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Company Registration number: 01480297

Surefil Beauty Products Limited

Filleted Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Surefil Beauty Products Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 9

 

Surefil Beauty Products Limited

Company Information

Directors

Mr J MacAvoy

Mr P B Critchley

Mrs C J Critchley

Registered office

The Bedford Centre
Bedford Street
Parr Industrial Estate
St Helens
Merseyside
WA9 1PN

Accountants

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Surefil Beauty Products Limited
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Surefil Beauty Products Limited for the year ended 28 February 2023 as set out on pages 3 to 9 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 Surefil Beauty Products Limited, as a body, in accordance with the terms of our engagement letter dated 4 May 2020. Our work has been undertaken solely to prepare for your approval the accounts of Surefil Beauty Products Limited and state those matters that we have agreed to state to the Board of Directors of Surefil Beauty Products Limited, 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 Surefil Beauty Products Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Surefil Beauty Products Limited 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 Surefil Beauty Products Limited. You consider that Surefil Beauty Products Limited 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 Surefil Beauty Products Limited. 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.

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

Abrams Ashton Ltd
Chartered Accountants
7 Waterside Court
St. Helens
Merseyside
WA9 1UA

15 November 2023

 

Surefil Beauty Products Limited

(Registration number: 01480297)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

442,542

493,413

Current assets

 

Stocks

649,724

625,799

Debtors

5

1,763,459

2,033,775

Cash at bank and in hand

 

725,095

568,721

 

3,138,278

3,228,295

Creditors: Amounts falling due within one year

6

(852,141)

(1,019,041)

Net current assets

 

2,286,137

2,209,254

Total assets less current liabilities

 

2,728,679

2,702,667

Provisions for liabilities

(94,109)

(77,953)

Net assets

 

2,634,570

2,624,714

Capital and reserves

 

Called up share capital

100

100

Retained earnings

2,634,470

2,624,614

Shareholders' funds

 

2,634,570

2,624,714

For the financial year 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 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.

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 9 November 2023 and signed on its behalf by:
 

 

Surefil Beauty Products Limited

(Registration number: 01480297)
Balance Sheet as at 28 February 2023

.........................................
Mr P B Critchley
Director

.........................................
Mrs C J Critchley
Director

 

Surefil Beauty Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 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:
The Bedford Centre
Bedford Street
Parr Industrial Estate
St Helens
Merseyside
WA9 1PN

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. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the sale of goods net of value added tax, returns, rebates and discounts. Sales of goods are recognised when the company has delivered the goods to the customer and they are accepted.

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. Exchange differences are taken into account in arriving at the operating profit.

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.

 

Surefil Beauty Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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 statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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

Freehold property

4% straight line

Plant and machinery

10% & 25% straight line

Fixtures and fittings

10% straight line

Motor vehicles

25% reducing balance

Computer equipment

33% straight line

Development costs

Research expenditure is written off in the year in which it is incurred.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell after making due allowance for obsolete and slow moving items.

Cost comprises all direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

Work in progress is valued on the basis of direct costs plus attributable overheads based on normal level of activity. Provision is made for any foreseeable losses where appropriate. No element of profit is included in the valuation of work in progress.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Surefil Beauty Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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 63 (2022 - 64).

 

Surefil Beauty Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

715,208

111,139

1,384,038

89,336

195,924

2,495,645

Additions

-

-

5,290

24,264

20,125

49,679

At 28 February 2023

715,208

111,139

1,389,328

113,600

216,049

2,545,324

Depreciation

At 1 March 2022

635,914

106,341

1,127,086

87,218

45,673

2,002,232

Charge for the year

14,731

555

39,856

2,845

42,563

100,550

At 28 February 2023

650,645

106,896

1,166,942

90,063

88,236

2,102,782

Carrying amount

At 28 February 2023

64,563

4,243

222,386

23,537

127,813

442,542

At 28 February 2022

79,294

4,798

256,952

2,118

150,251

493,413

5

Debtors

Note

2023
£

2022
£

Trade debtors

 

665,011

774,743

Amounts owed by group undertakings and undertakings in which the company has a participating interest

1,071,019

1,221,019

Prepayments

 

27,429

35,842

Other debtors

 

-

2,171

 

1,763,459

2,033,775

Details of non-current trade and other debtors

£1,071,019 (2022 -£1,221,019) of amounts owed by group undertakings in which the company has a participating interest is classified as non current.

 

Surefil Beauty Products Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

335,350

319,426

Taxation and social security

76,713

82,464

Accruals and deferred income

266,039

484,807

Corporation tax

74,039

82,344

Other creditors

100,000

50,000

852,141

1,019,041

7

Parent and ultimate parent undertaking

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

 The ultimate parent is SBP Investments Limited, incorporated in England and Wales.