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Registered number: 08967110









TREASURED SCENTS (2014) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TREASURED SCENTS (2014) LIMITED
 
 
COMPANY INFORMATION


Directors
S Bazini 
E Macleod 
N Rodol (appointed 28 February 2024)




Registered number
08967110



Registered office
Units B&C, Orbital Forty Six
The Ridgeway Trading Estate

Iver

Buckinghamshire

SL0 9HW




Independent auditor
BDO LLP

55 Baker Street

London

W1U 7EU





 
TREASURED SCENTS (2014) LIMITED
 

CONTENTS



Page
Directors' report
1 - 2
Independent auditors' report
3 - 7
Statement of comprehensive income
8
Statement of financial position
9
Statement of changes in equity
10
Notes to the financial statements
11 - 17


 
TREASURED SCENTS (2014) LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

Treasured Scents (2014) Limited did not trade during the year.

Directors

The directors who served during the year, except as noted,  were:

S Bazini 
E Macleod
N Rodol (appointed 28 February 2024)
 

Future developments

The company continues as a non-trading Group company that sits below the ultimate holding company of the Group, Warpaint London Plc (“Warpaint”).
The company has purchased and maintained directors' and officers' liability insurance for the board.

Going concern

The Company's going concern statement can be found in the Financial Statements on page 11.

Page 1

 
TREASURED SCENTS (2014) LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Auditors

The auditorsBDO LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board on 24 September 2024 and signed on its behalf.
 





E Macleod
Director

Page 2

 
TREASURED SCENTS (2014) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TREASURED SCENTS (2014) LIMITED
 

Opinion on the financial statements


In our opinion the financial statements:
 
give a true and fair view of the state of the Company’s affairs as at 31 December 2023 and of its 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.


We have audited the financial statements of Treasured Scents (2014) Limited (“the Company”) for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and 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). 

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 Auditor’s responsibilities for the audit of the financial statements section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We are independent of the Company 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.


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 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.


Page 3

 
TREASURED SCENTS (2014) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TREASURED SCENTS (2014) LIMITED (CONTINUED)

Other information


The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our auditor’s report 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.
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 course of 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.


Other Companies Act 2006 reporting
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' report has been prepared in accordance with applicable legal requirements.

 

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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; or

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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.


Page 4

 
TREASURED SCENTS (2014) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TREASURED SCENTS (2014) LIMITED (CONTINUED)

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 an Auditors' report 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.
Extent to which the audit was capable of detecting irregularities, including fraud


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Non-compliance with laws and regulations
Based on:
Our understanding of the Company and the industry in which it operates;
Discussion with management and those charged with governance 
Obtaining and understanding of the Company’s policies and procedures regarding compliance with laws and regulations; and

We gained an understanding of the legal and regulatory framework applicable to the Company and considered the risk of fraud and non-compliance with applicable laws and regulations. These included but were not limited to the Companies Act 2006, Corporate tax and VAT legislation in the jurisdictions in which the Group operates.
The Company is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount or disclosures in the financial statements, for example through the imposition of fines or litigations. 
Our procedures in respect of the above included:
Review of minutes of meeting of those charged with governance for any instances of non-compliance with laws and regulations;
Review of correspondence with tax authorities for any instances of non-compliance with laws and regulations; 
Review of financial statement disclosures and agreeing to supporting documentation; 
Involvement of tax specialists in the audit;
Review of Group and Company legal expenditure accounts to understand the nature of expenditure incurred 

Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures included:
Enquiry with management and those charged with governance regarding any known or suspected instances of fraud;
Obtaining an understanding of the Company’s policies and procedures relating to:
 o Detecting and responding to the risks of fraud; and 
 o Internal controls established to mitigate risks related to fraud. 
Review of Group minutes of meeting of those charged with governance for any known or suspected instances of fraud;
Page 5

 
TREASURED SCENTS (2014) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TREASURED SCENTS (2014) LIMITED (CONTINUED)

Discussion amongst the engagement team as to how and where fraud might occur in the financial statements;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; and
Considering remuneration incentive schemes and performance targets and the related financial statement areas impacted by these. 

Based on our risk assessment, we considered the areas most susceptible to fraud to be management’s capability to override controls to manipulate financial statements.
Our procedures in respect of the above included:
Performed journal entry testing, focussing on journal entries containing defined characteristics and on unusual transactions based on our knowledge of the Company by agreeing to supporting documentation.
We considered management’s estimates and judgements applied in the preparation of the financial statements throughout the audit, individually and in aggregate, to evaluate whether there were any indications of bias in the application of these judgements.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.  
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresentations or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.


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 Auditors' report.


