27 false false false false false false false false false true false false false false false false No description of principal activity 2022-07-01 Sage Accounts Production Advanced 2021 - FRS102_2021 20,000,000 250,000 1,000,000 1,250,000 18,750,000 19,750,000 10 10 10 xbrli:pure xbrli:shares iso4217:GBP 09103506 2022-07-01 2023-06-30 09103506 2023-06-30 09103506 2022-06-30 09103506 2021-07-01 2022-06-30 09103506 2022-06-30 09103506 core:NetGoodwill 2022-07-01 2023-06-30 09103506 core:MotorVehicles 2022-07-01 2023-06-30 09103506 bus:Director3 2022-07-01 2023-06-30 09103506 bus:Director1 2022-07-01 2023-06-30 09103506 core:NetGoodwill 2022-06-30 09103506 core:NetGoodwill 2023-06-30 09103506 core:MotorVehicles 2023-06-30 09103506 core:WithinOneYear 2023-06-30 09103506 core:WithinOneYear 2022-06-30 09103506 core:AfterOneYear 2023-06-30 09103506 core:AfterOneYear 2022-06-30 09103506 core:ShareCapital 2023-06-30 09103506 core:ShareCapital 2022-06-30 09103506 core:RetainedEarningsAccumulatedLosses 2023-06-30 09103506 core:RetainedEarningsAccumulatedLosses 2022-06-30 09103506 core:NetGoodwill 2022-06-30 09103506 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2023-06-30 09103506 core:CostValuation core:Non-currentFinancialInstruments 2023-06-30 09103506 core:Non-currentFinancialInstruments 2023-06-30 09103506 core:LeasedAssetsHeldAsLessee core:MotorVehicles 2023-06-30 09103506 bus:Director1 2022-06-30 09103506 bus:Director1 2023-06-30 09103506 bus:Director1 2021-06-30 09103506 bus:Director1 2022-06-30 09103506 bus:Director1 2021-07-01 2022-06-30 09103506 bus:SmallEntities 2022-07-01 2023-06-30 09103506 bus:AuditExempt-NoAccountantsReport 2022-07-01 2023-06-30 09103506 bus:FullAccounts 2022-07-01 2023-06-30 09103506 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 09103506 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 09103506 core:EntitiesControlledByKeyManagementPersonnel 2022-07-01 2023-06-30 09103506 core:FurnitureFittingsToolsEquipment 2022-07-01 2023-06-30 09103506 core:FurnitureFittingsToolsEquipment 2022-06-30 09103506 core:FurnitureFittingsToolsEquipment 2023-06-30
COMPANY REGISTRATION NUMBER: 09103506
Sirens Design Limited
Filleted Unaudited Financial Statements
30 June 2023
Sirens Design Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
18,750,000
19,750,000
Tangible assets
6
107,522
28,911
Investments
7
10
-------------
-------------
18,857,532
19,778,911
Current assets
Stocks
8,422,000
4,668,448
Debtors
8
1,175,489
609,824
Cash at bank and in hand
7,051,073
2,917,880
-------------
------------
16,648,562
8,196,152
Creditors: amounts falling due within one year
9
( 9,073,261)
( 7,616,475)
-------------
------------
Net current assets
7,575,301
579,677
-------------
-------------
Total assets less current liabilities
26,432,833
20,358,588
Creditors: amounts falling due after more than one year
10
( 20,035,597)
( 20,000,000)
Provisions
Taxation including deferred tax
( 26,881)
( 7,228)
-------------
-------------
Net assets
6,370,355
351,360
-------------
-------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
6,370,354
351,359
------------
---------
Shareholders funds
6,370,355
351,360
------------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sirens Design Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 20 August 2024 , and are signed on behalf of the board by:
Mr. J Hodgson
Director
Company registration number: 09103506
Sirens Design Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 132-133 The Street, Montifitchet Road, London, E20 1EN.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that it is probable the expenses recognised will be recovered.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
5% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% reducing balance
Equipment
-
20% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 27 (2022: 22 ).
