REGISTERED NUMBER: |
Financial Statements for the Period 31 March 2022 to 30 June 2023 |
for |
Aman Essentials Limited |
REGISTERED NUMBER: |
Financial Statements for the Period 31 March 2022 to 30 June 2023 |
for |
Aman Essentials Limited |
Aman Essentials Limited (Registered number: 14014395) |
Contents of the Financial Statements |
for the Period 31 March 2022 to 30 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Aman Essentials Limited |
Company Information |
for the Period 31 March 2022 to 30 June 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
INDEPENDENT AUDITORS: |
1 New Street Square |
London |
EC4A 3HQ |
Aman Essentials Limited (Registered number: 14014395) |
Balance Sheet |
30 June 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks | 6 |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
PROVISIONS FOR LIABILITIES |
NET LIABILITIES | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | 10 | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Aman Essentials Limited (Registered number: 14014395) |
Notes to the Financial Statements |
for the Period 31 March 2022 to 30 June 2023 |
1. | STATUTORY INFORMATION |
Aman Essentials Limited is a |
The functional and presentation currency of the financial statements is Pound Sterling (£). Monetary amounts in these financial statements are rounded to the nearest £1. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounting polices set out below have, unless otherwise stated, been applied consistently to all periods presented in these financial statements. |
Reporting Period |
These financial statements prepared for an extended period of fifteen months to 30 June 2023 are the first financial statements of the company. |
Turnover |
Revenue represents the sale of merchandise to hotels of the Aman group. Revenue from the sale of goods is stated net of estimated customer returns, rebates, and other similar allowances. Specifically, revenue from the sale of goods is recognised when the goods are delivered, and the legal title has passed. |
Revenue relates solely to continuing operations. There are no recognised gains or losses in the period and, accordingly, a statement of other comprehensive income is not presented. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is calculated using the FIFO (first-in, first-out) method. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Aman Essentials Limited (Registered number: 14014395) |
Notes to the Financial Statements - continued |
for the Period 31 March 2022 to 30 June 2023 |
Going concern basis of accounting |
Notwithstanding net current liabilities of £2,027,880 and a loss for the year of £2,378,655, the financial statements have been prepared on a going concern basis which the director considers to be appropriate. |
The director has prepared flow forecasts for a period of 12 months from the date of approval of these financial statements which indicate that, taking account of reasonably plausible downsides, the company will have sufficient funds if it receives funding from Silverlink Resorts Limited to meet its liabilities as they fall due during that period. Silverlink Resorts Limited is an associated company at the balance sheet date.. |
Silverlink Resorts Limited has indicated its intention to continue to make available such funds as are needed by the company, for the period covered by the forecasts. However, whilst the director has a high expectation that such support will be forthcoming, they have been unable to fully satisfy themselves as to Silverlink Resorts Limited's ability and commitment to providing this support. Therefore, this represents a material uncertainty related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern such that it may be unable to realise its assets and discharge its liabilities in the normal course of business. Notwithstanding this uncertainty, the director has concluded that the going concern basis of preparation remains appropriate |
Preparation of consolidated financial statements |
The financial statements contain information about Aman Essentials Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements. |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Critical accounting judgements and key sources of estimation uncertainty |
In the application of the Company's accounting policies, which are described in note 2, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
There are no estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities in the accounts. |
There are no critical judgements surrounding the application of the Company's accounting policies. |
Aman Essentials Limited (Registered number: 14014395) |
Notes to the Financial Statements - continued |
for the Period 31 March 2022 to 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on the straight-line basis at the following rates in order to write off each asset over its estimated useful life. |
Office equipment - 25% |
Computer software - 25% |
Computer equipment - 33.33% |
Investments in subsidiaries |
Investments in subsidiaries' shares which have been classified as fixed asset investments as the company intends to hold them on a continuing basis, are initially measured at cost less any accumulated impairment. They are subsequently remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period. |
Stocks provision |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Stock provision on slow moving and obsolete stock is designed to ensure that stock is valued accurately and is assessed with reference to selling price, historical sales pattern and post year-end trading performance. |
Debtors Provision |
