66
Balance at 31 December 2024
9,496
14,931,278
94,243
99,326
106,446
(17,237,555)
(1,996,766)
Year ended 31 December 2025:
Profit for the year
-
-
-
-
-
544,626
544,626
Other comprehensive income:
Currency translation differences
-
-
-
-
3,387
-
0
3,387
Total comprehensive income
-
-
-
-
3,387
544,626
548,013
Issue of share capital
13
770
-
0
-
-
-
-
770
Balance at 31 December 2025
10,266
14,931,278
94,243
99,326
109,833
(16,692,929)
(1,447,983)
BLEACH LONDON HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2025
- 10 -
Share capital
Share premium account
Capital contribution reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 January 2024
9,430
14,931,278
94,243
(16,563,335)
(1,528,384)
Year ended 31 December 2024:
Loss and total comprehensive income for the year
-
-
-
(1,206,119)
(1,206,119)
Issue of share capital
13
66
-
0
-
-
66
Balance at 31 December 2024
9,496
14,931,278
94,243
(17,769,454)
(2,734,437)
Year ended 31 December 2025:
Profit and total comprehensive income
-
-
-
595,091
595,091
Issue of share capital
13
770
-
0
-
-
770
Balance at 31 December 2025
10,266
14,931,278
94,243
(17,174,363)
(2,138,576)
BLEACH LONDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2025
- 11 -
1
Accounting policies
Company information

Bleach London Holdings Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 1, Cassia Building, Hackney Road, E8 2GY.

The group consists of Bleach London Holdings Limited and all of its subsidiaries.

Bleach Products Limited, a subsidiary, is exempt from the requirement of the Companies Act 2006 relating to the audit of individual accounts by virtue of section 479A on the basis that it is a subsidiary undertaking and its parent undertaking is established under the law of an EEA State.

1.1
Basis of preparation

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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.

1.2
Business combinations

In the parent company financial statements, t he cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. I nvestments in subsidiaries and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Bleach London Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

All financial statements are made up to 31 December 2025. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the g roup.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

BLEACH LONDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 12 -
1.4
Going concern

The Group made a profit before tax of £548,317 for the year ended 31 December 202 5 (202 4 - loss of £370,295). At b alance s heet date, the Group reports net current assets of £1,970,512 (2024: net current assets £1,151,792) and net liabilities of £1,447,983 (2024: £1,996,766).

The directors have prepared cash flow forecasts covering at least 12 months from approval of the financial statements. These forecasts incorporate expected revenue growth and cost management initiatives. The Group’s ultimate parent has confirmed its intention to provide financial support for a period of at least 12 months from the date of approval. Based on this support and forecast performance, the directors conclude that the going concern basis remains appropriate.

1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business, and is shown net of VAT and other sales related taxes.

Revenue is recognised when control of goods transfers to customers. For wholesale customers, this occurs in line with the contractual terms and is based on agreed shipping terms. For direct-to-consumer online sales, revenue is recognised at the point of dispatch from the warehouse. Revenue is presented net of returns, discounts, and promotional allowances. The Group assesses whether a financing component exists where payment terms exceed standard credit periods.

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

1.6
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

1.7
Intangible fixed assets other than goodwill

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

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

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

Other intangible assets
Straight line over 2-5 years
1.8
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.

BLEACH LONDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 13 -

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:

Leasehold land and buildings
over the lease term
Leasehold improvements
over the lease term
Fixtures and fittings
Straight line over 1-5 years
Computers
Straight line over 3 years

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 recognised in the income statement.

The assets’ residual values and useful lives are reviewed, and adjusted, if appropriate, at the end of each reporting period. The effect of any change is accounted for prospectively.

1.9
Fixed asset investments

Equity in vest ments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

I n the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. 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 group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the g roup’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

In the parent c ompany financial statements, investments in associates are accounted for at cost less impairment.

