Company registration number 03573868 (England and Wales)
GET FRESH COSMETICS LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
GET FRESH COSMETICS LTD
CONTENTS
Page
Company information
1
Strategic report
2 - 3
Directors' report
4
Directors' responsibilities statement
5
Independent auditor's report
6 - 9
Group statement of comprehensive income
10
Group balance sheet
11
Company balance sheet
12
Group statement of changes in equity
13
Company statement of changes in equity
14
Group statement of cash flows
15
Notes to the financial statements
16 - 34
GET FRESH COSMETICS LTD
COMPANY INFORMATION
- 1 -
Directors
Mr R K McAvoy
Mr J W Moore
Mr R S Philpott
Mr A N Sharifi
Secretary
Mr R S Philpott
Company number
03573868
Registered office
502 Wallisdown Road
Bournemouth
Dorset
BH11 8PT
Auditor
Azets Audit Services
37 Commercial Road
Poole
Dorset
BH14 0HU
GET FRESH COSMETICS LTD
STRATEGIC REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -

The directors present the strategic report for the year ended 29 February 2024.

Review of the business

The directors consider that the results for the year and the financial position at the end of the year are satisfactory.

 

Group turnover decreased from £10.1 million to £6.2 million when compared to the prior year, this is expected given the business' move to different contracts away from a large customer.

 

The relocation of the factory resulted in higher-than-expected cost due to redundancy, training new staff, disposal of waste, remedial work, transport of goods to new location etc. The timing of the relocation also had an effect on our turnover and profitability, due to the high demand for goods during our peak season. We were unable to produce enough seasonal stock for customers resulting in lost sales as well as producing stock inefficiently due to inexperienced staff, lack of space, lack of correct equipment and overall inadequate production facilities.

 

Get Fresh Cosmetics Ltd was established over 25 years ago & started life on the south coast of England. Beginning with just a few bath blasters at UK trade shows, our unique brand now brings beautifully handcrafted products to over 70 countries around the world.

 

We create fun & affordable bath, body, face and shower products as well as our constantly growing home fragrance range.

 

The environmental consciousness of the public and the increasing awareness of the impact on the resources have led us to ensure that our products meet high standards. We pledge:

Principal risks and uncertainties

Whilst the general economy is still of some concern, our innovative and high quality products are reaching an increasingly wide audience. We feel that continually launching new innovative products and targeting new overseas markets reduces concentration in any one market or reliance on any one product type.

Financial risk management objectives and policies

The business' principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and loans to the business. 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 which is sufficient to fund ongoing operations.

 

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the 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 as they become due.

 

The business manages the liquidity risk by ensuring that there are sufficient funds to meet the repayments.

Key performance indicators

Gross profit has decreased from £2.4 million to £420k and the margin has decreased from 24.0% to 6.77%. Profit before tax margin has reduced from 1.1% compared to (20.9)% in the current year.

GET FRESH COSMETICS LTD
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 3 -
Future developments

With the slow recovery in the global market and more specifically on the High street in the UK, our intention is to plan for growth over the next 2 to 3 years and use this coming period to establish a more economical and efficient production facility.

 

Following the relocation of a production site to a new custom built premises, it is expected to not only increase production capability but be significantly more environmentally friendly and efficient.

 

The new premises will also allow the EU 3rd party pick and pack operation to be brought in-house therefore increasing efficiency and reducing delays in transferring stock from production to warehouse.

 

Having previously withdrawn from selling through a third party pick and pack operation in the US market, and following the initial positive response from the larger national customers there, we are targeting a wider range of customers to supply in bulk from the UK without the need for warehousing in North America.

 

The effects of the COVID 19 pandemic on the business are slowly diminishing and we are intending to re-visit and exhibit some trade shows that we have not attended since 2020.

 

We will continue to launch innovative and exciting product ranges, as well as exploring new markets in the Far East and Australasia.

On behalf of the board

Mr J W Moore
Director
29 November 2024
GET FRESH COSMETICS LTD
DIRECTORS' REPORT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -

The directors present their annual report and financial statements for the year ended 29 February 2024.

Principal activities

The principal activity of the company and group continued to be the manufacture and sale of cosmetic products.

Results and dividends

The results for the year are set out on page 10.

