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Registered number: 01668850














QUINTESSENCE FRAGRANCES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 MARCH 2024

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
COMPANY INFORMATION


Directors
B V Kamte 
R Mullick 
P J Shalhoub 
F Robert 
J N G Warden 
T M G Milella (resigned 1 March 2024)




Registered number
01668850



Registered office
5 Elstree Gate
Elstree Way

Borehamwood

Hertfordshire

WD6 1JD




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
QUINTESSENCE FRAGRANCES LIMITED
 

CONTENTS



Page
Group Strategic Report
 
1 - 2
Directors' Report
 
3 - 4
Independent Auditors' Report
 
5 - 8
Consolidated Statement of Comprehensive Income
 
9
Consolidated Statement of Financial Position
 
10 - 11
Company Statement of Financial Position
 
12
Consolidated Statement of Changes in Equity
 
13
Company Statement of Changes in Equity
 
14
Consolidated Statement of Cash Flows
 
15 - 16
Notes to the Financial Statements
 
17 - 31


 
QUINTESSENCE FRAGRANCES LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024

Introduction
 
The Directors present the strategic report for the year ended 31 March 2024.
The Company creates, manufacturers and distributes perfumery compounds and related materials.

Business review
 
Quintessence Fragrances continues to build upon its objective to be the leading fragrance house in selected premium niche markets by offering a globally coordinated creation and supply base for key customers. 
The company has completed the establishment of operations in UK, India, France, Poland, China, USA and Middle East and is well placed for rapid profitable growth by supplying fragrances to leading brands and retailers that require this specific fragrance proposition.
Revenues increased from £11.5m to £17.3m (+50%) during the period reflecting the success of the globally aligned strategy. Margins reduced from 47% to 44% due to input cost increases and retailer pressure on pricing as well as increased transport and distribution costs. Carriage costs are reducing through the establishment of local production capacity. Margins increased in the latter half and continue to improve as new formulations are adopted by customers, although material costs remain volatile.
With the global network of exceptional facilities now established, corporate focus will focus on maintaining rapid revenue growth combined with increased margin contribution. Growth in UK, EU, India and China is already generating highly profitable sales, while investment in USA has built a strong customer base with collateral benefit to the group as a whole. 

Trading outlook
Sales will outperform the industry norms through increased market penetration in the company’s target markets. Quintessence China’s operating margin and cash flow will improve through the wholly owned subsidiary. USA will build on the customer base already established, as well as benefitting from the group’s international connections in India and China. 
Group focus will be on increasing margin and EBITDA through monitoring of overheads, stock turn, material margin and turnover/employee. Collaboration with key suppliers through regional offices will allow synergistic purchasing to the benefit of Quintessence and its customers.
Increased efficiencies are planned through the installation of automated compounding and additional investments to increase operational productivity. Further high-profile roles will be recruited to ensure customers are given the best service in all areas of creative perfumery.
Corporate social responsibility  
Staff welfare is integral to the philosophy of Quintessence, exemplified by subscribing to the principals of the Living Wage Foundation; additional parental leave; encouraging training and promotion from within the company, and profit related bonuses
.
Environmental impact, sustainability, ethical sourcing and traceability of raw materials are managed by an internal team who work with industry bodies, suppliers and customers. Operational goals for reduction in carbon footprint, waste and energy consumption all have goals that are monitored to ensure consistent improvement.

Page 1

 
QUINTESSENCE FRAGRANCES LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

Principal risks and uncertainties
 

Areas of concern continue to be the geo-political issues causing general global economic uncertainty. Specific and usually limited supply issues can cause problems for the industry due to factors such as freight in the Red Sea and environmental climate impact: such problems have always challenged the industry and Quintessence has robust systems to deal with such circumstances. It should also be noted that the markets serviced by Quintessence have been robust during economic fluctuations such as those caused by covid and recession.
While Quintessence has successfully overcome the immediate supply obstacles of Brexit, in fact grown its market share significantly, further challenges exist, such as the UK disengaging from EU REACH. Quintessence is monitoring the situation closely by being aligned with the UK regulatory bodies and implementing systems that will manage the process. Should the UK follow this route it will be a clear advantage for Quintessence within the UK commercial environment, having a strong presence both within the UK market, as well as having a French and Polish presence in the EU.

