REGISTERED NUMBER: 12153034 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ASPECTS BEAUTY GROUP LIMITED |
REGISTERED NUMBER: 12153034 (England and Wales) |
GROUP STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 |
FOR |
ASPECTS BEAUTY GROUP LIMITED |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 |
Report of the Directors | 6 |
Report of the Independent Auditors | 9 |
Consolidated Income Statement | 13 |
Consolidated Other Comprehensive Income | 14 |
Consolidated Balance Sheet | 15 |
Company Balance Sheet | 17 |
Consolidated Statement of Changes in Equity | 18 |
Company Statement of Changes in Equity | 19 |
Consolidated Cash Flow Statement | 20 |
Notes to the Consolidated Cash Flow Statement | 21 |
Notes to the Consolidated Financial Statements | 22 |
ASPECTS BEAUTY GROUP LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
t/a LMDB Accountants |
Statutory Auditors |
Railview Lofts |
19c Commercial Road |
Eastbourne |
East Sussex |
BN21 3XE |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
The principal activity of the Company in the year under review was that of the marketing and sale of fragrances, cosmetics and related products and services. |
The key financial and other performance indicators during the year were as follows: |
Total turnover for the year increased by 12.3% and, under difficult trading conditions, only the Premium Brands division grew its business year on year. This was further impacted by the mutual termination of a major contract within the Beauty and Wellness division and a careful review and consolidation of the brands in the Niche division, in line with the Company's strategy. Total turnover generated on brands managed under a management services agreement increased by 20.9%. |
Whilst not recognised in the financial statements of the Company, if the turnover of third parties, for which the Company received a fee under a management services agreement was included, total turnover for which the Company had responsibility increased by 24.6% year on year. |
With the increase in turnover, there was however a reduction in gross margin as the impact of higher volume lower margin business continued. As a result, whilst gross profit increased by 10.5% year over year in real terms, as a percentage of reported turnover, gross profit fell to 39.5% from 40.1%. |
The Company continues to focus on its ongoing drive towards more profitable business and business less dependent on Christmas and other such promotional periods typical within the fragrance market. The Company has continued to broaden its distribution into non fragrance, beauty, health and wellness related products to support this strategy. |
Salary costs increased by 9.1% during the year when pay awards were made during July. This reflected the ongoing restructuring of the business, as its strategy developed, and the promotion of staff in key areas to secure the required resources. It also reflected the ongoing cost of living crisis where this was built into pay awards, as opposed to making a one-off payment as the Company had provided during the previous year. It further recognised the need to review the Company's pay structure and to ensure market salaries were being paid to secure continuity of employment in key areas. The Company also made provision for a significant 'thank you' payment awarded to key staff which was paid in April 2024. |
The Company made an operating profit in the year of £1,628k compared to an operating profit in the previous year of £1,601k, an improvement of only 1.7%. This reflects the stabilisation of the business after its recovery in 2022 and allowed for a much larger apportionment of profits, more than those targeted to be shared with key employees within the business. Operating profit as a percentage of reported turnover was 9.7% in 2023, down from 10.8% in 2022. The Company has remained focused on its longer-term future and has continued to develop its plans in line with the goals and objectives of its strategic plan. |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Overall, administrative expenses increased by 14.7% with significant increases in salaries, as mentioned above, and in staff benefits in all categories and areas. Further increases were incurred in brand operating costs and motor expenses, with increases in vehicle allowances across the board, and in equipment repair and maintenance. Establishment costs increased by 5% in the areas of insurance and lighting and heating costs of the Company's property. |
Net profit before tax increased by 4% year on year. Bank charges fell significantly year on year as the Company further reduced its overdraft facilities as cash reserves increased and no new loans were taken on. The Company generated £35k in interest receivable as a result of positive cash balances during the year. The Company covered its currency risk through appropriate currency buying initiatives. Profit after tax for the financial year was flat in line with results achieved in 2022. |
