IRIS Accounts Production v24.1.0.578 10265662 Board of Directors 1.8.22 31.7.23 31.7.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh102656622022-07-31102656622023-07-31102656622022-08-012023-07-31102656622021-07-31102656622021-08-012022-07-31102656622022-07-3110265662ns15:EnglandWales2022-08-012023-07-3110265662ns14:PoundSterling2022-08-012023-07-3110265662ns10:Director12022-08-012023-07-3110265662ns10:PrivateLimitedCompanyLtd2022-08-012023-07-3110265662ns10:SmallEntities2022-08-012023-07-3110265662ns10:AuditExempt-NoAccountantsReport2022-08-012023-07-3110265662ns10:SmallCompaniesRegimeForDirectorsReport2022-08-012023-07-3110265662ns10:SmallCompaniesRegimeForAccounts2022-08-012023-07-3110265662ns10:FullAccounts2022-08-012023-07-311026566212022-08-012023-07-3110265662ns5:CurrentFinancialInstruments2023-07-3110265662ns5:CurrentFinancialInstruments2022-07-3110265662ns5:ShareCapital2023-07-3110265662ns5:ShareCapital2022-07-3110265662ns5:CapitalRedemptionReserve2023-07-3110265662ns5:CapitalRedemptionReserve2022-07-3110265662ns5:RetainedEarningsAccumulatedLosses2023-07-3110265662ns5:RetainedEarningsAccumulatedLosses2022-07-3110265662ns10:RegisteredOffice2022-08-012023-07-3110265662ns5:IntangibleAssetsOtherThanGoodwill2022-08-012023-07-3110265662ns5:IntangibleAssetsOtherThanGoodwill2022-07-3110265662ns5:IntangibleAssetsOtherThanGoodwill2023-07-3110265662ns5:IntangibleAssetsOtherThanGoodwill2022-07-3110265662ns5:FurnitureFittings2022-07-3110265662ns5:MotorVehicles2022-07-3110265662ns5:FurnitureFittings2022-08-012023-07-3110265662ns5:MotorVehicles2022-08-012023-07-3110265662ns5:FurnitureFittings2023-07-3110265662ns5:MotorVehicles2023-07-3110265662ns5:FurnitureFittings2022-07-3110265662ns5:MotorVehicles2022-07-3110265662ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-07-3110265662ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-07-3110265662ns5:CurrentFinancialInstruments2022-08-012023-07-31102656621ns10:Director12022-07-31102656621ns10:Director12021-07-31102656621ns10:Director12022-08-012023-07-31102656621ns10:Director12021-08-012022-07-31102656621ns10:Director12023-07-31102656621ns10:Director12022-07-311026566212022-08-012023-07-31
REGISTERED NUMBER: 10265662 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2023

FOR

AURA PRODUCTS LTD

AURA PRODUCTS LTD (REGISTERED NUMBER: 10265662)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023










Page

Statement of Financial Position 1 to 2

Notes to the Financial Statements 3 to 8


AURA PRODUCTS LTD (REGISTERED NUMBER: 10265662)

STATEMENT OF FINANCIAL POSITION
31 JULY 2023

31.7.23 31.7.22
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 31,945 6,562
31,945 6,562

CURRENT ASSETS
Stocks 122,686 85,837
Debtors 6 126,079 120,473
Cash at bank 314,370 278,184
563,135 484,494
CREDITORS
Amounts falling due within one year 7 (309,579 ) (289,946 )
NET CURRENT ASSETS 253,556 194,548
TOTAL ASSETS LESS CURRENT
LIABILITIES

285,501

201,110

CAPITAL AND RESERVES
Called up share capital 50 50
Capital redemption reserve 50 50
Retained earnings 285,401 201,010
285,501 201,110

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2023 in accordance with Section 476 of the Companies Act 2006.

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.

AURA PRODUCTS LTD (REGISTERED NUMBER: 10265662)

STATEMENT OF FINANCIAL POSITION - continued
31 JULY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 April 2024 and were signed on its behalf by:





S F Thompstone - Director


AURA PRODUCTS LTD (REGISTERED NUMBER: 10265662)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023


1. STATUTORY INFORMATION

AURA PRODUCTS LTD is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 10265662

Registered office: Unit 2B Millbrook Court
Midpoint 18
Middlewich
Cheshire
CW10 0GE

The principal activity of the company during the year was that of the wholesale of botanical ingredients for the cosmetic trade.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will
rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as described below.

Estimated useful lives and residual values of fixed assets

As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the directors. Estimated useful lives and residual lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidence by disposals during current and prior accounting periods.

AURA PRODUCTS LTD (REGISTERED NUMBER: 10265662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life al that asset as follows:

Website Development - 33% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

AURA PRODUCTS LTD (REGISTERED NUMBER: 10265662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Fixtures and fittings - 25% straight line / 33% straight line
Motor Vehicle - 33% straight line

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

AURA PRODUCTS LTD (REGISTERED NUMBER: 10265662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Corporation tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

AURA PRODUCTS LTD (REGISTERED NUMBER: 10265662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid 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 2 (2022 - 2 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 August 2022
and 31 July 2023 3,000
AMORTISATION
At 1 August 2022
and 31 July 2023 3,000
NET BOOK VALUE
At 31 July 2023 -
At 31 July 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 August 2022 8,692 - 8,692
Additions - 35,599 35,599
At 31 July 2023 8,692 35,599 44,291
DEPRECIATION
At 1 August 2022 2,130 - 2,130
Charge for year 2,305 7,911 10,216
At 31 July 2023 4,435 7,911 12,346
NET BOOK VALUE
At 31 July 2023 4,257 27,688 31,945
At 31 July 2022 6,562 - 6,562

AURA PRODUCTS LTD (REGISTERED NUMBER: 10265662)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 46,534 73,216
Directors' loan accounts 52,999 26,999
Prepayments and accrued income 26,546 20,258
126,079 120,473

Amounts owed by connected companies are unsecured, interest free and repayable on demand.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Amounts owed to connected
companies 117,663 45,988
Trade creditors 133,663 161,310
Tax 30,669 34,513
VAT 25,773 46,849
Accruals and deferred income 1,811 1,286
309,579 289,946

Amounts owed to connected companies are unsecured, interest free and repayable on demand.

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2023 and 31 July 2022:

31.7.23 31.7.22
£    £   
S F Thompstone
Balance outstanding at start of year 26,999 43,999
Amounts advanced 53,000 28,000
Amounts repaid (27,000 ) (45,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 52,999 26,999

By virtue of the outstanding loan account balances a liability to taxation exists under Section 455 of CTA 2010 of £17,887. It is anticipated that the loans will be cleared within 9 months of the year end and so no provision for tax has been made.

9. EVENTS AFTER THE END OF THE REPORTING PERIOD

There were no significant events after the end of the reporting period up to the date of approval of the financial statements by the Board.