IRIS Accounts Production v24.3.0.553 01780491 Board of Directors 1.9.23 31.8.24 31.8.24 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh017804912023-08-31017804912024-08-31017804912023-09-012024-08-31017804912022-08-31017804912022-09-012023-08-31017804912023-08-3101780491ns15:EnglandWales2023-09-012024-08-3101780491ns14:PoundSterling2023-09-012024-08-3101780491ns10:Director12023-09-012024-08-3101780491ns10:PrivateLimitedCompanyLtd2023-09-012024-08-3101780491ns10:SmallEntities2023-09-012024-08-3101780491ns10:AuditExempt-NoAccountantsReport2023-09-012024-08-3101780491ns10:SmallCompaniesRegimeForDirectorsReport2023-09-012024-08-3101780491ns10:SmallCompaniesRegimeForAccounts2023-09-012024-08-3101780491ns10:FullAccounts2023-09-012024-08-3101780491ns10:OrdinaryShareClass12023-09-012024-08-3101780491ns10:Director22023-09-012024-08-3101780491ns10:Director32023-09-012024-08-3101780491ns10:Director42023-09-012024-08-3101780491ns10:CompanySecretary12023-09-012024-08-3101780491ns10:RegisteredOffice2023-09-012024-08-3101780491ns5:CurrentFinancialInstruments2024-08-3101780491ns5:CurrentFinancialInstruments2023-08-3101780491ns5:ShareCapital2024-08-3101780491ns5:ShareCapital2023-08-3101780491ns5:RetainedEarningsAccumulatedLosses2024-08-3101780491ns5:RetainedEarningsAccumulatedLosses2023-08-3101780491ns5:FurnitureFittings2023-08-3101780491ns5:FurnitureFittings2023-09-012024-08-3101780491ns5:FurnitureFittings2024-08-3101780491ns5:FurnitureFittings2023-08-3101780491ns5:WithinOneYearns5:CurrentFinancialInstruments2024-08-3101780491ns5:WithinOneYearns5:CurrentFinancialInstruments2023-08-3101780491ns5:WithinOneYear2024-08-3101780491ns5:WithinOneYear2023-08-3101780491ns5:BetweenOneFiveYears2024-08-3101780491ns5:BetweenOneFiveYears2023-08-3101780491ns5:AllPeriods2024-08-3101780491ns5:AllPeriods2023-08-3101780491ns10:OrdinaryShareClass12024-08-31
REGISTERED NUMBER: 01780491 (England and Wales)















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: Mr R S Goldman
Mr H S Goldman
Mrs L S Goldman
Mr M D Goldman





SECRETARY: Mr A Hobson





REGISTERED OFFICE: 100 Barbirolli Square
Manchester
M2 3BD





REGISTERED NUMBER: 01780491 (England and Wales)





ACCOUNTANTS: Xeinadin
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 36,222 39,157

CURRENT ASSETS
Stocks 1,040,832 907,208
Debtors 5 84,113 98,187
Cash at bank and in hand 179,723 66,072
1,304,668 1,071,467
CREDITORS
Amounts falling due within one year 6 (813,674 ) (698,011 )
NET CURRENT ASSETS 490,994 373,456
TOTAL ASSETS LESS CURRENT
LIABILITIES

527,216

412,613

PROVISIONS FOR LIABILITIES - (5,961 )
NET ASSETS 527,216 406,652

CAPITAL AND RESERVES
Called up share capital 8 6 6
Retained earnings 527,210 406,646
SHAREHOLDERS' FUNDS 527,216 406,652

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st August 2024 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 20th December 2024 and were signed on its behalf by:





Mr R S Goldman - Director


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
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

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 55 (2023 - 58 ) .

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 345,502
Additions 7,442
Disposals (275,693 )
At 31st August 2024 77,251
DEPRECIATION
At 1st September 2023 306,345
Charge for year 10,377
Eliminated on disposal (275,693 )
At 31st August 2024 41,029
NET BOOK VALUE
At 31st August 2024 36,222
At 31st August 2023 39,157

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors - 47,205
Deferred tax asset 45,823 -
Prepayments and accrued income 38,290 50,982
84,113 98,187

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 197,739 249,160
Social security and other taxes 13,230 9,987
VAT 63,897 47,120
Other creditors 527,380 374,964
Accrued expenses 11,428 16,780
813,674 698,011

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 186,500 186,500
Between one and five years 308,583 303,168
495,083 489,668

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: £    £   
6 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.