MY PERFUMERY LTD |
Notes to the Accounts |
for the year ended 31 December 2023 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the selling the goods. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, as follows: |
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Fix, fittings & equipment |
18% Reducing balance |
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Stocks |
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Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). |
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Taxation |
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A corporation tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A corporation tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Corporation tax assets and liabilities are not discounted. |
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2 |
Employees |
2023 |
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2022 |
Number |
Number |
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Average number of persons employed by the company |
2 |
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4 |
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3 |
Tangible fixed assets |
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Fix, fittings & equipment |
£ |
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Cost |
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At 1 January 2023 |
23,001 |
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Additions |
2,002 |
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At 31 December 2023 |
25,003 |
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Depreciation |
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At 1 January 2023 |
16,713 |
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Charge for the year |
1,492 |
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At 31 December 2023 |
18,205 |
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Net book value |
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At 31 December 2023 |
6,798 |
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At 31 December 2022 |
6,288 |
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4 |
Debtors |
2023 |
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2022 |
£ |
£ |
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Prepayments & other debtors |
6,000 |
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9,632 |
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5 |
Creditors: amounts falling due within one year |
2023 |
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2022 |
£ |
£ |
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Trade creditors |
27,623 |
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2,951 |
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Taxation and social security costs |
14,178 |
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33,155 |
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Accrued expenses & other creditors |
87,820 |
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- |
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129,621 |
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36,106 |
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6 |
Other information |
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MY PERFUMERY LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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188 STAMFORD HILL |
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LONDON |
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N16 6QX |