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Registered number: 11966406









MY FABULOSA LTD









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

 
MY FABULOSA LTD
 
 
COMPANY INFORMATION


Directors
Michael Sharpe 
James Sharpe 
Adam Burnett 
Ricky Lee 
Mike Pritchard 
Thomas Mitten (appointed 1 December 2023)




Registered number
11966406



Registered office
Airfield House
Unit 8

Airfield Road

Wardle

Cheshire

CW5 6LQ




Independent auditors
WR Partners
Chartered Accountants & Statutory Auditors

Drake House

Gadbrook Park

Rudheath

Northwich

Cheshire

CW9 7RA





 
MY FABULOSA LTD
 

CONTENTS



Page
Group strategic report
1
Directors' report
2 - 3
Independent auditors' report
4 - 7
Consolidated statement of comprehensive income
8
Consolidated balance sheet
9
Company balance sheet
10 - 11
Consolidated statement of changes in equity
12
Company statement of changes in equity
13
Consolidated statement of cash flows
14 - 15
Consolidated analysis of net debt
16
Notes to the financial statements
17 - 33


 
MY FABULOSA LTD
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

Introduction
 
The directors present their strategic report for the year ended 31 August 2024.

Business review
 
The key financial and other performance indicators during the year were as follows:
ole4f37.pngThe business has further solidified its position within the market during the last 12 months. The DTR agreement with B&M continues to add value to the brand and in addition, the business has achieved a significant increase in overseas sales.
During the year the Group has continued to invest in new machinery and is continually looking to improve its manufacturing processes. Gross profit percentage for the year was 36% (2023: after exceptional costs 33%), driven by an increase in labour costs due to delays in new plant and machinery installation.
The balance sheet position remains robust with net assets of £11.4m (2023: £9.7m). This gives the Group security, stability and confidence in its ability to meet financial liabilities as they fall due. The Group continues to focus on working practices and reviews processes as a matter of course.

Principal risks and uncertainties
 
The Group's directors take an active approach to risk management and have identified a number of risks which are managed and monitored on an ongoing basis. These are reviewed formally at the monthly board meetings.

Key performance indicators
 
In order to monitor the performance of the Group against its objectives the directors consider the following KPI's:
- Profitability
- Turnover
- Sales pipeline
- Cash balances
These KPIs are reported on a monthly basis and form part of the monthly management accounts pack.


This report was approved by the board on 15 November 2024 and signed on its behalf.



Michael Sharpe
Director

Page 1

 
MY FABULOSA LTD
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 AUGUST 2024

The directors present their report and the financial statements for the year ended 31 August 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated 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 the Group and of the profit or loss of the Group for that period.

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


select suitable accounting policies for the Group'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 Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the business continued to be that of the manufacture and sale of fragranced household products.

Results and dividends

The profit for the year, after taxation, amounted to £3,605,307 (2023 - £1,975,405).

The total distribution of dividends for the year ended 31 August 2024 was £1,833,449 (2023 - £2,973,177).

Directors

The directors who served during the year were:

Michael Sharpe 
James Sharpe 
Adam Burnett 
Ricky Lee 
Mike Pritchard 
Thomas Mitten (appointed 1 December 2023)

Page 2

 
MY FABULOSA LTD
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024

Future developments

The key areas of focus for 2025 are to further drive sales, particularly overseas, whilst continuing to increase brand awareness and enhance efficiencies in our manufacturing processes.

Financial instruments

The business' principal financial instruments comprise bank balances, bank loans, other loans, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.
In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of bank loans and factoring agreement.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.
Trade creditors' liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.
The company is lessee in respect of operating leased assets. The liquidity risk in respect of these assets is managed by ensuring there are sufficient funds to meet the payments.

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 and the Group'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 and the Group's auditors are aware of that information.

Auditors

The auditors, WR Partners, were appointed in the year. WR Partners have expressed their willingness to continue in office.

This report was approved by the board on 15 November 2024 and signed on its behalf.
 





Michael Sharpe
Director

Page 3

 
MY FABULOSA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MY FABULOSA LTD
 

Qualified opinion


We have audited the financial statements of My Fabulosa Ltd (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 August 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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).


In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:


give a true and fair view of the state of the Group's and of the parent Company's affairs as at 31 August 2024 and of the Group's 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.


Basis for qualified opinion


The previous auditors of the company were not appointed until after 31 August 2023 and thus did not observe the counting of the raw materials on 31 August 2023. They were unable to satisfy theirselves by alternative means concerning the stock quantities held at 31 August 2023, which are included in the balance sheet at £9,072,862, by other audit procedures. Consequently we were unable to determine whether any adjustment to this amount was necessary as part of our opening balance work. 
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.


