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Registered number: 13368385
Cellap Laboratory UK Limited
Strategic Report, Directors' Report and
Financial Statements
For The Year Ended 31 December 2023
Mouktaris & Co Ltd
Chartered Accountants & Registered Auditors
Contents
Page
Strategic Report 1—2
Directors' Report 3
Independent Auditor's Report 4—7
Statement of Comprehensive Income 8
Statement of Financial Position 9
Statement of Changes in Equity 10
Notes to the Financial Statements 11—16
Page 1
Strategic Report
The directors present their strategic report for the year ended 31 December 2023.
Principal Activity
The company's principal activity continues to be that of wholesale of perfume and cosmetics. Key product lines include 53 offerings across cleansers, toners, serums, cellular creams, specialty products, and body care.
Review of the Business
The UK market, though not extensive, serves as a strategic entry point to other regions. Activities in the UK focus on marketing and brand exposure, with this year seeing the brand successfully expand its retail presence to high-end department stores, generating significant visibility, particularly among tourists. This year’s retail acceleration also extended globally with other group companies, to prestigious locations such as Galeries Lafayette in France, La Rinascente in Italy, DFS and Lane Crawford in Hong Kong and Macau, SKP and CDF in China, and Hyundai in Korea.
Financial Performance and Key Performance Indicators (KPIs)
Financial Summary
  • Sales of cosmetics totalled £202,968 (2022: £Nil) as the company established its retail presence.
  • Gross margin was 10.55%, with the company generating a gross profit of £21,421.
  • Administrative expenses rose significantly to £335,107 (2022: £40,836), reflecting increased operational and marketing activities.
  • The company reported a net loss before tax of £333,255 (2022: profit of £4,084), attributable to the initial costs associated with UK market operations. 
Key Ratios
  • The quick ratio, indicating liquidity and cash availability, stood at 0.17x, although excluding the Amounts owed to group undertakings from current liabilities, the quick ratio stood at 2.8x.
Statement of Financial Position Highlights
  • Cash balances decreased by £105,941 to £18,046 (2022: £123,987).
  • Closing stock totalled £321,328: stock was returned to a group undertaking company following the reporting period.
  • Amounts owed to group undertakings increased from £63,208 to £740,731.
Strategic Achievements
Key accomplishments for the year include securing distribution agreements with high-end department stores in the UK.
Ethical considerations
The Cellcosmet brand, renowned for its 100% Swiss-made and clinically tested products, operates with a vertically integrated structure. This includes an in-house R&D laboratory, manufacturing facilities, and filing processes. The company is committed to principles of efficacy, safety, and sustainability, adhering to the highest industry standards such as ISO 9001:2015 for quality management and ISO 22716:2007 for Good Manufacturing Practices (GMP).
The company employs cruelty-free practices and up to 90% natural ingredients, while actively pursuing ISO 14001 certification for environmental management.
Principal Risks and Uncertainties
Activities in the UK focus on marketing, with 2023 and 2024 seeing the brand successfully expand its retail presence to high-end department stores, generating significant visibility, particularly among tourists. Whilst the company generated losses as a result of heightened marketing costs in comparison to sales, the director has received a signed letter of support from the immediate parent company Cellap Holding S.A. stating that it will continue to support the company over the following twelve months at least, with its facility agreement unlikely to be withdrawn. The company's activities, though not extensive, continue to serve as a strategic entry point to other regions.
The overall risk level in the UK market and to UK operations remains low, and the company's limited scale does not significantly impact group performance.
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Page 2
Future Developments
In 2024, the group achieved a significant milestone with the opening of a new manufacturing facility in Switzerland.
Subsequent to the reporting date the company implemented a change to its operating model, with orders from UK customers now managed and fulfilled directly by a group undertaking company.
As a result of this change, all stock previously held by the company was returned to a group undertaking company.
