Caseware UK (AP4) 2024.0.164 2024.0.164 2025-12-31 2025-12-31 true 3 2025-01-01 true No description of principal activity 3 true false 08967110 2025-01-01 2025-12-31 08967110 2024-01-01 2024-12-31 08967110 2025-12-31 08967110 2024-12-31 08967110 c:Director2 2025-01-01 2025-12-31 08967110 c:Director3 2025-01-01 2025-12-31 08967110 d:ShareCapital 2025-12-31 08967110 d:ShareCapital 2024-12-31 08967110 d:MergerReserve 2025-12-31 08967110 d:MergerReserve 2024-12-31 08967110 d:RetainedEarningsAccumulatedLosses 2025-12-31 08967110 d:RetainedEarningsAccumulatedLosses 2024-12-31 08967110 c:EntityNoLongerTradingButTradedInPast 2025-01-01 2025-12-31 08967110 c:FRS102 2025-01-01 2025-12-31 08967110 c:AuditExempt-NoAccountantsReport 2025-01-01 2025-12-31 08967110 c:FullAccounts 2025-01-01 2025-12-31 08967110 c:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 08967110 6 2025-01-01 2025-12-31 08967110 e:PoundSterling 2025-01-01 2025-12-31 iso4217:GBP xbrli:pure

Registered number: 08967110 TREASURED SCENTS (2014) LIMITED UNAUDITED ANNUAL REPORT AND FINANCIAL STATEMENTS INFORMATION FOR FILING WITH THE REGISTRAR FOR THE YEAR ENDED 31 DECEMBER 2025
TREASURED SCENTS (2014) LIMITED REGISTERED NUMBER:08967110
BALANCE SHEET AS AT 31 DECEMBER 2025
| 2025 | 2024
Note | £ | £
Fixed assets |  |  |
Investments | 3 | 100 | 100
|  | 100 | 100
Total assets less current liabilities |  | 100 | 100
Net assets |  | 100 | 100
Capital and reserves |  |  |
Called up share capital |  | 1,339,901 | 1,339,901
Merger reserve |  | (2,300,000) | (2,300,000)
Profit and loss account |  | 960,199 | 960,199
|  | 100 | 100
For the year ended 31 December 2025 the company was entitled to exemption from audit under section 480 of the Companies Act 2006. Members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities. The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime. The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
E Macleod | N Rodol
Director | Director
Date: 7 August 2026 | Date: 7 August 2026
Page 1
TREASURED SCENTS (2014) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
1. | General information
Treasured Scents (2014) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. The company is a wholly owned subsidiary of Warpaint London plc and is part of the Warpaint London plc group of companies. The principal activities for the company are set out in the Directors' Report. 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.
| 2.2 | Going concern
The Company has made a profit of £Nil (2024: £Nil), net current assets of £Nil (2024: £Nil) and cash of £Nil (2024: £Nil). The Company is not a trading entity in itself and does not have any external commitment or obligations to be met. The Directors of the Company believe that there are minimal administrative expenses since the company is non-trading and the net assets are sufficient to cover the minimal costs expected to be incurred in the next 12 months from the approval of financial statements. Never the less, the Directors have obtained a support letter from Warpaint London plc, confirming that support will be provided to the company to enable it to continue as a going concern for the forseeable future and a period of at least 12 months from the date of approval of these financial statements. Based on the above, the Directors of the company have concluded that it is reasonable to adopt a going concern basis in preparing the financial statements. The Directors assessment is that the Group ("Warpaint London plc and its subsidiaries") has adequate resources to support the Company to continue in operational existence for at least twelve months from the date of signing of these accounts. The Directors have concluded that it is reasonable to adopt a going concern basis in preparing the financial statements. This is based on a reasonable expectation that the Group has adequate resources to continue in operational existence for at least twelve months from the date of signing of these accounts. The Group made a statutory profit after tax of £14.3 million in the year to 31 December 2025 (2024: £18.2 million) and had net current assets of £59.9 million at 31 December 2025 (2024: £62.1 million). The Group occasionally makes use in its Retra Holdings Limited (“Retra”) subsidiary of a £6.0 million bank facility that can be used for confidential invoice discounting, and a £2.0 million bank facility that can be used for stock finance, which is used if needed during the peak gift buying season. These facilities are ongoing without a fixed term. In addition, the Group has a £1.0 million) general purpose bank facility in its Warpaint Cosmetics (2014) Limited (“Warpaint Cosmetics”) subsidiary. This facility was renewed for another year on 10 March 2026 and was put in place to support the continued growth of the business. As at the year end £nil of the bank facilities were utilised and the Directors expect that in 2026 the facilities will rarely be used, if at all and only to modest levels well within the facility limits, to support the day to day working capital of the business. At the 31 March 2026 the Group had cash of £17.3 million (8 April 2025: £17.3 million), no debt and had used £nil of its bank facilities (8 April 2025: No debt and £nil bank facilities were used). Page 2
