BWX Brands UK Limited 10227187 false 2022-07-01 2023-06-30 2023-06-30 The principal activity of the company is the sale of branded skin and hair care products with an emphasis on the natural segment of the beauty and personal care market. Digita Accounts Production Advanced 6.30.9574.0 true false true 10227187 2022-07-01 2023-06-30 10227187 2023-06-30 10227187 bus:OrdinaryShareClass1 2023-06-30 10227187 core:CurrentFinancialInstruments 2023-06-30 10227187 core:CurrentFinancialInstruments core:WithinOneYear 2023-06-30 10227187 core:BetweenTwoFiveYears 2023-06-30 10227187 core:WithinOneYear 2023-06-30 10227187 core:FurnitureFittings 2023-06-30 10227187 core:OfficeEquipment 2023-06-30 10227187 core:PlantMachinery 2023-06-30 10227187 bus:SmallEntities 2022-07-01 2023-06-30 10227187 bus:Audited 2022-07-01 2023-06-30 10227187 bus:FilletedAccounts 2022-07-01 2023-06-30 10227187 bus:SmallCompaniesRegimeForAccounts 2022-07-01 2023-06-30 10227187 bus:RegisteredOffice 2022-07-01 2023-06-30 10227187 bus:Director11 2022-07-01 2023-06-30 10227187 bus:OrdinaryShareClass1 2022-07-01 2023-06-30 10227187 bus:PrivateLimitedCompanyLtd 2022-07-01 2023-06-30 10227187 core:ComputerEquipment 2022-07-01 2023-06-30 10227187 core:FurnitureFittings 2022-07-01 2023-06-30 10227187 core:OfficeEquipment 2022-07-01 2023-06-30 10227187 core:OtherPropertyPlantEquipment 2022-07-01 2023-06-30 10227187 core:PlantMachinery 2022-07-01 2023-06-30 10227187 core:ParentEntities 2022-07-01 2023-06-30 10227187 1 2022-07-01 2023-06-30 10227187 1 2022-07-01 2023-06-30 10227187 countries:EnglandWales 2022-07-01 2023-06-30 10227187 2022-06-30 10227187 core:FurnitureFittings 2022-06-30 10227187 core:OfficeEquipment 2022-06-30 10227187 core:PlantMachinery 2022-06-30 10227187 2021-07-01 2022-06-30 10227187 2022-06-30 10227187 bus:OrdinaryShareClass1 2022-06-30 10227187 core:CurrentFinancialInstruments 2022-06-30 10227187 core:CurrentFinancialInstruments core:WithinOneYear 2022-06-30 10227187 core:BetweenTwoFiveYears 2022-06-30 10227187 core:WithinOneYear 2022-06-30 10227187 core:FurnitureFittings 2022-06-30 10227187 core:OfficeEquipment 2022-06-30 10227187 core:PlantMachinery 2022-06-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 10227187

BWX Brands UK Limited

Filleted Financial Statements

for the Year Ended 30 June 2023

 

BWX Brands UK Limited

Contents

Statement of Financial Position

1

Notes to the Financial Statements

2 to 8

 

BWX Brands UK Limited

(Registration number: 10227187)
Statement of Financial Position as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

52,606

112,740

Current assets

 

Stocks

5

1,254,928

1,806,550

Debtors

6

1,776,706

925,613

Cash at bank and in hand

 

326,779

362,797

 

3,358,413

3,094,960

Creditors: Amounts falling due within one year

7

(4,971,264)

(5,769,925)

Net current liabilities

 

(1,612,851)

(2,674,965)

Total assets less current liabilities

 

(1,560,245)

(2,562,225)

Provisions for liabilities

(11,990)

(11,990)

Net liabilities

 

(1,572,235)

(2,574,215)

Capital and reserves

 

Called up share capital

8

1

1

Profit and loss account

(1,572,236)

(2,574,216)

Shareholders' deficit

 

(1,572,235)

(2,574,215)

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 29 November 2024 and signed on its behalf by:
 


A J Finlay
Director

 

BWX Brands UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
26-28 Southernhay East
Exeter
Devon
EX1 1NS

Principal activity

The principal activity of the company is the sale of branded skin and hair care products with an emphasis on the natural segment of the beauty and personal care market.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

 

BWX Brands UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Audit report

The Independent Auditor's Report was unqualified. . The name of the Senior Statutory Auditor who signed the audit report on 29 November 2024 was David Wright, who signed for and on behalf of Westcotts (SW) LLP.

.........................................

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 operates and generates taxable income.

 

BWX Brands UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Website

20% straight line

Office equipment

20% straight line

Computer equipment

33% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

 

BWX Brands UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 6 (2022 - 7).

 

BWX Brands UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

4

Tangible assets

Office equipment
£

Website
£

Computer equipment
£

Total
£

Cost or valuation

At 1 July 2022

69,890

79,000

9,359

158,249

Disposals

(435)

-

-

(435)

Foreign exchange movements

7,765

-

-

7,765

At 30 June 2023

77,220

79,000

9,359

165,579

Depreciation

At 1 July 2022

12,064

29,721

3,725

45,510

Charge for the year

15,444

-

2,741

18,185

Impairment

-

49,278

-

49,278

At 30 June 2023

27,508

78,999

6,466

112,973

Carrying amount

At 30 June 2023

49,712

1

2,893

52,606

At 30 June 2022

57,826

49,279

5,635

112,740

5

Stocks

2023
£

2022
£

Finished goods and goods for resale

1,254,928

1,806,550

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

794,693

904,746

Amounts owed by related parties

12

974,513

-

Other debtors

 

7,500

7,499

Prepayments

 

-

13,368

 

1,776,706

925,613

 

BWX Brands UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

11,381

52,002

Amounts owed to group undertakings

12

4,368,659

5,429,897

Taxation and social security

 

9,907

2,794

Accruals and deferred income

 

376,141

159,300

Other creditors

 

205,176

125,932

 

4,971,264

5,769,925

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

       

9

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

23,449

22,368

Later than one year and not later than five years

20,070

43,520

43,519

65,888

 

BWX Brands UK Limited

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

11

Financial commitments, guarantees and contingencies

The Commonwealth Bank of Australia has a fixed and floating charge over the assets of the company.

12

Related party transactions

Summary of transactions with parent

The company has taken advantage of the exemption available in FRS 102 not to disclose transactions entered into between two or more members of the group that are wholly owned.
 

13

Parent and ultimate parent undertaking

The company's immediate parent is BWX Brands Pty Limited, incorporated in Australia.

 The ultimate parent is BWX Limited, incorporated in Australia and listed on the Australian Stock Exchange.

 The most senior parent entity producing publicly available financial statements is BWX Limited. These financial statements are available upon request from Minter Ellison, Level 23, 525 Collins Street, Melbourne, VIC 3000, Australia.

 

14

Events after the financial period

On 1 May 2024 100% of the company's issued share capital was acquired by PNB InternationalCo Pyt Ltd, incorporated in Australia.

The ultimate parent is PNB Consolidated Pty Ltd, incorporated in Australia.