21 01/03/2023 29/02/2024 2024-02-29 false false false false true false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-03-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 07970614 2023-03-01 2024-02-29 07970614 2024-02-29 07970614 2023-02-28 07970614 2022-03-01 2023-02-28 07970614 2023-02-28 07970614 2022-02-28 07970614 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-29 07970614 bus:RegisteredOffice 2023-03-01 2024-02-29 07970614 bus:OrdinaryShareClass1 2023-03-01 2024-02-29 07970614 bus:LeadAgentIfApplicable 2023-03-01 2024-02-29 07970614 bus:Agent1 2023-03-01 2024-02-29 07970614 bus:Director1 2023-03-01 2024-02-29 07970614 core:WithinOneYear 2024-02-29 07970614 core:WithinOneYear 2023-02-28 07970614 core:FurnitureFittingsToolsEquipment 2023-02-28 07970614 core:FurnitureFittingsToolsEquipment 2024-02-29 07970614 core:UKTax 2023-03-01 2024-02-29 07970614 core:UKTax 2022-03-01 2023-02-28 07970614 bus:AllOrdinaryShares 2023-03-01 2024-02-29 07970614 bus:AllOrdinaryShares 2022-03-01 2023-02-28 07970614 core:RetainedEarningsAccumulatedLosses 2023-02-28 07970614 core:RetainedEarningsAccumulatedLosses 2022-02-28 07970614 core:RetainedEarningsAccumulatedLosses 2024-02-29 07970614 core:RetainedEarningsAccumulatedLosses 2023-02-28 07970614 core:ShareCapital 2024-02-29 07970614 core:ShareCapital 2023-02-28 07970614 bus:OrdinaryShareClass1 core:ShareCapital 2024-02-29 07970614 bus:OrdinaryShareClass1 core:ShareCapital 2023-02-28 07970614 core:CostValuation core:Non-currentFinancialInstruments 2024-02-29 07970614 core:Non-currentFinancialInstruments 2024-02-29 07970614 core:Non-currentFinancialInstruments 2023-02-28 07970614 core:FurnitureFittingsToolsEquipment 2023-02-28 07970614 bus:MediumEntities 2023-03-01 2024-02-29 07970614 bus:Audited 2023-03-01 2024-02-29 07970614 bus:Medium-sizedCompaniesRegimeForAccounts 2023-03-01 2024-02-29 07970614 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 07970614 bus:FullAccounts 2023-03-01 2024-02-29 07970614 core:AllAssociates 2023-03-01 2024-02-29 07970614 core:AllAssociates 2022-03-01 2023-02-28 07970614 countries:UnitedKingdom 2023-03-01 2024-02-29 07970614 countries:UnitedKingdom 2022-03-01 2023-02-28 07970614 countries:RestEuropeOutsideUK 2023-03-01 2024-02-29 07970614 countries:RestEuropeOutsideUK 2022-03-01 2023-02-28 07970614 countries:RestWorldOutsideEurope 2023-03-01 2024-02-29 07970614 countries:RestWorldOutsideEurope 2022-03-01 2023-02-28 07970614 core:AllJointVentures 2024-02-29 07970614 core:AllJointVentures 2023-02-28 07970614 1 2023-03-01 2024-02-29
Company registration number: 07970614
Be Keen Limited
Financial statements
29 February 2024
Be Keen Limited
Contents
Directors and other information
Strategic report
Director's report
Independent auditor's report to the members
Statement of income and retained earnings
Statement of financial position
Statement of cash flows
Notes to the financial statements
Be Keen Limited
Directors and other information
Director A. Khouzami
Company number 07970614
Registered office 20-22 Wenlock Road
London
N1 7GU
Auditor Leftley Rowe & Company
Second Floor
87 Kenton Road
Harrow
Middlesex
HA3 0AH
Bankers HSBC Bank Plc
Lion House
25 Islington High Street
Islington
London
N1 9LJ
Metro Bank Plc
1 Southampton Row
London
WC1B 5HA
Be Keen Limited
Strategic report
Period ended 29 February 2024
1. Principal Activities
The company is engaged in distribution of European niche fragrances to UK and international markets over 4 continents and acting as international agent for certain European fragrances, managing their brands as if they were its own on commission basis. The company has continued to develop its operations in line with its strategic objectives.