The change in the operating model is expected to streamline operations and improve efficiency within the group. The company aims to leverage its global presence and vertically integrated structure to further enhance its brand in the UK market. Expanding retail footprints and maintaining operational excellence remain at the core of the company’s strategy.
On behalf of the board
Mr Tancrede Amacker
Director
21 January 2025
Page 2
Page 3
Directors' Report
The directors present their report and the financial statements for the year ended 31 December 2023.
Directors
The directors who held office during the year were as follows:
Mr Tancrede Amacker
Mrs Axelle Strain Resigned 24/03/2023
Matters covered in the Strategic Report
Disclosures required under s416(4) of the Companies Act 2006 are commented upon in the Strategic Report as the directors consider them to be of strategic importance to the business.
Statement of Directors' Responsibilities
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the 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: 
  • select suitable accounting policies and then apply them consistently;
  • make judgments and accounting estimates that are reasonable and prudent;
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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. They are also 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 responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Statement of Disclosure of Information to Auditors
In the case of each director in office at the date the Directors' Report is approved: 
  • so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware; and
  • they have taken all the steps that they ought to have taken as directors in order to make themselves aware of any relevant audit information and to establish that the company's auditors are aware of that information.
Independent Auditors
The auditors, Mouktaris & Co Ltd, have indicated their willingness to continue in office and a resolution concerning their re-appointment will be proposed at the Annual General Meeting.
On behalf of the board
Mr Tancrede Amacker
Director
21 January 2025
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Independent Auditor's Report
Opinion
We have audited the financial statements of Cellap Laboratory UK Limited for the year ended 31 December 2023 which comprise the Statement of Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
In our opinion the financial statements:
  • give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its profit/(loss) for the year then ended;
  • have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
  • have been prepared in accordance with the requirements of the Companies Act 2006.
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 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 entity's ability to continue as a going concern for a period of at least 12 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. In connection with our audit of the financial statements, 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 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 the audit:
  • the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
  • the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.
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Matters on Which We Are Required to Report by Exception
In the light of the knowledge and understanding of the company and its 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:
  • adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
  • the financial statements are not in agreement with the accounting records or returns; or
  • certain disclosures of directors' remuneration specified by law are not made; or
  • we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Directors' Responsibilities Statement set out on page 3, 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 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 company or to cease operations, or have no realistic alternative but to do so.
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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: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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:
  • the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
  • we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our commercial knowledge;
  • we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation, data protection, anti-bribery, employment, environmental and health and safety legislation;
  • we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and
  • identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
  • making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
  • considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we:
  • performed analytical procedures to identify any unusual or unexpected relationships;
  • tested journal entries to identify unusual transactions;
  • assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
  • investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
  • agreeing financial statement disclosures to underlying supporting documentation;
  • reading the minutes of meetings of those charged with governance;
  • enquiring of management as to actual and potential litigation and claims; and
  • reviewing correspondence with HMRC, relevant regulators and the company’s legal advisors.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
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 that 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.
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George A Mouktaris (Senior Statutory Auditor)
for and on behalf of Mouktaris & Co Ltd , Statutory Auditor
29 January 2025
Mouktaris & Co Ltd
156a Burnt Oak Broadway
Edgware
Middlesex
HA8 0AX
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Page 8
Statement of Comprehensive Income
2023 2022
Notes £ £
TURNOVER 3 202,968 -
Cost of sales (181,547 ) -
GROSS PROFIT 21,421 -
Administrative expenses (335,107 ) (40,836 )
Other operating income 2,200 44,920
OPERATING (LOSS)/PROFIT 5 (311,486 ) 4,084
Interest payable and similar charges 8 (21,769 ) -
(LOSS)/PROFIT BEFORE TAXATION (333,255 ) 4,084
Tax on (Loss)/profit 9 (140 ) (776 )
(LOSS)/PROFIT AFTER TAXATION BEING (LOSS)/PROFIT FOR THE FINANCIAL YEAR (333,395 ) 3,308
OTHER COMPREHENSIVE INCOME FOR THE YEAR - -
TOTAL COMPREHENSIVE INCOME FOR THE YEAR (333,395 ) 3,308
The notes on pages 11 to 16 form part of these financial statements.
