Anastasia Beverly Hills UK Limited
Registered number: 11872186
Annual report
For the year ended 31 December 2022
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11872186
31 December 2022
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ANASTASIA BEVERLY HILLS UK LIMITED
REGISTERED NUMBER: 11872186
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022
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Receivables: amounts falling due within one year
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Payables: amounts falling due within one year
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Net current assets/(liabilities)
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Total assets less current liabilities
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Provisions for liabilities
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11872186
31 December 2022
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ANASTASIA BEVERLY HILLS UK LIMITED
REGISTERED NUMBER: 11872186
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 10 form part of these financial statements.
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11872186
31 December 2022
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ANASTASIA BEVERLY HILLS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
Anastasia Beverly Hills UK Limited is a private company limited by shares incorporated in England and Wales. The company's registered number is 11872186. The address of its registered office is 30 Old Bailey, London, United Kingdom, EC4M 7AU.
The principal activity of the company is the wholesale of cosmetic products.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements have been presented in in United States Dollars as this is the company's functional currency and the currency in which the company undertakes its major financial transactions and is rounded to the nearest dollar.
The following principal accounting policies have been applied:
The financial statements are prepared on a going concern basis. The company remains assured of financial support from the parent company. The directors have received confirmation that the parent company will continue to support the company and provide it with adequate funds when necessary to enable it to meet its debts as they fall due in the foreseeable future. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
∙the company has transferred the significant risks and rewards of ownership to the buyer;
∙the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of turnover can be measured reliably;
∙it is probable that the company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
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11872186
31 December 2022
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ANASTASIA BEVERLY HILLS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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Cost of sales and distribution expenses
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Cost of sales represents all costs associated to bring inventory into the company's warehouse and processing this inventory into a product fit for sale.
Distribution expenses represents all costs associated to warehousing expenses that stores the inventory prior to sale.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
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 income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
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11872186
31 December 2022
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ANASTASIA BEVERLY HILLS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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Fixtures and fittings - 3 years
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Short-term receivables are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term payables are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.
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11872186
31 December 2022
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ANASTASIA BEVERLY HILLS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
2.Accounting policies (continued)
The company only enters into basic financial instruments transactions that result in the recognition of
financial assets and liabilities like trade and other accounts receivable and payable.
Financial assets
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 identified, an impairment loss is recognised in profit or loss.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and its recoverable amount, which is an estimate of the amount that the company would receive for the asset if it were to be sold at the reporting date.
Financial liabilities
Basic financial liabilities, including trade and other payables are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a rate of interest.
Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payables are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transactions price and subsequently measured at amortised costs.
Financial assets and liabilities are offset and the net amount reported in the Statement of financial position 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.
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The company does not have any employees other than the directors who did not receive any remuneration during the year (2021: nil).
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11872186
31 December 2022
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ANASTASIA BEVERLY HILLS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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11872186
31 December 2022
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ANASTASIA BEVERLY HILLS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Receivables: amount falling due within one year
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Amounts owed by group undertakings
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Payables: amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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The amounts owed to group undertakings are unsecured, interest free and repayable on demand.
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Charged to profit or loss
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11872186
31 December 2022
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ANASTASIA BEVERLY HILLS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
7.Deferred taxation (continued)
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The deferred taxation balance is made up as follows:
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Fixed asset timing differences
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Losses and other deductions
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The provision concerns the additional customs duties and estimated (administrative) penalties that will probably become due for payment in connection with the alleged undervaluation of customs cleared products in the EU during the period 2019-2021. It is anticipated that the payments to customs authorities will be due for payment before 31 December 2023.
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Allotted, called up and fully paid
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1,000 (2021: 1,000) ordinary shares of $1.30 each
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Each ordinary share has attached to it full voting, dividend and capital distribution rights.
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Related party transactions
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The company is exempt from disclosing related party transactions undertaken with other wholly owned members of the group that have been concluded under normal market condition.
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11872186
31 December 2022
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ANASTASIA BEVERLY HILLS UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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Post balance sheet events
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There have been no significant events affecting the company since the year end.
The immediate and ultimate parent company is Anastasia Beverly Hills, LLC, a company incorporated in the United States of America. The address of its registered office is 10635 Santa Monica, Boulevard #300, Los Angeles, California, United States, 90025.
The smallest and largest group which produces consolidated financial statements in which the company is included is Anastasia Holding, LLC whose financial statements are publicly available. Copies of these financial statements may be obtained from 25-21 49TH Street, Long Island City, New York, 11103.
The auditor's report on the financial statements for the year ended 31 December 2022 was unqualified.
The audit report was signed on 1 December 2023 by Gerhard Bonthuys (Senior statutory auditor) on behalf of Mazars LLP.
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