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 Group's or the parent 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 4

 
MY FABULOSA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MY FABULOSA LTD (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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


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


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or 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 by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company 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.


Page 5

 
MY FABULOSA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MY FABULOSA LTD (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 2, 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 Group's and the parent 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 Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


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 Group financial statements.


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:

The audit team obtained an understanding of the legal and regulatory frameworks that are applicable to the Company and determined that the most significant are those that relate to the reporting framework (FRS 102 and the Companies Act 2006), the relevant tax compliance regulations, employment law, health and safety regulations, UK General Data Protection Regulation and Food Standards Act. We understood how the Company is complying with these frameworks by making enquiries of management and those responsible for legal and compliance procedures. We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur by meeting with key management to gain their understanding. Based on our understanding, our procedures involved enquiries of management, manual journal testing, cash book reviews for large and unusual transactions and challenging management on key accounting estimates and judgements.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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

 
MY FABULOSA LTD
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MY FABULOSA LTD (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.





Chris Speakman (Senior statutory auditor)
  
for and on behalf of
WR Partners
 
Chartered Accountants
Statutory Auditors
  
Drake House
Gadbrook Park
Rudheath
Northwich
Cheshire
CW9 7RA

15 November 2024
Page 7

 
MY FABULOSA LTD
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
Note
£
£

  

Turnover
 5 
34,568,556
35,237,036

Cost of sales
  
(22,086,632)
(23,495,201)

Exceptional cost of sales
 9 
-
(1,316,739)

Gross profit
  
12,481,924
10,425,096

Administrative expenses
  
(6,605,603)
(7,269,395)

Exceptional administrative expenses
 9 
-
(220,490)

Operating profit
 8 
5,876,321
2,935,211

Interest payable and similar expenses
 10 
(1,117,460)
(505,585)

Profit before tax
  
4,758,861
2,429,626

Tax on profit
 11 
(1,153,554)
(454,221)

Profit for the financial year
  
3,605,307
1,975,405

Other comprehensive income for the year
  

Total comprehensive income for the year
  
3,605,307
1,975,405

Profit for the year attributable to:
  

Owners of the parent company
  
3,605,307
1,975,405

  
3,605,307
1,975,405

Total comprehensive income attributable to:
  

The notes on pages 17 to 33 form part of these financial statements.

Page 8

 
MY FABULOSA LTD
REGISTERED NUMBER: 11966406

CONSOLIDATED BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
233,024
255,905

Tangible assets
 13 
13,163,175
12,332,227

  
13,396,199
12,588,132

Current assets
  

Stocks
 15 
16,133,272
10,182,008

Debtors: amounts falling due within one year
 16 
8,454,244
6,382,455

Cash at bank and in hand
 17 
2,251,878
560,233

  
26,839,394
17,124,696

Creditors: amounts falling due within one year
 18 
(22,667,681)
(16,111,775)

Net current assets
  
 
 
4,171,713
 
 
1,012,921

Total assets less current liabilities
  
17,567,912
13,601,053

Creditors: amounts falling due after more than one year
 19 
(3,488,596)
(1,578,278)

Provisions for liabilities
  

Deferred tax
 21 
(2,636,563)
(2,351,880)

  
 
 
(2,636,563)
 
 
(2,351,880)

Net assets
  
11,442,753
9,670,895


Capital and reserves
  

Called up share capital 
 22 
100
100

Profit and loss account
 23 
11,442,653
9,670,795

  
11,442,753
9,670,895


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 November 2024.




Michael Sharpe
Director

The notes on pages 17 to 33 form part of these financial statements.

Page 9

 
MY FABULOSA LTD
REGISTERED NUMBER: 11966406

COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 12 
233,024
255,905

Tangible assets
 13 
13,163,175
12,332,227

Investments
 14 
84
84

  
13,396,283
12,588,216

Current assets
  

Stocks
 15 
3,466,223
10,182,008

Debtors: amounts falling due within one year
 16 
21,121,293
6,382,455

Cash at bank and in hand
 17 
2,251,878
560,233

  
26,839,394
17,124,696

Creditors: amounts falling due within one year
 18 
(22,667,765)
(16,111,859)

Net current assets
  
 
 
4,171,629
 
 
1,012,837

Total assets less current liabilities
  
17,567,912
13,601,053

  

