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Registered number: 14059845









OMOROVICZA COSMETICS RETAIL LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 30 JUNE 2023

 
OMOROVICZA COSMETICS RETAIL LIMITED
REGISTERED NUMBER: 14059845

BALANCE SHEET
AS AT 30 JUNE 2023

2023
Note
£

Fixed assets
  

Investments
 4 
100

  
100

Current assets
  

Debtors: amounts falling due after more than one year
 5 
66,500

  
66,500

Creditors: amounts falling due within one year
 6 
(148,869)

Net current (liabilities)/assets
  
 
 
(82,369)

Total assets less current liabilities
  
(82,269)

Creditors: amounts falling due after more than one year
 7 
(74,037)

  

Net (liabilities)/assets
  
(156,306)


Capital and reserves
  

Called up share capital 
 8 
100

Profit and loss account
 9 
(156,406)

  
(156,306)


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 income and retained earnings 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 on 19 January 2024.




M C de Heinrich
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
OMOROVICZA COSMETICS RETAIL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

1.


General information

Omorovicza Cosmetics Retail Limited is a private company limited by shares. The company was incorporated in the United Kingdom on 21 April 2022 and is registered in England and Wales. The registered office address is 1 Beadon Road, London, England, W6 0EA and the registered number is 14059845.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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 following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is exempt from the requirement to prepare consolidated financial statements as all of its subsidiaries are required to be excluded from consolidation by section 402 of the Companies Act 2006.

 
2.3

Going concern

The company made a loss in the period. As the company is supported by its parent company and there are currently minimal committed costs for the foreseeable future, the directors consider that it is appropriate to prepare the financial statements on the going concern basis.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Page 2

 
OMOROVICZA COSMETICS RETAIL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.8

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Page 3

 
OMOROVICZA COSMETICS RETAIL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

2.Accounting policies (continued)


2.8
Financial instruments (continued)


Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the period was 2.

Page 4

 
OMOROVICZA COSMETICS RETAIL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

4.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
100



At 30 June 2023
100





5.


Debtors


Due after more than one year

Other debtors
66,500

66,500



6.


Creditors: Amounts falling due within one year

2023
£

Amounts owed to group undertakings
148,869

148,869



7.


Creditors: Amounts falling due after more than one year

2023
£

Other creditors
74,037

74,037


Page 5

 
OMOROVICZA COSMETICS RETAIL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

8.


Share capital

2023
£
Allotted, called up and fully paid


100 Ordinary shares of £1.00 each
100


During the period, 100 Ordinary shares were issued at the nominal value of £1 per share.


9.


Reserves

Profit and loss account

Includes all prior and current period retained profits and losses.


10.


Commitments under operating leases

At 30 June 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
£


Not later than 1 year
130,000

Later than 1 year and not later than 5 years
403,130

533,130


11.


Related party transactions

The Company has taken advantage of the exemption allowed by FRS 102 not to disclose transactions with other wholly owned members of the group.


12.


Post balance sheet events

Post period end, on 6 November 2023, The Mayfair Institute, on South Audley Street, London, through which this company trades, was opened. This flagship store and spa will provide Omorovicza treatments and luxury products to customers. The renovation and the store asset costs will be transferred to Omorovicza Cosmetics Retail Limited from its parent, Omorovicza Cosmetics Limited, at cost.

Page 6

 
OMOROVICZA COSMETICS RETAIL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2023

13.


Controlling party

The immediate parent company is Omorovicza Cosmetics Limited, a company incorporated in the United Kingdom and registered in England and Wales.
The directors consider the Sirocco Trust to be the ultimate parent entity. The Trust is established in Bermuda. Stephen de Heinrich, a director of the Company, is a beneficiary of the Trust.


14.


Auditors' information

The auditors' report on the financial statements for the period ended 30 June 2023 was unqualified.

The audit report was signed on 19 January 2024 by Daniel Reid FCA (Senior Statutory Auditor) on behalf of Donald Reid Limited.

 
Page 7