Caseware UK (AP4) 2025.0.111 2025.0.111 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 Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": the requirements of Section 7 Statement of Cash Flows; the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; the requirements of Section 33 Related Party Disclosures paragraph 33.7.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. 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.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. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not the market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.The principal activity of the Company was the sale of cosmetics and related products.true true true true true 104 92 2025-01-01 false true false false 07646207 2025-01-01 2025-12-31 07646207 2024-01-01 2024-12-31 07646207 2025-12-31 07646207 2024-12-31 07646207 2024-01-01 07646207 1 2025-01-01 2025-12-31 07646207 d:CompanySecretary1 2025-01-01 2025-12-31 07646207 d:Director1 2025-01-01 2025-12-31 07646207 d:Director1 2025-12-31 07646207 d:Director2 2025-01-01 2025-12-31 07646207 d:Director3 2025-01-01 2025-12-31 07646207 d:RegisteredOffice 2025-01-01 2025-12-31 07646207 d:Agent1 2025-01-01 2025-12-31 07646207 c:PlantMachinery 2025-01-01 2025-12-31 07646207 c:PlantMachinery 2025-12-31 07646207 c:PlantMachinery 2024-12-31 07646207 c:PlantMachinery c:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 07646207 c:ComputerEquipment 2025-01-01 2025-12-31 07646207 c:ComputerEquipment 2025-12-31 07646207 c:ComputerEquipment 2024-12-31 07646207 c:ComputerEquipment c:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 07646207 c:OtherPropertyPlantEquipment 2025-01-01 2025-12-31 07646207 c:OtherPropertyPlantEquipment 2025-12-31 07646207 c:OtherPropertyPlantEquipment 2024-12-31 07646207 c:OtherPropertyPlantEquipment c:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 07646207 c:OwnedOrFreeholdAssets 2025-01-01 2025-12-31 07646207 c:CurrentFinancialInstruments 2025-12-31 07646207 c:CurrentFinancialInstruments 2024-12-31 07646207 c:Non-currentFinancialInstruments 2025-12-31 07646207 c:Non-currentFinancialInstruments 2024-12-31 07646207 c:ReportableOperatingSegment1 2025-01-01 2025-12-31 07646207 c:ReportableOperatingSegment1 2024-01-01 2024-12-31 07646207 c:UKTax 2025-01-01 2025-12-31 07646207 c:UKTax 2024-01-01 2024-12-31 07646207 c:ShareCapital 2025-12-31 07646207 c:ShareCapital 2024-12-31 07646207 c:ShareCapital 2024-01-01 07646207 c:RetainedEarningsAccumulatedLosses 2025-01-01 2025-12-31 07646207 c:RetainedEarningsAccumulatedLosses 2025-12-31 07646207 c:RetainedEarningsAccumulatedLosses 2024-01-01 2024-12-31 07646207 c:RetainedEarningsAccumulatedLosses 2024-12-31 07646207 c:RetainedEarningsAccumulatedLosses 2024-01-01 07646207 c:AcceleratedTaxDepreciationDeferredTax 2025-12-31 07646207 c:AcceleratedTaxDepreciationDeferredTax 2024-12-31 07646207 d:OrdinaryShareClass1 2025-01-01 2025-12-31 07646207 d:OrdinaryShareClass1 2024-01-01 2024-12-31 07646207 d:OrdinaryShareClass1 2025-12-31 07646207 d:OrdinaryShareClass1 2024-12-31 07646207 d:FRS102 2025-01-01 2025-12-31 07646207 d:Audited 2025-01-01 2025-12-31 07646207 d:FullAccounts 2025-01-01 2025-12-31 07646207 d:PrivateLimitedCompanyLtd 2025-01-01 2025-12-31 07646207 c:HirePurchaseContracts c:WithinOneYear 2025-12-31 07646207 c:HirePurchaseContracts c:WithinOneYear 2024-12-31 07646207 c:HirePurchaseContracts c:BetweenOneFiveYears 2025-12-31 07646207 c:HirePurchaseContracts c:BetweenOneFiveYears 2024-12-31 07646207 e:PoundSterling 2025-01-01 2025-12-31 iso4217:GBP xbrli:shares xbrli:pure

Financial Statements Hourglass Cosmetics UK Limited For the year ended 31 December 2025 Registered number: 07646207
Hourglass Cosmetics UK Limited
Company Information
Directors | A J Chevalier (appointed 14 November 2025)
| C J Moore
| I Politi
Company secretary | J O Earley (Resigned 20 January 2025)
Registered number | 07646207
Registered office | Unilever House
| 100 Victoria Embankment