At each reporting date, management of the company assess the recoverability of debtors. Recoverability of a debtor is deemed to be doubtful when one or more events that have a detrimental impact on the estimated cash flow of the debtor has occurred. |
Evidence that there is doubt over the recoverability of a debtor includes, but is not limited to, the following observable data: |
- significant financial difficulty of the debtor; |
- a breach of contract such as a default or being more than 90 days past due; |
- it is probable that the debtor will enter bankruptcy or other financial reorganisation; or |
- the disappearance of an active market for a security because of financial difficulties. |
Provision for debtors measured at amortised costs are deducted from the gross carrying amount. |
The gross carrying amount of a debtor is written off (either partially or in full) to the extent that there is no realistic prospect of recovery. This is generally the case when management determines that the debtor does not have assets or sources of income that could generate sufficient cash flows to repay the amounts subject to the write-off. |
Aman Essentials Limited (Registered number: 14014395) |
Notes to the Financial Statements - continued |
for the Period 31 March 2022 to 30 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
All of the financial instruments of the company are basic and the company has elected to apply the provisions of Section 11 "Basic Financial Instruments of FRS 10" to all its financial instruments. |
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instruments. |
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash balances and call deposits. |
Equity instruments |
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Office | Software | Computer |
Equipment | Equipment | equipment | Totals |
£ | £ | £ | £ |
COST |
Additions |
At 30 June 2023 |
DEPRECIATION |
Charge for period |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
Aman Essentials Limited (Registered number: 14014395) |
Notes to the Financial Statements - continued |
for the Period 31 March 2022 to 30 June 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakin |
£ |
COST |
Additions |
At 30 June 2023 |
NET BOOK VALUE |
At 30 June 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
Registered office: Italy |
Nature of business: |
% |
Class of shares: | holding |
Registered office: United States of America |
Nature of business: |
% |
Class of shares: | holding |
Fixed asset investments relate to the company's holdings in its subsidiaries. Subsidiaries are entities in which Aman Essentials Limited holds more than half of the voting rights or has the ability to direct the financial and operating principles followed. |
6. | STOCKS |
At 30 June 2023, the total value of stock is £1,749,514. Stock represents goods held for resale. |
Aman Essentials Limited (Registered number: 14014395) |
Notes to the Financial Statements - continued |
for the Period 31 March 2022 to 30 June 2023 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Included in debtors above are balances from group undertakings and related parties, which are receivable on demand and not interest bearing. |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
Included in creditors above are balances owed to group undertakings and related parties which are payable on demand and non interest bearing. |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal |
value: | £ |
Ordinary | 1 | 1 |
The holders of ordinary shares are entitled to receive dividends as declared form time to time and are entitled to one vote per share at meetings of the Company |
10. | RESERVES |
Retained |
earnings |
£ |
Deficit for the period | ( |
) |
At 30 June 2023 | ( |
) |
Aman Essentials Limited (Registered number: 14014395) |
Notes to the Financial Statements - continued |
for the Period 31 March 2022 to 30 June 2023 |
11. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The report of the Auditor was qualified. |
The auditors were not appointed as auditor of the company until after 31 March 2023 and thus did not observe the counting of physical stocks at the end of the year. The auditors were unable to satisfy themselves by alternative means concerning the stock quantities held at 31 March 2023, which were included in the balance sheet at £1,749,514, by using other audit procedures. |
Additionally, the company did not maintain complete information with respect to turnover and its related cost of sales for the period to 30 June 2023 and the related trade debtor accounts and trade creditor accounts as at 30 June 2023. They were unable to satisfy themselves by alternative means as to whether transactions relating to turnover of £4,495,406 and cost of sales of £2,858,761 for the 15 months period ending 30 June 2023 were complete or recorded in the correct period, or whether trade debtors of £1,010,031 (Note 7) or trade creditors of £1,599,869 (Note 8) were complete or met the recognition criteria at 30 June 2023. Consequently, the auditors were unable to determine whether any adjustments to these amounts were necessary. |
Senior Statutory Auditor |
For and on behalf of Deloitte LLP |
12. | POST BALANCE SHEET EVENTS |
The Directors have monitored events after Balance Sheet date and do not believe there have been any events which impact the values stated in these accounts or require any additional disclosure. |
13. | ULTIMATE CONTROLLING PARTY |
The immediate parent company is Grand AH Investments Limited, incorporated in the British Virgin Islands and the ultimate controlling party is The Grand Trust incorporated in the British Virgin Islands. |