The Company ended the year with net current assets of £3,264k against net current assets of £2,478k a year ago, an increase of 31.7.%. Debtors were well managed and no bad debts occurred during the year. Stock levels were well controlled and were reduced by 48% year over year, as inventory management was improved significantly. Cash reserves increased threefold from £1,012k in 2022 to £3,037k at the end of 2023. |
Shareholders funds increased by 17% to £5,392k from £4,600k at the end of 2022, due to profit after tax for the year of £1,272k and payment of dividends of £480k. Retained earnings at the end of 2023 rose to £3,971k, an increase of 25.4%. |
The Directors are extremely pleased with the results for the year. Brexit continues to have a negative influence for the business with challenges in the logistics and UK compliance areas, which take up a disproportionate amount of time, money and effort to manage effectively. The Directors are very proud of their employees who performed exceptionally well during what was, once again, a very challenging but rewarding year. |
The Board continues to develop its skills and abilities and enhanced communication within the business as the company turns its focus on achieving the goals and objectives of its longer-term strategic plans. |
The Jim Jackson Educational and Enabling Foundation (JJEEF), set up in memory of Jim Jackson, co-founder and former joint managing director of the Company, continued its support of disadvantaged young persons and had a significant number of individuals benefiting from that support during 2023. The charity continues to evolve and has gained from contributions from the Company and its employees, external donations and support and donations from within the beauty industry. At the end of the year, the charity had significant reserves and was in an excellent position to continue to support the needs of existing and new beneficiaries during 2024. |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
PRINCIPAL RISKS AND UNCERTAINTIES |
The Company's business is linked to the retail environment in which its customers operate. The changing economic conditions impact the buying behaviour of the end consumer and this is reflected in the performance of the business. During 2023, retail sales for the company grew by 20.4% and this was, once again, dominated by the Chains sector, which grew by 20.8% and represented 62% of the total retail business for the Company. E-commerce retail sales grew by only 4.3%, representing 11.1% of total retail sales of the Company, as the trend for online purchases declined generally. Department store retail business continued its recovery and grew by 14.2%, representing 10.4% of total retail sales; Travel Retail retail sales grew 39.6% year on year, representing 16.1% of total retail business. Independent business retail sales represented only 0.4% of total retail sales but declined by 6.8% year on year. |
The Company purchases stock in several currencies and does not currently hedge this risk. Prices are based on determining an appropriate average rate of exchange over the next twelve months. This is monitored on a regular basis and extreme increases in the rates can be mitigated by an increase in wholesale prices. The nature of products sold and the distribution through which they are sold allows the company to do this at relatively short notice and with little impact on turnover and profitability. |
The Company is effective in managing its debtors through the regular review of payment profiles and behaviour and on credit information acquired, resulting in changes to or withdrawal of credit facilities as appropriate. The Company does not insure its debts and believes that the current methods and processes adopted provide it with the ability and flexibility to react quickly to the needs of its customers and to take advantage of opportunities as they arise. The incidence of debts having to be written off continues to be minimal. |
Cashflow is monitored on a regular basis due to the nature of the business and the importance of trade at Christmas which continues to account for a major part of the company's turnover. The company has appropriate banking facilities in place and has the full support of its bankers. Effective management of cash and creditors is measured through an analysis of the credit rating assigned to the Company by major credit rating agencies. This has continued to improve over the last 12 months. The Company has no loans but retains an appropriate overdraft facility to ensure there are no short term cash implications. The level of the facility has been reduced and is under review each year. |
