2023-08-012024-07-312024-07-31false10290918PML BEAUTY 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PML BEAUTY LTD

Registered Number
10290918
(England and Wales)

Unaudited Financial Statements for the Year ended
31 July 2024

PML BEAUTY LTD
Company Information
for the year from 1 August 2023 to 31 July 2024

Directors

JLIL, Sarah Rebbecca
MACK, Teresa

Registered Address

2-3 Market Place Walk
Market Rasen
LN8 3GZ

Registered Number

10290918 (England and Wales)
PML BEAUTY LTD
Balance Sheet as at
31 July 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets45,4187,719
5,4187,719
Current assets
Stocks5,0005,000
Debtors814516
Cash at bank and on hand15,59423,032
21,40828,548
Creditors amounts falling due within one year(24,309)(26,560)
Net current assets (liabilities)(2,901)1,988
Total assets less current liabilities2,5179,707
Creditors amounts falling due after one year(5,724)(13,726)
Net assets(3,207)(4,019)
Capital and reserves
Called up share capital44
Profit and loss account(3,211)(4,023)
Shareholders' funds(3,207)(4,019)
The financial statements were approved and authorised for issue by the Board of Directors on 21 October 2024, and are signed on its behalf by:
MACK, Teresa
Director
Registered Company No. 10290918
PML BEAUTY LTD
Notes to the Financial Statements
for the year ended 31 July 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Basis of preparation
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Financial Instruments Only basic financial instruments as defined in FRS 102 are held. Financial assets and financial liabilities are recognised in the accounts only when the entity becomes party to the contractual provisions of the instrument and their measurement basis is as follows: Financial assets – trade and other debtors are basic financial instruments and are debt instruments measured at amortised cost. Prepayments are not financial instruments. Cash at bank is classified as a basic financial instrument and is measured at transaction price. Financial liabilities – trade creditors, accruals and other creditors are basic financial instruments, and are measured at amortised cost. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of future payments, discounted at a market rate of interest.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes.
Operating leases
Where, substantially, all the risks and rewards of ownership of the asset do not transfer from the lessor to the company, the lease is treated as an operating lease. Rentals payable under operating leases are charged to the profit and loss account on a straight-line basis over the period of the lease.
Employee benefits
When employees have rendered service to the company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The company operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: Fixtures and fittings - 20% on reducing balance Computer equipment - 33% on cost
Stocks and work in progress
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year75
3.Intangible assets

Total

£
Cost or valuation
At 01 August 2320,000
At 31 July 2420,000
Amortisation and impairment
At 01 August 2320,000
At 31 July 2420,000
Net book value
At 31 July 24-
At 31 July 23-
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 August 2323,635
At 31 July 2423,635
Depreciation and impairment
At 01 August 2315,917
Charge for year2,300
At 31 July 2418,217
Net book value
At 31 July 245,418
At 31 July 237,719
5.Operating lease commitments
At 31st July 2024, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £8,141 (2023 – £17,910).