Creditors: amounts falling due after more than one year
 19 
(3,488,596)
(1,578,278)

Provisions for liabilities
  

Deferred taxation
 21 
(2,636,563)
(2,351,880)

  
 
 
(2,636,563)
 
 
(2,351,880)

Net assets excluding pension asset
  
11,442,753
9,670,895

Net assets
  
11,442,753
9,670,895


Capital and reserves
  

Called up share capital 
 22 
100
100

Profit and loss account brought forward
  
9,670,795
10,668,567

Profit for the year
  
3,605,307
1,975,405

Other changes in the profit and loss account

  

(1,833,449)
(2,973,177)

Profit and loss account carried forward
  
11,442,653
9,670,795

  
11,442,753
9,670,895


Page 10

 
MY FABULOSA LTD
REGISTERED NUMBER: 11966406
    
COMPANY BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 15 November 2024.


Michael Sharpe
Director

The notes on pages 17 to 33 form part of these financial statements.

Page 11

 
MY FABULOSA LTD
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent Company
Total equity

£
£
£
£


At 1 September 2022
100
10,668,567
10,668,667
10,668,667


Comprehensive income for the year

Profit for the year

-
1,975,405
1,975,405
1,975,405


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
1,975,405
1,975,405
1,975,405


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,973,177)
(2,973,177)
(2,973,177)


Total transactions with owners
-
(2,973,177)
(2,973,177)
(2,973,177)



At 1 September 2023
100
9,670,795
9,670,895
9,670,895


Comprehensive income for the year

Profit for the year

-
3,605,307
3,605,307
3,605,307


Other comprehensive income for the year
-
-
-
-


Total comprehensive income for the year
-
3,605,307
3,605,307
3,605,307


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,833,449)
(1,833,449)
(1,833,449)


Total transactions with owners
-
(1,833,449)
(1,833,449)
(1,833,449)


At 31 August 2024
100
11,442,653
11,442,753
11,442,753


The notes on pages 17 to 33 form part of these financial statements.

Page 12

 
MY FABULOSA LTD
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 September 2022
100
10,668,567
10,668,667


Comprehensive income for the year

Profit for the year

-
1,975,405
1,975,405


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
1,975,405
1,975,405


Contributions by and distributions to owners

Dividends: Equity capital
-
(2,973,177)
(2,973,177)


Total transactions with owners
-
(2,973,177)
(2,973,177)



At 1 September 2023
100
9,670,795
9,670,895


Comprehensive income for the year

Profit for the year

-
3,605,307
3,605,307


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
3,605,307
3,605,307


Contributions by and distributions to owners

Dividends: Equity capital
-
(1,833,449)
(1,833,449)


Total transactions with owners
-
(1,833,449)
(1,833,449)


At 31 August 2024
100
11,442,653
11,442,753


The notes on pages 17 to 33 form part of these financial statements.

Page 13

 
MY FABULOSA LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
3,605,307
1,975,405

Adjustments for:

Amortisation of intangible assets
23,802
-

Depreciation of tangible assets
1,147,666
956,509

Loss on disposal of tangible assets
(131,258)
(6,902)

Interest paid
1,117,460
505,585

Taxation charge
1,153,554
454,221

(Increase) in stocks
(5,951,264)
(1,531,224)

(Increase) in debtors
(2,071,789)
(1,282,607)

Increase in creditors
3,882,448
2,068,288

(Decrease)/increase in amounts owed to participating ints
(56,976)
832,336

Net cash generated from operating activities

2,718,950
3,971,611


Cash flows from investing activities

Purchase of intangible fixed assets
(921)
(1,500)

Purchase of tangible fixed assets
(2,325,925)
(1,482,641)

Sale of tangible fixed assets
478,569
89,048

Purchase of fixed asset investments
-
(84)

HP interest paid
(684,190)
(208,132)

Net cash from investing activities

(2,532,467)
(1,603,309)

Cash flows from financing activities

New secured loans
2,441,124
-

Other new loans
-
276,275

Repayment of other loans
(171,944)
(375,000)

Repayment of/new finance leases
257,042
(1,472,810)

Loans due from/(repaid to) directors
-
890,598

Movements on invoice discounting
1,245,659
-

Dividends paid
(1,833,449)
(2,973,177)

Interest paid
(433,270)
(297,453)

Net cash used in financing activities
1,505,162
(3,951,567)

Net increase/(decrease) in cash and cash equivalents
1,691,645
(1,583,265)

Cash and cash equivalents at beginning of year
560,233
2,143,498

Cash and cash equivalents at the end of year
2,251,878
560,233

Page 14

 
MY FABULOSA LTD
 

CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024


2024
2023

£
£


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,251,878
560,233

2,251,878
560,233


The notes on pages 17 to 33 form part of these financial statements.