Financial key performance indicators
 
The key financial KPI for the business is the operating profit margin. This acts as an overall indicator for the performance of the business.

Other key performance indicators
 
Due to the nature of the business, no other key KPI's are used in assessing management's performance.


This report was approved by the board on 3 October 2024 and signed on its behalf.



B V Kamte
Director
Page 2

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The Directors present their report and the financial statements for the year ended 31 March 2024.

Directors

The Directors who served during the year were:

B V Kamte 
R Mullick 
P J Shalhoub 
F Robert 
J N G Warden 
T M G Milella 

Results and dividends

The loss for the year, after taxation and minority interests, amounted to £152,883 (2023 - loss £352,436).

The Directors do not recommend a dividend.

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.

Future developments

The Group continues to invest, as far as it is capable, in the future development of it's people, processes and systems.

Page 3

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024

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.

Post balance sheet events

There have been no significant events affecting the Group since the year end.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 3 October 2024 and signed on its behalf.
 





B V Kamte
Director

Page 4

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENCE FRAGRANCES LIMITED
 

Opinion


We have audited the financial statements of Quintessence Fragrances Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 March 2024, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and 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 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 March 2024 and of the Group's loss 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 opinion


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 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 5

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENCE FRAGRANCES LIMITED (CONTINUED)

Other information


The Directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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.


In connection with our audit of the financial statementsour 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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.

Page 6

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENCE FRAGRANCES LIMITED (CONTINUED)


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 engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Company through discussions with directors and other management, and from our commercial knowledge and experience of similar businesses; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Company’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation; 
reading the minutes of meetings of those charged with governance; 
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and the Company’s legal advisors. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.
Page 7

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINTESSENCE FRAGRANCES LIMITED (CONTINUED)

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


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.


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.





Sean Brennan FCCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

3 October 2024
Page 8

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024

2024
2023
Note
£
£

  

Turnover
 4 
17,314,591
11,543,665

Cost of sales
  
(9,755,366)
(6,083,859)

Gross profit
  
7,559,225
5,459,806

Distribution costs
  
(736,284)
(678,201)

Administrative expenses
  
(6,807,974)
(5,053,157)

Operating profit/(loss)
 5 
14,967
(271,552)

Interest receivable and similar income
 10 
4,607
-

Interest payable and similar expenses
 11 
(153,175)
(91,901)

Loss before taxation
  
(133,601)
(363,453)

Tax on loss
 12 
(12,243)
11,017

Loss for the financial year
  
(145,844)
(352,436)

(Loss) for the year attributable to:
  

Non-controlling interests
  
7,039
-

Owners of the parent Company
  
(152,883)
(352,436)

  
(145,844)
(352,436)

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 17 to 31 form part of these financial statements.

Page 9

 
QUINTESSENCE FRAGRANCES LIMITED
REGISTERED NUMBER:01668850

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
827,663
880,137

Current assets
  

Stocks
 15 
2,626,010
2,334,566

Debtors: amounts falling due within one year
 16 
3,706,675
4,031,719

Cash at bank and in hand
  
390,801
60,189

  
6,723,486
6,426,474

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(4,359,512)
(4,006,029)

Net current assets
  
 
 
2,363,974
 
 
2,420,445

Total assets less current liabilities
  
3,191,637
3,300,582

Creditors: amounts falling due after more than one year
 18 
(906,038)
(848,472)

Provisions for liabilities
  

Deferred taxation
 19 
(165,184)
(180,033)

Net assets
  
2,120,415
2,272,077


Capital and reserves
  

Called up share capital 
 20 
251,999
251,999

Share premium account
 21 
162,087
162,087

Capital redemption reserve
 21 
16
16

Foreign exchange reserve
 21 
(5,818)
-

Profit and loss account
 21 
1,705,092
1,857,975

Equity attributable to owners of the parent Company
  
2,113,376
2,272,077

Non-controlling interests
  
7,039
-

  
2,120,415
2,272,077


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 October 2024.




