2023-10-012024-03-312024-03-31false13705567BANNING SKIN 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BANNING SKIN LTD

Registered Number
13705567
(England and Wales)

Unaudited Financial Statements for the Period ended
31 March 2024

BANNING SKIN LTD
Company Information
for the period from 1 October 2023 to 31 March 2024

Directors

EYRUMLU, Azad, Dr
SHAKIR, Honar
BANNING HOLDINGS LTD

Company Secretary

EYRUMLU, Azad, Dr

Registered Address

Apartment 12 Meridian Point
Creek Road
London
SE8 3DB

Registered Number

13705567 (England and Wales)
BANNING SKIN LTD
Balance Sheet as at
31 March 2024

Notes

31 Mar 2024

30 Sep 2023

£

£

£

£

Fixed assets
Tangible assets330,77226,901
30,77226,901
Current assets
Debtors435,978205,150
Cash at bank and on hand12,76310,103
48,741215,253
Creditors amounts falling due within one year5(469,247)(348,076)
Net current assets (liabilities)(420,506)(132,823)
Total assets less current liabilities(389,734)(105,922)
Net assets(389,734)(105,922)
Capital and reserves
Called up share capital100100
Profit and loss account(389,834)(106,022)
Shareholders' funds(389,734)(105,922)
The financial statements were approved and authorised for issue by the Board of Directors on 19 August 2024, and are signed on its behalf by:
EYRUMLU, Azad, Dr
Director
SHAKIR, Honar
Director

Registered Company No. 13705567
BANNING SKIN LTD
Notes to the Financial Statements
for the period ended 31 March 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates & other similar allowances.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery4
Fixtures and fittings4
Related parties
For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.
2.Average number of employees

20242023
Average number of employees during the year139
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Total

£££
Cost or valuation
At 01 October 2324,0004,75328,753
Additions8,333-8,333
At 31 March 2432,3334,75337,086
Depreciation and impairment
At 01 October 231,5003521,852
Charge for year3,8685944,462
At 31 March 245,3689466,314
Net book value
At 31 March 2426,9653,80730,772
At 30 September 2322,5004,40126,901
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables17,373-
Amounts owed by group undertakings-204,225
Other debtors9,919925
Prepayments and accrued income8,686-
Total35,978205,150
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables2,52052,444
Amounts owed to related parties446,814295,632
Other creditors19,913-
Total469,247348,076
6.Creditors: amounts due after one year
7.Provisions for liabilities
8.Related party transactions
The intercompany balances consist entirely of related party transactions, which form part of the ultimate controlling party. The accumulated balance as at year end, owed by the company is £446,813 (2023 - £91,407).
9.Controlling party
The ultimate controlling party is Banning Holdings Ltd.
10.Change in reporting period and impact on comparability
Companies reporting period has been changed from 30th September last year to 31st March moving forward.