REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
WARPAINT COSMETICS LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
WARPAINT COSMETICS LIMITED |
WARPAINT COSMETICS LIMITED (REGISTERED NUMBER: 03564435) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
WARPAINT COSMETICS LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 May 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
2 Park Court |
Pyrford Road |
West Byfleet |
Surrey |
KT14 6SD |
WARPAINT COSMETICS LIMITED (REGISTERED NUMBER: 03564435) |
BALANCE SHEET |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves | 9 |
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. |
WARPAINT COSMETICS LIMITED (REGISTERED NUMBER: 03564435) |
BALANCE SHEET - continued |
31 May 2024 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
WARPAINT COSMETICS LIMITED (REGISTERED NUMBER: 03564435) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Warpaint Cosmetics Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Investment property |
Investment properties are held for long-term rental yields and are not occupied by the group. They are carried at fair value with any aggregate surplus or deficit arising from such changes are presented in the profit or loss as part of other income. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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. |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
WARPAINT COSMETICS LIMITED (REGISTERED NUMBER: 03564435) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 June 2023 |
and 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2023 |
Disposals | ( |
) |
Revaluations | 35,000 |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
The investment properties were previously valued by an independent valuer with a recognised and relevant professional qualification and with relevant experience in the investment properties being valued. |
The valuation techniques used were; |
Market rent - The estimated amount for which an interest in real property should be leased on the valuation date between a willing lessor and a willing lessee on appropriate lease terms in an arm's length transaction. |
The following assumptions have been made: Void assumptions - in terms of void allowances, they have allowed for a marketing void of 6 months and a rent free period of 3-9 months. Cost assumptions - No major costs expected in the short term - which is consistent with the age of the property. In assessing the opinion of the market rent they have given consideration to the statistics in the local Industrial Market as well as spoken with a number of agents and comparable evidence. |
The directors have used this information gained to calculate their revaluations in the current period also the taking into account the value of other sales for like for like properties in the immediate area to ensure the revaluations continue to represent the market value at the year end. |
WARPAINT COSMETICS LIMITED (REGISTERED NUMBER: 03564435) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
5. | INVESTMENT PROPERTY - continued |
Fair value at 31 May 2024 is represented by: |
£ |
Valuation in 2017 | 1,333 |
Valuation in 2018 | (86,604 | ) |
Valuation in 2019 | (102,175 | ) |
Valuation in 2021 | 395,301 |
Valuation in 2022 | (70,000 | ) |
Valuation in 2023 | 1,750,000 |
Valuation in 2024 | 35,000 |
Cost | 10,942,101 |
12,864,956 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans and overdrafts |
Payments on account |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
9. | RESERVES |
Other |
reserves |
£ |
At 1 June 2023 |
Non distributable reserves | (87,021 | ) |
At 31 May 2024 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
At the year end the company owed Mr S Bazini £2,077,362 (2023 - £2,077,362) and Mr E MacLeod £2,077,367 (2023 - £2,077,367). These loans are interest free and repayable on demand. |