B V Kamte
Director

The notes on pages 17 to 31 form part of these financial statements.
Page 10

 
QUINTESSENCE FRAGRANCES LIMITED
REGISTERED NUMBER:01668850
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024


Page 11

 
QUINTESSENCE FRAGRANCES LIMITED
REGISTERED NUMBER:01668850

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 13 
779,768
855,537

Investments
 14 
68,353
892

  
848,121
856,429

Current assets
  

Stocks
  
2,498,445
2,334,566

Debtors: amounts falling due within one year
 16 
5,549,344
4,666,215

Bank and cash balances
  
230,535
34,956

  
8,278,324
7,035,737

Current liabilities
  

Creditors: amounts falling due within one year
 17 
(4,152,696)
(3,972,683)

Net current assets
  
 
 
4,125,628
 
 
3,063,054

Total assets less current liabilities
  
4,973,749
3,919,483

  

Creditors: amounts falling due after more than one year
 18 
(906,038)
(848,473)

Provisions for liabilities
  

Deferred taxation
 19 
(165,184)
(180,033)

Net assets
  
3,902,527
2,890,977


Capital and reserves
  

Called up share capital 
 20 
251,999
251,999

Share premium account
 21 
162,087
162,087

Capital redemption reserve
 21 
16
16

Profit and loss account carried forward
  
3,488,425
2,476,875

  
3,902,527
2,890,977


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 3 October 2024.


B V Kamte
Director

The notes on pages 17 to 31 form part of these financial statements.

Page 12

 

QUINTESSENCE FRAGRANCES LIMITED
 
 
 


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



Called up share capital
Share premium account
Capital redemption reserve
Foreign exchange reserve
Profit and loss account
Non-controlling interests
Total equity


£
£
£
£
£
£
£


At 1 April 2023
251,999
162,087
16
-
1,857,975
-
2,272,077





Loss for the year
-
-
-
-
(152,883)
7,039
(145,844)


Currency translation differences
-
-
-
(5,818)
-
-
(5,818)



At 31 March 2024
251,999
162,087
16
(5,818)
1,705,092
7,039
2,120,415




CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023



Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity


£
£
£
£
£


At 1 April 2022
216,260
162,087
16
2,210,411
2,588,774





Loss for the year
-
-
-
(352,436)
(352,436)


Shares issued during the year
35,739
-
-
-
35,739



At 31 March 2023
251,999
162,087
16
1,857,975
2,272,077



The notes on pages 17 to 31 form part of these financial statements.

Page 13

 
QUINTESSENCE FRAGRANCES LIMITED
 

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


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2023
251,999
162,087
16
2,476,875
2,890,977



Profit for the year
-
-
-
1,011,550
1,011,550


At 31 March 2024
251,999
162,087
16
3,488,425
3,902,527



COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£
£
£
£
£

At 1 April 2022
216,260
162,087
16
2,210,411
2,588,774



Profit for the year
-
-
-
266,464
266,464

Shares issued during the year
35,739
-
-
-
35,739


At 31 March 2023
251,999
162,087
16
2,476,875
2,890,977


The notes on pages 17 to 31 form part of these financial statements.

