Registered number:
FOR THE YEAR ENDED 31 AUGUST 2024
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MY FABULOSA LTD
COMPANY INFORMATION
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MY FABULOSA LTD
CONTENTS
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MY FABULOSA LTD
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 AUGUST 2024
The directors present their strategic report for the year ended 31 August 2024.
The key financial and other performance indicators during the year were as follows:
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.
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.
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.
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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.
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 2006. They 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.
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).
The directors who served during the year were:
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MY FABULOSA LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
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.
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.
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
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MY FABULOSA LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MY FABULOSA LTD
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 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).
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.
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.
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MY FABULOSA LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MY FABULOSA LTD (CONTINUED)
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 Report. 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.
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.
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.
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MY FABULOSA LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MY FABULOSA LTD (CONTINUED)
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.
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MY FABULOSA LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF MY FABULOSA LTD (CONTINUED)
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 2006. Our 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.
for and on behalf of
Chartered Accountants
Statutory Auditors
Drake House
Gadbrook Park
Rudheath
Cheshire
CW9 7RA
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MY FABULOSA LTD
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 AUGUST 2024
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MY FABULOSA LTD
REGISTERED NUMBER: 11966406
CONSOLIDATED BALANCE SHEET
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.
The notes on pages 17 to 33 form part of these financial statements.
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MY FABULOSA LTD
REGISTERED NUMBER: 11966406
COMPANY BALANCE SHEET
AS AT 31 AUGUST 2024
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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
The notes on pages 17 to 33 form part of these financial statements.
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MY FABULOSA LTD
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
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MY FABULOSA LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 AUGUST 2024
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MY FABULOSA LTD
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 AUGUST 2024
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MY FABULOSA LTD
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
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MY FABULOSA LTD
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 AUGUST 2024
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MY FABULOSA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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.
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
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:
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.
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.
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MY FABULOSA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
3.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Turnover is recognised when goods have been dispatched to customers such that the risks and rewards of ownership have been transferred.
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MY FABULOSA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
3.Accounting policies (continued)
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.
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:
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MY FABULOSA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
3.Accounting policies (continued)
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.
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.
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MY FABULOSA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
3.Accounting policies (continued)
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.
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MY FABULOSA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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.
Analysis of turnover by country of destination:
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MY FABULOSA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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MY FABULOSA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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MY FABULOSA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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MY FABULOSA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
11.Taxation (continued)
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.
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MY FABULOSA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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MY FABULOSA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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MY FABULOSA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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MY FABULOSA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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.
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MY FABULOSA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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MY FABULOSA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
21.Deferred taxation (continued)
Profit and loss account
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.
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MY FABULOSA LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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.
There is no ultimate controlling party of the company.
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