Re:New Beauty Limited 3672423 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is that of wholesale of nail and other beauty products Digita Accounts Production Advanced 6.30.9574.0 true true 3672423 2022-07-01 2023-06-30 3672423 2023-06-30 3672423 bus:OrdinaryShareClass1 2023-06-30 3672423 bus:OrdinaryShareClass2 2023-06-30 3672423 bus:OrdinaryShareClass3 2023-06-30 3672423 core:CurrentFinancialInstruments 2023-06-30 3672423 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 3672423 core:Non-currentFinancialInstruments 2023-06-30 3672423 core:Non-currentFinancialInstruments core:AfterOneYear 2023-06-30 3672423 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-30 3672423 core:FurnitureFittings 2023-06-30 3672423 core:LandBuildings core:OwnedOrFreeholdAssets 2023-06-30 3672423 core:MotorVehicles 2023-06-30 3672423 core:OfficeEquipment 2023-06-30 3672423 1 2023-06-30 3672423 bus:SmallEntities 2022-07-01 2023-06-30 3672423 bus:AuditExemptWithAccountantsReport 2022-07-01 2023-06-30 3672423 bus:FullAccounts 2022-07-01 2023-06-30 3672423 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 3672423 bus:RegisteredOffice 2022-07-01 2023-06-30 3672423 bus:Director2 2022-07-01 2023-06-30 3672423 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 3672423 bus:OrdinaryShareClass2 2022-07-01 2023-06-30 3672423 bus:OrdinaryShareClass3 2022-07-01 2023-06-30 3672423 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 3672423 core:IntangibleAssetsOtherThanGoodwill 2022-07-01 2023-06-30 3672423 core:FurnitureFittings 2022-07-01 2023-06-30 3672423 core:LandBuildings 2022-07-01 2023-06-30 3672423 core:LandBuildings core:OwnedOrFreeholdAssets 2022-07-01 2023-06-30 3672423 core:MotorVehicles 2022-07-01 2023-06-30 3672423 core:OfficeEquipment 2022-07-01 2023-06-30 3672423 core:Vehicles 2022-07-01 2023-06-30 3672423 1 2022-07-01 2023-06-30 3672423 1 2022-07-01 2023-06-30 3672423 countries:England 2022-07-01 2023-06-30 3672423 2022-06-30 3672423 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2022-06-30 3672423 core:FurnitureFittings 2022-06-30 3672423 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 3672423 core:MotorVehicles 2022-06-30 3672423 core:OfficeEquipment 2022-06-30 3672423 2021-07-01 2022-06-30 3672423 2022-06-30 3672423 bus:OrdinaryShareClass1 2022-06-30 3672423 bus:OrdinaryShareClass2 2022-06-30 3672423 bus:OrdinaryShareClass3 2022-06-30 3672423 core:CurrentFinancialInstruments 2022-06-30 3672423 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 3672423 core:Non-currentFinancialInstruments 2022-06-30 3672423 core:Non-currentFinancialInstruments core:AfterOneYear 2022-06-30 3672423 core:FurnitureFittings 2022-06-30 3672423 core:LandBuildings core:OwnedOrFreeholdAssets 2022-06-30 3672423 core:MotorVehicles 2022-06-30 3672423 core:OfficeEquipment 2022-06-30 3672423 1 2022-06-30 3672423 bus:OrdinaryShareClass1 2021-07-01 2022-06-30 3672423 bus:OrdinaryShareClass2 2021-07-01 2022-06-30 3672423 bus:OrdinaryShareClass3 2021-07-01 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 3672423

Re:New Beauty Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 June 2023

 

Re:New Beauty Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 11

 

Re:New Beauty Limited

(Registration number: 3672423)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,503,865

2,544,864

Current assets

 

Stocks

6

1,117,812

1,398,305

Debtors

7

64,344

42,323

Cash at bank and in hand

 

1,066,378

1,043,537

 

2,248,534

2,484,165

Creditors: Amounts falling due within one year

8

(525,018)

(892,643)

Net current assets

 

1,723,516

1,591,522

Total assets less current liabilities

 

4,227,381

4,136,386

Creditors: Amounts falling due after more than one year

8

(1,063,799)

(1,141,453)

Provisions for liabilities

288,921

261,057

Net assets

 

3,452,503

3,255,990

Capital and reserves

 

Called up share capital

9

4

4

Retained earnings

3,452,499

3,255,986

Shareholders' funds

 

3,452,503

3,255,990

For the financial year ending 30 June 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.

