Company registration number:
for the Year Ended
Wax London Ltd
(Registration number: 09521325)
Balance Sheet as at 30 April 2023
Note |
2023 |
2022 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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Current assets |
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Stocks |
1,005,969 |
797,749 |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
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Share premium reserve |
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Profit and loss account |
( |
( |
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Total equity |
( |
( |
Wax London Ltd
(Registration number: 09521325)
Balance Sheet as at 30 April 2023
For the financial year ending 30 April 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. The option not to file the profit and loss account and directors’ report has been taken.
Approved and authorised by the
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Wax London Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2023
General information |
The Company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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.
These financial statements are presented in Sterling (£).
Going concern
The financial statements have been prepared on a going concern basis.
Accounting judgements
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Any revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision only affects that period. If the revision affects both current and future periods, then it is recognised in both the current and future periods.
A key judgement is going concern. The directors acknowledge there is material uncertainty relating to going concern due to net liabilities at the year end of £2,133,521 (2022: £1,977,563). The Company has remained loss making in the year to 30 April 2023, as it builds its customer base and expands sales to generate sufficient margin to meet the fixed cost base. The directors are confident that their growth strategy will deliver this margin and that in the interim there is sufficient financial support available for the Company to meet all liabilities as they fall due for the foreseeable future, being at least 12 months from the date of approving the financial statements. Therefore the directors consider the Company to be a going concern and so have prepared the financial statements on that basis.
Wax London Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2023
Turnover recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Intangible assets
Intangible assets are stated at cost, less accumulated amortisation and accumulated impairment losses.
The cost of intangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
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 |
Brand |
Over the remaining license term |
Website costs |
25% straight line |
Tangible assets
Tangible assets are stated at cost, less accumulated depreciation and accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation of tangible assets
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 |
Leasehold improvements |
33% straight line |
Furniture, fittings and equipment |
25% straight line |
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.
Wax London Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2023
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.
Other debtors and loans receivable are initially recognised at fair value net of transaction costs and are subsequently measured at amortised cost using the effective interest method less any provision for impairment.
Stocks
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stock items. Net realisable value is based on selling price less anticipated selling costs.
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 and other 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.
Wax London Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2023
Defined contribution pension obligation
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 payments obligations.
The contributions are recognised as an expense in the profit and loss account 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.
Staff numbers |
The average number of persons employed by the Company (including directors) during the year was
Intangible assets |
Brand |
Website costs |
Total |
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Cost or valuation |
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At 1 May 2022 |
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Additions |
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- |
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At 30 April 2023 |
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Amortisation |
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At 1 May 2022 |
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Amortisation charge |
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At 30 April 2023 |
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Carrying amount |
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At 30 April 2023 |
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At 30 April 2022 |
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Wax London Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2023
Tangible assets |
Leasehold improvements |
Furniture, fittings and equipment |
Total |
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Cost or valuation |
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At 1 May 2022 |
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Additions |
- |
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Disposals |
- |
( |
( |
At 30 April 2023 |
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Depreciation |
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At 1 May 2022 |
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Charge for the year |
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Eliminated on disposal |
- |
( |
( |
At 30 April 2023 |
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Carrying amount |
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At 30 April 2023 |
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At 30 April 2022 |
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Included within the net book value of land and buildings above is £12,792 (2022 - £27,808) in respect of short leasehold land and buildings.
Stocks |
2023 |
2022 |
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Finished goods and raw materials |
1,005,969 |
797,749 |
Wax London Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2023
Debtors |
Current |
2023 |
2022 |
Trade debtors |
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Other debtors |
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Creditors |
Note |
2023 |
2022 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Directors' current accounts |
2,930,000 |
2,205,000 |
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Loans and borrowings |
2023 |
2022 |
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Current loans and borrowings |
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Bank borrowings |
- |
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Directors' loan accounts |
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Reserves reconciliation |
Share premium |
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At 1 May 2022 |
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Movement in year : |
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New share capital subscribed |
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At 30 April 2023 |
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Wax London Ltd
Notes to the Unaudited Financial Statements
for the Year Ended 30 April 2023
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £
Related party transactions |
Transactions with directors |
2022 |
At 1 May 2021 |
Advances to director |
Repayments by director |
At 30 April 2022 |
S Neceva |
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Director loan account |
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( |
- |
T M E Holmes |
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Director loan account |
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( |
- |