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REGISTERED NUMBER: 01780491 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023

FOR

PRESTIGE COSMETICS LIMITED

PRESTIGE COSMETICS LIMITED (REGISTERED NUMBER: 01780491)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31st August 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PRESTIGE COSMETICS LIMITED

COMPANY INFORMATION
for the Year Ended 31st August 2023







DIRECTORS: Mr R S Goldman
Mr H S Goldman
Mrs L S Goldman
Mr M D Goldman





SECRETARY: Mr A Hobson





REGISTERED OFFICE: 100 Barbirolli Square
Manchester
M2 3BD





REGISTERED NUMBER: 01780491 (England and Wales)





ACCOUNTANTS: KJG
100 Barbirolli Square
Manchester
M2 3BD

PRESTIGE COSMETICS LIMITED (REGISTERED NUMBER: 01780491)

BALANCE SHEET
31st August 2023

2023 2022
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 39,157 36,272
39,157 36,272

CURRENT ASSETS
Stocks 907,208 745,444
Debtors 6 98,187 73,917
Cash at bank and in hand 66,072 190,707
1,071,467 1,010,068
CREDITORS
Amounts falling due within one year 7 (698,011 ) (661,361 )
NET CURRENT ASSETS 373,456 348,707
TOTAL ASSETS LESS CURRENT LIABILITIES 412,613 384,979

PROVISIONS FOR LIABILITIES (5,961 ) (4,469 )
NET ASSETS 406,652 380,510

CAPITAL AND RESERVES
Called up share capital 9 6 6
Retained earnings 406,646 380,504
SHAREHOLDERS' FUNDS 406,652 380,510

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PRESTIGE COSMETICS LIMITED (REGISTERED NUMBER: 01780491)

BALANCE SHEET - continued
31st August 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6th March 2024 and were signed on its behalf by:





Mr R S Goldman - Director


PRESTIGE COSMETICS LIMITED (REGISTERED NUMBER: 01780491)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31st August 2023


1. STATUTORY INFORMATION

Prestige Cosmetics Limited is a private company, limited by shares, registered in England and Wales, registration number 01780491. The address of the registered office is 100 Barbirolli Square, Manchester M2 3BD and principal place of business is 90 North Street, Manchester, M8 8RA.

The financial statements are prepared in Sterling, which is also the functional currency of the Company.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents sales to external customers at invoiced amounts less value added tax or local taxes on sales. Revenue is recognised when goods are handed to the customer.

Turnover principally consists of the sale of toiletries and household goods.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, has now been fully amortised.

Tangible fixed assets
Tangible fixed assets are stated at historical cost less accumulated depreciation and any provisions for impairment. Tangible fixed 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.

Land is not depreciated. Depreciation on other tangible fixed assets is charged to the profit or loss so as to write off their value, over their estimated useful lives, using the following methods:

Fixtures and fittings-15% on cost

At each reporting date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.


PRESTIGE COSMETICS LIMITED (REGISTERED NUMBER: 01780491)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st August 2023


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Assets that are held by the company under leases which transfer to the company substantially all the risks and rewards of ownership are classified as being held under finance leases. Leases which do not transfer substantially all the risks and rewards of ownership to the company are classified as operating leases.

Assets held under finance leases are initially recognised as assets of the company at their fair value at the inception of the lease or, if lower, at the present value of the minimum lease payments. The corresponding liability to the lessor is included in the statements of financial position as a finance lease obligation. Lease payments are apportioned between finance expenses and reduction of the lease obligation so as to achieve a constant rate of interest on the remaining balance of the liability, finance expenses are recognised immediately in profit or loss, unless they are directly attributable to qualifying assets, in which case they are capitalised in accordance with the company's policy on borrowing costs .

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

PRESTIGE COSMETICS LIMITED (REGISTERED NUMBER: 01780491)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st August 2023


2. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

Operating leases
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 58 (2022 - 54 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st September 2022 54,998
Eliminated (54,998 )
At 31st August 2023 -
AMORTISATION
At 1st September 2022 54,998
Amortisation Eliminated (54,998 )
At 31st August 2023 -
NET BOOK VALUE
At 31st August 2023 -
At 31st August 2022 -

PRESTIGE COSMETICS LIMITED (REGISTERED NUMBER: 01780491)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st August 2023


5. TANGIBLE FIXED ASSETS
Fixtures
and
fittings
£   
COST
At 1st September 2022 332,284
Additions 13,218
At 31st August 2023 345,502
DEPRECIATION
At 1st September 2022 296,012
Charge for year 10,333
At 31st August 2023 306,345
NET BOOK VALUE
At 31st August 2023 39,157
At 31st August 2022 36,272

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 47,205 28,548
Prepayments and accrued income 50,982 45,369
98,187 73,917

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 249,160 287,083
Social security and other taxes 9,987 21,059
VAT 47,120 60,192
Other creditors 374,964 276,932
Accrued expenses 16,780 16,095
698,011 661,361

PRESTIGE COSMETICS LIMITED (REGISTERED NUMBER: 01780491)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31st August 2023


8. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 186,500 183,750
Between one and five years 303,168 381,545
489,668 565,295

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
6 Ordinary £1.00 6 6

10. RELATED PARTY DISCLOSURES

During the year, the company purchased goods amounting to £1,688,238 (2022: £1,406,780) from companies under common control. At the reporting date £361,644 (2022: £276,928) was owed by Prestige Cosmetics Ltd.

In addition, the company paid rent of £91,000 (2022: £91,000) in respect of properties owned by companies under common control. £nil (2022: £nil) was outstanding at the reporting date.