Company Registration No. 06270260 (England and Wales)
BEAUTY SEEN LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
BEAUTY SEEN LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
BEAUTY SEEN LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
147,522
74,783
Tangible assets
4
174,460
88,498
321,982
163,281
Current assets
Work in progress
7,164
45,791
Debtors
6
1,145,112
1,955,697
Cash at bank and in hand
1,048,442
1,417,829
2,200,718
3,419,317
Creditors: amounts falling due within one year
7
(1,157,181)
(2,073,934)
Net current assets
1,043,537
1,345,383
Total assets less current liabilities
1,365,519
1,508,664
Creditors: amounts falling due after more than one year
8
(183,333)
(283,333)
Net assets
1,182,186
1,225,331
Capital and reserves
Called up share capital
9
1,228
1,228
Capital redemption reserve
372
372
Profit and loss reserves
1,180,586
1,223,731
Total equity
1,182,186
1,225,331

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

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

The financial statements were approved by the board of directors and authorised for issue on 24 October 2024 and are signed on its behalf by:
J D Burgon
Director
Company Registration No. 06270260
BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Beauty Seen Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20 Little Portland Street, London, W1W 8BS.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company an individual entity and not about its group.

 

Beauty Seen Limited was a wholly owned subsidiary of Casbah Group Limited until 31 May 2023, and from 1 June 2023 a wholly owned subsidiary of Seen Group Limited and the results of Beauty Seen Limited are included in the consolidated financial statements of Casbah Group Limited, and Seen Group Limited which are available from the UK Registrar of Companies.

 

1.2
Going concern

The company has made profits in the year and this is forecasted to continue into 2025. The entity remains to have a healthy net asset and cash balance. The directors have a reasonable expectation that the company will have adequate resources to continue in operation for a period of at least twelve months from the date of approval of these financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. true

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

 

Turnover consists of fee income (retainer based) and expense income (project based).

 

Fee income is recognised on a monthly basis over the length of the contract.

 

Expense income is recognised at the start of the project or as defined by the contract. Revenue is recognised only to the extent of the expenses that are recoverable.

1.4
Intangible fixed assets other than goodwill

Intangible assets relate to third party and staff costs incurred in order to develop a creative platform used for the benefit of digital marketing. Third party costs are recognised at cost less accumulated amortisation and impairment losses. Staff costs are recognised as a portion of time considered directly attributable to the development and enhancement of the functionality of the platform. These costs are recognised at cost less accumulated losses and impairment losses.

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:

Creative platform
20% per annum on a straight line basis
BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
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:

Property improvements
25% per annum on a straight line basis
Fixtures, fittings & equipment
25% per annum on a straight line basis

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.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

 

1.7
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 (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

1.8
Work in progress

Work in progress represent payments made in advance and are recognised where such advances relate to projects that are scheduled for the near future and where the directors estimate sufficient future income will be earned in order to recoup the advances made. Where it is estimated that insufficient future income will be earned, an impairment loss is recorded.

At each reporting date, an assessment is made for impairment. Impairment losses are recognised through the profit and loss account.

1.9
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.

BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
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 and amounts due to fellow group companies, 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 receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.10
Equity instruments

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

1.11
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
1.12
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.13
Retirement benefits

The company operates a defined contributions pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

1.14
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
Operations
43
39
3
Intangible fixed assets
Creative platform
£
Cost
At 1 January 2023
93,479
Additions
114,294
At 31 December 2023
207,773
Amortisation and impairment
At 1 January 2023
18,696
Amortisation charged for the year
41,555
At 31 December 2023
60,251
Carrying amount
At 31 December 2023
147,522
At 31 December 2022
74,783
BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
4
Tangible fixed assets
Property improvements
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2023
39,816
291,517
331,333
Additions
20,035
138,110
158,145
At 31 December 2023
59,851
429,627
489,478
Depreciation and impairment
At 1 January 2023
17,553
225,282
242,835
Depreciation charged in the year
16,760
55,423
72,183
At 31 December 2023
34,313
280,705
315,018
Carrying amount
At 31 December 2023
25,538
148,922
174,460
At 31 December 2022
22,263
66,235
88,498
5
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Control
office
shares held
Direct
Indirect
Beauty Seen Inc
Suite 420, 55 Washington Street, Brooklyn, New York, 11201, USA
Marketing and promotion consultancy services
N/A
100.00
0
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
866,268
1,616,993
Amounts owed by group undertakings
80,950
216,973
Prepayments and accrued income
197,894
121,731
1,145,112
1,955,697
BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
100,000
100,000
Trade creditors
160,477
364,327
Amounts owed to group undertakings
-
0
218,683
Corporation tax
8,505
58,809
Other taxation and social security
171,583
147,379
Other creditors
183,275
4,508
Accruals and deferred income
533,341
1,180,228
1,157,181
2,073,934

 

8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
183,333
283,333

There is a fixed and floating debenture in place, in favour of the bank, over all assets of the company. The loan has been guaranteed by fellow group undertakings, as detailed in Note 12.

9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
122,720
122,720
1,228
1,228

 

10
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.

The senior statutory auditor was Katherine Montgomery.
The auditor was HW Fisher LLP.
BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
11
Financial commitments, guarantees and contingent liabilities

The company has entered into a cross guarantee and debenture of a company under common control. As at 31 December 2023, the maximum potential liability under this arrangement was £985,000 (2022: £985,000).

 

The company has entered into a cross guarantee and debenture of a fellow group company. As at 31 December 2023, the maximum potential liability under this arrangement was £477,000 (2022: £nil).

 

On 24 September 2024, the company was released from a number of agreements with both fellow group companies and a company under common control. As a result of this, at the time that the financial statements were authorised, the company was no longer liable for any obligations relating to guarantees of £985,000 relating to companies under common control.

 

At the time the financial statements were authorised, the maximum potential liability was £477,000.

12
Parent company

From 1 January 2023 the ultimate controlling party was Casbah Group Limited by virtue of a majority shareholding. On 31 May 2023, following a share purchase agreement, the ultimate controlling party of the company became Seen Group Limited, a company incorporated in the United Kingdom, with registered office at: 20 Little Portland Street, London, W1W 8BS.

 

The results for the period to 31 May 2023 are included in the consolidated accounts of Casbah Group Limited. The results for the period from 1 June 2023 to 31 December 2023 are included in the consolidated accounts of Seen Group Limited. These are available from the UK Registrar of Companies.

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