Page 6

 
TREASURED SCENTS (2014) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF TREASURED SCENTS (2014) LIMITED (CONTINUED)

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 2006Our 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 an Auditors' report 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.





Hannah Pop FCA (Senior statutory auditor)
  
for and on behalf of
BDO LLP
 
Statutory Auditor
  
55 Baker Street
London
W1U 7EU

24 September 2024
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
Page 7

 
TREASURED SCENTS (2014) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Administrative expenses
  
(2,617)
(14,803)

Exceptional income
 6 
18,330
-

Operating loss
  
15,713
(14,803)

Income from fixed assets investments
  
204,227
-

Interest receivable and similar income
  
4,164
-

Interest payable and similar expenses
  
-
535

Loss before tax
  
224,104
(14,268)

Tax on profit
 5 
(4,638)
-

Profit/(loss) for the financial year
  
219,466
(14,268)

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

The notes on pages 11 to 17 form part of these financial statements.

Page 8

 
TREASURED SCENTS (2014) LIMITED
REGISTERED NUMBER:08967110

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investments
 7 
100
100

  
100
100

Current assets
  

Debtors: amounts falling due within one year
 8 
420,205
241,264

Cash at bank and in hand
 9 
27,437
20,837

  
447,642
262,101

Creditors: amounts falling due within one year
 10 
(7,249)
(41,174)

Net current assets
  
 
 
440,393
 
 
220,927

Total assets less current liabilities
  
440,493
221,027

  

Net assets
  
440,493
221,027


Capital and reserves
  

Called up share capital 
  
1,339,901
1,339,901

Merger reserve
  
(2,300,000)
(2,300,000)

Profit and loss account
  
1,400,592
1,181,126

  
440,493
221,027


The company's financial statements have been prepared in accordance with the 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: 


E Macleod
N Rodol
Director
Director


Date: 24 September 2024
Date:24 September 2024

The notes on pages 10 to 17 form part of these financial statements.

Page 9

 
TREASURED SCENTS (2014) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Merger reserve
Profit and loss account
Total equity

£
£
£
£


At 1 January 2022
1,339,901
(2,300,000)
1,195,394
235,295


Comprehensive loss for the year

Loss for the year
-
-
(14,268)
(14,268)
Total comprehensive loss for the year
-
-
(14,268)
(14,268)



At 1 January 2023
1,339,901
(2,300,000)
1,181,126
221,027


Comprehensive income for the year

Profit for the year
-
-
219,466
219,466
Total comprehensive income for the year
-
-
219,466
219,466


At 31 December 2023
1,339,901
(2,300,000)
1,400,592
440,493


The notes on pages 11 to 17 form part of these financial statements.

Page 10

 
TREASURED SCENTS (2014) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Treasured Scents (2014) Limited is a private company, limited by shares, registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page. 
The principal activities for the company are set out in the Directors' Report.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A; and
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Warpaint London PLC as at 31 December 2023 and these financial statements may be obtained from Companies House.

The following principal accounting policies have been applied: 

