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SkinGenius Skincare Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

Registration number: 09430468

 

SkinGenius Skincare Ltd

Contents

Statement of financial position

1

Notes to the Unaudited Financial Statements

2 to 5

 

SkinGenius Skincare Ltd

(Registration number: 09430468)
Statement of financial position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

443

590

Current assets

 

Stocks

5

52,576

16,275

Debtors

6

10,047

15,043

Cash at bank and in hand

 

1

5,771

 

62,624

37,089

Creditors: Amounts falling due within one year

7

(160,449)

(140,493)

Net current liabilities

 

(97,825)

(103,404)

Total assets less current liabilities

 

(97,382)

(102,814)

Provisions for liabilities

(84)

(112)

Net liabilities

 

(97,466)

(102,926)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(97,566)

(103,026)

Shareholders' deficit

 

(97,466)

(102,926)

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

Approved and authorised by the Board on 4 June 2024 and signed on its behalf by:
 

.........................................
Mrs J Vearncombe
Director

 

SkinGenius Skincare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

These financial statements were authorised for issue by the Board on 4 June 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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods 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.

Tax

The tax expense for the period comprises deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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.

 

SkinGenius Skincare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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

Fixture, fittings and equipment

25% Reducing balance

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.

Borrowings

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 income statement 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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 3).

4

Tangible assets

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 April 2023

2,414

2,414

At 31 March 2024

2,414

2,414

Depreciation

At 1 April 2023

1,824

1,824

Charge for the year

147

147

At 31 March 2024

1,971

1,971

Carrying amount

At 31 March 2024

443

443

At 31 March 2023

590

590

 

SkinGenius Skincare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

stocks

2024
£

2023
£

Other inventories

52,576

16,275

6

Debtors

Current

2024
£

2023
£

Trade debtors

221

1,593

Prepayments

8,500

8,600

Other debtors

1,326

4,850

 

10,047

15,043

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

3,474

63

Trade creditors

 

1,095

1,325

Taxation and social security

 

2,690

1,556

Accruals and deferred income

 

1,893

1,793

Other creditors

 

151,297

135,756

 

160,449

140,493

 

SkinGenius Skincare Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

100

100

100

100

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

3,474

63