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Registration number: 06774921

Passion For Perfume Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Passion For Perfume Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Passion For Perfume Limited

Company Information

Director

Mrs L D Tobias

Registered office

271 Ashley Road
Hale
Altrincham
Cheshire
WA15 9NE

 

Passion For Perfume Limited

(Registration number: 06774921)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Stocks

6

23,825

40,000

Debtors

7

12,005

25,711

Cash at bank and in hand

 

27,428

31,208

 

63,258

96,919

Creditors: Amounts falling due within one year

8

(61,601)

(75,235)

Total assets less current liabilities

 

1,657

21,684

Creditors: Amounts falling due after more than one year

8

-

(5,000)

Net assets

 

1,657

16,684

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,557

16,584

Shareholders' funds

 

1,657

16,684

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.

Director's 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 director acknowledges her 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 16 October 2023
 

.........................................
Mrs L D Tobias
Director

   
     
 

Passion For Perfume Limited

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.

The address of its registered office is:
271 Ashley Road
Hale
Altrincham
Cheshire
WA15 9NE

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.

Revenue 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 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.

Foreign currency transactions and balances

Transactions in foreign currency are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current 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.

 

Passion For Perfume Limited

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

Tangible assets

Tangible assets are stated in the balance sheet, 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15% reducing balance or 20% straight line

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

Website development costs

10% 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.

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 net realisable value. Cost includes all costs incurred in bringing each product to its 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.

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

 

Passion For Perfume Limited

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

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

The company only enters into basic financial instruments 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 non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Passion For Perfume Limited

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

4

Intangible assets

Website development costs
£

Total
£

Cost or valuation

At 1 April 2022

6,171

6,171

Disposals

(6,171)

(6,171)

At 31 March 2023

-

-

Amortisation

At 1 April 2022

6,171

6,171

Amortisation eliminated on disposals

(6,171)

(6,171)

At 31 March 2023

-

-

Carrying amount

At 31 March 2023

-

-

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

216

981

1,197

At 31 March 2023

216

981

1,197

Depreciation

At 1 April 2022

216

981

1,197

At 31 March 2023

216

981

1,197

Carrying amount

At 31 March 2023

-

-

-

6

Stocks

2023
£

2022
£

Other inventories

23,825

40,000

 

Passion For Perfume Limited

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

7

Debtors

2023
£

2022
£

Trade debtors

894

1,126

Other debtors

11,111

24,585

 

12,005

25,711

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

11,600

10,000

Trade creditors

 

32,077

32,657

Taxation and social security

 

3,882

4,041

Accruals and deferred income

 

1,550

23,573

Other creditors

 

12,492

4,964

 

61,601

75,235

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

-

5,000

 

Passion For Perfume Limited

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

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

5,000

2023
£

2022
£

Current loans and borrowings

Bank borrowings

5,000

10,000

Director's loan account

6,600

-

11,600

10,000

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £310.00 (2022 - £Nil) per each Ordinary share

 

31,000

 

-

         
 

Passion For Perfume Limited

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

11

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

At 31 March 2023
£

Mrs L D Tobias

11,481

11,481

     
   

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mrs L D Tobias

-

21,728

(10,247)

11,481

         
       

 

At the balance sheet date Mrs L D Tobias had an overdrawn director's loan account of £11,481. Interest has been charged in accordance with HM Revenue and Customs guidance. Section 455 tax has not been charged on the overdrawn balance, as the director has agreed to repay the amount within 9 months of the year end.