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Registration number: 11283147

Skin Sapiens Ltd.

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

image-name
 

Skin Sapiens Ltd.

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 12

 

Skin Sapiens Ltd.

Company Information

Directors

Mr J M Jardella

Mr JA Roger Jara

Registered office

22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

Accountants

Michael J Emery & Co Limited
Chartered Accountants
22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Skin Sapiens Ltd.
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Skin Sapiens Ltd. for the year ended 31 March 2023 as set out on pages 3 to 12 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Skin Sapiens Ltd., as a body, in accordance with the terms of our instructions. Our work has been undertaken solely to prepare for your approval the accounts of Skin Sapiens Ltd. and state those matters that we have agreed to state to the Board of Directors of Skin Sapiens Ltd., as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Skin Sapiens Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Skin Sapiens Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Skin Sapiens Ltd.. You consider that Skin Sapiens Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Skin Sapiens Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Michael J Emery & Co Limited
Chartered Accountants
22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ

7 September 2023

 

Skin Sapiens Ltd.

(Registration number: 11283147)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

4,905

6,464

Tangible assets

5

121

161

Investments

6

2,489

2,489

 

7,515

9,114

Current assets

 

Stocks

7

81,246

59,386

Debtors

8

83,608

46,466

Cash at bank and in hand

 

154,233

166,725

 

319,087

272,577

Creditors: Amounts falling due within one year

9

(65,575)

(25,733)

Net current assets

 

253,512

246,844

Total assets less current liabilities

 

261,027

255,958

Creditors: Amounts falling due after more than one year

9

(15,487)

(17,070)

Net assets

 

245,540

238,888

Capital and reserves

 

Called up share capital

366

366

Share premium reserve

440,285

440,285

Profit and loss account

(195,111)

(201,763)

Total equity

 

245,540

238,888

For the financial year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Skin Sapiens Ltd.

(Registration number: 11283147)
Balance Sheet as at 31 March 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 7 September 2023 and signed on its behalf by:
 

.........................................
Mr J M Jardella
Director

 

Skin Sapiens Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales, 11283147.

The address of its registered office is:
22 St. John Street
Newport Pagnell
Buckinghamshire
MK16 8HJ
England

These financial statements were authorised for issue by the Board on 7 September 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Skin Sapiens Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

 

Skin Sapiens Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademarks

Over 10 years

Website development

Over 5 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

Skin Sapiens Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company during the year, including directors, was 2 (2022 - 2).

 

Skin Sapiens Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Website development
 £

Total
£

Cost or valuation

At 1 April 2022

992

7,300

8,292

At 31 March 2023

992

7,300

8,292

Amortisation

At 1 April 2022

368

1,460

1,828

Amortisation charge

99

1,460

1,559

At 31 March 2023

467

2,920

3,387

Carrying amount

At 31 March 2023

525

4,380

4,905

At 31 March 2022

624

5,840

6,464

The aggregate amount of research and development expenditure recognised as an expense during the period is £2,001 (2022 - £15,138).
 

 

Skin Sapiens Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

391

391

Additions

(93)

(93)

At 31 March 2023

298

298

Depreciation

At 1 April 2022

137

137

Charge for the year

40

40

At 31 March 2023

177

177

Carrying amount

At 31 March 2023

121

121

At 31 March 2022

161

161

6

Investments

2023
£

2022
£

Investments in subsidiaries

2,489

2,489

Subsidiaries

£

Cost or valuation

Additions

2,489

Provision

Carrying amount

At 31 March 2023

2,489

At 31 March 2022

2,489

 

Skin Sapiens Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

7

Stocks

2023
£

2022
£

Inventory

81,246

59,386

8

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

46,576

10,239

Amounts owed by related parties

11

33,957

25,247

Prepayments

 

3,027

7,393

Corporation tax control

 

-

3,539

Other debtors

 

48

48

   

83,608

46,466

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

2,094

2,093

Trade creditors

 

56,147

21,590

Accruals

 

4,820

1,690

VAT creditor

 

2,514

360

 

65,575

25,733

Due after one year

 

Loans and borrowings

10

15,487

17,070

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

15,487

17,070

 

Skin Sapiens Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

15,487

17,070

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,094

2,093

11

Related party transactions

Summary of transactions with parent


Two Man Holdings Ltd
This company holds 61% of the share capital in issue.

At the balance sheet date, the amount due from Two Man Holdings Ltd was £48 (2022: £48).

 

Summary of transactions with other related parties


The director provides consultancy services to the company, for which the company is invoiced consultancy fees. During the year, the company was charged £36,000 (2022: £36,000). At the balance sheet date, the amount due to the director was £Nil (2022: £10,500).