Page 15

 
MY FABULOSA LTD
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2024





At 1 September 2023
Cash flows
New finance leases
At 31 August 2024
£

£

£

£

Cash at bank and in hand

560,233

1,691,644

-

2,251,877

Debt due after 1 year

-

-

-

-

Debt due within 1 year

(370,025)

(2,269,180)

-

(2,639,205)

Finance leases

(2,284,408)

2,022,666

(2,279,708)

(2,541,450)


(2,094,200)
1,445,130
(2,279,708)
(2,928,778)

The notes on pages 17 to 33 form part of these financial statements.

Page 16

 
MY FABULOSA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

My Fabulosa Ltd 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 consolidated financial statements include the results of MPL Manufacturing Ltd, a company that has been treated as a subsidiary as a result of My Fabulosa Ltd's dominant influence and it being managed on a unified basis. This is the first year consolidated financial statement have been prepared following MPL Manufacturing commencing trade on 31 August 2024.


2.


Statement of compliance

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" and the Companies Act 2006.

3.Accounting policies

 
3.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 4).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

 
3.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
3.3

Going concern

The financial statements have been prepared on a going concern basis. The directors have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. These have been prepared on the assumption that the lenders will continue to support the company. Based on these assessments and current resources available, the directors have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.

Page 17

 
MY FABULOSA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.Accounting policies (continued)

 
3.4

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
3.5

Revenue

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Turnover is recognised when goods have been dispatched to customers such that the risks and rewards of ownership have been transferred.

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Group has transferred the significant risks and rewards of ownership to the buyer;
the Group retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
3.6

Operating leases: the Group as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 18

 
MY FABULOSA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.Accounting policies (continued)

 
3.7

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
3.8

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

Depreciation is provided on the following basis:

Improvements to property
-
15%
Plant and machinery
-
5%
Motor vehicles
-
20%
Fixtures and fittings
-
20%



 
3.9

Valuation of investments

Investments in subsidiary undertakings are recognised at cost.

Investments in unlisted Group shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Consolidated statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
3.10

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Page 19

 
MY FABULOSA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.Accounting policies (continued)

 
3.11

Current and deferred taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted. Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

 
3.12

Operating lease

The costs of operating lease rentals are charged to the profit and loss account in the period in which they relate.

 
3.13

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
3.14

Pensions

Defined contribution pension plan

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

 
3.15

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument. All financial assets and liabilities are initially measured at transaction price (including transaction costs). Financial assets and liabilities are subsequently carried at amortised costs, using the effective interest rate method. Financial assets and liabilities that are equity insurances are measured as cost less impairment.

 
3.16

Cash and cash equivalents

Bank and cash are basic financial instruments.

 
3.17

Exceptional items

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

Page 20

 
MY FABULOSA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

3.Accounting policies (continued)

 
3.18

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

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.

 
3.19

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.

 
3.20

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.

 
3.21

Dividends

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

Page 21

 
MY FABULOSA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors, the accounting estimates and judgements made in the course of preparing these financial statements are not difficult, subjective or complex to a degree which would warrant their description as critical.
Sales promotions and discounts
The company offers discounts for promotions and sale volumes based on contractual arrangements. At the end of each financial reporting period sales are assessed for expected annual volumes and a provision is provided for based on the current sales at the expected discount rate.
Dilapidations
The directors have assessed the property improvements carried out against what they expect will be required to "put right" based on discussions with the property owner and past experience.


5.


Turnover

Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
21,796,747
33,027,639

Europe
12,771,809
2,209,397

34,568,556
35,237,036


Page 22

 
MY FABULOSA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
4,120,351
4,013,848
4,120,351
4,013,848

Social security costs
382,819
382,330
382,819
382,330

Cost of defined contribution scheme
75,000
74,585
75,000
74,585

4,578,170
4,470,763
4,578,170
4,470,763


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


        2024
        2023
            No.
            No.







Production
100
101



Management and administration
42
41

142
142


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
73,275
79,952

73,275
79,952


Page 23

 
MY FABULOSA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

8.


