LUSH RETAIL LIMITED

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  Material uncertainty over going concern

  The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. Furthermore, there remains the possibility of downside risk should customer sentiment deteriorate. At a Lush Cosmetics Group level, a severe but plausible downside scenario has been considered... Both the base case and the downside case cashflows assessed at the Lush Cosmetics Group level show facilities are required to manage the working capital build to Christmas 2026 and thereafter to maintain an acceptable amount of liquidity headroom. At the date of signing these accounts, the Lush Cosmetics Group are in final discussions with its lenders, but it does not, yet, have these temporary facilities formally in place. This is because the facilities are agreed annually and that process has not concluded. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.

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  Going-concern uncertainty disclosed

Values shown as filed in the company's annual accounts. — indicates the figure wasn't present under that line item in that period. The Δ column is the change from the prior filed period as a percentage of |prior|; lines a company doesn't report show —. About these numbers

Margins divide P&L lines by turnover. Gearing is liabilities over total assets. Current ratio is current assets over creditors falling due within one year. Interest cover is operating profit over absolute finance costs. Sector-distribution context coming next.

Accounting basis

FRS 102

Reporting scope

Standalone (parent only)

Auditor

BDO LLP

Audit opinion

Unqualified (clean)

Going concern

Material uncertainty disclosed

“The financial statements have been prepared on a going concern basis which the directors consider to be appropriate for the following reasons. Furthermore, there remains the possibility of downside risk should customer sentiment deteriorate. At a Lush Cosmetics Group level, a severe but plausible downside scenario has been considered... Both the base case and the downside case cashflows assessed at the Lush Cosmetics Group level show facilities are required to manage the working capital build to Christmas 2026 and thereafter to maintain an acceptable amount of liquidity headroom. At the date of signing these accounts, the Lush Cosmetics Group are in final discussions with its lenders, but it does not, yet, have these temporary facilities formally in place. This is because the facilities are agreed annually and that process has not concluded. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so.”

Group structure

1. LUSH RETAIL LIMITED · parent
   1. Lush Dublin Limited 100% · Republic of Ireland · Retailer of cosmetic products
   2. Lush Distribution Limited 100% · England · Dormant

Significant events

• “July marked the closure of our Newry store after 14 years of trading.”
• “we invested in our estate with refits in Cardiff, Manchester Arndale, Preston, Waterloo and Stratford City, and opened our fourth UK retail park location at Edinburgh Fort.”
• “On 3rd September, the business closed UK stores and digital channels in solidarity with Gaza.”
• “We launched our Lush Club Rewards platform in October, expanding our existing loyalty programme...”
• “Trading in the first half of FY26 was softer than anticipated following the strong growth recorded in FY25, although we still expect the average growth rate across the last two financial years to remain strong.”
• “We had a disappointing but not disastrous Christmas period, which mirrors broader UK retail trends, where ongoing cost-of-living pressures significantly depressed discretionary spending.”
• “However, the launch of our Winter Freshness Sale on Boxing Day delivered a strong rebound, with our biggest Boxing Day ever.”

Auditor, going-concern and subsidiary information is drawn from the narrative of the latest annual accounts. About these numbers

Filings

5

last 12 months

Capital events

0

last 24 months

Officers appointed

0

last 12 months

Officers resigned

0

last 12 months

Direct counts from the register. No score, no rating — see the Filing timeline for the underlying events.