Skin2seoul Limited 12350544 false 2023-01-01 2023-12-31 2023-12-31 The principal activity of the company is retail sale of cosmetic items in specialised stores Digita Accounts Production Advanced 6.30.9574.0 true 12350544 2023-01-01 2023-12-31 12350544 2023-12-31 12350544 core:CurrentFinancialInstruments 2023-12-31 12350544 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 12350544 core:Non-currentFinancialInstruments 2023-12-31 12350544 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 12350544 core:FurnitureFittingsToolsEquipment 2023-12-31 12350544 bus:SmallEntities 2023-01-01 2023-12-31 12350544 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12350544 bus:FullAccounts 2023-01-01 2023-12-31 12350544 bus:SmallCompaniesRegimeForAccounts 2023-01-01 2023-12-31 12350544 bus:RegisteredOffice 2023-01-01 2023-12-31 12350544 bus:Director1 2023-01-01 2023-12-31 12350544 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12350544 core:FurnitureFittingsToolsEquipment 2023-01-01 2023-12-31 12350544 core:OfficeEquipment 2023-01-01 2023-12-31 12350544 countries:AllCountries 2023-01-01 2023-12-31 12350544 2022-01-01 2022-12-31 12350544 2022-12-31 12350544 core:CurrentFinancialInstruments 2022-12-31 12350544 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 12350544 core:Non-currentFinancialInstruments 2022-12-31 12350544 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 iso4217:GBP xbrli:pure

Registration number: 12350544

Skin2seoul Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Skin2seoul Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Skin2seoul Limited

Company Information

Director

Mrs Farhat Ahmed

Registered office

63-67 Castle Cavendish Enterprise Centre
St Peters Street
Nottingham
NG7 3EN

Accountants

RM Accounts Services Ltd

 

Skin2seoul Limited

(Registration number: 12350544)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

366

-

Current assets

 

Stocks

5

122,586

45,000

Debtors

6

2,239

2,241

Cash at bank and in hand

 

81,855

34,119

 

206,680

81,360

Creditors: Amounts falling due within one year

7

(14,046)

(22,314)

Net current assets

 

192,634

59,046

Total assets less current liabilities

 

193,000

59,046

Creditors: Amounts falling due after more than one year

7

(162,867)

(76,274)

Net assets/(liabilities)

 

30,133

(17,228)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

30,033

(17,328)

Shareholders' funds/(deficit)

 

30,133

(17,228)

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

Director's 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 director acknowledges her 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 11 April 2024
 

.........................................
Mrs Farhat Ahmed
Director

 

Skin2seoul Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in Unitted Kingdom.

The address of its registered office is:
63-67 Castle Cavendish Enterprise Centre
St Peters Street
Nottingham
NG7 3EN

These financial statements were authorised for issue by the director on 11 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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 sales/value added tax, returns, rebates and discounts.

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.

Tax

The tax expense for the period comprises current 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.

 

Skin2seoul Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

The current income 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

Office equipment

33.33% SLM

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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 inventories 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Skin2seoul Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 1).

 

Skin2seoul Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

549

549

At 31 December 2023

549

549

Depreciation

Charge for the year

183

183

At 31 December 2023

183

183

Carrying amount

At 31 December 2023

366

366

5

Stocks

2023
£

2022
£

Other inventories

122,586

45,000

6

Debtors

Current

2023
£

2022
£

Other debtors

2,239

2,241

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

88

91

Trade creditors

 

692

8,526

Taxation and social security

 

9,658

2,094

Accruals and deferred income

 

515

325

Other creditors

 

3,093

11,278

 

14,046

22,314

Creditors: amounts falling due after more than one year

 

Skin2seoul Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

162,867

76,274

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

162,867

76,274

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

88

91