Operating profit

The operating profit is stated after charging:

2024
2023
£
£

Auditors remuneration
14,750
25,000

Other operating lease rentals
386,219
359,069

Hire of Plant and machinery
40,902
38,714

Depreciation- owned assets
816,684
786,555

Depreciation - leased assets
330,982
146,204

(Profit)/loss on disposal on fixed assets
(131,258)
(6,902)

Development costs amortisation
23,802
23,750


9.


Exceptional items

2024
2023
£
£


Stock impairment
-
1,316,739

Bad debts
-
220,490

-
1,537,229

During the prior year third party suppliers who held stocks on behalf of the company entered into administration resulting in a doubtful stock provision of £1,316,739 pending the results of the administration process. This stock has written off in the year.
During the prior year a customer entered into administration resulting in a bad debt expense of £220,490. This debtor has been written off in the year.


10.


Interest payable and similar expenses

2024
2023
£
£


Bank interest
136
1,361

Hire purchase
684,190
208,132

Factoring interest
433,134
296,092

1,117,460
505,585

Page 24

 
MY FABULOSA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

11.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
868,871
-


868,871
-


Total current tax
868,871
-

Deferred tax


Deferred taxation
145,800
593,104

Deferred taxation on unused losses
138,883
(138,883)

Total deferred tax
284,683
454,221


Tax on profit
1,153,554
454,221

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
4,758,861
2,429,626


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
1,189,715
607,407

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
-
990

Capital allowances for year in excess of depreciation
(36,161)
(224,379)

Utilisation of tax losses
-
(382,292)

Non-taxable income
-
(1,726)

Deferred tax
-
593,104

Deferred taxation on unused losses
-
(138,883)

Total tax charge for the year
1,153,554
454,221

Page 25

 
MY FABULOSA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
11.Taxation (continued)


Factors that may affect future tax charges

The company intends to make a further Research & Development Tax Credit claim for the years ended 31 August 2023 and 31 August 2024 which is expected to benefit the tax postiion in future years.


12.


Intangible assets

Group and Company





Development expenditure

£



Cost


At 1 September 2023
316,664


Additions
921



At 31 August 2024

317,585



Amortisation


At 1 September 2023
60,759


Charge for the year on owned assets
23,802



At 31 August 2024

84,561



Net book value



At 31 August 2024
233,024



At 31 August 2023
255,905



Page 26

 
MY FABULOSA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

13.


Tangible fixed assets

Group and Company






Plant and machinery
Motor vehicles
Fixtures and fittings
Improvements to property
Total

£
£
£
£
£



Cost or valuation


At 1 September 2023
11,458,021
1,441,511
123,147
1,652,460
14,675,139


Additions
1,378,613
832,422
8,317
106,573
2,325,925


Disposals
-
(705,012)
-
-
(705,012)



At 31 August 2024

12,836,634
1,568,921
131,464
1,759,033
16,296,052



Depreciation


At 1 September 2023
1,436,186
352,636
51,218
502,872
2,342,912


Charge for the year on owned assets
589,490
280,685
25,522
251,969
1,147,666


Disposals
-
(357,701)
-
-
(357,701)



At 31 August 2024

2,025,676
275,620
76,740
754,841
3,132,877



Net book value



At 31 August 2024
10,810,958
1,293,301
54,724
1,004,192
13,163,175



At 31 August 2023
10,021,835
1,088,875
71,929
1,149,588
12,332,227

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
3,584,020
2,753,326

Motor vehicles
1,281,779
625,305

4,865,799
3,378,631

Page 27

 
MY FABULOSA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 September 2023
84



At 31 August 2024
84






Net book value



At 31 August 2024
84



At 31 August 2023
84

MPL Manufacturing Ltd, a company registered in England and Wales (company number 15067076), has been treated as a 100% subsidiary of My Fabulosa Ltd as a result of the dominant influence and it being managed on a unified basis.


Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

My Fabulosa (Ireland) Limited
38 Main Street, Swords, Dublin, K67 EOA2, Ireland
Ordinary
100%


15.