The impact of leaving the EU at the end of 2020 continued to be felt during the year in all areas of the business. The resource and expenses required to meet new compliance requirements were very significant and will continue to be so in the future as further divergence between EU and UK legislation arises. The Company believes these challenges will continue in the future but is confident that it can continue to meet the new requirements and will ensure adequate resources are available to assist in this area. |
The ongoing situation in the Ukraine continues to be monitored by the Company and action has been taken where possible to help and assist employees with families and friends in the region. The impact of supply issues arising from the Ukraine is also carefully assessed, although largely out of the hands of the Company, and communication with its brands is ongoing to determine the impact on supply and fulfilment within the UK and Ireland markets and to examine alternatives. |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
GROUP STRATEGIC REPORT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The general increase in the cost of living experienced by employees and consumers alike, including increased utility bills, food and drink and interest rates affecting mortgages and home buying remains a major concern for the Company, even with signs that inflation is falling and interest rates may be cut during 2024. The Company is doing everything possible to help employees facing major challenges arising from this situation. The Board continues to monitor this situation and will consider further support if necessary and affordable. The Company continues to manage and review all overheads within the business. As a result, the Company has been conservative with its budgets and forecasts for the year ahead and is managing all the activities in the business with extreme caution and vigilance as the impact of the current economic situation evolves further. |
With all the uncertainty and challenges facing the business, the Company reviews its risk register regularly and it is a standing agenda item at all Executive and Board Meetings. |
ON BEHALF OF THE BOARD: |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of the marketing and sale of fragrances, cosmetics and related products and services. |
DIVIDENDS |
The total distribution of dividends for the year ended 31 December 2023 will be £480,000. |
FUTURE DEVELOPMENTS |
The Directors were mindful during 2023 of an economic climate that did not encourage investment in projects that were outside the core competency of the company. The longer term recovery from the Covid pandemic was not immediately obvious and many changes to working practices sensibly required evaluation to determine their impact on supply chains, employee stability, productivity and output. The change in purchasing habits, the reduction in wealthy international travellers to the UK as a result of Brexit and the loss of tax free shopping suggested that a period of assessment for the luxury goods sector was wise behaviour. The continued contraction in High Street shops and pressures on flagship retailers in terms of footfall, escalating costs of operation and taxation have resulted in a stressed sector and investment during this period of change was not considered by the Directors appropriate. |
Accordingly, the previous plan of starting to work on developing a retail division selling directly to the consumer has been delayed until the market stabilises. This will be particularly important given the change in political regime in the UK and what the currently unclear taxation and business environment will be over the next three years. |
However, the Board is mindful that an appraisal of business opportunities is essential as it has identified certain potential risks in the business model of being a distributor dependent on contracts, operating in a market which is part of a contracting sector (luxury retail), subject to shifts in global ownership and influence and with limited scope for significant growth from new brand partners. |
It is recognised by the Board that the workload and focus required to develop a new business strategy has the potential to undermine the successful strategies which have delivered a stable and profitable business. It is also clear to them that the current model is unlikely to dramatically increase profitability and returns, simply because to handle the current brand partner portfolio, it requires significant investment in human and other resources. In 2023, profit delivered was broadly the same as 2022, as the company upscaled its cost base and normalised post Covid employment practices and responded to brand partner demands. |
New Business Direction |