5. Intangible assets
Goodwill
£
Cost
At 1 July 2022 and 30 June 2023
20,000,000
-------------
Amortisation
At 1 July 2022
250,000
Charge for the year
1,000,000
-------------
At 30 June 2023
1,250,000
-------------
Carrying amount
At 30 June 2023
18,750,000
-------------
At 30 June 2022
19,750,000
-------------
6. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 July 2022
65,058
65,058
Additions
64,990
46,672
111,662
--------
---------
---------
At 30 June 2023
64,990
111,730
176,720
--------
---------
---------
Depreciation
At 1 July 2022
36,147
36,147
Charge for the year
12,998
20,053
33,051
--------
---------
---------
At 30 June 2023
12,998
56,200
69,198
--------
---------
---------
Carrying amount
At 30 June 2023
51,992
55,530
107,522
--------
---------
---------
At 30 June 2022
28,911
28,911
--------
---------
---------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 30 June 2023
51,992
--------
At 30 June 2022
--------
7. Investments
Shares in group undertakings
£
Cost
At 1 July 2022
Additions
10
----
At 30 June 2023
10
----
Impairment
At 1 July 2022 and 30 June 2023
----
Carrying amount
At 30 June 2023
10
----
At 30 June 2022
----
8. Debtors
2023
2022
£
£
Trade debtors
959,012
592,952
Other debtors
216,477
16,872
------------
---------
1,175,489
609,824
------------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
1,295,323
1,135,038
Corporation tax
1,943,785
294,630
Social security and other taxes
937,229
175,910
Other creditors
4,896,924
6,010,897
------------
------------
9,073,261
7,616,475
------------
------------
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
20,035,597
20,000,000
-------------
-------------
11. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Miss C Walker
( 8,848)
( 49,096)
( 57,944)
-------
--------
----
--------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Miss C Walker
( 144,220)
135,372
( 8,848)
---------
----
---------
-------
12. Related party transactions
The company was under the control of Miss C Walker throughout the current and previous year. Miss C Walker is a director and the majority shareholder. Original Beauty Technology Co., Limited (Registered in Hong Kong). The company is a related party as it is indirectly controlled by Miss C Walker and her associates. The following transactions were undertaken: Sale of services £Nil (2022:£571,925) Royalties paid £3,362,245 (2022:£631,987) Purchase of goodwill £Nil (2022:£20,000,000) Purchase of goods and services £2,251,761 (2022:£6,879,291) At the year end there was an outstanding balance owed of £21,433,428 (2022:£22,909,222) which is included within 'Other Creditors' which is split £1,433,428 (2022:2,909,222) due within one year and £20,000,000 (2022:£20,000,000) due after more than one year. BW Manufacturing Corp. (Registered in Philippines) The company is a related party as it is controlled by associates of Miss C Walker . The following transactions were undertaken: Purchase of goods and services £30,123,567 (2022:£3,373,659) At the year end there was an outstanding balance owed of £508,580 (2022:£774,597) which is included within 'Trade Creditors'. HOCB (Retail) Limited (Registered in England and Wales) The company is a related party as it is controlled by Miss C Walker and her associates. The following transactions were undertaken: Sale of goods (net of VAT) £2,544,956 (2022:£592,952). At the year end there was an outstanding balance due of £476,438 (2022:£592,952) which is included within 'Trade Debtors'. Stocksaway Limited (Registered in England and Wales) The company is a related party as it is controlled by associates of Miss C Walker . The following transactions were undertaken: Purchase of services (net of VAT) £2,047,911 (2022:£588,220) There were no outstanding balances at the current and prior year ends. DIJIJOG SDN. BHD. (Registered in Malaysia) The company is a related party as it is controlled by associates of Miss C Walker . The following transactions were undertaken: Purchase of services £225,229 (2022:£50,373) At the year end there was an outstanding balance owed of £275,602 (2022:£50,373) which is included within 'Trade Creditors'.