Wow Beauty1 Ltd 14776022 false 2023-04-03 2023-12-31 2023-12-31 The principal activity of the company is that of property investment and letting. Digita Accounts Production Advanced 6.30.9574.0 true false true 14776022 2023-04-03 2023-12-31 14776022 2023-12-31 14776022 bus:OrdinaryShareClass1 2023-12-31 14776022 bus:OrdinaryShareClass2 2023-12-31 14776022 core:RevaluationInvestmentPropertyDeferredTax 2023-12-31 14776022 core:CurrentFinancialInstruments 2023-12-31 14776022 core:CurrentFinancialInstruments core:WithinOneYear 2023-12-31 14776022 core:Non-currentFinancialInstruments 2023-12-31 14776022 core:Non-currentFinancialInstruments core:AfterOneYear 2023-12-31 14776022 core:FurnitureFittingsToolsEquipment 2023-12-31 14776022 bus:SmallEntities 2023-04-03 2023-12-31 14776022 bus:AuditExemptWithAccountantsReport 2023-04-03 2023-12-31 14776022 bus:FilletedAccounts 2023-04-03 2023-12-31 14776022 bus:SmallCompaniesRegimeForAccounts 2023-04-03 2023-12-31 14776022 bus:RegisteredOffice 2023-04-03 2023-12-31 14776022 bus:Director1 2023-04-03 2023-12-31 14776022 bus:OrdinaryShareClass1 2023-04-03 2023-12-31 14776022 bus:OrdinaryShareClass2 2023-04-03 2023-12-31 14776022 bus:PrivateLimitedCompanyLtd 2023-04-03 2023-12-31 14776022 bus:Agent1 2023-04-03 2023-12-31 14776022 core:FurnitureFittingsToolsEquipment 2023-04-03 2023-12-31 14776022 core:OtherRelatedParties 2023-04-03 2023-12-31 14776022 1 2023-04-03 2023-12-31 14776022 countries:EnglandWales 2023-04-03 2023-12-31 14776022 2023-04-02 14776022 core:FurnitureFittingsToolsEquipment 2023-04-02 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 14776022 (England and Wales)

Wow Beauty1 Ltd

Unaudited Filleted Financial Statements

for the Period from 3 April 2023 to 31 December 2023

 

Wow Beauty1 Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Wow Beauty1 Ltd

Company Information

Director

Mr Raman Thukral

Registered office

861 Coronation Road
Park Royal
London
NW10 7PT

Accountants

Aventus Partners Limited
Chartered AccountantsHygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Wow Beauty1 Ltd

(Registration number: 14776022) (England and Wales)
Balance Sheet as at 31 December 2023

Note

2023
£

Fixed assets

 

Tangible assets

5

52,984

Investment property

6

3,712,985

 

3,765,969

Current assets

 

Debtors

7

368,138

Cash at bank and in hand

 

226,886

 

595,024

Creditors: Amounts falling due within one year

8

(151,793)

Net current assets

 

443,231

Total assets less current liabilities

 

4,209,200

Creditors: Amounts falling due after more than one year

8

(1,050,000)

Provisions for liabilities

(470,607)

Net assets

 

2,688,593

Capital and reserves

 

Called up share capital

10

1,400,300

Retained earnings

1,288,293

Shareholders' funds

 

2,688,593

For the financial period ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements were approved and authorised for issue by the director on 24 February 2025
 

.........................................
Mr Raman Thukral
Director

   
     
 

Wow Beauty1 Ltd

Notes to the Unaudited Financial Statements for the Period from 3 April 2023 to 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
861 Coronation Road
Park Royal
London
NW10 7PT
United Kingdom

These financial statements were authorised for issue by the director on 24 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

At the time of approving these financial statements, the director is confident that the company has adequate resources to continue in operational existence for the foreseeable future and is willing to provide the necessary financial support as necessary and accordingly these financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rental income and related services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Wow Beauty1 Ltd

Notes to the Unaudited Financial Statements for the Period from 3 April 2023 to 31 December 2023 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

Over 3 years Straight line basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Wow Beauty1 Ltd

Notes to the Unaudited Financial Statements for the Period from 3 April 2023 to 31 December 2023 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Wow Beauty1 Ltd

Notes to the Unaudited Financial Statements for the Period from 3 April 2023 to 31 December 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average monthly number of persons employed by the company (including the director) during the period, was 1.

 

Wow Beauty1 Ltd

Notes to the Unaudited Financial Statements for the Period from 3 April 2023 to 31 December 2023 (continued)

4

Taxation

Tax charged/(credited) in the profit and loss account

2023
£

Deferred taxation

Arising from origination and reversal of timing differences

470,608

Deferred tax

Deferred tax assets and liabilities

2023

Asset
£

Liability
£

Revaluation of investment property

-

470,607

-

470,607

5

Tangible assets

Fixtures, fittings and equipment
 £

Cost

At 3 April 2023

-

Additions

56,128

At 31 December 2023

56,128

Depreciation

Charge for the period

3,144

At 31 December 2023

3,144

Carrying amount

At 31 December 2023

52,984

 

Wow Beauty1 Ltd

Notes to the Unaudited Financial Statements for the Period from 3 April 2023 to 31 December 2023 (continued)

6

Investment properties

2023
£

At 3 April

-

Additions

1,830,555

Fair value adjustments

1,882,430

At 31 December

3,712,985

Investment properties were revalued by Fisher German LLP, an independent qualified valuer, using the market approach. The valuation was conducted on 11 November 2024. If the historic cost model had been adopted, the carrying value would have been £1,830,555.

7

Debtors

Note

2023
£

Trade debtors

 

4,053

Amounts owed by related parties

11

140,227

Other debtors

 

201,500

Prepayments

 

22,358

 

368,138

8

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Trade creditors

81,435

Other creditors

62,354

Accruals and deferred income

8,004

151,793

Creditors: amounts falling due after more than one year

Note

2023
£

Due after one year

 

Loans and borrowings

9

1,050,000

 

Wow Beauty1 Ltd

Notes to the Unaudited Financial Statements for the Period from 3 April 2023 to 31 December 2023 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2023
£

Other borrowings

1,050,000

10

Share capital

Allotted, called up and fully paid shares

2023

No.

£

Ordinary shares of £1 each

300

300

Ordinary A shares of £2,000 each

700

1,400,000

1,000

1,400,300

11

Related party transactions

The company has taken advantage of the exemptions available in FRS 102 1A from disclosing related party transactions with other companies that are wholly owned within the group.

Summary of transactions with other related parties

At the balance sheet date, the company was owed £140,227 by other companies which have a common director. The loans are interest free and repayable on demand.

12

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Wow Beauty Ltd, incorporated in England and Wales.