 
2.3

Exemption from preparing consolidated financial statements

The company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 11

 
TREASURED SCENTS (2014) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.4

Going concern

The Company has made a profit of £15,239 (2022 loss: £14,268), net current assets of £443,205 (2022: £220,927) and cash of £27,437 (2022: £20,837). The Company is not a trading entity in itself and does not have any external commitment or obligations to be met. The Directors of the Company believe that there are minimal administrative expenses since the company is non-trading and the net assets are sufficient to cover the minimal costs expected to be incurred in the next 12 months from the approval of financial statements. Never the less, the Directors have obtained a support letter from Warpaint London plc, confirming that support will be provided to the company to enable it to continue as a going concern for the foreseeable future and a period of at least 12 months from the date of the approval of the financial statements  Based on the above, the Directors of the Company have concluded that it is reasonable to adopt a going concern basis in preparing the financial statements.
The directors of the Group have provided a letter of support to the Company confirming their intention to maintain financial support to enable the Company to continue as a going concern for the foreseeable future and a period of at least 12 months from the date of approval of these financial statements and to enable the continuance of normal trade and settlement of Company liabilities as they fall due. The Directors assessment is that the Group has adequate resources to support the Company to continue in operational existence for at least twelve months from the date of signing of these accounts. The Directors have therefore focussed their assessment on the Group position: The Group made a profit after tax of £13.9 million in the year to 31 December 2023 (2022: £6.2 million), net assets of £46.8 million as at 31 December 2023 (2022: 37.7 million) and had net current assets of £36.7 million at 31 December 2023 (2022: £27.7 million). As at 30 June 2024, the Group had cash of £5.5 million (30 June 2023: 7.1 million), no debt and had unutilised bank facility of £nil million (30 June 2023: £nil million).
Further, the Group occasionally makes use of a £6.0 million bank facility of Retra Holdings Limited ("Retra") for confidential invoice discounting, and a £3.5 million bank facility for stock finance, which is used if needed during the peak gift buying season. These facilities are ongoing without a fixed term and available for the Group. In addition, the Group has a £5.0 million (2022: £3.0 million) general purpose bank facility which was agreed in March 2024. This facility will renew annually and was put in place to support the continued growth of the business. As at the year end, the bank facilities were unutilised and the Directors expect that in 2024 the facilities will only be used to modest levels well within the facility limits, to support the day to day working capital of the business. 
The Directors have prepared forecasts for the Group, covering the period to December 2025, built from the detailed Board-approved budget for 2024. The forecasts include a number of assumptions in relation to varying levels of sales revenue. Whilst the Group's trading and cash flow forecasts have been prepared using current trading assumptions, the operating environment presents a number of challenges which could negatively impact the actual performance achieved. These challenges include, but are not limited to, achieving forecast levels of sales and order intake, the impact on customer confidence as a result of general economic conditions, achieving forecast margin improvements, supply side price inflation, increases in freight costs, and the director's ability to implement cost saving initiatives in areas of discretionary spend where required. 
The Group's cash flow forecasts and projections, taking account of reasonable and possible changes in trading performance, offset by mitigating actions within the control of management including reductions in areas of discretionary spend, show that the Group, and by extension the Company, will be able to operate comfortably through to the end of December 2025, within the level of the existing bank facilities. 
In preparing this analysis, a number of scenarios were modelled. The scenarios modelled were all based on varying levels of sales revenue, including one that assumes no growth for 2024 and 2025
Page 12

 
TREASURED SCENTS (2014) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.4
Going concern (continued)

as a reasonable downside scenario, and more extreme falls in revenue of up to 30% in both years as a worst-case scenario. In each scenario, mitigating actions within the control of management have been modelled. Under each of the scenarios modelled, the Group has sufficient cash to meet its liabilities as they fall due and consequently, the directors believe that the Group has sufficient financial strength to withstand the possible disruption to its activities. 
Based on the Company specific prospects and Group forecasts explained above, the Directors of the Company believe that it remains appropriate to prepare the financial statements on a going concern basis.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates income.

 
2.7

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the company but are presented separately due to their size or incidence.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 13

 
TREASURED SCENTS (2014) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Auditors' remuneration

2023
2022
£
£



Fees payabale to the Company's auditor for the audit
 of the Company's annual financial statements
2,615
14,800

2,615
14,800

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the group accounts of the parent Company.


4.


Employees




The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Directors
3
2

The company directors are remunerated through other group companies, there are no other employees
of the company.


5.


Taxation


2023
2022
£
£


Current tax on profits for the year
4,638
-

4,638
-

Total current tax
4,638
-
Page 14

 
TREASURED SCENTS (2014) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
5.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit/(loss) on ordinary activities before tax
224,104
(14,268)


Profit/(loss) on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
4,671
(2,711)

Effects of:


Group relief
-
2,711

Marginal relief
(33)
-

Total tax charge for the year
4,638
-


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


6.


Exceptional income

2023
2022
£
£


Exceptional income
18,330
-

18,330
-

Exceptional income relates to a refund of legal fees in the year relating to an old debt now collected successfully.

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TREASURED SCENTS (2014) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 January 2023
100



At 31 December 2023
100






Net book value



At 31 December 2023
100



At 31 December 2022
100


8.


Debtors

2023
2022
£
£


Amounts owed by group undertakings
419,404
229,536

Other debtors
801
11,728

420,205
241,264



9.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
27,437
20,837

27,437
20,837


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TREASURED SCENTS (2014) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Creditors: amounts falling due within one year

2023
2022
£
£

Amounts owed to group undertakings
-
26,374

Corporation tax
4,639
-

Accruals and deferred income
2,610
14,800

7,249
41,174



11.


Controlling party

The immediate and ultimate parent undertaking is Warpaint London PLC, a company registered in England and Wales. The largest and smallest group in which the results of the company are consolidated is that headed by Warpaint London PLC, whose registered office is at Units B&C Orbital Forty Six, The Ridgeway Trading Estate, Iver, Buckinghamshire, SL0 9HW. Copies of Warpaint London PLC consolidated financial statements can be obtained from the company website, www.warpaintlondonplc.com. 
In the opinion of the Directors there is no ultimate controlling party.

 
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