Company registration number 05002086 (England and Wales)
I LOVE COSMETICS LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
I LOVE COSMETICS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
I LOVE COSMETICS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
-
0
25
Tangible assets
4
12,729
17,021
12,729
17,046
Current assets
Stocks
1,063,605
852,443
Debtors
5
757,100
716,683
Cash at bank and in hand
111,768
160,136
1,932,473
1,729,262
Creditors: amounts falling due within one year
6
(1,665,514)
(1,135,677)
Net current assets
266,959
593,585
Net assets
279,688
610,631
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
279,588
610,531
Total equity
279,688
610,631

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 20 September 2024 and are signed on its behalf by:
G Royle
Director
Company registration number 05002086 (England and Wales)
I LOVE COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

I Love Cosmetics Limited is a private company limited by shares incorporated in England and Wales. The registered office is 5 Acorn Business Park, Woodseats Close, Sheffield, S8 0TB, UK.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Patents & licences
20% straight line
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings and computers
20% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

I LOVE COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

I LOVE COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
3
3

Other personnel working for I Love Cosmetics Limited are employed by connected companies within the year.

3
Intangible fixed assets
Other
£
Cost
At 1 January 2023 and 31 December 2023
2,650
Amortisation and impairment
At 1 January 2023
2,625
Amortisation charged for the year
25
At 31 December 2023
2,650
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
25
I LOVE COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Fixtures, fittings and computers
£
Cost
At 1 January 2023
256,544
Additions
4,471
At 31 December 2023
261,015
Depreciation and impairment
At 1 January 2023
239,523
Depreciation charged in the year
8,763
At 31 December 2023
248,286
Carrying amount
At 31 December 2023
12,729
At 31 December 2022
17,021
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
625,011
585,691
Corporation tax recoverable
-
0
92,272
Other debtors
58,924
9,029
Prepayments and accrued income
68,165
23,691
752,100
710,683
2023
2022
Amounts falling due after more than one year:
£
£
Deferred tax asset (note )
5,000
6,000
Total debtors
757,100
716,683
I LOVE COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
215,394
314,554
Trade creditors
323,511
272,916
Other creditors
1,052,840
510,620
Accruals and deferred income
73,769
37,587
1,665,514
1,135,677

 

Bank loans and overdrafts relate to invoice discounting facilities. These are secured by a fixed and floating charge over the assets of the company.

7
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Paul Winwood
Statutory Auditor:
BHP LLP
8
Related party transactions
Transactions with related parties

Nature of related party relationship

 

GRI Group Limited is a subsidiary of GRI Whirlow Limited, a company which is under common control.

 

Expac (Preston) Limited is a subsidiary of GRI Expac Ltd, a company which is under common control.

 

Management charges & costs recharged

 

Management charges and recharges of costs and services of £264,000 were paid to GRI Group Limited during the year (2022: £264,000).

 

Recharges of costs and services of £328,774 were paid to Expac (Preston) Limited during the year (2022: £307,331).

 

 

Outstanding balances

 

At year end £192,304 (2022: £186,096) was owed to Expac (Preston) Limited. This amount is included within trade creditors.

I LOVE COSMETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Parent company

The company's immediate parent company is Zamya Limited, a company registered in England and Wales. The ultimate parent company is GRI Brands Limited, a company registered in England and Wales which is under the control of the director, G Royle.

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