| Blackfriars
| London
| EC4Y 0DY
Independent auditor | Grant Thornton (NI) LLP
| Chartered Accountants & Statutory Auditors
| 12 - 15 Donegall Square West
| Belfast
| BT1 6JH
Hourglass Cosmetics UK Limited
Contents
| Page
Strategic report | 1
Directors' report | 2 - 3
Independent auditor's report | 4 - 7
Statement of comprehensive income | 9
Balance sheet | 10
Statement of changes in equity | 11
Notes to the financial statements | 12 - 26
Hourglass Cosmetics UK Limited
Strategic report For the year ended 31 December 2025
Introduction
The directors present their Strategic report for the year ended 31 December 2025.
Principal activity and business review
The principal activity of the Company was the sale of cosmetics and related products. Hourglass Cosmetics UK Limited has as its mission to be the authority in cosmetics through excellent education, innovative products and outstanding customer service. Its core business is the distribution of premium cosmetics to retail resellers and direct-to-consumer. The directors consider that, in the conditions prevailing during the year, the development of the Company's business and its financial position at the end of the year was satisfactory. The directors do not expect any development in the Company's business in the coming year, which is significantly different from its present activities.
Principal risks and uncertainties
Kingdom Animalia LLC, based in Carson, California, is responsible for innovation, development and manufacturing of all branded goods sold by the Company. Consequently, the Company operates with limited product risk. The remaining business risks and uncertainties affecting the Company are considered to relate to customer landscape, economic and political changes, compliance and regulatory conditions. In respect of financial risk, the Company purchases its products from Kingdom Animalia, LLC, in pounds sterling, minimizing the exposure to foreign exchange risk
Financial key performance indicators
The turnover and underlying operating profit (UOP) are identified as the key financial performance indicators of the business, as these measures best reflect the Company's revenue generation and operational performance. Both indicators are monitored on a regular basis by management to evaluate financial progress and support strategic decision-making. This report was approved by the board on 11 August 2026 and signed on its behalf.
A J Chevalier Director
Page 1
Hourglass Cosmetics UK 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.
Directors' responsibilities statement
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.
Results and dividends
The profit for the year, after taxation, amounted to £81,430(2024 - £712,184). The directors do not recommend payment of a dividend (2024 - £Nil).
Directors
The directors who served during the year were:
A J Chevalier (appointed 14 November 2025)
C J Moore
I Politi
Future developments
The Company plans to continue with its current activities. Page 2
Hourglass Cosmetics UK Limited
Directors' report (continued) For the year ended 31 December 2025
Matters covered in the Strategic report
Under schedule 7.1A of "Large and Medium-Sized Companies and Groups (Accounts & Reports) Regulations2008", the Company has elected to disclose the following Directors' Report information in the Strategic report: ∙Principal activity and business review; ∙Principal risks and uncertainties; ∙Key performance indicators.
Disclosure of information to auditor
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 auditor is 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 auditor is aware of that information.
Post balance sheet events
There have been no significant events affecting the Company since the year end.
Auditor
The auditor, Grant Thornton (NI) LLP, were appointed during the year and will be proposed for reappointment in accordance with section 485 of the Companies Act 2006. This report was approved by the board on 11 August 2026 and signed on its behalf.
