Registered number:
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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BULLDOG SKINCARE LIMITED
COMPANY INFORMATION
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BULLDOG SKINCARE LIMITED
CONTENTS
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BULLDOG SKINCARE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The directors present their Annual Report, consisting of the Strategic Report and the Directors' Report, and the audited financial statements of Bulldog Skincare Limited ("the company") for the period ended 30 September 2020.
The principal activity of the company is the creation and sale, distribution and marketing of men’s skincare products and other male toiletries. Bulldog is a leading skincare brand for men selling directly to retailers, international distributors and end consumers online. The company’s customers include some of the largest retailers in the World.
The financial statements reflect the financial performance of the company over 12 months. The primary objective of the Company is to deliver sustainable and profitable sales growth within the men’s skincare and toiletries market in order to build shareholder value. The external commercial environment is expected to remain competitive in the next financial year. The directors of the company have taken the decision to transfer business assets and trade to sister company Wilkinson Sword Ltd and to liquidate Bulldog Skincare Ltd.
The company’s principal risks for 2019/20, and going forwards, are global economic conditions, competition risk, development risk, supply chain risk, internal infrastructure risk and laws and regulations risk.
Global economic conditions Unfavourable economic conditions and uncertainty about future economic prospects could reduce customer demand for our products as a result of a reduction in discretionary spending or a shift of purchasing patterns to lower-cost options. Declining financial performance by our retailer customers could impact their ability to pay us on a timely basis, or at all. Declining economic conditions could harm our sales and profitability. Competition risk Competition may hinder our ability to execute our business strategy, achieve profitability, or maintain relationships with existing customers. The industries in which the company operates are mature and highly competitive. Because of this, our retail customers frequently seek to obtain pricing concessions or better trade terms, resulting in either reduction of our margins or a reduction in our working capital. Competition is based upon brand perceptions, product performance and innovation, customer service and price. If we fail to remain competitive on all these levels, we may lose market share and product awareness to our competitors. A loss of reputation of our brand or failure of our marketing plans could have an adverse effect on our business. Our operating results could be adversely affected if our brand, or associated brand in the group, suffers damage to its reputation due to real or perceived quality issues. Further, the success of the brand can suffer if our marketing plans or new product offerings do not have the desired impact on our brand's image or ability to attract and retain customers. Further, a boycott or other campaign critical of one or more of our brands, through social media or otherwise, could negatively impact product sales. Development risk The skin care industries have been notable for the pace of innovations in product life, product design and applied technology and our success depends on future innovations. New product introductions in categories where we have existing products will likely also reduce the sales of our existing products. If we fail to develop and launch successful new products, or fail to reduce our cost structure to a competitive level, we may be unable to grow our
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BULLDOG SKINCARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
business and compete successfully.
Supply chain risk Physical disruption to our supply chain would impact our ability to supply products. We work with our manufacturing partners to ensure that there are business continuity plans in place in case of disruption. Pricing and availability of raw materials, energy, shipping and other services needed for our business can be volatile due to general economic conditions, labour costs, production levels, import duties and tariffs and other factors beyond our control. Historically, cost increases have been partially offset by price increases, however there is no certainty that the company will be able to offset future cost increases in this manner. The company's manufacturing facilities or supply channels may be subject to disruption from events beyond our control. Operations of the third party manufacturing and packaging facilities worldwide may be subject to disruption for a variety of reasons, including availability of raw materials, work stoppages, industrial accidents, disruption in logistics, loss or impairment of key manufacturing sites, product quality or safety issues, trade disputes between counties in which we have operations, such as the U.S. and China, acts of war, terrorism and natural disasters. If major disruption were to occur, it could result in delayed shipments of products to customers or suspension of operations. The company maintains business interruption insurance to potentially mitigate the impact of potential business interruption. Generally, sales to our top customers are made pursuant to purchase orders and we do not have supply agreements or guarantees of minimum purchases from them. As a result, these customers may cancel their purchase orders or decrease their level of purchases at any time. This potential loss of volume would have a significant impact on our sales and profitability. Internal infrastructure A failure of a key information technology ("IT") system could adversely impact our ability to conduct business. We rely extensively on IT systems, including some which are managed by third-party service providers, in order to conduct business. These IT systems could be damaged or cease to function properly due to the poor performance or failure of third-party service providers, catastrophic events, power outages, security breaches, network outages, failed upgrades or other similar events. If our business continuity plans do not effectively resolve such issues on a timely basis, we may suffer interruptions in conducting our business which may adversely impact our operating results. Laws and regulations The regulations covering cosmetics and skincare products are constantly under review and changes may increase our costs of compliance. The manufacture, packaging, labeling, storage, distribution, advertising and sale of our products are subject to extensive regulation. New or more restrictive regulations could have an adverse impact on our business. Additionally, a finding that we are in violation of, or not in compliance with, applicable laws or regulations could subject us to material civil remedies. Even if a claim is unsuccessful, is not merited or is not fully pursued, the negative publicity surrounding such assertions could jeopardise our reputation and brand image.
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BULLDOG SKINCARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The company’s financial instruments principally comprise of cash at bank, equity instruments and intercompany finance arrangements. In addition, the company has various other financial assets and liabilities such as trade debtors and trade creditors arising directly from operations.
The main risks arising from the company’s financial statements are liquidity, interest rates, foreign currency and credit risk. The company has established a risk and financial management framework whose primary objectives are to protect the company from events that hinder the achievement of the Company’s performance objectives.The credit risk, liquidity risk and cash flow risk are deemed low due to financing being obtained from group undertakings. These policies have remained unchanged throughout the period. Treasury and financial risk management are conducted at a corporate level and further details can be found in Section 1A of Edgewell Personal Care Co.'s annual report, which does not form part of this report.