A new approach to reviewing, determining and developing new business opportunities has been adopted. The Chair of the Board is working with the GCFO and an employee identified from within the company to establish a structure which will be separate from and ancillary to the core company model. This parallel division will identify possible take over targets operating in the services sector, providing services in staffing provision and recruitment, social media and social marketing, and PR and events. The company currently buys these services in from third parties and its need of these services fluctuates and is seasonal, making the development of the facility internally inherently risky. |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
The acquisition or participation in companies with these core offerings will provide the skill base required and open up a new revenue stream for the group. Synergies are possible in administration and management. It will provide a "one stop" service for brands entering the UK market or too small to develop the infrastructure themselves. Such an affiliation will also increase the services available to the company's brand partners and will increase the value and marketability of the services the company offers, to assist in winning new business opportunities instead of relying on organic growth. |
The feasibility review of this direction will take at least another year and the target is to commence in mid 2025. |
Other Matters |
The Board will also be considering its approach to the use of AI in marketing and in its technology provision. |
The senior leadership team has been enriched with the appointment of a new marketing lead and other changes to the reporting structures within the business are aimed at making it possible for the Board to be able to devote more of their time to delivering new growth strategies for the existing business as well as streamlining and improving productivity outcomes. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, LMDB Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASPECTS BEAUTY GROUP LIMITED |
Opinion |
We have audited the financial statements of Aspects Beauty Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASPECTS BEAUTY GROUP LIMITED |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASPECTS BEAUTY GROUP LIMITED |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
- Enquiry of management and those charged with governance on the actual and potential litigation and claims, and also any instances of non-compliance with laws and regulations. |
- Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
- Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
- Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. |
- Professional scepticism in the course of the audit and with audit sampling in material audit areas. |
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
ASPECTS BEAUTY GROUP LIMITED |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
t/a LMDB Accountants |
Statutory Auditors |
Railview Lofts |
19c Commercial Road |
Eastbourne |
East Sussex |
BN21 3XE |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
CONSOLIDATED INCOME STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 16,711,622 | 14,882,234 |
Cost of sales | 10,114,854 | 8,910,593 |
GROSS PROFIT | 6,596,768 | 5,971,641 |
Administrative expenses | 4,968,689 | 4,370,618 |
OPERATING PROFIT | 5 | 1,628,079 | 1,601,023 |
Interest receivable and similar income | 34,931 | - |
1,663,010 | 1,601,023 |
Interest payable and similar expenses | 6 | 37 | 4,187 |
PROFIT BEFORE TAXATION | 1,662,973 | 1,596,836 |
Tax on profit | 7 | 390,610 | 331,730 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 1,272,249 | 1,264,993 |
Non-controlling interests | 114 | 113 |
1,272,363 | 1,265,106 |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
CONSOLIDATED OTHER COMPREHENSIVE INCOME |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 1,272,363 | 1,265,106 |
OTHER COMPREHENSIVE INCOME |
Revaluation of freehold property | - | 122,782 |
Income tax relating to other comprehensive income |
- |
(30,695 |
) |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
- |
92,087 |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
1,272,363 |
1,357,193 |
Total comprehensive income attributable to: |
Owners of the parent | 1,272,249 | 1,357,080 |
Non-controlling interests | 114 | 113 |
1,272,363 | 1,357,193 |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
CONSOLIDATED BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 | - | - |
Tangible assets | 11 | 2,270,578 | 2,280,553 |
Investments | 12 | - | - |
2,270,578 | 2,280,553 |
CURRENT ASSETS |
Stocks | 13 | 957,070 | 1,418,659 |
Debtors | 14 | 2,200,392 | 2,405,503 |
Cash at bank | 3,037,050 | 1,012,354 |
6,194,512 | 4,836,516 |
CREDITORS |
Amounts falling due within one year | 15 | 2,929,714 | 2,357,280 |
NET CURRENT ASSETS | 3,264,798 | 2,479,236 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 5,535,376 | 4,759,789 |
PROVISIONS FOR LIABILITIES | 17 | 143,037 | 159,813 |
NET ASSETS | 5,392,339 | 4,599,976 |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
CONSOLIDATED BALANCE SHEET - continued |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital | 18 | 224 | 224 |
Revaluation reserve | 19 | 1,283,108 | 1,295,430 |