A J Chevalier Director
Page 3
Independent auditor's report to the members of Hourglass Cosmetics UK Limited
Opinion
We have audited the financial statements of Hourglass Cosmetics UK Limited, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity for the year ended 31 December 2025, and the related notes to the financial statements, 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, Hourglass Cosmetics UK Limited's financial statements: ∙give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice of the assets, liabilities and financial position of the Company as at 31 December 2025 and of its financial performance for the year then ended; 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 'Responsibilities of the auditor 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, namely the FRC's Ethical Standard and the ethical pronouncements established by Chartered Accountants Ireland, applied as determined to be appropriate in the circumstances of the entity. 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 the date 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. Page 4
Independent auditor's report to the members of Hourglass Cosmetics UK Limited (continued)
Other matter
This is the first year in which Grant Thornton (NI) LLP were appointed as external auditors for these financial statements for the year ended 31 December 2025. The prior year financial statements were audited by Aspen Waite Chartered Ceritified Accountants who issued an unmodified opinion on 16 June 2025.
Other information
Other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's report thereon, including the Directors' report and the Strategic Report. The directors are responsible for the other information. Our opinion on the financial statements does not cover the 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 in the financial statements, we are required to determine whether there is a material 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. Opinions 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 Directors' report and the Strategic Report for the year for which the financial statements are prepared is consistent with the financial statements, and ∙the Directors' report and the Strategic 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 we have obtained in the course of the audit, we have not identified material misstatements in the Directors' report and the Strategic 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. Page 5
Independent auditor's report to the members of Hourglass Cosmetics UK Limited (continued)
Responsibilities of management and those charged with governance for the financial statements
Management is responsible for the preparation of the financial statements which give a true and fair view in accordance with United Kingdom Generally Accepted Accounting Practice, including FRS102 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, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intend to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process.
Responsibilities of the auditor for the audit of the financial statements
The objectives of an auditor 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 their 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. A further description of an auditor's 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 auditor's report. Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud 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. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatement in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with ISAs (UK). The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below: Based on our understanding of the Company and industry, we identified that the principal risks of non-compliance with laws and regulations related to compliance with Data Privacy Laws, and we considered the extent to which non- compliance might have a material effect on the financial statements. We also considered those laws and regulation that have a direct impact on the preparation of the financial statements such as Companies Act 2006 and UK tax legislation. The Audit engagement partner considered the experience and expertise of the engagement team to ensure that the team had appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulation. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to manipulate financial performance and management bias through judgements and assumptions in significant accounting estimates, in particular in relation to significant one-off or unusual transactions. Page 6
Independent auditor's report to the members of Hourglass Cosmetics UK Limited (continued) Responsibilities of the auditor for the audit of the financial statements (continued) Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud (continued) We apply professional scepticism through the audit to consider potential deliberate omission or concealment of significant transactions, or incomplete/inaccurate disclosures in the financial statements. In response to these principal risks, our audit procedures included but were not limited to: ∙inquiries of management on the policies and procedures in place regarding compliance with laws and regulations, including consideration of known or suspected instances of non-compliance and whether they have knowledge of any actual, suspected or alleged fraud; ∙inspection of the Company’s regulatory and legal correspondence and review of minutes of the board of directors meetings during the year to corroborate inquiries made; ∙gaining an understanding of the internal controls established to mitigate risk related to fraud; ∙discussion amongst the engagement team in relation to the identified laws and regulations and regarding the risk of fraud, and remaining alert to any indications of non-compliance or opportunities for fraudulent manipulation of financial statements throughout the audit; ∙identifying and testing journal entries to address the risk of inappropriate journals and management override of controls; ∙designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing; ∙challenging assumptions and judgements made by management in their significant accounting estimates, including estimating the useful economic lives of tangible fixed assets and estimating allowance for the impairment of debtors; and ∙review of the financial statement disclosures to underlying supporting documentation and inquiries of management. The primary responsibility for the prevention and detection of irregularities including fraud rests with those charged with governance and management. As with any audit, there remains a risk of non-detection or irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations or override of internal controls.
