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Company registration number: 00615129







FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


MARY QUANT LIMITED






































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MARY QUANT LIMITED
 


 
COMPANY INFORMATION


Directors
M Nakayama 
Y Nakayama 




Company secretary
M R Arnold



Registered number
00615129



Registered office
Lynton House
7-12 Tavistock Square

London

WC1H 9LT




Trading Address
12 Hammersmith Grove

London

W6 7BA






Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Lynton House

7-12 Tavistock Square

London

WC1H 9LT




Bankers
Barclays Bank plc
Level 27

1 Churchill Place

London

BX3 2BB





 


MARY QUANT LIMITED
 



CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 6


 


MARY QUANT LIMITED
REGISTERED NUMBER:00615129



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
112,797
106,933

Tangible assets
 5 
1,392
1,968

  
114,189
108,901

Current assets
  

Debtors: amounts falling due within one year
 6 
304,573
266,010

Cash at bank and in hand
  
494,362
472,675

  
798,935
738,685

Creditors: amounts falling due within one year
 7 
(60,491)
(50,306)

Net current assets
  
 
 
738,444
 
 
688,379

Total assets less current liabilities
  
852,633
797,280

  

Net assets
  
852,633
797,280


Capital and reserves
  

Called up share capital 
  
6,000
6,000

Profit and loss account
  
846,633
791,280

  
852,633
797,280


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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Y Nakayama
Director

Date: 9 September 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 


MARY QUANT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Mary Quant Limited is a private company limited by shares, incorporated in England and Wales under the Companies Act 2006. The company's registered number, trading address and the address of its registered office is disclosed on the company information page.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

  
2.2

Revenue

Revenue represents royalties receivable net of VAT for the year. Revenue is recognised on an accrual basis in the period to which it relates.

 
2.3

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Patents
-
Amortise cost in equal instalments over 10 years.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

The estimated useful lives range as follows:

Fixtures and fittings
-
15% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

  
2.5

Impairment of fixed assets

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine
whether there is any indication that the assets are impaired. Where there is any indication that an asset may
be impaired, the carrying value of the asset is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. 

Page 2

 


MARY QUANT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 3

 


MARY QUANT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Patent cost
Goodwill
Total

£
£
£



Cost


At 1 January 2023
212,302
647,617
859,919


Additions
28,021
-
28,021


Disposals
(15,471)
-
(15,471)



At 31 December 2023

224,852
647,617
872,469



Amortisation


At 1 January 2023
105,369
647,617
752,986


Charge for the year on owned assets
22,157
-
22,157


On disposals
(15,471)
-
(15,471)



At 31 December 2023

112,055
647,617
759,672



Net book value



At 31 December 2023
112,797
-
112,797



At 31 December 2022
106,933
-
106,933



Page 4

 


MARY QUANT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 January 2023
5,376



At 31 December 2023

5,376



Depreciation


At 1 January 2023
3,408


Charge for the year on owned assets
576



At 31 December 2023

3,984



Net book value



At 31 December 2023
1,392



At 31 December 2022
1,968


6.


Debtors

2023
2022
£
£


Trade debtors
9,604
-

Amounts owed by group undertakings
271,910
232,016

Other debtors
12,939
16,336

Prepayments and accrued income
10,120
17,658

304,573
266,010


Page 5

 


MARY QUANT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
10,390
19,005

Amounts owed to group undertakings
2,518
2,518

Corporation tax
29,344
9,965

Other taxation and social security
2,796
-

Other creditors
651
626

Accruals and deferred income
14,792
18,192

60,491
50,306



8.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
45,528
45,528

Later than 1 year and not later than 5 years
-
11,382

45,528
56,910


9.


Parent company

The parent of the smallest group for which consolidated financial statements are drawn up is Mary Quant Cosmetics Japan Limited. The address of their registered office is Aoyama Taiyo Building, 1-7-6-Chrome Shibuya, Shibuya-Ku, Tokyo, 150-8336, Japan.


10.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 11 September 2024 by Sarah Hallam FCCA (Senior Statutory Auditor) on behalf of Menzies LLP.

 
Page 6