Capital redemption reserve | 19 | 137,211 | 137,211 |
Retained earnings | 19 | 3,971,233 | 3,166,662 |
SHAREHOLDERS' FUNDS | 5,391,776 | 4,599,527 |
NON-CONTROLLING INTERESTS | 20 | 563 | 449 |
TOTAL EQUITY | 5,392,339 | 4,599,976 |
The financial statements were approved by the Board of Directors and authorised for issue on 7 August 2024 and were signed on its behalf by: |
A J B Jackson - Director |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
COMPANY BALANCE SHEET |
31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 10 |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Debtors | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 18 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 480,000 | 480,000 |
The financial statements were approved by the Board of Directors and authorised for issue on |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Revaluation |
capital | earnings | reserve |
£ | £ | £ |
Balance at 1 January 2022 | 224 | 2,343,593 | 1,241,419 |
Changes in equity |
Dividends | - | (480,000 | ) | - |
Total comprehensive income | - | 1,264,993 | 92,087 |
Transfer | - | 38,076 | (38,076 | ) |
Balance at 31 December 2022 | 224 | 3,166,662 | 1,295,430 |
Changes in equity |
Dividends | - | (480,000 | ) | - |
Total comprehensive income | - | 1,272,249 | - |
Transfer | - | 12,322 | (12,322 | ) |
Balance at 31 December 2023 | 224 | 3,971,233 | 1,283,108 |
Capital |
redemption | Non-controlling | Total |
reserve | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | 137,211 | 3,722,447 | - | 3,722,447 |
Changes in equity |
Share issue | - | - | 336 | 336 |
Dividends | - | (480,000 | ) | - | (480,000 | ) |
Total comprehensive income | - | 1,357,080 | 113 | 1,357,193 |
Balance at 31 December 2022 | 137,211 | 4,599,527 | 449 | 4,599,976 |
Changes in equity |
Dividends | - | (480,000 | ) | - | (480,000 | ) |
Total comprehensive income | - | 1,272,249 | 114 | 1,272,363 |
Balance at 31 December 2023 | 137,211 | 5,391,776 | 563 | 5,392,339 |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
COMPANY STATEMENT OF CHANGES IN EQUITY |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 3,049,506 | 908,590 |
Interest paid | (37 | ) | (4,187 | ) |
Tax paid | (540,801 | ) | (160,395 | ) |
Net cash from operating activities | 2,508,668 | 744,008 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (47,902 | ) | (54,789 | ) |
Sale of tangible fixed assets | 8,999 | 500 |
Interest received | 34,931 | - |
Net cash from investing activities | (3,972 | ) | (54,289 | ) |
Cash flows from financing activities |
Loan repayments in year | - | (197,918 | ) |
Share issue | - | 336 |
Equity dividends paid | (480,000 | ) | (480,000 | ) |
Net cash from financing activities | (480,000 | ) | (677,582 | ) |
Increase in cash and cash equivalents | 2,024,696 | 12,137 |
Cash and cash equivalents at beginning of year |
2 |
1,012,354 |
1,000,217 |
Cash and cash equivalents at end of year | 2 | 3,037,050 | 1,012,354 |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
NOTES TO THE CONSOLIDATED CASH FLOW STATEMENT |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 1,662,973 | 1,596,836 |
Depreciation charges | 47,893 | 38,911 |
Loss/(profit) on disposal of fixed assets | 985 | (500 | ) |
Finance costs | 37 | 4,187 |
Finance income | (34,931 | ) | - |
1,676,957 | 1,639,434 |
Decrease/(increase) in stocks | 461,589 | (273,548 | ) |
Decrease/(increase) in trade and other debtors | 205,111 | (658,445 | ) |
Increase in trade and other creditors | 705,849 | 201,149 |
Cash generated from operations | 3,049,506 | 908,590 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 3,037,050 | 1,012,354 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 1,012,354 | 1,000,217 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank | 1,012,354 | 2,024,696 | 3,037,050 |
1,012,354 | 2,024,696 | 3,037,050 |
Total | 1,012,354 | 2,024,696 | 3,037,050 |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Aspects Beauty Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Going concern |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets as modified by the revaluation of certain assets. |
Financial Reporting Standard 102 - reduced disclosure exemptions |
The group has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
• | the requirement of paragraph 33.7. |
Turnover |
Turnover represents amounts invoiced by the company from the sale of fragrances, provision of staffing and agency fees payable. |
Turnover is measured at fair value of the consideration received or receivable net of returns, discounts, and value added tax. |
The company recognises turnover when the significant risks and rewards of ownership have been transferred to the buyer, the company retains no continuing control over the goods, the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the company. |
Interest income is recognised when received. |
Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 1994, has been fully amortised. |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
Freehold property | - |
Fixtures and fittings | - |
Computer equipment | - |
Freehold land is not depreciated. Freehold buildings consist of a Grade II listed building. The directors have reviewed the estimated useful life of freehold buildings and consider this to be 50 years. Depreciation is therefore charged to write down the value of freehold buildings to estimated residual value on a straight line basis over 50 years. |
The directors have adopted a policy of regular revaluation in relation to the freehold property. At each revaluation date, the expected life and residual value, based on the prices prevailing at the time of acquisition, are assessed on the basis of information available at that time. An independent valuer carries out a formal revaluation when it is deemed appropriate by the management of Aspects. Any permanent diminution in value identified on revaluation is charged to the profit and loss account. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the company's cash management. |
Financial liabilities issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability. Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method. |
Financial assets are de-recognised when: |
- the contractual rights to the cash flows from the financial asset expire or are settled; or |
- the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset; or |
- the company, despite having retained some but not all significant risks and rewards of ownership, has transferred control of the asset to another party. |
Financial liabilities are de-recognised only when the obligation specified in the contract is discharged, cancelled or expires. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
Investments in subsidiaries |
Investments in group companies are stated at cost less any identified impairment. An impairment review is undertaken annually by the directors. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at an average rate of exchange during the financial year, or at predetermined rates as defined in contracts. Exchange differences are taken into account in arriving at the operating result. |
3. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 5,996,847 | 5,207,638 |
Social security costs | 628,590 | 583,428 |
Other pension costs | 193,762 | 171,180 |
6,819,199 | 5,962,246 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Direct | 135 | 99 |
Admin | 29 | 30 |
164 | 129 |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
4. | DIRECTORS' EMOLUMENTS |
2023 | 2022 |
£ | £ |
Directors' remuneration | 998,199 | 896,845 |
Directors' pension contributions to money purchase schemes | 44,750 | 38,125 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 3 | 3 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 211,337 | 184,000 |
Pension contributions to money purchase schemes | 11,250 | 7,875 |
5. | OPERATING PROFIT |
The operating profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 47,893 | 38,910 |
Loss/(profit) on disposal of fixed assets | 985 | (500 | ) |
Auditors' remuneration | 15,750 | 14,430 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | - | 620 |
Bank loan interest | 37 | 3,567 |
37 | 4,187 |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
7. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 407,386 | 309,851 |
Deferred tax | (16,776 | ) | 21,879 |
Tax on profit | 390,610 | 331,730 |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 1,662,973 | 1,596,836 |
Profit multiplied by the standard rate of corporation tax in the UK of 23.521 % (2022 - 19 %) |
391,148 |
303,399 |
Effects of: |
Expenses not deductible for tax purposes | 559 | 468 |
Change in tax rate | (99 | ) | 30,986 |
Enhanced capital allowances | (998 | ) | (3,123 | ) |
Total tax charge | 390,610 | 331,730 |
Tax effects relating to effects of other comprehensive income |
There were no tax effects for the year ended 31 December 2023. |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Revaluation of freehold property | 122,782 | (30,695 | ) | 92,087 |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
8. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
9. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary A shares of £1 each |
Interim | 480,000 | 480,000 |
10. | INTANGIBLE FIXED ASSETS |
Group |
Goodwill |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 | 217,695 |
AMORTISATION |
At 1 January 2023 |
and 31 December 2023 | 217,695 |
NET BOOK VALUE |
At 31 December 2023 | - |
At 31 December 2022 | - |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | TANGIBLE FIXED ASSETS |
Group |
Fixtures |
Freehold | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 2,453,937 | 96,559 | 231,599 | 2,782,095 |
Additions | - | 29,888 | 18,014 | 47,902 |
Disposals | - | (16,011 | ) | (13,117 | ) | (29,128 | ) |
At 31 December 2023 | 2,453,937 | 110,436 | 236,496 | 2,800,869 |