Ordinary dividends were paid amounting to £150,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr R K McAvoy
Mr J W Moore
Mr R S Philpott
Mr A N Sharifi
Auditor

In accordance with the company's articles, a resolution proposing that Azets Audit Services be reappointed as auditor of the group will be put at a General Meeting.

Directors’ confirmations

In the case of each director in office at the date the directors’ report is approved:

On behalf of the board
Mr J W Moore
Director
29 November 2024
GET FRESH COSMETICS LTD
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -

The directors are responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have prepared the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards, comprising FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland”, and applicable law).

Under company law, 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 of the profit or loss of the company for that period. In preparing the financial statements, the directors are required to:

The directors are responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are also 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 enable them to ensure that the financial statements comply with the Companies Act 2006

GET FRESH COSMETICS LTD
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF GET FRESH COSMETICS LTD
- 6 -
Opinion

We have audited the financial statements of Get Fresh Cosmetics Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 29 February 2024 which comprise the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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).

In our opinion the financial statements:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’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 and 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.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's 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.

Opinions on other matters prescribed by the Companies Act 2006

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

GET FRESH COSMETICS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GET FRESH COSMETICS LTD
- 7 -
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 their environment obtained in the course of the audit, we have not identified material misstatements in the 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:

 

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 auditor's 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 financial statements.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

GET FRESH COSMETICS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GET FRESH COSMETICS LTD
- 8 -

Extent to which the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.

 

We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework.  Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.

 

In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:

 

 

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 of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

 

To address the risk of fraud through management bias and override of controls, we:

 

GET FRESH COSMETICS LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF GET FRESH COSMETICS LTD
- 9 -

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 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 auditor's 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.

Mr Paul Francis (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
Statutory Auditor
37 Commercial Road
Poole
Dorset
BH14 0HU
29 November 2024
GET FRESH COSMETICS LTD
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 10 -
2024
2023
Notes
£
£
Turnover
3
6,199,628
10,078,329
Cost of sales
(5,779,648)
(7,659,106)
Gross profit
419,980
2,419,223
Administrative expenses
(1,700,350)
(2,360,485)
Other operating income
6,622
97,344
Operating (loss)/profit
4
(1,273,748)
156,082
Interest receivable and similar income
191
431
Interest payable and similar expenses
8
(21,263)
(45,081)
(Loss)/profit before taxation
(1,294,820)
111,432
Tax on (loss)/profit
10
155,284
113,560
(Loss)/profit for the financial year
(1,139,536)
224,992
Other comprehensive income
Currency translation (loss)/gain taken to retained earnings
(19,985)
36,079
Total comprehensive income for the year
(1,159,521)
261,071
Total comprehensive income for the year is all attributable to the owners of the parent company.

The profit and loss account has been prepared on the basis that all operations are continuing operations.

The notes on pages 16 to 34 form part of these financial statements.

GET FRESH COSMETICS LTD
GROUP BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 11 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
159,174
121,161
Current assets
Stocks
17
1,689,134
2,068,449
Debtors
18
1,608,231
1,368,900
Cash at bank and in hand
1,417,188
2,653,933
4,714,553
6,091,282
Creditors: amounts falling due within one year
19
(1,435,896)
(1,404,345)
Net current assets
3,278,657
4,686,937
Total assets less current liabilities
3,437,831
4,808,098
Creditors: amounts falling due after more than one year
20
(177,082)
(232,246)
Provisions for liabilities
Deferred tax liability
23
18,247
23,829
(18,247)
(23,829)
Net assets
3,242,502
4,552,023
Capital and reserves
Called up share capital
25
100
100
Profit and loss reserves
3,242,402
4,551,923
Total equity
3,242,502
4,552,023
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
29 November 2024
Mr J W Moore
Director
Company registration number 03573868 (England and Wales)
GET FRESH COSMETICS LTD
COMPANY BALANCE SHEET
AS AT 29 FEBRUARY 2024
29 February 2024
- 12 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
13
89,569
113,266
Investments
14
941
941
90,510
114,207
Current assets
Stocks
17
301,426
397,122
Debtors
18
3,868,614
3,148,075
Cash at bank and in hand
559,206
1,692,415
4,729,246
5,237,612
Creditors: amounts falling due within one year
19
(520,991)
(619,007)
Net current assets
4,208,255
4,618,605
Total assets less current liabilities
4,298,765
4,732,812
Creditors: amounts falling due after more than one year
20
(177,082)
(232,246)
Provisions for liabilities
Deferred tax liability
23
18,247
23,829
(18,247)
(23,829)
Net assets
4,103,436
4,476,737
Capital and reserves
Called up share capital
25
100
100
Profit and loss reserves
4,103,336
4,476,637
Total equity
4,103,436
4,476,737

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £223,301 (2023 - £394,009 profit).