Page 14

 
QUINTESSENCE FRAGRANCES LIMITED
 

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

2024
2023
£
£

Cash flows from operating activities

Loss for the financial year
(145,844)
(352,436)

Adjustments for:

Depreciation of tangible assets
301,446
239,637

Interest paid
149,586
91,901

Interest received
(4,607)
-

Taxation charge
12,243
(11,017)

(Increase) in stocks
(291,444)
(310,551)

Decrease/(increase) in debtors
325,044
(808,032)

Decrease in amounts owed by groups
-
71,073

Increase in creditors
120,369
751,282

Increase/(decrease)) in amounts owed to groups
173,098
(37,684)

Corporation tax (paid)
(73,768)
(1,126)

Foreign exchange on revaluation of subsidiaries
(5,174)
-

Net cash generated from operating activities

560,949
(366,953)


Cash flows from investing activities

Purchase of tangible fixed assets
(249,622)
(105,429)

Interest received
4,607
-

HP interest paid
-
(338)

Net cash from investing activities

(245,015)
(105,767)
Page 15

 
QUINTESSENCE FRAGRANCES LIMITED
 

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


2024
2023

£
£



Cash flows from financing activities

Issue of ordinary shares
-
35,739

New secured loans
209,100
519,006

Repayment of loans
(113,769)
-

Repayment of/new finance leases
-
(11,009)

Movements on invoice discounting
108,831
(3,448)

Interest paid
(149,586)
(91,563)

Foreign exchange on revaluation of loans
(39,898)
-

Net cash used in financing activities
14,678
448,725

Net increase/(decrease) in cash and cash equivalents
330,612
(23,995)

Cash and cash equivalents at beginning of year

60,189
84,184


Cash and cash equivalents at the end of year
390,801
60,189


The notes on pages 17 to 31 form part of these financial statements.

Page 16

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Quintessence Fragrances Limited is a limited liability company registered in England and Wales. Its registered office address is at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD and its principal place of business is at Unit 2A, Hawthorn Industrial Estate, Avis Way, Newhaven, East Sussex, BN9 0DJ.
The principal activity of the Company is that of creators, manufacturers and distributors of perfumery compounds and related materials.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 3).

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:

 
2.2

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.

 
2.3

Turnover

Turnover comprises revenue recognised by the Company in respect of goods supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue is recognised when goods are dispatched.

 
2.4

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.

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.

Page 17

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.4
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 the following basis:

Long-term leasehold property
-
over the period of the unexpired lease
Plant and machinery
-
25% reducing balance or 33% straight line
Office equipment
-
20% straight line method

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 the Statement of Comprehensive Income.

 
2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
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 out basis.
At each reporting 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.
 
 
2.7

Basic financial instruments

The Company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash and cash equivalents, and loans with related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such as bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a maket rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances, call deposits and bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

Page 18

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.8

Foreign currency translation

The Company's functional and presentational currency is £ Sterling.
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 the Statement of Comprehensive Income.

 
2.9

Finance costs

Finance costs are charged to the Statement of Comprehensive Income over the term of the debt using the effective interest method.

 
2.10

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.

 
2.11

Leased assets: the Group as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.12

Pensions

Defined contribution pension plan
The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in other creditors due within one year as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 19

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Borrowing costs

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

 
2.15

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.16

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Page 20

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company’s accounting policies described above, management are required to make judgments, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may be different.
These estimates are reviewed on an ongoing basis. Revisions to these estimates are recognised in the period in which the estimate is revised if the revision only affects that period, or in the period of revision and future periods if the revision affects both future and current periods.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
Depreciation
Depreciation has been calculated on the fixed assets; the residual value and life of the asset has been estimated by the Directors.
Accruals
The Directors review the expected expenses based on their knowledge of the business and provides for these accordingly.


4.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Sale of goods
17,314,591
11,543,665


2024
2023
£
£

United Kingdom
2,844,780
1,989,233

Rest of Europe
5,008,015
3,631,248

Rest of the world
9,461,796
5,923,184

17,314,591
11,543,665


Page 21

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Operating profit/(loss)

The operating profit/(loss) is stated after charging:

2024
2023
£
£

Depreciation
13,898
239,637

Exchange differences
37,643
(197,479)

Other operating lease rentals
355,073
224,978

Defined contribution pension cost
-
68,873


6.


Auditors' remuneration

During the year, the Group obtained the following services from the Company's auditors:


2024
2023
£
£

Fees payable to the Company's auditors for the audit of the consolidated and parent Company's financial statements
37,670
22,250


7.