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Page 9
Statement of Financial Position
Registered number: 13368385
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 10 1,990 -
1,990 -
CURRENT ASSETS
Stocks 11 321,328 -
Debtors 12 118,138 17,154
Cash at bank and in hand 18,046 123,987
457,512 141,141
Creditors: Amounts Falling Due Within One Year 13 (789,043 ) (137,287 )
NET CURRENT ASSETS (LIABILITIES) (331,531 ) 3,854
TOTAL ASSETS LESS CURRENT LIABILITIES (329,541 ) 3,854
NET (LIABILITIES)/ASSETS (329,541 ) 3,854
CAPITAL AND RESERVES
Called up share capital 14 100 100
Income Statement (329,641 ) 3,754
SHAREHOLDERS' FUNDS (329,541) 3,854
On behalf of the board
Mr Tancrede Amacker
Director
21 January 2025
The notes on pages 11 to 16 form part of these financial statements.
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Statement of Changes in Equity
Share Capital Income Statement Total
£ £ £
As at 1 January 2022 100 446 546
Profit for the year and total comprehensive income - 3,308 3,308
As at 31 December 2022 and 1 January 2023 100 3,754 3,854
Loss for the year and total comprehensive income - (333,395 ) (333,395)
As at 31 December 2023 100 (329,641 ) (329,541)
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Notes to the Financial Statements
1. General Information
Cellap Laboratory UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13368385 . The registered office is C/O Buzzacott LLP, 130 Wood Street, London, EC2V 6DL and the principal place of business is Harcourts, Hill Brow Road, Liss, GU33 7LH.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act 2006.
2.2. Financial Reporting Standard 102 - Reduced Disclosure Exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102:
  • 7.1B the requirement to prepare a Statement of Cash Flows and associated notes.
2.3. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. The financial statements have been prepared on a going concern basis on the grounds of the director having received a signed letter of support from the immediate parent company Cellap Holding S.A. stating that it will continue to support the company over the following twelve months at least, with the facility agreement from a group undertaking company unlikely to be withdrawn.
2.4. Significant judgements and estimations
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies.
2.5. 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 at the fair value of the consideration received or receivable, net of discounts and value added tax. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances. The following criteria must also be met before turnover is recognised:
Sale of goods
Turnover from the sale of goods is recognised when:
  • the significant risks and rewards of ownership of the goods has transferred to the buyer;
  • the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
  • the amount of revenue can be measured reliably;
  • it is probable that the associated economic benefits and the consideration due under the transaction will flow to the entity; and
  • the costs incurred or to be incurred in respect of the transactions can be measured reliably.
This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
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2.6. Tangible Fixed Assets and Depreciation
Tangible fixed assets under the cost model are measured 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 provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% Reducing balance
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 the profit and loss account.
2.7. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Cost is determined using the first-in, first-out method. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
At the end of each reporting period stocks are assessed for impairment. If an item of stock is impaired, the identified stock is reduced to its selling price less costs to complete and sell and an impairment charge is recognised in the profit and loss account. Where a reversal of the impairment is required the impairment charge is reversed, up to the original impairment loss, and is recognised as a credit in the profit and loss account.
2.8. Cash and Cash Equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks, other short-term highly liquid investments that mature in no more than three months from the date of acquisition and are readily convertible to a known amount of cash with insignificant risk of change in value, and bank overdrafts.
2.9. 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 from other third parties, including related parties.
2.10. Foreign Currencies
Functional and presentation currency
The company's functional and presentational currency is pound Sterling.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.
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2.11. Taxation
Corporation tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.12. Basic financial assets
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and where material are subsequently measured at amortised cost using the effective interest method, less any impairment.
2.13. Basic financial liabilities
Basic financial liabilities, including trade and other payables and loans from company undertakings that are classified as debt are initially measured 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 the market rate of interest.
