Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-3122023-04-01false1sale of make up and make up brushestruetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 07280196 2023-04-01 2024-03-31 07280196 2022-04-01 2023-03-31 07280196 2024-03-31 07280196 2023-03-31 07280196 c:Director1 2023-04-01 2024-03-31 07280196 d:OfficeEquipment 2023-04-01 2024-03-31 07280196 d:OfficeEquipment 2024-03-31 07280196 d:OfficeEquipment 2023-03-31 07280196 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 07280196 d:PatentsTrademarksLicencesConcessionsSimilar 2024-03-31 07280196 d:PatentsTrademarksLicencesConcessionsSimilar 2023-03-31 07280196 d:ComputerSoftware 2024-03-31 07280196 d:ComputerSoftware 2023-03-31 07280196 d:CurrentFinancialInstruments 2024-03-31 07280196 d:CurrentFinancialInstruments 2023-03-31 07280196 d:Non-currentFinancialInstruments 2024-03-31 07280196 d:Non-currentFinancialInstruments 2023-03-31 07280196 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 07280196 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 07280196 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 07280196 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 07280196 d:ShareCapital 2024-03-31 07280196 d:ShareCapital 2023-03-31 07280196 d:RetainedEarningsAccumulatedLosses 2024-03-31 07280196 d:RetainedEarningsAccumulatedLosses 2023-03-31 07280196 c:OrdinaryShareClass1 2023-04-01 2024-03-31 07280196 c:OrdinaryShareClass1 2024-03-31 07280196 c:FRS102 2023-04-01 2024-03-31 07280196 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 07280196 c:FullAccounts 2023-04-01 2024-03-31 07280196 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 07280196 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-04-01 2024-03-31 07280196 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2024-03-31 07280196 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-03-31 07280196 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2023-04-01 2024-03-31 07280196 d:ComputerSoftware d:OwnedIntangibleAssets 2023-04-01 2024-03-31 07280196 e:PoundSterling 2023-04-01 2024-03-31 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 07280196









LOUISE YOUNG COSMETICS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2024

 
LOUISE YOUNG COSMETICS LTD
 

CONTENTS



Page
Accountants' Report
 
1
Balance Sheet
 
2 - 3
Notes to the Financial Statements
 
4 - 9

 
LOUISE YOUNG COSMETICS LTD
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF LOUISE YOUNG COSMETICS LTD
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Louise Young Cosmetics Ltd for the year ended 31 March 2024 which comprise  the Balance Sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Louise Young Cosmetics Ltd, as a body, in accordance with the terms of our engagement letter dated 09 November 2022Our work has been undertaken solely to prepare for your approval the financial statements of Louise Young Cosmetics Ltd and state those matters that we have agreed to state to the Board of Directors of Louise Young Cosmetics Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Louise Young Cosmetics Ltd and its Board of Directors, as a body, for our work or for this report. 

It is your duty to ensure that Louise Young Cosmetics Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Louise Young Cosmetics Ltd. You consider that Louise Young Cosmetics Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Louise Young Cosmetics Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MA Partners LLP
 
Chartered Accountants
  
7 The Close
Norwich
Norfolk
NR1 4DJ
24 October 2024
Page 1

 
LOUISE YOUNG COSMETICS LTD
REGISTERED NUMBER: 07280196

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
541
631

Tangible assets
 5 
550
687

  
1,091
1,318

Current assets
  

Stocks
  
8,674
6,201

Debtors: amounts falling due within one year
 6 
691
586

Cash at bank and in hand
  
612
8,636

  
9,977
15,423

Creditors: amounts falling due within one year
 7 
(7,655)
(12,621)

Net current assets
  
 
 
2,322
 
 
2,802

Total assets less current liabilities
  
3,413
4,120

Creditors: amounts falling due after more than one year
 8 
(2,217)
(3,942)

Provisions for liabilities
  

Deferred tax
  
(105)
(130)

  
 
 
(105)
 
 
(130)

Net assets
  
1,091
48


Capital and reserves
  

Called up share capital 
 9 
5
5

Profit and loss account
  
1,086
43

  
1,091
48

Page 2

 
LOUISE YOUNG COSMETICS LTD
REGISTERED NUMBER: 07280196
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 on 24 October 2024.




................................................
Miss L Young
Director

The notes on pages 4 to 9 form part of these financial statements.
Page 3

 
LOUISE YOUNG COSMETICS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

The Company is a private company incorporated in the United Kingdom and limited by shares. It is
registered in England and Wales. The address of its registered office is 7 The Close, Norwich, Norfolk,
NR1 4DJ. The principal place of business is Norwich.
The company's principal activity is that of the sales of make-up and make-up brushes.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Turnover comprises revenue recognised by the company in respect of the sale of make-up and make-up brushes. Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. 

 
2.3

Current and deferred taxation

The tax expenses for the year comprises current and deferred tax.
Deferred tax balances are recognised in respect of timing differences that have originated but not reversed by the balance sheet date. 
Current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date. 

 
2.4

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.

 
2.5

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.

Page 4

 
LOUISE YOUNG COSMETICS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Office equipment
-
20% reducing balance

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.

 
2.6

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. 
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 1).

Page 5

 
LOUISE YOUNG COSMETICS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Intangible assets




Trademark
Website development
Total

£
£
£



Cost


At 1 April 2023
902
3,872
4,774



At 31 March 2024

902
3,872
4,774



Amortisation


At 1 April 2023
271
3,872
4,143


Charge for the year on owned assets
90
-
90



At 31 March 2024

361
3,872
4,233



Net book value



At 31 March 2024
541
-
541



At 31 March 2023
631
-
631



Page 6

 
LOUISE YOUNG COSMETICS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 April 2023
7,268



At 31 March 2024

7,268



Depreciation


At 1 April 2023
6,581


Charge for the year on owned assets
137



At 31 March 2024

6,718



Net book value



At 31 March 2024
550



At 31 March 2023
687

Page 7

 
LOUISE YOUNG COSMETICS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Debtors

2024
2023
£
£


Trade debtors
170
-

Other debtors
28
156

Prepayments and accrued income
493
430

691
586



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
1,727
1,683

Trade creditors
845
1,352

Other taxation and social security
397
6,422

Other creditors
2,603
1,291

Accruals and deferred income
2,083
1,873

7,655
12,621



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
2,217
3,942

2,217
3,942


Page 8

 
LOUISE YOUNG COSMETICS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5 Ordinary shares of £1.00 each
5
5



10.


Transactions with directors

The balance on a director's loan account as at 31 March 2024 was £2,603 (2023: £1,291) owing to
a director and is included in other creditors note 7 above. The loan is interest free and repayable on
demand.

 
Page 9