2. Business Review
During the year, the company achieved a turnover of GBP15.28 million (2023: GBP11.37 million), reflecting a 34.4% increase compared to the previous year. The net profit before tax was GBP3.41 million (2023: GBP3.68 million).
3. Financial Performance
The company maintained a strong financial position, with net assets of GBP7.93 million as of 29 February 2024. The directors consider the results for the year to be satisfactory given the current economic conditions.
4. Dividends
The directors recommend a final dividend of GBP20,174 per share (2023: GBP19,826 per share), amounting to a total distribution of GBP400,000 for the year.
5. Principal Risks and Uncertainties
The company buys products from Europe while customers are from 4 continents and is therefore susceptible to fluctuations on currency exchange between the GBP, US dollars and the Euro. The director will monitor currency exposure and market conditions to mitigate this currency risk. The director is pleased to note that there have been no adverse effects on operations to date.
The company enjoys good cash generation. The company's customers are large retailers or airports while the company is managing different brands and not rely on any individual customer or brand. As a result, the director does not consider any significant credit risk, liquidity risk or cashflow risk.
6. Future Development
The director is optimistic about the company's future performance, with plans to expand operations and enhance customer experience.
The company will continue monitoring market trends and adapting its marketing strategy to ensure sustainable growth.
This report was approved by the board of directors on 26 February 2025 and signed on behalf of the board by:
A. Khouzami
Director
Be Keen Limited
Director's report
Period ended 29 February 2024
The director presents his report and the financial statements of the company for the period ended 29 February 2024.
Director
The director who served the company during the period was as follows:
A. Khouzami
Dividends
Particulars of recommended dividends are detailed in note 10 to the financial statements.
Future developments
The information required by schedule 7 of the Large and Medium - sized Companies and Groups
(Accounts and Reports) Regulations 2008 has been disclosed in the Strategic Report.
Financial instruments
The information required by schedule 7 of the Large and Medium - sized Companies and Groups
(Accounts and Reports) Regulations 2008 has been disclosed in the Strategic Report.
Director's responsibilities statement
The director is responsible for preparing the strategic report, director's report and the financial statements in accordance with applicable law and regulations.
Company law requires the director to prepare financial statements for each financial period. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to:
- select suitable accounting policies and then apply them consistently;
- make judgments and accounting estimates that are reasonable and prudent; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is 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 him 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 26 February 2025 and signed on behalf of the board by:
A. Khouzami
Director
Be Keen Limited
Independent auditor's report to the members of
Be Keen Limited
Period ended 29 February 2024
Opinion
We have audited the financial statements of Be Keen Limited (the 'company') for the period ended 29 February 2024 which comprise the statement of income and retained earnings, statement of financial position, statement of cash flows and notes to the financial statements, 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, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 29 February 2024 and of its profit for the period 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 director's 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 company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the director 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 director is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the director's report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the director's report has been prepared in accordance with applicable legal requirements.
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 director's report. We have nothing to report in respect of the following matters where 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 and the returns; or - certain disclosures of director's 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 director's responsibilities statement, the director is 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 director determines 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 director is 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.
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. 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: - Enquiries with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. - Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing. - Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations. - Reviewing the financial statements for compliance with the Companies Act 2006. - Evaluating and challenging the reasonableness of accounting estimates. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Other matters
The financial statements of the company for the year ended 28 February 2023 were unaudited.
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 we are required to state to them in an auditors 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.