The purpose of our audit work and to whom we owe our responsibilities
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 auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Page 7
Independent auditor's report to the members of Hourglass Cosmetics UK Limited (continued) Louise Kelly FCA (Senior statutory auditor) for and on behalf of Grant Thornton (NI) LLP Chartered Accountants & Statutory Auditors Belfast 11 August 2026 Page 8
Hourglass Cosmetics UK Limited
Statement of comprehensive income For the year ended 31 December 2025
| 2025 | 2024
Note | £ | £
Turnover | 4 | 25,836,533 | 22,942,617
Cost of sales |  | (5,510,735) | (4,955,540)
Gross profit |  | 20,325,798 | 17,987,077
Distribution costs |  | (1,072,322) | (879,724)
Administrative expenses |  | (19,166,847) | (16,397,436)
Other operating income | 5 | 461,129 | 271,334
Operating profit | 6 | 547,758 | 981,251
Interest payable and similar expenses | 10 | (110,157) | (17,681)
Profit before tax |  | 437,601 | 963,570
Tax on profit | 11 | (356,171) | (251,386)
Profit for the financial year |  | 81,430 | 712,184
All amounts relate to continuing operations. There was no other comprehensive income for 2025 (2024:£NIL).
The notes on pages 12 to 26 form part of these financial statements.
Page 9
Hourglass Cosmetics UK Limited Registered number:07646207
Balance sheet As at 31 December 2025
|  | 2025 |  | 2024
Note |  | £ |  | £
Fixed assets |  |  |  |  |
Tangible assets | 12 |  | 1,615,074 |  | 1,085,401
|  |  | 1,615,074 |  | 1,085,401
Current assets |  |  |  |  |
Stocks | 13 | 3,529,403 |  | 2,091,458 |
Debtors | 14 | 6,351,050 |  | 4,947,494 |
|  | 9,880,453 |  | 7,038,952 |
Current liabilities |  |  |  |  |
Creditors: amounts falling due within one year | 15 | (8,429,403) |  | (5,286,063) |
Net current assets |  |  | 1,451,050 |  | 1,752,889
Total assets less current liabilities |  |  | 3,066,124 |  | 2,838,290
Creditors: amounts falling due after more than one year | 16 |  | (41,831) |  | -
Provisions for liabilities |  |  |  |  |
Deferred tax | 18 | (260,903) |  | (156,330) |
|  |  | (260,903) |  | (156,330)
Net assets |  |  | 2,763,390 |  | 2,681,960
Capital and reserves |  |  |  |  |
Called up share capital | 19 |  | 100 |  | 100
Profit and loss account | 20 |  | 2,763,290 |  | 2,681,860
Shareholders' funds |  |  | 2,763,390 |  | 2,681,960
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 August 2026.
A J Chevalier
Director
The notes on pages 12 to 26 form part of these financial statements. Page 10
Hourglass Cosmetics UK 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 2025 | 100 | 2,681,860 | 2,681,960
Profit for the year | - | 81,430 | 81,430
At 31 December 2025 | 100 | 2,763,290 | 2,763,390
Statement of changes in equity For the year ended 31 December 2024
| Called up share capital | Profit and loss account | Total equity
| £ | £ | £
At 1 January 2024 | 100 | 1,969,676 | 1,969,776
Profit for the year | - | 712,184 | 712,184
At 31 December 2024 | 100 | 2,681,860 | 2,681,960
| The notes on pages 12 to 26 form part of these financial statements.
Page 11
Hourglass Cosmetics UK Limited
Notes to the financial statements For the year ended 31 December 2025
1. | General information
Hourglass Cosmetics UK Limited is a private company limited by shares, registered in England. The address of the registered office is Unilever House, 100 Victoria Embankment, Blackfriars, London, EC4Y 0DY. The principal activity of the Company was the sale of cosmetics and related products. 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 | Financial Reporting Standard 102 - reduced disclosure exemptions
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": ∙the requirements of Section 7 Statement of Cash Flows; ∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d); ∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c); ∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; ∙the requirements of Section 33 Related Party Disclosures paragraph 33.7. This information is included in the consolidated financial statements of Unilvever PLC as at 31 December 2025 and these financial statements may be obtained from Companies House in the United Kingdom.