1.10
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 determined using a standard costing method, which approximates actual cost and includes purchase cost, duties, and directly attributable costs. Standard costs are regularly reviewed and updated to reflect current conditions.

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

BLEACH LONDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 14 -

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.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’.

Financial instruments are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset and the net amounts are 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 m ethod 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.

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 group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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

BLEACH LONDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, 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. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group 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 group.

1.14
Taxation

The tax expense represents the sum of the tax currently payable for the year.

Current tax

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

1.15
Employee benefits

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

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

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

1.16
Retirement benefits

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

1.17
Leases
As lessee

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

BLEACH LONDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 16 -
2
Judgements and key sources of estimation uncertainty

In the application of the group’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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 provision

On an annual basis, the requirement for a stock provision is reviewed. The review considers expected future rates of sales of existing stock, based on known demand and historical sales experience. Where the review indicates that surplus stock will be held, a provision is recognised against the surplus, to reduce the carrying value to net re a lisable value.

3
Exceptional item
2025
2024
£
£
Expenditure
Exceptional items
105,093
(656,485)
105,093
(656,485)

In the current year, exceptional costs consist of redundancy costs, exceptional air shipping costs and costs in relation to the office move that arose in the year.

In the prior year, exceptional items include non-recurring legal and payroll costs and the forgiveness of loan principal that were all incurred as part of the restructuring in the year.

4
Employees

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

Group
Company
2025
2024
2025
2024
Number
Number
Number
Number
Total
26
26
4
5
5
Interest receivable and similar income
2025
2024
£
£
Other interest receivable and similar income
729
760
BLEACH LONDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 17 -
6
Intangible fixed assets
Group
Goodwill
Other intangible assets
Total
£
£
£
Cost
At 1 January 2025
199,902
82,251
282,153
Disposals
-
0
(1,850)
(1,850)
At 31 December 2025
199,902
80,401
280,303
Amortisation and impairment
At 1 January 2025
199,902
72,687
272,589
Amortisation charged for the year
-
0
4,303
4,303
At 31 December 2025
199,902
76,990
276,892
Carrying amount
At 31 December 2025
-
0
3,411
3,411
At 31 December 2024
-
0
9,564
9,564
Company
Other intangible assets
£
Cost
At 1 January 2025
4,350
Disposals
(1,850)
At 31 December 2025
2,500
Amortisation and impairment
At 1 January 2025
1,173
Amortisation charged for the year
1,255
At 31 December 2025
2,428
Carrying amount
At 31 December 2025
72
At 31 December 2024
3,177
BLEACH LONDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 18 -
7
Tangible fixed assets
Group
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2025
484,855
451,308
936,163
Additions
-
0
290,158
290,158
Disposals
-
0
(370,791)
(370,791)
Exchange adjustments
(30,997)
(15,366)
(46,363)
At 31 December 2025
453,858
355,309
809,167
Depreciation and impairment
At 1 January 2025
430,633
174,113
604,746
Depreciation charged in the year
51,683
138,642
190,325
Exchange adjustments
(28,458)
(2,578)
(31,036)
At 31 December 2025
453,858
310,177
764,035
Carrying amount
At 31 December 2025
-
0
45,132
45,132
At 31 December 2024
54,222
277,195
331,417
The company had no tangible fixed assets at 31 December 2025 or 31 December 2024.
BLEACH LONDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 19 -
8
Fixed asset investments
Group
Company
2025
2024
2025
2024
£
£
£
£
Investments in Subsidiaries
-
-
6,430,725
6,430,725
Investments in Associates
-
-
7,550
7,550
Impairment
-
-
(6,438,275)
(6,438,725)
-
0
-
0
-
0
-
0
BLEACH LONDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 20 -
9
Debtors
Group
Company
2025
2024
2025
2024
Amounts falling due within one year:
£
£
£
£
Trade debtors
2,178,825
2,232,979
-
0
-
0
Amounts owed by group
-
0
-
0
1,595,982
852,867
Other debtors
507,692
468,206
878
6,268
2,686,517
2,701,185
1,596,860
859,135
Amounts falling due after more than one year:
Other debtors
-
0
14,354
-
0
-
0
Total debtors
2,686,517
2,715,539
1,596,860
859,135

The trade debtors balance is subject to charges in respect of invoice financing facilities. At the balance sheet date £208,617 (2024: £361,263) had been borrowed against these facilities. The amount borrowed against these facilities is included within other creditors.