Christopher Andrews ACA (Senior Statutory Auditor)
For and on behalf of
Leftley Rowe & Company
Chartered Accountants and Statutory auditors
Second Floor
87 Kenton Road
Harrow
Middlesex
HA3 0AH
27 February 2025
Be Keen Limited
Statement of income and retained earnings
Period ended 29 February 2024
Year Year
ended ended
2024 2023
Note £ £
Turnover 4 15,282,574 11,365,076
Cost of sales ( 10,091,456) ( 6,427,678)
_______ _______
Gross profit 5,191,118 4,937,398
Administrative expenses ( 1,789,717) ( 1,261,112)
_______ _______
Operating profit 5 3,401,401 3,676,286
Other interest receivable and similar income 8 6,638 781
_______ _______
Profit before taxation 3,408,039 3,677,067
Tax on profit 9 ( 829,897) ( 699,855)
_______ _______
Profit for the financial period and total comprehensive income 2,578,142 2,977,212
_______ _______
Dividends declared and paid or payable during the period 10 ( 403,479) ( 396,521)
Retained earnings at the start of the period 5,755,153 3,174,462
_______ _______
Retained earnings at the end of the period 7,929,816 5,755,153
_______ _______
All the activities of the company are from continuing operations.
Be Keen Limited
Statement of financial position
29 February 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 11 35,528 4,828
Investments 12 1,000 1,000
_______ _______
36,528 5,828
Current assets
Stocks 13 1,631,356 1,036,167
Debtors 14 1,552,931 2,615,524
Cash at bank and in hand 5,551,899 3,230,679
_______ _______
8,736,186 6,882,370
Creditors: amounts falling due
within one year 15 ( 842,878) ( 1,133,025)
_______ _______
Net current assets 7,893,308 5,749,345
_______ _______
Total assets less current liabilities 7,929,836 5,755,173
_______ _______
Net assets 7,929,836 5,755,173
_______ _______
Capital and reserves
Called up share capital 17 20 20
Profit and loss account 7,929,816 5,755,153
_______ _______
Shareholders funds 7,929,836 5,755,173
_______ _______
These financial statements were approved by the board of directors and authorised for issue on 26 February 2025 , and are signed on behalf of the board by:
A. Khouzami
Director
Company registration number: 07970614
Be Keen Limited
Statement of cash flows
Period ended 29 February 2024
Year Year
ended ended
2024 2023
£ £
Cash flows from operating activities
Profit for the financial period 2,578,142 2,977,212
Adjustments for:
Depreciation of tangible assets 12,001 1,937
Other interest receivable and similar income ( 6,638) ( 781)
Tax on profit 829,897 699,855
Accrued expenses/(income) 48,615 15,799
Changes in:
Stocks ( 595,189) ( 689,988)
Trade and other debtors 1,062,593 ( 1,360,406)
Trade and other creditors ( 43,804) 137,971
_______ _______
Cash generated from operations 3,885,617 1,781,599
Interest received 6,638 781
Tax paid ( 1,124,855) ( 354,540)
_______ _______
Net cash from operating activities 2,767,400 1,427,840
_______ _______
Cash flows from investing activities
Purchase of tangible assets ( 42,701) ( 5,352)
_______ _______
Net cash used in investing activities ( 42,701) ( 5,352)
_______ _______
Cash flows from financing activities
Equity dividends paid ( 403,479) ( 396,521)
_______ _______
Net cash used in financing activities ( 403,479) ( 396,521)
_______ _______
Net increase/(decrease) in cash and cash equivalents 2,321,220 1,025,967
Cash and cash equivalents at beginning of period 3,230,679 2,204,712
_______ _______
Cash and cash equivalents at end of period 5,551,899 3,230,679
_______ _______
Be Keen Limited
Notes to the financial statements
Period ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in UK. The address of the registered office is 20-22 Wenlock Road, London, N1 7GU.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Commission revenue is recognized when the underlying performance obligation related to the sale is satisfied.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the HMRC exchange rate for the month of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the HMRC exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at their purchase price from the supplier, excluding any transportation or storage fee.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Turnover