| 2.3 | Going concern
After reviewing the Company’s forecasts and projections, the directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. The Company therefore continues to adopt the going concern basis in preparing its financial statements. Page 12
Hourglass Cosmetics UK Limited
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.4 | Foreign currency translation
Functional and presentation currency The Company's functional and presentational currency is GBP. 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 and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined. 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 except when deferred in other comprehensive income as qualifying cash flow hedges. Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
| 2.5 | Revenue
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue 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 revenue is recognised: Sale of goods Revenue 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 revenue 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. Page 13
Hourglass Cosmetics UK Limited
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.6 | Leases
The Company has early adopted the amendments to FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland arising from the Periodic Review 2024, which are otherwise effective for accounting periods beginning on or after 1 January 2026. These amendments have been applied in full and consistently, as required by FRS 102. The amendments early adopted relate principally to: ∙Section 20 Leases, which introduces a single on balance sheet lease accounting model for lessees; Under the revised lease accounting requirements, the Company recognises a right of use asset and a corresponding lease liability for most lease arrangements at the commencement date. The lease liability is measured at the present value of future lease payments, discounted using the interest rate implicit in the lease or, where this cannot be readily determined, the Group’s incremental borrowing rate. The right of use asset is initially measured at an amount equal to the lease liability, adjusted for any lease payments made at or before commencement. The Company has applied the permitted recognition exemptions for short term leases and leases of low value assets, with payments in respect of these leases recognised as an expense on a straight line basis over the lease term. The revised lease accounting requirements have been applied prospectively from the date of initial application, with no restatement of comparative information, in accordance with FRS 102.
| 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 Balance sheet. The assets of the plan are held separately from the Company in independently administered funds. Page 14
Hourglass Cosmetics UK 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 balance sheet 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 balance sheet 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 except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
| 2.10 | 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. 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:
|  |  |  | Plant and machinery | - | 2 - 7 years straight line
|  |  |  | Computer equipment | - | 3 years straight line
|  |  |  | Right-of-use assets | - | 2 years 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. Page 15
Hourglass Cosmetics UK Limited
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.11 | Impairment of assets
Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.
| 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. Work in progress and finished goods include labour and attributable overheads. At each balance sheet 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 | 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.
| 2.15 | 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. Page 16
Hourglass Cosmetics UK Limited
Notes to the financial statements For the year ended 31 December 2025 2.Accounting policies (continued)
| 2.16 | Financial instruments
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not the market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan. For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the reporting date. Financial assets and liabilities are offset and the net amount reported in the Balance Sheet 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.
| 2.17 | Impact of early adoption
Early adoption of FRS 102 section 20 has not resulted in additional recognition of assets and liabilities in respect of leases for the year ended 31 December 2024, nor has there been any changes to the timing and presentation of lease related expenses. Accordingly, there has been no change in the reported profit & loss for the period ended 31 December 2025, or in the net assets as at 1 January 2025 or 31 December 2025. Page 17
Hourglass Cosmetics UK Limited
Notes to the financial statements For the year ended 31 December 2025
3. | Judgements in applying accounting policies and key sources of estimation uncertainty
In applying the Company’s accounting policies the directors are required to make significant judgements, estimates and assumptions in determining the carrying amounts of assets and liabilities. The directors’ judgements, estimates and assumptions are based on the best and most reliable evidence available at the time when the decisions are made, and are based on historical experience and other factors that are considered to be applicable. Due to the inherent subjectivity involved in making such judgements, estimates and assumptions, the actual results and outcomes may differ. The items in the financial statements where these judgements and estimates have been made include: Allowance for impairment of debtors The Company estimates the allowance for doubtful debtors based on assessment of specific accounts where the Company has objective evidence comprising default in payment terms or significant financial difficulty that certain group undertakings are unable to meet their financial obligations. In these cases, judgement used was based on the best available facts and circumstances including but not limited to, the length of relationship. Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on future investments, economic utilisation and the physical condition of the assets.