TREASURED SCENTS (2014) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025 2.Accounting policies (continued)
| 2.2 | Going concern (continued)
The Directors have prepared forecasts covering the period to December 2027, built from the detailed Board-approved budget for 2026. The forecasts include a number of assumptions in relation to varying levels of sales revenue. Whilst the Group’s trading and cash flow forecasts have been prepared using current trading assumptions, the operating environment presents a number of challenges which could negatively impact the actual performance achieved. These challenges include, but are not limited to, achieving forecast levels of sales and order intake, the impact on customer confidence as a result of general economic conditions, achieving forecast margin improvements, supply side price inflation, increases in freight costs, and the director’s ability to implement cost saving initiatives in areas of discretionary spend where required. The Group’s cash flow forecasts and projections, taking account of reasonable and possible changes in trading performance, offset by mitigating actions within the control of management including reductions in areas of discretionary spend, show that the Group will be able to operate comfortably through to the end of December 2027, and in Retra and Warpaint Cosmetics within the level of their own bank facility. In preparing this analysis, a number of scenarios were modelled. The scenarios modelled were all based on varying levels of sales revenue, including one that assumes no growth for 2026 and 2027 as a reasonable downside scenario, and more extreme falls in revenue of up to 30% in both years as a worst-case scenario. In each scenario, mitigating actions within the control of management have been modelled. In addition, management have considered the changing US tariffs made in recent months and during 2025, even though sales into the US are a small part of the business (Sales 2025: £6.9 million, 2024: £8.7 million). Management calculated that the changes in tariff made an immaterial impact on the business and the carrying value of the goodwill in its US entity. Under each of the scenarios modelled, the Group has sufficient cash to meet its liabilities as they fall due and consequently, the directors believe that the Group has sufficient financial strength to withstand the possible disruption to its activities. While the ongoing Middle East crisis has been monitored by management, it currently does not pose a threat to the Group’s status as a going concern. The business maintains immaterial sales exposure within the affected region, ensuring that core revenue streams remain insulated from direct geopolitical volatility. The primary impacts are operational rather than structural, specifically involving fluctuations in shipping rates and extended transit times due to rerouted logistics. These inflationary pressures and delays are being managed through proactive supply chain adjustments and are not expected to impair the Company’s ability to meet its financial obligations for the foreseeable future. Based on the above indications the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
| 2.3 | Valuation of investments
Investments in subsidiaries are measured at cost less accumulated impairment.
| 2.4 | Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Page 3
TREASURED SCENTS (2014) LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2025
3. | Fixed asset investments
|  | Investments in subsidiary companies
|  | £
| Cost |
| At 1 January 2025 | 100
| At 31 December 2025 | 100
| Net book value |
| At 31 December 2025 | 100
| At 31 December 2024 | 100
4. | Related party transactions
| The company has taken advantage of the exemption contained in Section 33 of FRS 102 "Related Party Disclosures" from disclosing transactions with entities which are part of the group, since 100% of the voting rights in the company are controlled within the group.
5. | Controlling party
The ultimate parent undertaking is Warpaint London PLC, a company registered in England and Wales. The largest and smallest group in which the results of the company are consolidated is that headed by Warpaint London PLC, whose registered office is at Units B&C Orbital Forty Six, The Ridgeway Trading Estate, Iver, Buckinghamshire, SL0 9HW. Copies of Warpaint London PLC consolidated financial statements can be obtained from the company website, www.warpaintlondonplc.com. In the opinion of the Directors there is no ultimate controlling party.
Page 4