DEPRECIATION |
At 1 January 2023 | 256,624 | 47,245 | 197,673 | 501,542 |
Charge for year | 16,122 | 14,895 | 16,876 | 47,893 |
Eliminated on disposal | - | (6,244 | ) | (12,900 | ) | (19,144 | ) |
At 31 December 2023 | 272,746 | 55,896 | 201,649 | 530,291 |
NET BOOK VALUE |
At 31 December 2023 | 2,181,191 | 54,540 | 34,847 | 2,270,578 |
At 31 December 2022 | 2,197,313 | 49,314 | 33,926 | 2,280,553 |
Included in cost or valuation of land and buildings is freehold land of £232,109 (2022 - £232,109) which is not depreciated. |
Cost or valuation at 31 December 2023 is represented by: |
Fixtures |
Freehold | and | Computer |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
Valuation in 2022 | 2,453,937 | - | - | 2,453,937 |
Cost | - | 110,436 | 236,496 | 346,932 |
2,453,937 | 110,436 | 236,496 | 2,800,869 |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 894,182 | 894,182 |
Aggregate depreciation | 164,993 | 161,242 |
Value of land in freehold land and buildings | 75,000 | 75,000 |
Freehold land and buildings were valued on an open market value basis on 14 October 2022 by Stiles Harold Williams LLP . |
In reporting this revaluation, the directors have taken into consideration the physical condition of the freehold land and buildings and the market conditions which existed during the period from the company's year end to the date of valuation. Having taken all relevant factors into account, in the directors' opinion, there has been no material change in value during this period. |
12. | FIXED ASSET INVESTMENTS |
Company |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiary |
Aspects Beauty Company Limited |
Registered office: Railview Lofts, 19C Commercial Road, Eastbourne, East Sussex, BN21 3XE |
Nature of business: Wholesale of perfume and cosmetics |
% |
Class of shares: | holding |
Ordinary A | 100.00 |
Ordinary B | 99.50 |
Team Beauty Limited |
Registered office: Railview Lofts, 19c Commercial Road, Eastbourne, East Sussex BN21 3XE |
Nature of Business: Dormant |
% |
Class of shares: | holding |
Ordinary | 99.99 |
Perfume Anorak Limited |
Registered office: Railview Lofts, 19c Commercial Road, Eastbourne, East Sussex BN21 3XE |
Nature of Business: Dormant |
% |
Class of shares: | holding |
Ordinary | 99.99 |
13. | STOCKS |
Group |
2023 | 2022 |
£ | £ |
Stocks | 957,070 | 1,418,659 |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 1,631,668 | 1,430,024 |
Other debtors | 38,695 | 27,874 |
Called up share capital not paid | 112 | 112 |
Prepayments and accrued income | 529,917 | 947,493 |
2,200,392 | 2,405,503 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2023 | 2022 |
£ | £ |
Trade creditors | 1,404,114 | 912,613 |
Tax | 176,436 | 309,851 |
Social security and other taxes | 190,393 | 147,715 |
Other creditors | 46,925 | 55,157 |
Accrued expenses | 1,111,846 | 931,944 |
2,929,714 | 2,357,280 |
16. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Group |
Non-cancellable operating | leases |
2023 | 2022 |
£ | £ |
Within one year | 8,452 | 12,016 |
Between one and five years | 4,551 | 13,003 |
13,003 | 25,019 |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
17. | PROVISIONS FOR LIABILITIES |
Group |
2023 | 2022 |
£ | £ |
Deferred tax | 143,037 | 159,813 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 159,813 |
Accelerated capital allowances | (16,776 | ) |
Balance at 31 December 2023 | 143,037 |
18. | CALLED UP SHARE CAPITAL |
Allotted and issued: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
A Ordinary | £1 | 168 | 168 |
B Ordinary | £1 | 56 | 56 |
224 | 224 |
The holders of both A and B ordinary shares are entitled to attend and vote at meetings and to participate in profits and assets of the company. |
19. | RESERVES |
Group |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 3,166,662 | 1,295,430 | 137,211 | 4,599,303 |
Profit for the year | 1,272,249 | 1,272,249 |
Dividends | (480,000 | ) | (480,000 | ) |
Transfer | 12,322 | (12,322 | ) | - | - |
At 31 December 2023 | 3,971,233 | 1,283,108 | 137,211 | 5,391,552 |
ASPECTS BEAUTY GROUP LIMITED (REGISTERED NUMBER: 12153034) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2023 |
19. | RESERVES - continued |
Company |
Retained |
earnings |
£ |
Profit for the year |
Dividends | ( |
) |
At 31 December 2023 |
20. | NON-CONTROLLING INTERESTS |
Non-controlling |
Interests |
£ |
At 1 January 2023 | 449 |
Profit for the year | 114 |
Share issue in year | - |
Dividends | - |
At 31 December 2023 | 563 |
21. | RELATED PARTY DISCLOSURES |
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. |
Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Other related parties |
Donations of £150,461 has been made in the period to the Jim Jackson Education and Enabling Foundation CIO. The charity shares key management personnel with the group. |
22. | ULTIMATE CONTROLLING PARTY |
In the directors opinion the ultimate controlling party during the period was J A Hill. |