Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-31truetrue222022-09-01falseThe principal activity of the company is the sale of skincare products.32truetruefalse 12535808 2022-09-01 2023-08-31 12535808 2021-09-01 2022-08-31 12535808 2023-08-31 12535808 2022-08-31 12535808 2021-09-01 12535808 c:RestatedAmount 2022-08-31 12535808 d:Director2 2022-09-01 2023-08-31 12535808 c:ComputerEquipment 2022-09-01 2023-08-31 12535808 c:ComputerEquipment 2023-08-31 12535808 c:ComputerEquipment 2022-08-31 12535808 c:CurrentFinancialInstruments 2023-08-31 12535808 c:CurrentFinancialInstruments 2022-08-31 12535808 c:CurrentFinancialInstruments c:WithinOneYear 2023-08-31 12535808 c:CurrentFinancialInstruments c:WithinOneYear 2022-08-31 12535808 c:ShareCapital 2022-09-01 2023-08-31 12535808 c:ShareCapital 2023-08-31 12535808 c:ShareCapital 2021-09-01 2022-08-31 12535808 c:ShareCapital 2022-08-31 12535808 c:ShareCapital 2021-09-01 12535808 c:RetainedEarningsAccumulatedLosses 2022-09-01 2023-08-31 12535808 c:RetainedEarningsAccumulatedLosses 2023-08-31 12535808 c:RetainedEarningsAccumulatedLosses 2021-09-01 2022-08-31 12535808 c:RetainedEarningsAccumulatedLosses 2022-08-31 12535808 c:RetainedEarningsAccumulatedLosses c:RestatedAmount 2022-08-31 12535808 c:RetainedEarningsAccumulatedLosses 2021-09-01 12535808 d:FRS102 2022-09-01 2023-08-31 12535808 d:Audited 2022-09-01 2023-08-31 12535808 d:FullAccounts 2022-09-01 2023-08-31 12535808 d:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 12535808 d:SmallCompaniesRegimeForAccounts 2022-09-01 2023-08-31 12535808 2 2022-09-01 2023-08-31 12535808 c:RetainedEarningsAccumulatedLosses c:PriorPeriodErrorIncreaseDecrease 2022-09-01 2023-08-31 12535808 c:PriorPeriodErrorIncreaseDecrease 2022-09-01 2023-08-31 12535808 e:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:pure

Registered number: 12535808










SKIN + ME LTD










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
SKIN + ME LTD
REGISTERED NUMBER: 12535808

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
Unaudited and restated 2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
4,485
-

  
4,485
-

Current assets
  

Debtors: amounts falling due within one year
 5 
29,996,684
13,972,410

Cash at bank and in hand
 6 
5,575,142
1,526,420

  
35,571,826
15,498,830

Creditors: amounts falling due within one year
 7 
(33,628,896)
(16,396,877)

Net current assets/(liabilities)
  
 
 
1,942,930
 
 
(898,047)

  

Net assets/(liabilities)
  
1,947,415
(898,047)


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
1,947,414
(898,048)

  
1,947,415
(898,047)


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 comprehensive income 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 by: 




H.H.H. Cary
Director

Date: 1 August 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 1

 
SKIN + ME LTD
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2021
-
(82,343)
(82,343)


Comprehensive income for the year

Loss for the year
-
(815,705)
(815,705)
Total comprehensive income for the year
-
(815,705)
(815,705)


Contributions by and distributions to owners

Shares issued during the year
1
-
1


Total transactions with owners
1
-
1



At 1 September 2022 (as previously stated)
1
(1,576,315)
(1,576,314)

Prior year adjustment - correction of error
-
678,267
678,267


At 1 September 2022 (as restated)
1
(898,048)
(898,047)


Comprehensive income for the year

Profit for the year
-
2,845,462
2,845,462
Total comprehensive income for the year
-
2,845,462
2,845,462


At 31 August 2023
1
1,947,414
1,947,415


The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
SKIN + ME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Skin + Me Ltd is a private company limited by shares and incorporated in England and Wales. The company's registered office address is The Battleship Building, 179 Harrow Road, London, England, W2 6NB.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Mr & Mrs Oliver Ltd as at 31 August 2023 and these financial statements may be obtained from The Battleship Building, 179 Harrow Road, London, England, W2 6NB..