Employees

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


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


Wages and salaries
4,306,620
3,443,504
3,402,762
2,638,633

Social security costs
396,412
367,609
301,049
285,902

Cost of defined contribution scheme
122,071
90,092
86,106
68,873

4,825,103
3,901,205
3,789,917
2,993,408


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



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
6
6
6
6



Employees
92
82
82
75

98
88
88
81

Page 22

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
284,255
247,772

Group contributions to defined contribution pension schemes
9,593
8,040

293,848
255,812


During the year retirement benefits were accruing to 2 Directors (2023 - 2) in respect of defined contribution pension schemes.

The highest paid Director received remuneration of £188,768 (2023 - £160,000).


9.


Key management compensation

Key management is made up of solely the Directors and compensation paid to them during the year amounted to £325,554 (2023 - £255,812).


10.


Interest receivable

2024
2023
£
£


Other interest receivable
4,607
-


11.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
140,660
37,551

Finance leases and hire purchase contracts
-
338

Other interest payable
12,515
54,012

153,175
91,901

Page 23

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

12.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
185,400
66,952

Adjustments in respect of previous periods
(158,308)
(105,707)


Total current tax
27,092
(38,755)

Deferred tax


Origination and reversal of timing differences
(14,849)
27,738


Taxation on profit/(loss) on ordinary activities
12,243
(11,017)

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Loss on ordinary activities before tax
(133,601)
(363,453)


Loss on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
(33,400)
(69,056)

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
10,399
4,959

Capital allowances for year in excess of depreciation
16,431
22,774

Utilisation of tax losses
(108,144)
(9,317)

Adjustments to tax charge in respect of prior periods
(158,308)
(105,707)

Short-term timing difference leading to an increase (decrease) in taxation
-
(205)

Other timing differences leading to an increase (decrease) in taxation
(14,849)
27,739

Changes in provisions leading to an increase (decrease) in the tax charge
5,000
-

Unrelieved tax losses carried forward
326,021
117,796

Other differences leading to an increase (decrease) in the tax charge
(30,907)
-

Total tax charge for the year
12,243
(11,017)


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 24

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Tangible fixed assets

Group






Long-term leasehold property
Plant and machinery
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 April 2023
898,175
1,061,114
31,165
1,990,454


Additions
92,555
112,183
44,884
249,622


Exchange adjustments
-
-
(838)
(838)



At 31 March 2024

990,730
1,173,297
75,211
2,239,238



Depreciation


At 1 April 2023
388,808
714,944
6,565
1,110,317


Charge for the year on owned assets
167,875
91,136
42,435
301,446


Exchange adjustments
-
-
(188)
(188)



At 31 March 2024

556,683
806,080
48,812
1,411,575



Net book value



At 31 March 2024
434,047
367,217
26,399
827,663



At 31 March 2023
509,367
346,169
24,600
880,136




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Long leasehold
434,047
509,366


Page 25

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           13.Tangible fixed assets (continued)


Company






Long-term leasehold property
Plant and machinery
Total

£
£
£

Cost or valuation


At 1 April 2023
898,175
1,061,114
1,959,289


Additions
18,240
106,174
124,414



At 31 March 2024

916,415
1,167,288
2,083,703



Depreciation


At 1 April 2023
388,808
714,944
1,103,752


Charge for the year on owned assets
114,139
86,044
200,183



At 31 March 2024

502,947
800,988
1,303,935



Net book value



At 31 March 2024
413,468
366,300
779,768



At 31 March 2023
509,367
346,169
855,536






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


2024
2023
£
£



Plant and machinery
52,064
80,697

Page 26

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

14.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
892


Additions
67,461



At 31 March 2024
68,353





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Quintessence Fragrances Inc.
300 Tice Boulevard, Suite 315 Woodcliff Lake, New Jersey 07677
Common Stock
100%
Quintessence Fragrances France SAS
10 rue de l'Eglise, 60590 Labosse
Ordinary Shares
100%
Shanghai Quintessence Fragrances Co. Ltd
Minhang District, Shanghai
Ordinary Shares
95%
Lotus Al-Abyad Perfumes LLC
Khor Fakkan ,Emirate of Sharjah, United Arab Emirates
Orindary Shares
100%
Quintessence Fragrances (Ireland) Limited
Unit 3D North Point House, North Point Business Park, New Mallow Road, Cork
Ordinary Shares
100%


15.