The UK's referendum decision to leave the EU has increased uncertainty. Brexit negotiations are ongoing and it is difficult to evaluate all of the potential implications on the company's trade, customers, suppliers, foreign exchange and the wider economy, which could impact the reported performance and results of the company.
The company has taken a number of steps to mitigate the potential risks arising from Brexit. A Brexit Impact Assessment was undertaken in 2018 with the support of independent consultants. Subsequently, a crossfunctional Steering Committee was put in place to continually assess areas that may have an impact on the business. An executive action plan was developed and the Steering Committee has continued to meet on a regular basis to ensure agreed actions are being closed out in a timely manner. Significant changes have been made to our UK Supply Chain to mitigate the potential inventory disruption as a result of Brexit. This has resulted in inventory now being stored in UK warehouses to meet customer demands. The company has also increased levels of inventory a number of times to meet the Brexit deadlines communicated by the UK Government.
All Employees were transferred out of Bulldog Skincare Limited due to the acquisition, resulting to a recharge staff costs instead.
The international sales and some of the European sales were transferred out of the company.
There is a risk of reduced consumer demand for Company’s products as well as disruption of supply chain. The Company’s management monitors on a regular basis availability of inventories of goods and the level of sales in order to mitigate any disruption. All employees are equipped with laptops, there are multiple channels of communication (email, direct messaging and video conferencing) and so the team is able to continue work remotely and ensure business continuity.
The main KPIs used by the directors to assess the performance of the business are Gross Margin percentage (GM%), Days Sales Outstanding (DSO) and Operating Profit percentage (OP%).
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BULLDOG SKINCARE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
This report was approved by the board on 30 June 2021
and signed on its behalf.
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BULLDOG SKINCARE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The directors present their report and the financial statements for the year ended 30 September 2020.
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 judgments and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the 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.
The profit for the year, after taxation, amounted to £
895,678
(2019 -
£
949,732
)
.
The directors do not recommend the payment of a dividend (2019 - £NIL).
The directors have highlighted in the strategic report on pages 1 and 3, a review of the current year results, future outlook expectations, risks and key performance indicators for the company.
The director who served during the year was:
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BULLDOG SKINCARE LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The directors of the company have taken the decision to transfer business assets and trade to sister company Wilkinson Sword Ltd and to liquidate Bulldog Skincare Ltd.
The financial statements have been prepared on a basis other than going concern due to the decision taken that the company will cease trading on 30 April 2021. Shareholder’s plan is to liquidate company within next 2 calendar years.
The valuation of the assets carrying values as at 30 September 2020 are not materially impacted by this decision.
The auditors, Haysmacintyre LLP, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board on
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BULLDOG SKINCARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BULLDOG SKINCARE LIMITED
We have audited the financial statements of Bulldog Skincare Limited (the 'Company') for the year ended 30 September 2020, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
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BULLDOG SKINCARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BULLDOG SKINCARE LIMITED (CONTINUED)
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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BULLDOG SKINCARE LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF BULLDOG SKINCARE LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditors' Report.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Statutory Auditors
10 Queen Street Place
EC4R 1AG
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BULLDOG SKINCARE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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BULLDOG SKINCARE LIMITED
REGISTERED NUMBER:
05717974
BALANCE SHEET
AS AT
30 SEPTEMBER 2020
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 13 to 25 form part of these financial statements.
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BULLDOG SKINCARE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
30 SEPTEMBER 2020
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BULLDOG SKINCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Bulldog Skincare Limited is a private company limited by shares, and is incorporated in England and Wales. The address of its registered office is Sword House, Totteridge Road, High Wycombe, Buckinghamshire, HP13 6DG. The principal trading address is Unit G.01 Grand Union Studios, 332 Ladbroke Grove, London, W10 5AD.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
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 Edgewell Personal Care Company as at 30 September 2020 and these financial statements may be obtained from Investor Relations, Edgewell Personal Care Company, 1350 Timberlake Manor Parkway, St Louis, MO 63017, USA.
Since the year end, the business assets and trade of Bulldog Skincare Limited was transferred to sister company Wilkinson Sword Limited and the Directors have made the decision to liquidate the company. As a result, the Company is no longer considered a going concern and the accounts have been prepared on the break up basis.
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BULLDOG SKINCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
2.
Accounting policies (continued)
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:
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.
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BULLDOG SKINCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
2.
Accounting policies (continued)
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BULLDOG SKINCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
2.
Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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BULLDOG SKINCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
2.
Accounting policies (continued)
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
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BULLDOG SKINCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
The company makes estimates and assumptions concerning the future. Actual results may differ from these estimates. 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. The directors considered there to be no significant areas of judgments or key sources of estimation uncertainty.
The total turnover of the company for the period has been derived from the sale of goods as per its principal activity.
Analysis of turnover by country of destination:
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BULLDOG SKINCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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BULLDOG SKINCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
8.
Taxation (continued)
There were no factors that may affect future tax charges.
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BULLDOG SKINCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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BULLDOG SKINCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
9.
Tangible fixed assets (continued)
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BULLDOG SKINCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
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BULLDOG SKINCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
13.
Deferred taxation (continued)
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BULLDOG SKINCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2020
Bulldog Skincare Holdings Limited is considered to be the company's immediate parent undertaking in both the current period and prior year.
The ultimate controlling party is Edgewell Personal Care Company, a US company incorporated in the state of Missouri. The results of the company are included within the consolidated accounts of Edgewell Personal Care Company which are available to the public and may be obtained from Investor Relations, Edgewell Personal Care Company, 1350 Timberlake Manor Parkway, St Louis, MO 63017, USA.
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