Stocks

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Raw materials and consumables
12,676,478
9,072,862
1,577,921
9,072,862

Work in progress (goods to be sold)
1,568,492
-
-
-

Finished goods and goods for resale
1,888,302
1,109,146
1,888,302
1,109,146

16,133,272
10,182,008
3,466,223
10,182,008


Page 28

 
MY FABULOSA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

16.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Trade debtors
7,657,360
5,536,095
7,657,360
5,536,095

Amounts owed by group undertakings
-
-
12,667,049
-

Other debtors
528,667
700,945
528,667
700,945

Prepayments and accrued income
268,217
145,415
268,217
145,415

8,454,244
6,382,455
21,121,293
6,382,455



17.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
2,251,878
560,233
2,251,878
560,233

2,251,878
560,233
2,251,878
560,233


Page 29

 
MY FABULOSA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
733,333
93,750
733,333
93,750

Other loans
104,331
276,275
104,331
276,275

Trade creditors
7,868,132
6,117,359
7,868,132
6,117,359

Amounts owed to group undertakings
-
-
84
84

Amounts owed to other participating interests
705,685
762,661
705,685
762,661

Corporation tax
868,871
-
868,871
-

Other taxation and social security
-
295,982
-
295,982

Obligations under finance lease and hire purchase contracts
854,396
706,130
854,396
706,130

Proceeds of factored debts
6,950,081
5,704,422
6,950,081
5,704,422

Other creditors
2,409,428
1,650,867
2,409,428
1,650,867

Accruals and deferred income
2,173,424
504,329
2,173,424
504,329

22,667,681
16,111,775
22,667,765
16,111,859


The factoring accounts are secured against the trade debtors and a fixed charge over the intellectual property of the company dated 21 December 2023 in favour of Close Brothers Limited.


19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Bank loans
1,801,541
-
1,801,541
-

Net obligations under finance leases and hire purchase contracts
1,687,055
1,578,278
1,687,055
1,578,278

3,488,596
1,578,278
3,488,596
1,578,278


The bank loans are secured against a fixed and floating charge over the assets of the company dated 21 December 2023 in favour of Close Brothers Limited.
Mike Sharpe and James Sharpe have provided personal guarantees totalling £500,000 to Close Brothers Limited.
The hire purchase agreements are secured against the assets they relate to.

Page 30

 
MY FABULOSA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

20.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
854,396
706,130

Between 1-5 years
1,687,055
1,578,278

2,541,451
2,284,408


21.


Deferred taxation


Group



2024


£






At beginning of year
(2,351,880)


Charged to profit or loss
(284,683)



At end of year
(2,636,563)

Company


2024


£






At beginning of year
(2,351,880)


Charged to profit or loss
(284,683)



At end of year
(2,636,563)

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Accelerated capital allowances
(2,636,563)
(2,490,763)
(2,636,563)
(2,490,763)

Tax losses carried forward
-
138,883
-
138,883

(2,636,563)
(2,351,880)
(2,636,563)
(2,351,880)

Page 31

 
MY FABULOSA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
 
21.Deferred taxation (continued)


It is expected that £172,268 of the accelerated capital allowances will reverse in the year ended 31 August 2025.


22.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



7,995 (2023 - 7,995) A ordinary shares of £0.01 each
79.95
79.95
2,000 (2023 - 2,000) B ordinary shares of £0.01 each
20.00
20.00
1 (2023 - 1) C ordinary share of £0.01
0.01
0.01
1 (2023 - 1) D ordinary share of £0.01
0.01
0.01
1 (2023 - 1) E ordinary share of £0.01
0.01
0.01
1 (2023 - 1) F ordinary share of £0.01
0.01
0.01
1 (2023 - 1) G ordinary share of £0.01
0.01
0.01

100.00

100.00

Each share is entitled to one vote in any circumstances. Each share is entitled pari passu to dividend payments or any other distributions within its class.



23.


Reserves

Profit and loss account

Profit and loss account represents accumulated profits and losses less dividends paid.


24.


Pension commitments

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At 31 August 2024 the company owed £5,082 (2023: £2,766) to the pension scheme.

Page 32

 
MY FABULOSA LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

25.


Commitments under operating leases

At 31 August 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Not later than 1 year
546,458
353,958
546,458
353,958

Later than 1 year and not later than 5 years
1,051,031
737,413
1,051,031
737,413

1,597,489
1,091,371
1,597,489
1,091,371


26.


Transactions with directors

At year end, the amount owed to directors was £1,919,571 (2023 - £1,135,032).
During the year ended 31 August 2024, dividends totalling £1,833,450 (2023 - £2,530,044) were paid to directors.
Two directors have personally guaranteed amounts of £nil (2023 - £78,230) included within other loans.


27.


Related party transactions

The related party transactions are as follows:


2024
2023
£
£

Entities with control, joint control or significant influence
Amounts due to related parties
705,685
762,744
Other related parties
Purchases
2,374,639
1,974,278
Amounts due to related parties
78,043
4,410
Amounts due from related parties
91,664
-


28.


Controlling party

There is no ultimate controlling party of the company.

Page 33