4 false false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2023 - FRS102_2023 44,037 2,319 46,356 11,251 4,514 15,765 30,591 32,786 xbrli:pure xbrli:shares iso4217:GBP 10600704 2022-03-01 2023-02-28 10600704 2023-02-28 10600704 2022-02-28 10600704 2021-03-01 2022-02-28 10600704 2022-02-28 10600704 2021-02-28 10600704 core:PatentsTrademarksLicencesConcessionsSimilar 2022-03-01 2023-02-28 10600704 core:PlantMachinery 2022-03-01 2023-02-28 10600704 core:FurnitureFittings 2022-03-01 2023-02-28 10600704 bus:Director1 2022-03-01 2023-02-28 10600704 core:PatentsTrademarksLicencesConcessionsSimilar 2022-02-28 10600704 core:PatentsTrademarksLicencesConcessionsSimilar 2023-02-28 10600704 core:PlantMachinery 2022-02-28 10600704 core:FurnitureFittings 2022-02-28 10600704 core:PlantMachinery 2023-02-28 10600704 core:FurnitureFittings 2023-02-28 10600704 core:WithinOneYear 2023-02-28 10600704 core:WithinOneYear 2022-02-28 10600704 core:ShareCapital 2023-02-28 10600704 core:ShareCapital 2022-02-28 10600704 core:RetainedEarningsAccumulatedLosses 2023-02-28 10600704 core:RetainedEarningsAccumulatedLosses 2022-02-28 10600704 core:PatentsTrademarksLicencesConcessionsSimilar 2022-02-28 10600704 core:PlantMachinery 2022-02-28 10600704 core:FurnitureFittings 2022-02-28 10600704 bus:SmallEntities 2022-03-01 2023-02-28 10600704 bus:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 10600704 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 10600704 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 10600704 bus:FullAccounts 2022-03-01 2023-02-28
COMPANY REGISTRATION NUMBER: 10600704
Beautifect Limited
Filleted Unaudited Financial Statements
28 February 2023
Beautifect Limited
Statement of Financial Position
28 February 2023
2023
2022
Note
£
£
Fixed assets
Intangible assets
5
30,591
32,786
Tangible assets
6
76
209
--------
--------
30,667
32,995
Current assets
Stocks
1,182,020
132,485
Debtors
7
47,891
5,252
Cash at bank and in hand
698,596
222,081
------------
---------
1,928,507
359,818
Creditors: amounts falling due within one year
8
1,628,925
486,519
------------
---------
Net current assets/(liabilities)
299,582
( 126,701)
---------
---------
Total assets less current liabilities
330,249
( 93,706)
---------
--------
Net assets/(liabilities)
330,249
( 93,706)
---------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
330,248
( 93,707)
---------
--------
Shareholders funds/(deficit)
330,249
( 93,706)
---------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Beautifect Limited
Statement of Financial Position (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 30 November 2023 , and are signed on behalf of the board by:
Dr T Lalvani
Director
Company registration number: 10600704
Beautifect Limited
Notes to the Financial Statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 71-75 Shelton Street, Covent Garden, London, WC2H 9JQ, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
In the opinion of the director, continued financial support will be available such that the company can continue trading and meet liabilities as they fall due. Based on this, the director consider it appropriate that the financial statements are prepared on a going concern basis.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Patents, trademarks and licences
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Fixtures and fittings
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 2 ).
5. Intangible assets
Patents, trademarks and licences
£
Cost
At 1 March 2022
44,037
Additions
2,319
--------
At 28 February 2023
46,356
--------
Amortisation
At 1 March 2022
11,251
Charge for the year
4,514
--------
At 28 February 2023
15,765
--------
Carrying amount
At 28 February 2023
30,591
--------
At 28 February 2022
32,786
--------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 March 2022 and 28 February 2023
56,360
229
56,589
--------
----
--------
Depreciation
At 1 March 2022
56,304
76
56,380
Charge for the year
56
77
133
--------
----
--------
At 28 February 2023
56,360
153
56,513
--------
----
--------
Carrying amount
At 28 February 2023
76
76
--------
----
--------
At 28 February 2022
56
153
209
--------
----
--------
7. Debtors
2023
2022
£
£
Trade debtors
47,891
5,252
--------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
732,577
10,336
Corporation tax
84,173
Social security and other taxes
54,511
23,693
Other creditors
757,664
452,490
------------
---------
1,628,925
486,519
------------
---------
9. Director's advances, credits and guarantees
At the year end, the company owed the director £456,740 (2022: £446,740). The loan was at 10% annual interest and repayable on demand.