The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
29 November 2024
Mr J W Moore
Director
Company registration number 03573868 (England and Wales)
GET FRESH COSMETICS LTD
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 13 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2022
100
4,790,852
4,790,952
Year ended 28 February 2023:
Profit for the year
-
224,992
224,992
Other comprehensive income:
Currency translation differences
-
36,079
36,079
Total comprehensive income
-
261,071
261,071
Dividends
11
-
(500,000)
(500,000)
Balance at 28 February 2023
100
4,551,923
4,552,023
Year ended 29 February 2024:
Loss for the year
-
(1,139,536)
(1,139,536)
Other comprehensive income:
Currency translation differences
-
(19,985)
(19,985)
Total comprehensive income
-
(1,159,521)
(1,159,521)
Dividends
11
-
(150,000)
(150,000)
Balance at 29 February 2024
100
3,242,402
3,242,502
GET FRESH COSMETICS LTD
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 14 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 March 2022
100
4,582,628
4,582,728
Year ended 28 February 2023:
Profit and total comprehensive income for the year
-
394,009
394,009
Dividends
11
-
(500,000)
(500,000)
Balance at 28 February 2023
100
4,476,637
4,476,737
Year ended 29 February 2024:
Profit and total comprehensive income
-
(223,301)
(223,301)
Dividends
11
-
(150,000)
(150,000)
Balance at 29 February 2024
100
4,103,336
4,103,436
GET FRESH COSMETICS LTD
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 15 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
29
(853,198)
1,782,754
Interest paid
(21,263)
(43,546)
Income taxes paid
(71,554)
(406,766)
Net cash (outflow)/inflow from operating activities
(946,015)
1,332,442
Investing activities
Purchase of tangible fixed assets
(73,062)
(32,031)
Proceeds from disposal of tangible fixed assets
6,286
-
Interest received
191
431
Net cash used in investing activities
(66,585)
(31,600)
Financing activities
Repayment of borrowings
(73,462)
(97,007)
Payment of finance leases obligations
(683)
(1,263)
Dividends paid to equity shareholders
(150,000)
(500,000)
Net cash used in financing activities
(224,145)
(598,270)
Net (decrease)/increase in cash and cash equivalents
(1,236,745)
702,572
Cash and cash equivalents at beginning of year
2,653,933
1,951,361
Cash and cash equivalents at end of year
1,417,188
2,653,933
GET FRESH COSMETICS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 16 -
1
Accounting policies
Company information

Get Fresh Cosmetics Ltd is a limited liability company domiciled and incorporated in England and Wales.

 

The registered office is:

502 Wallisdown Road

Bournemouth

BH11 8PT

 

The group consists of Get Fresh Cosmetics Ltd and its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

1.3
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Get Fresh Cosmetics Ltd together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 29 February 2024. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.4
Going concern

The group made a loss before taxation of £1,294,820 as described in the strategic report, however, at the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

GET FRESH COSMETICS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 17 -
1.5
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.6
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website costs
5 years straight line
1.7
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
Fixtures and fittings
15% reducing balance
Computer equipment
25% reducing balance
Motor vehicles
25% reducing balance and 5 years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.8
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

GET FRESH COSMETICS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 18 -
1.9
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.10
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.11
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

GET FRESH COSMETICS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 19 -
1.12
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

GET FRESH COSMETICS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 20 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.13
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.14
Derivatives

Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.

 

A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

GET FRESH COSMETICS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 21 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

1.19
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

GET FRESH COSMETICS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 22 -
1.20

Interest income

Interest income is recognised in the Profit and Loss Account using the effective interest method.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

 

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

 

Revenue Recognition

The group recognises revenue for a product sale when the item is despatched. This is the moment that the risks and rewards of the goods are transferred, and therefore revenue is recognised at this stage.

 

Bad debt provision

The group reviews its trade debt on a regular basis ensuring that a provision is made for any debts that are not expected to be received within the coming months. Any bad debt that is written off is charged to the statement of comprehensive income.