10
Creditors: amounts falling due within one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank loans and overdrafts
120
90
120
90
Trade creditors
1,353,908
2,640,239
-
0
-
0
Amounts owed to group undertakings
261,750
87,250
261,750
87,250
Taxation and social security
228,948
213,911
-
0
-
0
Other creditors
1,364,812
1,616,420
6,600
19,870
3,209,538
4,557,910
268,470
107,210

Included within other creditors is £208,617 (2024: £361,263) in connection with invoice financing facilities. The facilities are secured by means of fixed and floating charges over all assets of the Group.

The bank loans also contain fixed and floating charges over all assets of the Group.

11
Creditors: amounts falling due after more than one year
Group
Company
2025
2024
2025
2024
£
£
£
£
Other creditors
3,467,038
3,489,539
3,467,038
3,489,539
BLEACH LONDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
- 21 -
12
Loans and overdrafts
Group
Company
2025
2024
2025
2024
£
£
£
£
Bank overdrafts
120
90
120
90
Loans from group undertakings and related parties
3,467,038
3,489,539
3,467,038
3,489,539
3,467,158
3,489,629
3,467,158
3,489,629
Payable within one year
120
90
120
90
Payable after one year
3,467,038
3,489,539
3,467,038
3,489,539

13
Share capital
Group and company
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 2p each
513,263
40,808
10,266
816
A Ordinary shares of 2p each
-
47,936
-
959
B Ordinary shares of 2p each
-
361,025
-
7,221
S Ordinary shares of 2p each
-
25,000
-
500
513,263
474,769
10,266
9,496

On 4 July 2025, 47,936 A Ordinary shares, 361,025 B Ordinary shares and 25,000 S Ordinary shares were all converted to Ordinary shares. They maintained the same par value per share of £0.02.

On the same date, 38,494 new Ordinary shares of £0.02 nominal value were issued at par.

14
Financial commitments, guarantees and contingent liabilities

Bleach London Holdings Limited has agreed to guarantee all outstanding liabilities of its sub s idiary undertaking Bleach Products Limited under section 479c of the Companies Act 2006 in respect of the year ended 31 December 20 25, as part of the conditions to claim exem p tion from audit.

15
Operating lease commitments
As lessee
BLEACH LONDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
15
Operating lease commitments
(Continued)
- 22 -

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

Group
Company
2025
2024
2025
2024
£
£
£
£
355,701
450,029
-
-
16
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2025
2024
£
£
Aggregate compensation
517,652
527,038
Transactions with related parties

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

Purchases
Purchases
2025
2024
£
£
Group
Entities with control, joint control or significant influence over the group
988,416
2,159,964
Consultancy costs
Interest paid
2025
2024
2025
2024
£
£
£
£
Group
Entities with control, joint control or significant influence over the company
-
-
174,498
87,250
Other related parties
-
29,867
-
-

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2025
2024
£
£
Group
Entities with control, joint control or significant influence over the group
4,157,087
4,839,793
Entities over which the group has control, joint control or significant influence
-
20,038
Other related parties
1,055
1,055
BLEACH LONDON HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2025
16
Related party transactions
(Continued)
- 23 -

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2025
2025
2025
2024
Balance
Provision
Net
Balance
£
£
£
£
Group
Entities over which the group has control, joint control or significant influence
41,701
41,701
-
59,164
Other information

The company has taken advantage of the exemption available in FRS 102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.

17
Controlling party

The ultimate parent company is Royal Keune Holding B.V., a company registered in the Netherlands.

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