REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2023 |
FOR |
PRESTIGE COSMETICS LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 |
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 |
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 |
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 |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1st September 2022 |
Eliminated | (54,998 | ) |
At 31st August 2023 |
AMORTISATION |
At 1st September 2022 |
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 |
Additions |
At 31st August 2023 |
DEPRECIATION |
At 1st September 2022 |
Charge for year |
At 31st August 2023 |
NET BOOK VALUE |
At 31st August 2023 |
At 31st August 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Other debtors |
Prepayments and accrued income |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | 47,120 | 60,192 |
Other creditors |
Accrued expenses |
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 |
Between one and five years |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
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. |