REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 |
FOR |
PRESTIGE COSMETICS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST AUGUST 2024 |
FOR |
PRESTIGE COSMETICS LIMITED |
PRESTIGE COSMETICS LIMITED (REGISTERED NUMBER: 01780491) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st August 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
PRESTIGE COSMETICS LIMITED |
COMPANY INFORMATION |
for the Year Ended 31st August 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
100 Barbirolli Square |
Manchester |
M2 3BD |
PRESTIGE COSMETICS LIMITED (REGISTERED NUMBER: 01780491) |
BALANCE SHEET |
31st August 2024 |
2024 | 2023 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
PRESTIGE COSMETICS LIMITED (REGISTERED NUMBER: 01780491) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st August 2024 |
1. | STATUTORY INFORMATION |
Prestige Cosmetics Limited is a private company, limited by shares, registered in England and Wales, registration number 01780491. The address of the registered office is 100 Barbirolli Square, Manchester M2 3BD and the principal place of business is 90 North Street, Manchester, M8 8RA. |
The financial statements are prepared in Sterling, which is also the functional currency of the Company. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents sales to external customers at invoiced amounts less value added tax or local taxes on sales. Revenue is recognised when goods are handed to the customer. |
Turnover principally consists of the sale of toiletries and household goods. |
Tangible fixed assets |
Tangible fixed assets are stated at historical cost less accumulated depreciation and any provisions for impairment. Tangible fixed 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. |
Depreciation on tangible fixed assets is charged to the profit or loss so as to write off their value, over their estimated useful lives, using the following methods: |
Fixtures and fittings | - | 15% on cost |
At each reporting date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. |
If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately. |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs, which comprise direct production costs, are based on the method most appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to profit or loss as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
PRESTIGE COSMETICS LIMITED (REGISTERED NUMBER: 01780491) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st August 2024 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable into the scheme are charged to profit or loss in the period to which they relate. |
Other debtors |
Other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
Operating leases |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
PRESTIGE COSMETICS LIMITED (REGISTERED NUMBER: 01780491) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st August 2024 |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
£ |
COST |
At 1st September 2023 |
Additions |
Disposals | ( |
) |
At 31st August 2024 |
DEPRECIATION |
At 1st September 2023 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31st August 2024 |
NET BOOK VALUE |
At 31st August 2024 |
At 31st August 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Other debtors |
Deferred tax asset |
Prepayments and accrued income |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Social security and other taxes |
VAT | 63,897 | 47,120 |
Other creditors |
Accrued expenses |
7. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2024 | 2023 |
£ | £ |
Within one year |
Between one and five years |
PRESTIGE COSMETICS LIMITED (REGISTERED NUMBER: 01780491) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st August 2024 |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1.00 | 6 | 6 |
9. | RELATED PARTY DISCLOSURES |
During the year the company made purchases of £1,921,921 (2023: £1,688,238) from a company under common control. The company also paid rent of £91,000 (2023: £91,000) to companies under common control. |
Included in Other creditors is a balance of £513,457 (2023: £361,644) owed to a company under common control. This is balance represents an interest free loan, repayable on demand. |