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Registered number: 09622623










SKIN55 LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SKIN55 LIMITED
 

COMPANY INFORMATION


Directors
S. Bashir 
A-L. Chew 
B-L. Chew 




Registered number
09622623



Registered office
1st Floor Sackville House
143-149 Fenchurch Street

London

EC3M 6BN





 
SKIN55 LIMITED
 

CONTENTS



Page
Balance Sheet
1 - 2
Notes to the Financial Statements
3 - 9

 
SKIN55 LIMITED
REGISTERED NUMBER: 09622623

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 4 
730
850

Tangible assets
 5 
130,921
126,431

  
131,651
127,281

Current assets
  

Debtors: amounts falling due within one year
 6 
606,459
503,386

Cash at bank and in hand
 7 
24,626
74,551

  
631,085
577,937

Creditors: amounts falling due within one year
 8 
(323,558)
(256,780)

Net current assets
  
 
 
307,527
 
 
321,157

Total assets less current liabilities
  
439,178
448,438

Creditors: amounts falling due after more than one year
 9 
(2,596,876)
(2,651,596)

  

Net liabilities
  
(2,157,698)
(2,203,158)


Capital and reserves
  

Called up share capital 
  
3
3

Profit and loss account
  
(2,157,701)
(2,203,161)

  
(2,157,698)
(2,203,158)


Page 1

 
SKIN55 LIMITED
REGISTERED NUMBER: 09622623

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 27 December 2024.




S. Bashir
Director

The notes on pages 3 to 9 form part of these financial statements.
Page 2

 
SKIN55 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Skin55 Limited (Company number: 09622623), having its registered office at 1st Floor, Sackville House, 143-149 Fenchurch Street, London, EC3M 6BN, is a private limited company incorporated in England and Wales. 
The principal place of business of the Company is 55 Harley Street, London, W1G 8QR.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Operating leases: the Company 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.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

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

Page 3

 
SKIN55 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Pensions

Defined contribution pension plan

The Company operates 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 profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Trademarks
-
10
years

The amortisation of intangibles assets is recognised in administrative expenses in the Statement of Income and Retained Earnings.

 
2.8

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Buildings & leasehold improvements
-
Over the life of the lease
Fixtures, fittings & medical equipment
-
25% straight line
Computer equipment
-
33 - 50% straight line

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 profit or loss.

Page 4

 
SKIN55 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between as asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 11 (2022 - 11).

Page 5

 
SKIN55 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Intangible assets




Trademarks

£



Cost


At 1 January 2023
1,620



At 31 December 2023

1,620



Amortisation


At 1 January 2023
770


Charge for the year on owned assets
120



At 31 December 2023

890



Net book value



At 31 December 2023
730



At 31 December 2022
850



Page 6

 
SKIN55 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Buildings & leasehold improvements
Fixtures fittings & medical equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2023
119,925
390,887
40,742
551,554


Additions
-
23,946
1,041
24,987



At 31 December 2023

119,925
414,833
41,783
576,541



Depreciation


At 1 January 2023
73,387
329,945
21,791
425,123


Charge for the year on owned assets
10,221
20,203
(9,927)
20,497



At 31 December 2023

83,608
350,148
11,864
445,620



Net book value



At 31 December 2023
36,317
64,685
29,919
130,921



At 31 December 2022
46,538
60,942
18,951
126,431


6.


Debtors

2023
2022
£
£


Trade debtors
393,409
290,336

Other debtors
213,050
213,050

606,459
503,386



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
24,626
74,551


Page 7

 
SKIN55 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans (secured - see below)
27,516
26,109

Trade creditors
160,181
119,295

Other taxation and social security
10,706
9,364

Other creditors
87,078
44,137

Accruals and deferred income
38,077
57,875

323,558
256,780


The following liabilities were secured:

2023
2022
£
£



Bank loans
17,786
16,177

Details of security provided:

Bank loans of £200,001 (2022: £217,200) are secured by way of fixed and floating charges over the assets of the Company, and guaranteed by the directors of the Company.


9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans (secured - see note 8)
196,382
225,258

Other creditors
2,400,494
2,426,338

2,596,876
2,651,596


The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:

2023
2022
£
£


Repayable by instalments
75,498
86,153

Amounts due in more than 5 years relate to a bank loan provided by Lloyds Bank PLC, repayable in monthly instalments of capital and interest by 14 July 2031.  Interest is payable at Base Rate plus 2.50% per annum.

Page 8

 
SKIN55 LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

10.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
27,516
26,109


Amounts falling due 2-5 years

Bank loans
114,748
139,105

Amounts falling due after more than 5 years

Bank loans
81,634
86,153

223,898
251,367



11.


Pension commitments

The Company operates a defined contributions pension scheme. 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 £7,306 (2022: £6,455) . Contributions totalling £1,566 (2022£1,178) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

Included within other creditors due in more than one year are amounts due to the directors of the Company of £2,400,494  (2022: £2,426,338).


Page 9