 

Legal provisions

Due to the nature of the group's industry, legal provisions are often needed. The group reviews the status of it's outstanding legal cases regularly to ensure that, should a potential outflow of economic benefit be probable, a provision is recognised within the accounts. A provision is not deemed necessary at this stage.

3
Turnover and other revenue

An analysis of the group's turnover is as follows:

2024
2023
£
£
Turnover analysed by class of business
Sale of goods
6,199,628
10,078,329
2024
2023
£
£
Turnover analysed by geographical market
United Kingdom
3,422,783
5,473,803
Rest of Europe and Export
2,776,845
4,604,526
6,199,628
10,078,329
GET FRESH COSMETICS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
3
Turnover and other revenue
(Continued)
- 23 -
2024
2023
£
£
Other revenue
Interest income
191
431
4
Operating (loss)/profit
2024
2023
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
87,776
(263,304)
Depreciation of owned tangible fixed assets
29,239
24,186
Depreciation of tangible fixed assets held under finance leases
-
592
(Profit)/loss on disposal of tangible fixed assets
-
2,668
Amortisation of intangible assets
-
23,000
Cost of stocks recognised as an expense
2,519,487
4,124,087
Operating lease charges
91,762
100,591
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
16,250
19,750
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2024
2023
2024
2023
Number
Number
Number
Number
Directors
4
4
4
4
Administration and support
62
93
25
28
Total
66
97
29
32
GET FRESH COSMETICS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
6
Employees
(Continued)
- 24 -

Their aggregate remuneration comprised:

Group
Company
2024
2023
2024
2023
£
£
£
£
Wages and salaries
1,446,010
1,847,526
937,051
1,172,611
Social security costs
174,155
300,176
89,711
117,770
Pension costs
19,225
20,183
19,225
20,183
1,639,390
2,167,885
1,045,987
1,310,564
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
292,500
292,500
Company pension contributions to defined contribution schemes
5,283
5,283
297,783
297,783

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 4).

Remuneration disclosed above includes the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
76,500
76,500
Company pension contributions to defined contribution schemes
1,321
1,321
8
Interest payable and similar expenses
2024
2023
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
20,018
24,329
Interest on invoice finance arrangements
-
0
8,433
Interest payable to group undertakings
1,035
4,189
21,053
36,951
Other finance costs:
Interest on finance leases and hire purchase contracts
29
88
Other interest
181
8,042
Total finance costs
21,263
45,081
GET FRESH COSMETICS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 25 -
9
Exceptional items
Company
2024
2023
£
£
Other gains/(losses)
Amounts written off current loans - related party
132,408
73,985
10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
(76,583)
77,885
Adjustments in respect of prior periods
-
0
2,829
Total current tax
(76,583)
80,714
Deferred tax
Origination and reversal of timing differences
(78,701)
(194,274)
Total tax credit
(155,284)
(113,560)

