Silverfin false false 31/05/2024 01/06/2023 31/05/2024 Mr A S Hill 06/10/2014 Mr D R J King 27/02/2009 Mr W A King 27/02/2008 13 February 2025 The principal activity of the company continued to be that of design, sales and marketing of King of Shaves branded toiletries products on a global basis. 06516049 2024-05-31 06516049 bus:Director1 2024-05-31 06516049 bus:Director2 2024-05-31 06516049 bus:Director3 2024-05-31 06516049 2023-05-31 06516049 core:CurrentFinancialInstruments 2024-05-31 06516049 core:CurrentFinancialInstruments 2023-05-31 06516049 core:Non-currentFinancialInstruments 2024-05-31 06516049 core:Non-currentFinancialInstruments 2023-05-31 06516049 core:ShareCapital 2024-05-31 06516049 core:ShareCapital 2023-05-31 06516049 core:SharePremium 2024-05-31 06516049 core:SharePremium 2023-05-31 06516049 core:RetainedEarningsAccumulatedLosses 2024-05-31 06516049 core:RetainedEarningsAccumulatedLosses 2023-05-31 06516049 core:CostValuation 2023-05-31 06516049 core:CostValuation 2024-05-31 06516049 core:ProvisionsForImpairmentInvestments 2023-05-31 06516049 core:ImpairmentLossProvisionsForImpairmentInvestments 2024-05-31 06516049 core:ProvisionsForImpairmentInvestments 2024-05-31 06516049 2023-06-01 2024-05-31 06516049 bus:FilletedAccounts 2023-06-01 2024-05-31 06516049 bus:SmallEntities 2023-06-01 2024-05-31 06516049 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 06516049 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 06516049 bus:Director1 2023-06-01 2024-05-31 06516049 bus:Director2 2023-06-01 2024-05-31 06516049 bus:Director3 2023-06-01 2024-05-31 06516049 2022-06-01 2023-05-31 06516049 core:Non-currentFinancialInstruments 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Company No: 06516049 (England and Wales)

THE KING OF SHAVES COMPANY LTD

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH THE REGISTRAR

THE KING OF SHAVES COMPANY LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024

Contents

THE KING OF SHAVES COMPANY LTD

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
THE KING OF SHAVES COMPANY LTD

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
DIRECTORS Mr A S Hill
Mr D R J King
Mr W A King
REGISTERED OFFICE Lytchett House
13 Freeland Park
Wareham Road
Poole
BH16 6FA
United Kingdom
COMPANY NUMBER 06516049 (England and Wales)
ACCOUNTANT Shaw Gibbs Limited
2nd Floor
201 Great Portland Street
Marylebone
London
W1W 5AB
THE KING OF SHAVES COMPANY LTD

BALANCE SHEET

AS AT 31 MAY 2024
THE KING OF SHAVES COMPANY LTD

BALANCE SHEET (continued)

AS AT 31 MAY 2024
Note 2024 2023
£ £
Fixed assets
Investments 4 0 1,100
0 1,100
Current assets
Stocks 223,585 443,733
Debtors 5 1,569,082 1,416,759
Cash at bank and in hand 7,178 29,379
1,799,845 1,889,871
Creditors: amounts falling due within one year 6 ( 1,175,619) ( 823,854)
Net current assets 624,226 1,066,017
Total assets less current liabilities 624,226 1,067,117
Creditors: amounts falling due after more than one year 7 ( 165,494) ( 266,667)
Provision for liabilities ( 3,399) ( 37,363)
Net assets 455,333 763,087
Capital and reserves
Called-up share capital 401 401
Share premium account 3,841,428 3,841,428
Profit and loss account ( 3,386,496 ) ( 3,078,742 )
Total shareholder's funds 455,333 763,087

For the financial year ending 31 May 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of The King of Shaves Company Ltd (registered number: 06516049) were approved and authorised for issue by the Board of Directors on 13 February 2025. They were signed on its behalf by:

Mr A S Hill
Director
THE KING OF SHAVES COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
THE KING OF SHAVES COMPANY LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The King of Shaves Company Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Lytchett House, 13 Freeland Park, Wareham Road, Poole, BH16 6FA, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and
subsequently measured at cost less any accumulated impairment losses. The investments are assessed for
impairment at each reporting date and any impairment losses or reversals of impairment losses are
recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised 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 a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the has a present obligation (legal or constructive) as a result of a past event, it is probable that the will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the directors are required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the directors have made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 4

4. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 June 2023 1,100
0
At 31 May 2024 1,100
Provisions for impairment
At 01 June 2023 0
Impairment 1,100
At 31 May 2024 1,100
Carrying value at 31 May 2024 0
Carrying value at 31 May 2023 1,100

5. Debtors

2024 2023
£ £
Trade debtors 504,620 362,321
Amounts owed by Group undertakings 1,053,611 1,048,994
Other debtors 10,851 5,444
1,569,082 1,416,759

6. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts 149,937 106,886
Trade creditors 114,185 179,713
Other taxation and social security 21,468 7,882
Other creditors 890,029 529,373
1,175,619 823,854

7. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 165,494 266,667

There are no amounts included above in respect of which any security has been given by the small entity.