 

Re:New Beauty Limited

(Registration number: 3672423)
Balance Sheet as at 30 June 2023

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 November 2023 and signed on its behalf by:
 

.........................................
Mr Richard Lipsitz
Director

 

Re:New Beauty Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

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

The address of its registered office is:
Unit A, 37 Mark Road
Hemel Hempstead Industrial Estate
HEMEL HEMPSTEAD
Herts
HP2 7DN

These financial statements were authorised for issue by the Board on 1 November 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.

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.

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.

 

Re:New Beauty Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Furniture, Fixtures and Equipment

25% Reducing balance

Motor Vehicles

20% Reducing balance

Freehold property

No depreciation

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.

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

Internally Developed Software

Straight Line over 3 years

 

Re:New Beauty Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

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.

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

 

Re:New Beauty Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 19 (2022 - 21).

 

Re:New Beauty Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 July 2022

51,850

51,850

At 30 June 2023

51,850

51,850

Amortisation

At 1 July 2022

51,850

51,850

At 30 June 2023

51,850

51,850

Carrying amount

At 30 June 2023

-

-

The aggregate amount of research and development expenditure recognised as an expense during the period is £1,005 (2022 - £356).
 

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Cost or valuation

At 1 July 2022

2,239,330

863,237

3,300

48,665

Additions

-

964

2,255

35,999

At 30 June 2023

2,239,330

864,201

5,555

84,664

Depreciation

At 1 July 2022

-

589,342

342

19,394

Charge for the year

-

69,108

470

11,229

At 30 June 2023

-

658,450

812

30,623

Carrying amount

At 30 June 2023

2,239,330

205,751

4,743

54,041

At 30 June 2022

2,239,330

273,805

2,958

28,771

 

Re:New Beauty Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Total
£

Cost or valuation

At 1 July 2022

3,154,532

Additions

39,218

At 30 June 2023

3,193,750

Depreciation

At 1 July 2022

609,078

Charge for the year

80,807

At 30 June 2023

689,885

Carrying amount

At 30 June 2023

2,503,865

At 30 June 2022

2,544,864

Included within the net book value of land and buildings above is £2,239,330 (2022 - £2,239,330) in respect of freehold land and buildings.
 

6

Stocks

2023
£

2022
£

Other inventories

1,117,812

1,398,305

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

10,263

(157)

Amounts owed by related parties

12

-

1,256

Prepayments

 

52,581

39,724

Other debtors

 

1,500

1,500

   

64,344

42,323

 

Re:New Beauty Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

8

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

42,764

470,091

Taxation and social security

448,116

386,970

Other creditors

34,138

35,582

525,018

892,643

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

1,063,799

1,141,453

Creditors include bank loans which are secured of £1,063,799 (2022 - £1,141,453).

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

2

2

2

2

Ordinary A of £1 each

1

1

1

1

Ordinary B of £1 each

1

1

1

1

 

4

4

4

4

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

1,063,799

1,141,453

Bank borrowings

 

Re:New Beauty Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Loan Facility is denominated in Sterling with a nominal interest rate of 1.75%, and the final instalment is due on 13 March 2025. The carrying amount at year end is £1,063,799 (2022 - £1,141,453).

Freehold of 37 Mark Road, Hemel Hempstead and Debenture over assets and undertaking.

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £405,620.00 (2022 - £431,050.00) per each Ordinary

 

811,240

 

862,100

Interim dividend of £Nil per each Ordinary A

 

-

 

-

Interim dividend of £Nil per each Ordinary B

 

-

 

-

   

811,240

 

862,100

12

Related party transactions

Key management compensation

2023
£

2022
£

Salaries and other short term employee benefits

172,000

65,000

 

Re:New Beauty Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

30,000

30,000

13

Parent and ultimate parent undertaking

The company's immediate parent is RRDK Limited, incorporated in England & Wales.