3. Turnover
Analysis of turnover by class of business is as follows:
2023 2022
£ £
Management fees receivable 2,200 44,920
Sales of cosmetics 202,968 -
205,168 44,920
4. Other Operating Income
2023 2022
£ £
Other operating income 2,200 44,920
2,200 44,920
5. Operating (Loss)/profit
The operating (loss)/profit is stated after charging:
2023 2022
£ £
Depreciation of tangible fixed assets 345 -
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6. Auditor's Remuneration
Remuneration received by the company's auditors and their associates during the year was as follows:
2023 2022
£ £
Audit Services
Audit of the company's financial statements 8,000 -
7. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 2)
1 2
8. Interest Payable and Similar Charges
2023 2022
£ £
Net loss on foreign exchange 21,764 -
Other finance charges 5 -
21,769 -
Included within Net loss on foreign exchange are unrealised foreign exchange losses of £22,105 (2022: Nil) and realised foreign exchange gains of £341 (2022: Nil).
9. Tax on Profit
The tax charge on the (loss)/profit for the year was as follows:
Tax Rate 2023 2022
2023 2022 £ £
Current tax
UK Corporation Tax 19.0% 19.0% - 776
Prior period adjustment 140 -
140 776
Total tax charge for the period 140 776
The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the (loss)/profit and the standard rate of corporation tax as follows:
2023 2022
£ £
Profit before tax (333,255) 4,084
Tax on profit at 19% (UK standard rate) - 776
Goodwill/depreciation not allowed for tax 66 -
Expenses not deductible for tax purposes 415 -
Capital allowances (444 ) -
Prior period adjustment 140 -
Tax losses unutilised carried forward (37 ) -
Total tax charge for the period 140 776
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10. Tangible Assets
Computer Equipment
£
Cost
As at 1 January 2023 -
Additions 2,335
As at 31 December 2023 2,335
Depreciation
As at 1 January 2023 -
Provided during the period 345
As at 31 December 2023 345
Net Book Value
As at 31 December 2023 1,990
As at 1 January 2023 -
11. Stocks
2023 2022
£ £
Stock 321,328 -
12. Debtors
2023 2022
£ £
Due within one year
Trade debtors 96,043 -
Prepayments and accrued income 13,093 16,092
VAT 9,002 1,062
118,138 17,154
13. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 5,584 5,606
Corporation tax - 1,103
Other creditors - 53,252
Accruals and deferred income 42,728 14,118
Amounts owed to group undertakings 740,731 63,208
789,043 137,287
14. Share Capital
2023 2022
Allotted, called up and fully paid £ £
100 Ordinary Shares of £ 1.00 each 100 100
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15. Post Balance Sheet Events
Subsequent to the reporting date, the company implemented a change to its operating model. Under the revised structure, orders from UK customers are now managed and fulfilled directly by a group undertaking company.
As a result of this change, all stock previously held by the company was returned to a group undertaking company. This event is considered a non-adjusting event, as it relates to a new arrangement that arose after the reporting period and does not provide evidence of conditions that existed at the reporting date.
In the course of this change, stock valued at £108,412 was impaired due to damage and limited remaining shelf life. This impairment resulted from conditions arising after the reporting period and does not provide evidence of circumstances existing as at the reporting date.
The change in the operating model is expected to streamline operations and improve efficiency within the group. However, it does not impact the financial position of the company as reported at 31 December 2023.
16. Related Party Disclosures
The company has taken advantage of the exemption offered under FRS 102 paragraph 33.1A to not disclose transactions entered into between two or more members of a group.
17. Controlling Parties
The company's immediate parent undertaking is Cellap Holding S.A. .
The ultimate parent undertaking is CellHebe S.A. (incorporated in Switzerland). Its registered office is Chem. de Budron A 2, 1052 Le Mont-sur-Lausanne .
Copies of the group accounts may be obtained from the company's registered office.
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