4. | Turnover
| An analysis of turnover by class of business is as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Sales | 25,836,533 | 22,942,617
|  | 25,836,533 | 22,942,617
| All turnover arose within the United Kingdom.
5. | Other operating income
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other operating income | 317,365 | 271,334
| Net rents receivable | 143,764 | -
Page 18
Hourglass Cosmetics UK Limited
Notes to the financial statements For the year ended 31 December 2025
6. | Operating profit
| The operating profit is stated after charging:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Depreciation of tangible fixed assets | 303,735 | 260,088
| Depreciation of right of use assets | 363,938 | -
| Loss on disposal of tangible fixed assets | - | 941
| Exchange differences | (18,673) | (53,572)
7. | Auditor's remuneration
| During the year, the Company obtained the following services from the Company's auditor:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fees payable to the Company's auditor for the audit of the Company's financial statements | 29,500 | 7,500
8. | Employees
| Staff costs were as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Wages and salaries | 3,991,521 | 3,126,712
| Social security costs | 492,211 | 302,573
| Cost of defined contribution scheme | 147,372 | 56,771
|  | 4,631,104 | 3,486,056
| The average monthly number of employees, including the directors, during the year was as follows:
|  |  | 2025 | 2024
|  |  | No. | No.
|  | Sales and administration | 104 | 92
9. | Directors' remuneration
| The directors have received no remuneration during the year (2024: £Nil).
Page 19
Hourglass Cosmetics UK Limited
Notes to the financial statements For the year ended 31 December 2025
10. | Interest payable and similar expenses
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Other interest payable | 78,951 | 17,681
| Interest expense on lease liabilities | 31,206 | -
|  | 110,157 | 17,681
11. | Taxation
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Corporation tax |  |
| Current tax on profits for the year | 76,752 | 171,138
| Adjustments in respect of previous periods | 174,846 | -
| Total current tax | 251,598 | 171,138
| Deferred tax |  |
| Origination and reversal of timing differences | 32,648 | 80,248
| Adjustments in respect of previous periods | 71,925 | -
| Total deferred tax | 104,573 | 80,248
| Tax on profit | 356,171 | 251,386
Page 20
Hourglass Cosmetics UK Limited
Notes to the financial statements For the year ended 31 December 2025 11.Taxation (continued)
| Factors affecting tax charge for the year
| The tax assessed for the year is higher than (2024 - higher 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 | 437,601 | 963,570
| Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2024 - 25%) | 109,400 | 240,893
| Effects of: |  |
| Expenses not deductible for tax purposes | - | 3,672
| Capital allowances for year in excess of depreciation | - | 6,821
| Adjustments to deferred tax charge in respect of prior period | 71,925 | -
| Group relief surrendered/(claimed) | (76,752) | -
| Payment/(receipt) for group relief | 76,752 | -
| Adjustments to corporation tax charge in respect of prior period | 174,846 | -
| Total tax charge for the year | 356,171 | 251,386
| Factors that may affect future tax charges
There were no factors that may affect future tax charges. Page 21
Hourglass Cosmetics UK Limited
Notes to the financial statements For the year ended 31 December 2025
12. | Tangible fixed assets
|  | Plant and machinery | Computer equipment | Right-of-use assets | Total
|  | £ | £ | £ | £
| Cost or valuation |  |  |  |
| At 1 January 2025 | 1,901,137 | 18,976 | - | 1,920,113
| Additions | 403,299 | - | 794,047 | 1,197,346
| Disposals | (1,983) | - | - | (1,983)
| At 31 December 2025 | 2,302,453 | 18,976 | 794,047 | 3,115,476
| Depreciation |  |  |  |
| At 1 January 2025 | 831,549 | 3,163 | - | 834,712
| Charge for the year | 297,410 | 6,325 | 363,938 | 667,673
| Disposals | (1,983) | - | - | (1,983)
| At 31 December 2025 | 1,126,976 | 9,488 | 363,938 | 1,500,402
| Net book value |  |  |  |
| At 31 December 2025 | 1,175,477 | 9,488 | 430,109 | 1,615,074
| At 31 December 2024 | 1,069,588 | 15,813 | - | 1,085,401
13. | Stocks
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Raw materials and consumables | 3,336,986 | 2,031,079
| Work in progress | 192,417 | 60,379
|  | 3,529,403 | 2,091,458
| The difference between purchase price or production cost of stocks and their replacement cost is not material.
