Company Registration No. 08912881 (England and Wales)
Pure Lakes Skincare Limited
Unaudited accounts
for the year ended 31 March 2024
Pure Lakes Skincare Limited
Statement of financial position
as at 31 March 2024
Tangible assets
1,242,448
1,266,728
Inventories
196,270
184,611
Cash at bank and in hand
2,088
14,684
Creditors: amounts falling due within one year
(1,235,071)
(1,216,805)
Net current liabilities
(951,671)
(927,228)
Total assets less current liabilities
290,777
346,000
Creditors: amounts falling due after more than one year
(143,786)
(146,052)
Net assets
146,991
199,948
Called up share capital
190,000
190,000
Profit and loss account
(43,009)
9,948
Shareholders' funds
146,991
199,948
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 16 August 2024 and were signed on its behalf by
Gareth McKeever
Director
Company Registration No. 08912881
Pure Lakes Skincare Limited
Notes to the Accounts
for the year ended 31 March 2024
Pure Lakes Skincare Limited is a private company, limited by shares, registered in England and Wales, registration number 08912881. The registered office is Unit 1 Bryers Fold, Far Sawrey , Ambleside, LA22 0LL, England .
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The directors believe that the company Pure Lakes Skincare Limited has adequate resources available to enable it to continue to meet its ongoing obligations as and when they fall due for at least a period of 12 months from the date of approval of the financial statements. Accordingly, the company continues to adopt the going concern basis in preparation of its financial statements.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% Straight Line
Plant & machinery
10% Straight line
Motor vehicles
20% Straight line
Fixtures & fittings
20% Straight line
Other tangible fixed assets
20% Straight Line
Development costs capitalised during the year are to be depreciated at a rate of 20% straight line.
Purchased goodwill arising on the acquisition of a business represents the excess of the acquisition cost over the fair value of the identifiable net assets including other intangible fixed assets when they were acquired. Purchased goodwill is capitalised in the Balance Sheet and amortised on a straight line basis over its economic useful life of 10 years, which is estimated to be the period during which benefits are expected to arise. On disposal of a business any goodwill not yet amortised is included in determining the profit or loss on sale of the business.
Pure Lakes Skincare Limited
Notes to the Accounts
for the year ended 31 March 2024
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be measured reliably. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added taxes and other sales taxes. The following criteria must also be met before turnover is recognised
Sale of goods
Turnover from the sale of goods is recognised when all of the following criteria are satisfied:
• the Company has transferred the significant risks and rewards of ownership to the buyer;
• the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
• the amount of turnover can be measured reliably;
• it is probable that the Company will receive the consideration due under the transaction; and
• the costs incurred in respect of the transaction can be measured reliably.
Capital grants received and receivable are treated as deferred income and amortised to the Profit and Loss Account in accordance with performance milestones in the grant award.
Development expenditure is written off in the same year unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period from which the company is expected to benefit.
Preference shares carry a coupon of 2% above bank base rate, the coupon is cumulative, and the shares are redeemable at par. The shares do not have any voting rights. Based on their characteristics the preference shares are considered to be presented as equity and not liabilities.
Stocks are valued at the lower of cost and net realisable value. Stocks are determined on a first-in first-out basis. Cost comprises expenditure incurred in the normal course of business in bringing stocks to their present location and condition. Full provision is made for obsolete and slow moving items. Net realisable value comprises or estimated selling price (net of trade discounts) less all further costs to completion or to be incurred in marketing and selling.
Taxation and deferred taxation
Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
Pure Lakes Skincare Limited
Notes to the Accounts
for the year ended 31 March 2024
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 April 2023
1,165,662
113,751
49,109
44,065
104,396
1,476,983
Additions
10,115
6,496
-
14,231
-
30,842
At 31 March 2024
1,175,777
120,247
49,109
58,296
104,396
1,507,825
At 1 April 2023
23,313
66,006
818
22,716
97,402
210,255
Charge for the year
23,467
11,277
9,822
5,916
4,640
55,122
At 31 March 2024
46,780
77,283
10,640
28,632
102,042
265,377
At 31 March 2024
1,128,997
42,964
38,469
29,664
2,354
1,242,448
At 31 March 2023
1,142,349
47,745
48,291
21,349
6,994
1,266,728
Finished goods
196,270
184,611
Amounts falling due within one year
Trade debtors
58,146
55,493
Other debtors
26,896
19,991
Pure Lakes Skincare Limited
Notes to the Accounts
for the year ended 31 March 2024
8
Creditors: amounts falling due within one year
2024
2023
Obligations under finance leases and hire purchase contracts
6,000
6,000
Trade creditors
50,071
112,807
Taxes and social security
2,451
3,526
Other creditors
15,811
9,488
Loans from directors
1,132,859
1,082,119
9
Creditors: amounts falling due after more than one year
2024
2023
Obligations under finance leases and hire purchase contracts
18,502
24,000
Other creditors
125,284
122,052
Allotted, called up and fully paid:
100 A Ordinary shares of £1 each
100
100
100 B Ordinary Shares of £1 each
100
100
100 C Ordinary Shares of £1 each
100
100
189,700 Preference Shares of £1 each
189,700
189,700
11
Average number of employees
During the year the average number of employees was 18 (2023: 18).