The actual credit for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
(Loss)/profit before taxation
(1,294,820)
111,432
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2023: 19.00%)
(246,016)
21,172
Tax effect of income not taxable in determining taxable profit
(82,165)
(85,455)
Tax effect of utilisation of tax losses not previously recognised
-
0
(42,643)
Unutilised tax losses carried forward
150,961
(22,308)
Adjustments in respect of prior years
-
0
2,829
Permanent capital allowances in excess of depreciation
3,615
2,522
Other non-reversing timing differences
4,365
5,374
Expenses not deductible for tax purposes
13,956
4,949
Taxation credit
(155,284)
(113,560)
11
Dividends
2024
2023
Recognised as distributions to equity holders:
£
£
Final paid
150,000
500,000
GET FRESH COSMETICS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 26 -
12
Intangible fixed assets
Group
Website costs
£
Cost
At 1 March 2023
115,000
Disposals
(115,000)
At 29 February 2024
-
0
Amortisation and impairment
At 1 March 2023
115,000
Disposals
(115,000)
At 29 February 2024
-
0
Carrying amount
At 29 February 2024
-
0
At 28 February 2023
-
0
Company
Website costs
£
Cost
At 1 March 2023
115,000
Disposals
(115,000)
At 29 February 2024
-
0
Amortisation and impairment
At 1 March 2023
115,000
Disposals
(115,000)
At 29 February 2024
-
0
Carrying amount
At 29 February 2024
-
0
At 28 February 2023
-
0
GET FRESH COSMETICS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 27 -
13
Tangible fixed assets
Group
Assets under construction
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 March 2023
-
0
273,138
91,416
43,175
28,788
436,517
Additions
22,377
41,067
-
0
1,690
7,928
73,062
Disposals
-
0
(6,286)
-
0
-
0
-
0
(6,286)
Exchange adjustments
-
0
1,772
-
0
-
0
-
0
1,772
At 29 February 2024
22,377
309,691
91,416
44,865
36,716
505,065
Depreciation and impairment
At 1 March 2023
-
0
216,802
64,242
33,712
600
315,356
Depreciation charged in the year
-
0
16,704
3,807
2,343
6,385
29,239
Exchange adjustments
-
0
1,296
-
0
-
0
-
0
1,296
At 29 February 2024
-
0
234,802
68,049
36,055
6,985
345,891
Carrying amount
At 29 February 2024
22,377
74,889
23,367
8,810
29,731
159,174
At 28 February 2023
-
0
56,336
27,174
9,463
28,188
121,161
Company
Plant and machinery
Fixtures and fittings
Computer equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2023
250,916
91,416
43,175
28,788
414,295
Additions
1,319
-
0
1,690
-
0
3,009
Disposals
(3,313)
-
0
-
0
-
0
(3,313)
At 29 February 2024
248,922
91,416
44,865
28,788
413,991
Depreciation and impairment
At 1 March 2023
202,475
64,242
33,712
600
301,029
Depreciation charged in the year
10,950
3,807
2,343
6,293
23,393
At 29 February 2024
213,425
68,049
36,055
6,893
324,422
Carrying amount
At 29 February 2024
35,497
23,367
8,810
21,895
89,569
At 28 February 2023
48,441
27,174
9,463
28,188
113,266
GET FRESH COSMETICS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
13
Tangible fixed assets
(Continued)
- 28 -

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2024
2023
2024
2023
£
£
£
£
Plant and machinery
-
0
1,776
-
0
1,776
14
Fixed asset investments
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
941
941
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 March 2023 and 29 February 2024
941
Carrying amount
At 29 February 2024
941
At 28 February 2023
941
15
Subsidiaries

Details of the company's subsidiaries at 29 February 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Get Fresh Cosmetics Sp. z.o.o
Poland
Manufacture of cosmetic products
Ordinary Shares
100.00
Get Fresh Cosmetics LLC
USA
Sale of cosmetic products
Ordinary Shares
100.00
GET FRESH COSMETICS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 29 -
16
Financial instruments
Group
Company
2024
2023
2024
2023
£
£
£
£
Carrying amount of financial assets measured at amortised cost
Trade debtors
1,195,874
938,473
372,697
438,614
Amounts owed by group undertakings
-
-
3,339,407
2,651,716
Other debtors
28,283
233,607
23,797
26,167
1,224,157
1,172,080
3,735,901
3,116,497
Carrying amount of financial liabilities measured at amortised cost
Trade creditors
1,147,506
899,819
326,301
317,086
Bank loans and hire purchase
223,715
297,860
223,715
274,493
Other creditors
38,114
120,599
6,057
6,970
Accruals
73,786
89,494
54,539
54,163
1,483,121
1,407,772
610,612
652,712
17
Stocks
Group
Company
2024
2023
2024
2023
£
£
£
£
Raw materials and consumables
1,387,708
1,677,982
-
6,655
Finished goods and goods for resale
301,426
390,467
301,426
390,467
1,689,134
2,068,449
301,426
397,122

The difference between purchase price or production cost of stocks and their replacement cost is not material.

 

