Silverfin false 31/03/2023 01/04/2022 31/03/2023 O Bonnefoy 11/08/2004 K French 23/03/2010 S Lunn 12/09/2022 11/08/2004 M Ormerod 23/03/2010 22 February 2024 The principal activity of the company continued to be the provision of hairdressing services and other beauty treatments. 5000509 2023-03-31 5000509 bus:Director1 2023-03-31 5000509 bus:Director2 2023-03-31 5000509 bus:Director3 2023-03-31 5000509 bus:Director4 2023-03-31 5000509 2022-03-31 5000509 core:CurrentFinancialInstruments 2023-03-31 5000509 core:CurrentFinancialInstruments 2022-03-31 5000509 core:Non-currentFinancialInstruments 2023-03-31 5000509 core:Non-currentFinancialInstruments 2022-03-31 5000509 core:ShareCapital 2023-03-31 5000509 core:ShareCapital 2022-03-31 5000509 core:SharePremium 2023-03-31 5000509 core:SharePremium 2022-03-31 5000509 core:RetainedEarningsAccumulatedLosses 2023-03-31 5000509 core:RetainedEarningsAccumulatedLosses 2022-03-31 5000509 core:LandBuildings 2022-03-31 5000509 core:FurnitureFittings 2022-03-31 5000509 core:LandBuildings 2023-03-31 5000509 core:FurnitureFittings 2023-03-31 5000509 core:CostValuation 2022-03-31 5000509 core:CostValuation 2023-03-31 5000509 core:ProvisionsForImpairmentInvestments 2022-03-31 5000509 core:ProvisionsForImpairmentInvestments 2023-03-31 5000509 bus:OrdinaryShareClass1 2023-03-31 5000509 2022-04-01 2023-03-31 5000509 bus:FullAccounts 2022-04-01 2023-03-31 5000509 bus:SmallEntities 2022-04-01 2023-03-31 5000509 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 5000509 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 5000509 bus:Director1 2022-04-01 2023-03-31 5000509 bus:Director2 2022-04-01 2023-03-31 5000509 bus:Director3 2022-04-01 2023-03-31 5000509 bus:Director4 2022-04-01 2023-03-31 5000509 core:LandBuildings core:TopRangeValue 2022-04-01 2023-03-31 5000509 core:FurnitureFittings 2022-04-01 2023-03-31 5000509 2021-04-01 2022-03-31 5000509 core:LandBuildings 2022-04-01 2023-03-31 5000509 core:Non-currentFinancialInstruments 2022-04-01 2023-03-31 5000509 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 5000509 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 5000509 (England and Wales)

GENTLEMEN'S TONIC LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

GENTLEMEN'S TONIC LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

GENTLEMEN'S TONIC LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2023
GENTLEMEN'S TONIC LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 150,034 166,703
Investments 4 54,884 54,884
204,918 221,587
Current assets
Stocks 1,490,000 1,380,000
Debtors 5 544,952 500,939
Cash at bank and in hand 6 4,800 3,240
2,039,752 1,884,179
Creditors: amounts falling due within one year 7 ( 710,242) ( 414,490)
Net current assets 1,329,510 1,469,689
Total assets less current liabilities 1,534,428 1,691,276
Creditors: amounts falling due after more than one year 8 ( 562,059) ( 662,977)
Net assets 972,369 1,028,299
Capital and reserves
Called-up share capital 9 95,879 95,879
Share premium account 1,184,015 1,184,015
Profit and loss account ( 307,525 ) ( 251,595 )
Total shareholders' funds 972,369 1,028,299

For the financial year ending 31 March 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Gentlemen's Tonic Limited (registered number: 5000509) were approved and authorised for issue by the Director. They were signed on its behalf by:

O Bonnefoy
Director

22 February 2024

GENTLEMEN'S TONIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
GENTLEMEN'S TONIC LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Gentlemen's Tonic Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Land and buildings 10 years straight line
Fixtures and fittings 10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to and from related parties and investments in non-puttable ordinary shares.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Statement of Income and Retained Earnings. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Tangible assets

Land and buildings Fixtures and fittings Total
£ £ £
Cost
At 01 April 2022 109,163 763,401 872,564
At 31 March 2023 109,163 763,401 872,564
Accumulated depreciation
At 01 April 2022 109,163 596,698 705,861
Charge for the financial year 0 16,669 16,669
At 31 March 2023 109,163 613,367 722,530
Net book value
At 31 March 2023 0 150,034 150,034
At 31 March 2022 0 166,703 166,703

4. Fixed asset investments

Investments in subsidiaries

2023
£
Cost
At 01 April 2022 54,884
At 31 March 2023 54,884
Provisions for impairment
At 01 April 2022 54,884
At 31 March 2023 54,884
Carrying value at 31 March 2023 0
Carrying value at 31 March 2022 0

The subsidiary company is incorporated in England and Wales. At the most recent funding round the subsidiary was valued at $6m. Gentlemen's Tonic Limited's 16.67% share is valued at $1m.

5. Debtors

2023 2022
£ £
Trade debtors 171,594 160,158
Other debtors 373,358 340,781
544,952 500,939

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 4,800 3,240
Less: Bank overdrafts ( 76,864) ( 26,233)
(72,064) (22,993)

7. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans and overdrafts 113,997 63,366
Trade creditors 174,646 119,006
Taxation and social security 187,307 195,453
Obligations under finance leases and hire purchase contracts 1,725 1,725
Other creditors 232,567 34,940
710,242 414,490

8. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 134,777 181,150
Other creditors 427,282 481,827
562,059 662,977

There are no amounts included above in respect of which any security has been given by the entity.

9. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
958,789 Ordinary shares of £ 0.10 each 95,879 95,879

10. Financial commitments

Pensions

The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 23,053 17,453

11. Related party transactions

Included within long term creditors is a balance of £ 427,103 (2022 - £427,282) owed to a director. This balance is unsecured and interest free, with no fixed repayment terms.