Page 22
Hourglass Cosmetics UK Limited
Notes to the financial statements For the year ended 31 December 2025
14. | Debtors
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade debtors | 6,235,567 | 4,572,829
| Amounts owed by group undertakings | 13,688 | -
| Other debtors | 101,795 | 182,875
| Prepayments and accrued income | - | 191,790
|  | 6,351,050 | 4,947,494
| Amounts owed by group undertakings are unsecured, interest free and repayable on demand.
15. | Creditors: Amounts falling due within one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Trade creditors | 356,766 | 712,778
| Amounts owed to group undertakings | 5,177,304 | 2,394,811
| Corporation tax | 438,352 | 361,600
| Other taxation and social security | 1,079,494 | 1,167,696
| Lease liability | 447,423 | -
| Other creditors | 91,439 | -
| Accruals and deferred income | 838,625 | 649,178
|  | 8,429,403 | 5,286,063
| Amounts owed to group undertakings are unsecured, interest free and repayable on demand.
16. | Creditors: Amounts falling due after more than one year
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Lease liability | 41,831 | -
|  | 41,831 | -
Page 23
Hourglass Cosmetics UK Limited
Notes to the financial statements For the year ended 31 December 2025
17. | Lease liabilities
| Lease liabilities are presented in the statement of financial position as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Within one year | 447,423 | -
| Between 1-5 years | 41,831 | -
|  | 489,254 | -
| Minimum lease payment
|  | Within 1 year
| 2025 | £
| Lease payment | 462,000
| Finance charge | (14,577)
| Net Present Value | 447,423
|  | Between one and five years
| 2025 | £
| Lease payment | 42,000
| Finance charge | (169)
| Net Present Value | 41,831
There is no variable lease payments. The leases relate to lease over a office space used in the principal activities of the business. Page 24
Hourglass Cosmetics UK Limited
Notes to the financial statements For the year ended 31 December 2025
18. | Deferred taxation
|  | 2025
|  | £
| At beginning of year | (156,330)
| Charged to profit or loss | (104,573)
| At end of year | (260,903)
| The provision for deferred taxation is made up as follows:
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
| Fixed asset timing differences | (260,903) | (156,330)
|  | (260,903) | (156,330)
19. | Share capital
|  |  |  |  | 2025 | 2024
|  |  |  |  | £ | £
|  | Allotted, called up and fully paid |  |
|  | 100 (2024 - 100) Ordinary shares of £1.00 each | 100 | 100
20. | Reserves
Profit and loss account This includes all current and prior period retained profits and losses.
21. | 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 £147,372 (2024: £56,771). Contributions totalling £14,006 (2024: £10,795) are payable to the fund at the balance sheet date and are included in accruals.
22. | Related party transactions
| The Company is a wholly owned subsidiary of Unilever PLC and as such has taken advantage of the exemption permitted by Section 33 'Related party disclosures' not to provide disclosures of transactions entered into with other wholly-owned members of the group.
Page 25
Hourglass Cosmetics UK Limited
Notes to the financial statements For the year ended 31 December 2025
23. | Post balance sheet events
There have been no significant events affecting the Company since the year end.
24. | Controlling party
The immediate parent undertaking of the Company is Unilever Overseas Holdings Limited, a company incorporation in England. The ultimate parent undertaking of the Company is Unilever PLC, a company incorporated in England. The largest and smallest group in which the results of Hourglass Cosmetics UK Limited are consolidated is that headed by Unilever PLC. Copies of the group financial statements are available from Companies House in the United Kingdom. The ultimate controlling party are the shareholders of Unilever PLC.
25. | Prior year comparatives
Some of the comparatives have been reclassified to present a more accurate reflection of the business.
Page 26