Stocks

2024
2023
£
£

Raw materials and consumables
2,626,010
2,334,566


Page 27

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

16.


Debtors

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


Trade debtors excluding factored debts
1,266,449
2,018,872
1,177,723
1,958,959

Factored debts
1,667,650
1,277,158
1,667,650
1,277,158

Amounts owed by group undertakings
-
-
1,971,483
705,133

Other debtors
271,445
350,831
247,459
348,284

Prepayments and accrued income
501,131
384,858
485,029
376,681

3,706,675
4,031,719
5,549,344
4,666,215



17.


Creditors: Amounts falling due within one year

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

Bank loans
100,000
102,133
100,000
102,133

Trade creditors
2,368,646
2,367,778
2,157,442
2,361,141

Amounts owed to group undertakings
220,207
47,109
248,000
47,109

Corporation tax
20,275
66,952
20,275
66,952

Other taxation and social security
65,985
133,597
65,182
128,602

Proceeds of factored debts
1,031,680
922,848
1,031,680
922,848

Other creditors
28,830
28,753
12,854
7,039

Accruals and deferred income
523,889
336,859
517,263
336,859

4,359,512
4,006,029
4,152,696
3,972,683


There is a bank loan received from National Westminster Bank plc, who have secured the loan by fixed and floating charges over various assets of the Company.
There is a facility with the RBS Invoice Finance Limited in respect of a factoring facility. This factoring facility for the trade debtors is secured by fixed and floating charges over various assets of the Company.


18.


Creditors: Amounts falling due after more than one year

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

Bank loans
906,038
848,472
906,038
848,473




Page 28

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Deferred taxation


Group





2024


£






At beginning of year
(180,033)


Charged to profit or loss
14,849



At end of year
(165,184)

Company




2024


£






At beginning of year
(180,033)


Charged to profit or loss
14,849



At end of year
(165,184)

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

Accelerated capital allowances
(165,184)
(180,033)
(165,184)
(180,033)

Page 29

 
QUINTESSENCE FRAGRANCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



216,260 (2023 - 216,260) Ordinary shares of £1 each
216,260
216,260
35,739 (2023 - 35,739) Ordinary B1 shares of £1 each
35,739
35,739

251,999

251,999



21.


Reserves

Share premium account

This includes any premiums received on issue of share capital. Any transaction costs associated with the issuing of shares are deducted from share premium.

Capital redemption reserve

This includes the value of shares cancelled and is a non-distributable reserve.

Foreign exchange reserve

This includes differences upon translation of foreign subsidiaries.

Profit and loss account

This includes all current and prior period retained profits and losses.


22.


Pension commitments

The Company contributes to a defined contribution pension scheme for all employees. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £86,106 (2023 - £68,873). 


23.


Commitments under operating leases

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

2024
2023
Group
£
£


Not later than 1 year
214,994
219,178

Later than 1 year and not later than 5 years
429,479
644,473

644,473
863,651

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QUINTESSENCE FRAGRANCES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

24.


Related party transactions

During the year, the Company made sales of £165,184 (2023 - £42,065) to entities under common control.
During the year, the Company made purchses of £392,153 (2023 - £49,409) to entities under common control. 
At the statement of financial position date, the Company owed £196,991 (2023 - £47,109) to entities under common control.
The company forms part of a wholly-owned group for which consolidated financial statements are publicly available and accordingly has taken advantage of the exemption allowed under section 33.1A of FRS 102 not to disclose transactions with other group companies.


25.


Controlling party

The ultimate controlling party is deemed to be Bharat Kamte by virtue of his majority shareholding.

 
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