INFINITEALOE UK LTD | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED | |||||||||||
31 DECEMBER 2023 | |||||||||||
Company Registration Number: 10567301 | |||||||||||
INFINITEALOE UK LTD | |||||||||||
UNAUDITED FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 DECEMBER 2023 | |||||||||||
CONTENTS | PAGES | ||||||||||
Company information | 1 | ||||||||||
Balance sheet | 2 to 3 | ||||||||||
Notes to the financial statements | 4 to 8 | ||||||||||
INFINITEALOE UK LTD | |||||||||||
COMPANY INFORMATION | |||||||||||
FOR THE YEAR ENDED 31 DECEMBER 2023 | |||||||||||
DIRECTOR | |||||||||||
SECRETARY | |||||||||||
REGISTERED OFFICE | |||||||||||
COMPANY REGISTRATION NUMBER | |||||||||||
10567301 England and Wales | |||||||||||
INFINITEALOE UK LTD | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 DECEMBER 2023 | |||||||||||
Notes | 2023 | 2022 | |||||||||
£ | £ | ||||||||||
FIXED ASSETS | |||||||||||
Investments | 5 | ||||||||||
CURRENT ASSETS | |||||||||||
Stock | |||||||||||
Debtors | 6 | ||||||||||
Cash at bank and in hand | |||||||||||
CREDITORS: Amounts falling due within one year | 7 | ||||||||||
NET CURRENT (LIABILITIES) / ASSETS | ( |
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NET (LIABILITIES) / ASSETS | ( |
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CAPITAL AND RESERVES | |||||||||||
Called up share capital | |||||||||||
Distributable profit and loss account | ( |
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SHAREHOLDER'S (DEFICIT) / FUNDS | ( |
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INFINITEALOE UK LTD | |||||||||||
BALANCE SHEET | |||||||||||
AS AT 31 DECEMBER 2023 | |||||||||||
As permitted by S444 (5A) of the Companies Act 2006 the directors have not delivered to the Registrar a copy of the company’s Profit and Loss Account or Directors Report. | |||||||||||
Signed on behalf of the board | |||||||||||
J P Toms | |||||||||||
Director | |||||||||||
Date approved by the board: |
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INFINITEALOE UK LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 DECEMBER 2023 | |||||||||||
1 | GENERAL INFORMATION | ||||||||||
InfiniteAloe UK Ltd is a private company limited by shares and incorporated in England and Wales. Its registered office and principal place of business are: | |||||||||||
Registered office | Principal place of business | ||||||||||
C9 Glyme Court | 4870 Fountain Avenue | ||||||||||
Oxford Office Village | Hollywood | ||||||||||
Langford Lane | CA | ||||||||||
Kidlington | 90029 | ||||||||||
Oxford | |||||||||||
OX5 1LQ | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||||||||
Basis of preparation of financial statements | |||||||||||
Going concern | |||||||||||
The accounts have been drawn up on the going concern basis. The company owes its creditors £294,466 which could be required for repayment without notice. The company is therefore dependent upon the continued support of its creditors. The director does not consider the support of its creditors likely to be withdrawn. | |||||||||||
If the going concern basis was not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amounts, to provide for additional liabilities that might arise and to reclassify fixed assets as current assets. |
Revenue recognition | |||||||||||
Turnover is measured at the fair value of consideration received or receivable and represents the sale of skin care products, stated net of trade discounts and value added tax. | |||||||||||
The company recognises revenue when the amount of revenue can be measured reliably and when it is probable that future economic benefits will flow to the entity. |
Investments | |||||||||||
Investments in subsidiaries are shown at cost less accumulated impairment losses as fair value cannot be reliably measured. |
INFINITEALOE UK LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 DECEMBER 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Financial Instruments | |||||||||||
The impairment loss for financial assets measured at cost is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amount and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. | |||||||||||
Impairment of non-financial assets | |||||||||||
Stocks are assessed for impairment at each reporting date. The carrying amount of each item of stock, or group of similar items, is compared with its selling price less cost to complete and sell. If an item of stock, or group of similar items, is impaired its carrying amount is reduced to selling price less costs to complete and sell, and an impairment loss is recognised immediately in the profit and loss account. | |||||||||||
If an impairment loss is subsequently reversed, the carrying amount of the asset, or group of related assets, is increased to the revised estimate of its recoverable amount, but not to exceed the amount that would have been determined had no impairment loss been recognised for the asset, or group of related assets, in prior periods. A reversal of an impairment loss is recognised immediately in the profit and loss account. |
Stock | |||||||||||
Stock has been valued at the lower of cost and estimated selling price less cost to complete and sell, after making due allowance for obsolete and slow-moving items. Cost comprises the cost of goods purchased valued on a first in first out basis. | |||||||||||
The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. |
Debtors | |
Short term debtors are measured at transaction price, less any impairment. | |||||||||||
Creditors | |||||||||||
INFINITEALOE UK LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 DECEMBER 2023 | |||||||||||
2 | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued…) | ||||||||||
Taxation | |||||||||||
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 taxable profits. | |||||||||||
Deferred tax is measured using 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. | |||||||||||
Foreign currencies | |||||||||||
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. | |||||||||||
Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are translated at the rate of exchange prevailing at that date. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit or loss. |
Consolidation | |||||||||||
3 | CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS | ||||||||||
No significant accounting estimates and judgements have had to be made by the director in preparing these financial statements. | |||||||||||
INFINITEALOE UK LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 DECEMBER 2023 | |||||||||||
4 | EMPLOYEES | ||||||||||
The average number of persons employed by the company (including the director) during the year was: | |||||||||||
2023 | 2022 | ||||||||||
Average number of employees | |||||||||||
5 | FIXED ASSET INVESTMENTS | ||||||||||
Investment in subsidiary | |||||||||||
£ | |||||||||||
Cost | |||||||||||
At 1 January 2023 | |||||||||||
At 31 December 2023 | |||||||||||
6 | DEBTORS | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Trade debtors | |||||||||||
Prepayments and accrued income | |||||||||||
Other debtors | |||||||||||
109,715 | 54,634 | ||||||||||
7 | CREDITORS: Amounts falling due within one year | ||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Trade creditors | |||||||||||
Taxation and social security | |||||||||||
Accruals and deferred income | |||||||||||
294,466 | 105,385 | ||||||||||
INFINITEALOE UK LTD | |||||||||||
NOTES TO THE FINANCIAL STATEMENTS | |||||||||||
FOR THE YEAR ENDED 31 DECEMBER 2023 | |||||||||||
8 | RELATED PARTY TRANSACTIONS | ||||||||||
The company has claimed exemptions from reporting disclosure of related party transactions with the following wholly owned group members: | |||||||||||
Subsidiary undertaking | |||||||||||
During the year, the following transactions with related parties took place: | |||||||||||
2023 | 2022 | ||||||||||
£ | £ | ||||||||||
Common control | |||||||||||
Balance owed by InfiniteAloe UK Ltd at year end: | |||||||||||
Goods and services supplied by Ultimate Creations InfiniteAloe Inc. during the year: | |||||||||||
Ultimate Creations InfiniteAloe Inc. is incorporated in the USA and is under the control of J P Toms. All goods and services supplied by Ultimate Creations InfiniteAloe Inc. were at market value. |