Silverfin false 28/02/2023 04/02/2022 28/02/2023 R D Fryer 04/02/2022 K Skripka 04/02/2022 20 October 2023 The principal activity of the Company during the financial period was of an online retailer.

The Company was incorporated on 4 February 2022 therefore the accounting period is from 4 February 2022 to 28 February 2023.
13894822 2023-02-28 13894822 bus:Director1 2023-02-28 13894822 bus:Director2 2023-02-28 13894822 core:CurrentFinancialInstruments 2023-02-28 13894822 core:ShareCapital 2023-02-28 13894822 core:RetainedEarningsAccumulatedLosses 2023-02-28 13894822 core:ImmediateParent core:CurrentFinancialInstruments 2023-02-28 13894822 2022-02-04 2023-02-28 13894822 bus:FullAccounts 2022-02-04 2023-02-28 13894822 bus:SmallEntities 2022-02-04 2023-02-28 13894822 bus:AuditExemptWithAccountantsReport 2022-02-04 2023-02-28 13894822 bus:PrivateLimitedCompanyLtd 2022-02-04 2023-02-28 13894822 bus:Director1 2022-02-04 2023-02-28 13894822 bus:Director2 2022-02-04 2023-02-28 13894822 core:CurrentFinancialInstruments 2022-02-04 2023-02-28 iso4217:GBP xbrli:pure

Company No: 13894822 (England and Wales)

DERMAL SCIENCE LTD

Unaudited Financial Statements
For the financial period from 04 February 2022 to 28 February 2023
Pages for filing with the registrar

DERMAL SCIENCE LTD

Unaudited Financial Statements

For the financial period from 04 February 2022 to 28 February 2023

Contents

DERMAL SCIENCE LTD

COMPANY INFORMATION

For the financial period from 04 February 2022 to 28 February 2023
DERMAL SCIENCE LTD

COMPANY INFORMATION (continued)

For the financial period from 04 February 2022 to 28 February 2023
DIRECTORS R D Fryer
K Skripka
REGISTERED OFFICE Cooper Buildings
Arundel Street
Sheffield
S1 2NS
United Kingdom
COMPANY NUMBER 13894822 (England and Wales)
ACCOUNTANT Gravita Business Services Limited
Finsgate
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom

ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DERMAL SCIENCE LTD

For the financial period from 04 February 2022 to 28 February 2023

ACCOUNTANT'S REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DERMAL SCIENCE LTD (continued)

For the financial period from 04 February 2022 to 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Dermal Science Ltd for the financial period ended 28 February 2023 which comprise the Balance Sheet and the related notes 1 to 6 from the Company’s accounting records and from information and explanations you have given us.

We are subject to the ethical and other professional requirements of the Institute of Chartered Accountants in England and Wales (ICAEW) which are detailed at _http://www.icaew.com/en/members/regulations-standards-and-guidance_.

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

We have not been instructed to carry out an audit or a review of the financial statements of Dermal Science 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 financial statements.

This report is made solely to the Board of Directors of Dermal Science Ltd, as a body, in accordance with the terms of our engagement letter dated 28 March 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Dermal Science Ltd and state those matters that we have agreed to state to the Board of Directors of Dermal Science 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 Dermal Science Ltd and its Board of Directors as a body for our work or for this report.

Gravita Business Services Limited
Accountant

Finsgate
5-7 Cranwood Street
London
EC1V 9EE
United Kingdom

20 October 2023

DERMAL SCIENCE LTD

BALANCE SHEET

As at 28 February 2023
DERMAL SCIENCE LTD

BALANCE SHEET (continued)

As at 28 February 2023
28.02.2023
£
Current assets
Stocks 98,531
Debtors 3 30,913
Cash at bank and in hand 443,799
573,243
Creditors: amounts falling due within one year 4 ( 321,254)
Net current assets 251,989
Total assets less current liabilities 251,989
Net assets 251,989
Capital and reserves
Called-up share capital 10
Profit and loss account 251,979
Total shareholder's funds 251,989

For the financial period ending 28 February 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Dermal Science Ltd (registered number: 13894822) were approved and authorised for issue by the Board of Directors on 20 October 2023. They were signed on its behalf by:

K Skripka
Director
DERMAL SCIENCE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 04 February 2022 to 28 February 2023
DERMAL SCIENCE LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 04 February 2022 to 28 February 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial period, unless otherwise stated.

General information and basis of accounting

Dermal Science Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Cooper Buildings, Arundel Street, Sheffield, S1 2NS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The Company is profit making and is cash generative on a monthly basis through its operating activities. Given this, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The Company was incorporated on 4 February 2022 therefore the accounting period is from 4 February 2022 to 28 February 2023.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Financial assets
An asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

For financial assets carried at amortised cost, the amount of impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

Period from
04.02.2022 to
28.02.2023
Number
Monthly average number of persons employed by the Company during the period, including directors 2

3. Debtors

28.02.2023
£
Other debtors 30,913

Included within other debtors is £10 unpaid share capital.

4. Creditors: amounts falling due within one year

28.02.2023
£
Trade creditors 39,330
Amounts owed to Parent undertakings 134,097
Corporation tax 59,103
Other taxation and social security 22,804
Other creditors 65,920
321,254

Amounts owed to Parent undertakings are repayable on demand and do not bear interest.

5. Related party transactions

No remuneration was paid to the directors during the period. The directors are the only key management personnel of the Company.

The Company has taken advantage of the exemption available under FRS 102 Section 1A not to disclose details of transactions with wholly owned members of the group headed by its parent company.

6. Ultimate controlling party

The immediate and ultimate parent company is Malaberg Ltd, a company registered in the United Kingdom at Unit 206 Cooper Buildings, Arundel Street, Sheffield, South Yorkshire, S1 2NS.