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Nuriss Skincare and Wellness Limited

Annual Report and Unaudited Financial Statements
Year Ended 31 July 2023

Registration number: 08957318

 

Nuriss Skincare and Wellness Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 9

 

Nuriss Skincare and Wellness Limited

Balance Sheet

31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

10,141

19,333

Tangible assets

5

20,348

80,891

 

30,489

100,224

Current assets

 

Stocks

6

213,315

251,631

Debtors

7

130,684

155,389

Cash at bank and in hand

 

385,811

292,662

 

729,810

699,682

Creditors: Amounts falling due within one year

8

(845,513)

(169,962)

Net current (liabilities)/assets

 

(115,703)

529,720

Total assets less current liabilities

 

(85,214)

629,944

Creditors: Amounts falling due after more than one year

8

(18,133)

(28,333)

Net (liabilities)/assets

 

(103,347)

601,611

Capital and reserves

 

Called up share capital

286

284

Share premium reserve

4,686,054

4,686,054

Profit and loss account

(4,789,687)

(4,084,727)

Shareholders' (deficit)/funds

 

(103,347)

601,611

 

Nuriss Skincare and Wellness Limited

Balance Sheet

31 July 2023

For the financial year ending 31 July 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 2 April 2024 and signed on its behalf by:
 

.........................................
Dr A J Lambert
Director

.........................................
R A Lambert
Director

Company Registration Number: 08957318

 

Nuriss Skincare and Wellness Limited

Notes to the Financial Statements

Year Ended 31 July 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:
8 Upper Wimpole Street
London
W1G 6LH

These financial statements were authorised for issue by the Board on 2 April 2024.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The balance sheet shows an excess of liabilities over assets, however the financial statements have been prepared on a going concern basis due to the continued support of the directors.

In October 2023, 389 shares were issued which raised £1,027,652 for the company in this issue.

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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.

 

Nuriss Skincare and Wellness Limited

Notes to the Financial Statements

Year Ended 31 July 2023

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 corporation 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.

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

Plant and machinery

25% Straight line

Fixtures and fittings

25% Straight line

Computer equipment

33% straight line

Leasehold improvement

15% straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

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

Intangible Assets

25% Straight Line

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 stocks 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.

 

Nuriss Skincare and Wellness Limited

Notes to the Financial Statements

Year Ended 31 July 2023

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.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors;
• Bank loans; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2022 - 11).

 

Nuriss Skincare and Wellness Limited

Notes to the Financial Statements

Year Ended 31 July 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Website
£

Total
£

Cost or valuation

At 1 August 2022

25,333

14,740

40,073

Additions acquired separately

1,012

-

1,012

At 31 July 2023

26,345

14,740

41,085

Amortisation

At 1 August 2022

11,528

9,212

20,740

Amortisation charge

6,519

3,685

10,204

At 31 July 2023

18,047

12,897

30,944

Carrying amount

At 31 July 2023

8,298

1,843

10,141

At 31 July 2022

13,805

5,528

19,333

 

Nuriss Skincare and Wellness Limited

Notes to the Financial Statements

Year Ended 31 July 2023

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2022

80,987

65,248

516,310

662,545

Additions

-

5,639

3,850

9,489

Disposals

(80,987)

-

-

(80,987)

At 31 July 2023

-

70,887

520,160

591,047

Depreciation

At 1 August 2022

38,469

61,824

481,361

581,654

Charge for the year

1,372

3,582

23,932

28,886

Eliminated on disposal

(39,841)

-

-

(39,841)

At 31 July 2023

-

65,406

505,293

570,699

Carrying amount

At 31 July 2023

-

5,481

14,867

20,348

At 31 July 2022

42,518

3,424

34,949

80,891

Included within the net book value of land and buildings above is £Nil (2022 - £42,518) in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Stock

213,315

251,631

7

Debtors

2023
£

2022
£

Trade debtors

43,669

57,255

Prepayments

32,419

12,402

Other debtors

54,596

85,732

130,684

155,389

 

Nuriss Skincare and Wellness Limited

Notes to the Financial Statements

Year Ended 31 July 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

35,085

12,450

Trade creditors

 

45,796

67,198

Taxation and social security

 

44,150

18,878

Other creditors

 

67,391

49,473

Share capital and share premium received in advance

 

573,266

-

Accruals and deferred income

 

79,825

21,963

 

845,513

169,962

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

18,133

28,333

9

Loans and borrowings

2023
£

2022
£

Loans and borrowings due after one year

Bank borrowings

18,133

28,333

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

Hire purchase contracts

-

2,450

Other borrowings

25,085

-

35,085

12,450

 

Nuriss Skincare and Wellness Limited

Notes to the Financial Statements

Year Ended 31 July 2023

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments in respect of operating leases not included in the balance sheet is £324,838 (2022 - £3,044).