GET FRESH COSMETICS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 30 -
18
Debtors
Group
Company
2024
2023
2024
2023
Amounts falling due within one year:
£
£
£
£
Trade debtors
1,195,874
938,473
372,697
438,614
Corporation tax recoverable
76,583
-
0
76,583
-
0
Amounts owed by group undertakings
-
-
3,339,407
2,651,716
Other debtors
28,283
233,607
23,797
26,167
Prepayments and accrued income
90,462
52,910
56,130
31,578
1,391,202
1,224,990
3,868,614
3,148,075
Amounts falling due after more than one year:
Deferred tax asset (note 23)
217,029
143,910
-
0
-
0
Total debtors
1,608,231
1,368,900
3,868,614
3,148,075
19
Creditors: amounts falling due within one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans
21
46,633
41,564
46,633
41,564
Obligations under finance leases
22
-
0
683
-
0
683
Other borrowings
21
-
0
23,367
-
0
-
0
Trade creditors
1,147,506
899,819
326,301
317,086
Amounts owed to group undertakings
-
0
-
0
76
76
Corporation tax payable
-
0
77,885
-
0
77,885
Other taxation and social security
129,857
150,934
87,461
120,656
Other creditors
38,114
120,599
5,981
6,894
Accruals and deferred income
73,786
89,494
54,539
54,163
1,435,896
1,404,345
520,991
619,007
20
Creditors: amounts falling due after more than one year
Group
Company
2024
2023
2024
2023
Notes
£
£
£
£
Bank loans and overdrafts
21
177,082
232,246
177,082
232,246
GET FRESH COSMETICS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 31 -
21
Loans and overdrafts
Group
Company
2024
2023
2024
2023
£
£
£
£
Bank loans
223,715
273,810
223,715
273,810
Other loans
-
0
23,367
-
0
-
0
223,715
297,177
223,715
273,810
Payable within one year
46,633
64,931
46,633
41,564
Payable after one year
177,082
232,246
177,082
232,246

On 22nd August 2022 National Westminster Bank Plc issued a fixed and floating charge over all the property or undertaking of the Company.

22
Finance lease obligations
Group
Company
2024
2023
2024
2023
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
-
0
683
-
0
683

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 5 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

 

Obligations under finance leases and hire purchase contracts were secured against the assets to which they relate.

23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Group
£
£
£
£
Accelerated capital allowances
18,247
23,829
217,029
-
Tax losses
-
-
-
143,910
18,247
23,829
217,029
143,910
GET FRESH COSMETICS LTD
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
23
Deferred taxation
(Continued)
- 32 -
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Company
£
£
£
£
Accelerated capital allowances
18,247
23,829
-
-
Group
Company
2024
2024
Movements in the year:
£
£
Liability/(Asset) at 1 March 2023
(120,081)
23,829
Credit to profit or loss
(78,701)
(5,582)
Liability/(Asset) at 29 February 2024
(198,782)
18,247

 

24
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
19,225
20,183

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund. At the balance sheet date the amount due ot the UK pension fund was £5,905 (2023: £6,891).

25
Share capital
Group and company
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Shares of £1 each
100
100
100
100
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NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 33 -
26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
106,524
108,873
106,524
108,873
Between two and five years
423,540
424,187
423,540
424,187
In over five years
33,941
140,116
33,941
140,116
564,005
673,176
564,005
673,176
Lessor

At the reporting end date the group had contracted with tenants for the following minimum lease payments:

Group
Company
2024
2023
2024
2023
£
£
£
£
Within one year
11,325
-
11,325
-
27
Directors' transactions

During the year the Company made the following transactions with the directors:

 

Directors and shareholders of the company

During the year, a total of £320,957 (2023: £682,954) was advanced to and a total of £325,772 (2023: £679,356) was credited by the directors in respect of their current account. No interest was charged on this balance. At the balance sheet date the amount due from the directors was £900 (2023: £5,715).

28
Ultimate controlling party

The directors consider that there is not one ultimate controlling party.

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NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 34 -
29
Cash (absorbed by)/generated from group operations
2024
2023
£
£
(Loss)/profit for the year after tax
(1,139,536)
224,992
Adjustments for:
Taxation credited
(155,284)
(113,560)
Finance costs
21,263
45,081
Investment income
(191)
(431)
(Gain)/loss on disposal of tangible fixed assets
-
2,668
Amortisation and impairment of intangible assets
-
23,000
Depreciation and impairment of tangible fixed assets
29,239
24,778
Foreign exchange gains on cash equivalents
(19,985)
36,079
Movements in working capital:
Decrease in stocks
379,315
277,433
(Increase)/decrease in debtors
(96,436)
1,299,795
Increase/(decrease) in creditors
128,417
(37,081)
Cash (absorbed by)/generated from operations
(853,198)
1,782,754
30
Analysis of changes in net funds - group
1 March 2023
Cash flows
29 February 2024
£
£
£
Cash at bank and in hand
2,653,933
(1,236,745)
1,417,188
Borrowings excluding overdrafts
(297,177)
73,462
(223,715)
Obligations under finance leases
(683)
683
-
2,356,073
(1,162,600)
1,193,473
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