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
SKIN + ME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
SKIN + ME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Computer equipment
-
33%
on cost

The 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.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

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.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

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.

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS
Page 5

 
SKIN + ME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

102 to all of its financial instruments.

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.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

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.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are
Page 6

 
SKIN + ME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


3.


Employees

The average monthly number of employees, including directors, during the year was 32 (2022 - 22).

Page 7

 
SKIN + ME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

4.


Tangible fixed assets





Computer equipment

£



Cost or valuation


Additions
4,485



At 31 August 2023

4,485






Net book value



At 31 August 2023
4,485



At 31 August 2022
-


5.


Debtors

2023
Unaudited and restated 2022
£
£


Amounts owed by group undertakings
28,661,650
13,671,309

Other debtors
1,327,747
296,236

Prepayments and accrued income
7,287
4,865

29,996,684
13,972,410



6.


Cash and cash equivalents

2023
Unaudited 2022
£
£

Cash at bank and in hand
5,575,142
1,526,420

5,575,142
1,526,420


Page 8

 
SKIN + ME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

7.


Creditors: Amounts falling due within one year

2023
Unaudited and restated 2022
£
£

Trade creditors
33,518
11,264

Amounts owed to group undertakings
33,538,045
16,353,598

Other taxation and social security
39,891
28,026

Other creditors
6,192
3,989

Accruals and deferred income
11,250
-

33,628,896
16,396,877



8.


Prior year adjustment

The prior year financial statements have been restated for various errors noted by the directors during the year:
Revenue
A prior year adjustment has been made to reduce revenue by £13,728,691. This is mainly due to the structure of the group changing and the incorrect classification of revenue in the 2022 financial year. Of the £13,728,691, £615,011 has been moved into Feel Good Pharma Ltd. The remaining balance has been removed as it was incorrectly classified in the previous year. 
Cost of sales
A prior year adjustment has been made to reduce cost of sales by £14,386,498. This is mainly due to the structure of the group changing and the incorrect classification of cost of sales in the 2022 financial year. Of the £14,386,498, £183,023 has been moved into Feel Good Pharma Ltd. The remaining balance has been removed as it was incorrectly classified in the previous year. 
Administrative expenses
A prior year adjustment has been made to adjust for the input VAT under recovered by £20,460. 
VAT
The employment of VAT specialists through the year has resulted in the VAT structure of the group changing. This has resulted in a prior year adjustment, reducing the VAT liability by £236,134. 
Intercompany
A prior year adjustment has been made to the intercompany balance with Feel Good Pharma Ltd, resulting in an adjustment of £442,133, decreasing the amount owed to this group company. 
Reserves
The total impact to Skin + Me Ltd's reserves as a result of the prior year adjustments was an increase of £678,267 as shown in the statement of changes in equity.

Page 9

 
SKIN + ME LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Contingent liabilities

The Company has given a guarantee in respect of a bank loan owed by its parent undertaking, Mr and
Mrs Oliver Limited.


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £28,119 (2022: 15,620). Contributions totalling £6,192 (2022: 3,989) were payable to the fund at the balance sheet date and are included in creditors.


11.


Related party transactions

The company has taken advantage of the exemption available in Financial Reporting Standard 102 Section 33 whereby it has not disclosed transactions with the ultimate parent company or any wholly
owned subsidiary undertaking of the group. The consolidated financial statements of the ultimate parent company, Mr & Mrs Oliver Ltd are available from Registrar of Companies, Companies House, Cardiff, CF14 3UZ.


12.


Controlling party

The company's parent company is Mr & Mrs Oliver Ltd, a company incorporated in England and Wales.


13.


Ultimate controlling party

There is no ultimate controlling party.


14.


Auditor's information

The auditor's report on the financial statements for the year ended 31 August 2023 was unqualified.

The audit report was signed on 1 August 2024 by Stephen Poleykett BA (Hons) FCA (Senior statutory auditor) on behalf of MHA.

 
Page 10