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
Year Year
ended ended
2024 2023
£ £
United Kingdom 2,072,589 1,961,405
Europe, the Middle East and Africa 11,830,730 9,079,766
Rest of the world 1,379,255 323,905
_______ _______
15,282,574 11,365,076
_______ _______
5. Operating profit
Operating profit is stated after charging/(crediting):
Year Year
ended ended
2024 2023
£ £
Depreciation of tangible assets 12,001 1,937
Foreign exchange differences 246,519 231,570
Fees payable for the audit of the financial statements 9,000 -
_______ _______
6. Staff costs
The average number of persons employed by the company during the period, including the director, amounted to:
Year Year
ended ended
2024 2023
Administrative staff 21 13
_______ _______
The aggregate payroll costs incurred during the period were:
Year Year
ended ended
2024 2023
£ £
Wages and salaries 422,595 367,218
Social security costs 20,487 17,191
Other pension costs 4,358 4,538
_______ _______
447,440 388,947
_______ _______
7. Directors remuneration
The director's aggregate remuneration in respect of qualifying services was:
Year Year
ended ended
2024 2023
£ £
Remuneration 9,096 9,075
Company contributions to pension schemes in respect of qualifying services 86 85
_______ _______
9,182 9,160
_______ _______
8. Other interest receivable and similar income
Year Year
ended ended
2024 2023
£ £
Bank deposits 4,543 -
Other interest receivable and similar income 2,095 781
_______ _______
6,638 781
_______ _______
9. Tax on profit
Major components of tax expense
Year Year
ended ended
2024 2023
£ £
Current tax:
UK current tax expense 829,897 699,855
_______ _______
Tax on profit 829,897 699,855
_______ _______
Reconciliation of tax expense
The tax assessed on the profit for the period is lower than (2023: higher than) the standard rate of corporation tax in the UK of 25.00 % (2023: 19.00%).
Year Year
ended ended
2024 2023
£ £
Profit before taxation 3,408,039 3,677,067
_______ _______
Profit multiplied by rate of tax 852,010 698,643
Effect of expenses not deductible for tax purposes 2,782 2,166
Effect of capital allowances and depreciation ( 7,675) ( 954)
Effect of different UK tax rates on some earnings (17,220) 0
_______ _______
Tax on profit 829,897 699,855
_______ _______
10. Dividends
Equity dividends
Year Year
ended ended
2024 2023
£ £
Dividends paid during the period (excluding those for which a liability existed at the end of the prior year) 403,479 396,521
_______ _______
11. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 March 2023 9,032 9,032
Additions 42,701 42,701
_______ _______
At 29 February 2024 51,733 51,733
_______ _______
Depreciation
At 1 March 2023 4,204 4,204
Charge for the year 12,001 12,001
_______ _______
At 29 February 2024 16,205 16,205
_______ _______
Carrying amount
At 29 February 2024 35,528 35,528
_______ _______
At 28 February 2023 4,828 4,828
_______ _______
12. Investments
Participating interests Total
£ £
Cost
At 1 March 2023 and 29 February 2024 1,000 1,000
_______ _______
Carrying amount
At 29 February 2024 1,000 1,000
_______ _______
At 28 February 2023 1,000 1,000
_______ _______
Investments in group undertakings
Registered office Class of share Percentage of shares held
Participating interest
Skyrock Fragrances Limited 20-22 Wenlock Road, London N1 7GU Ordinary 50
13. Stocks
2024 2023
£ £
Finished goods 1,631,356 1,036,167
_______ _______
14. Debtors
2024 2023
£ £
Trade debtors 1,059,243 1,329,797
Prepayments and accrued income 351,813 1,121,067
Other debtors 141,875 164,660
_______ _______
1,552,931 2,615,524
_______ _______
15. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 315,766 154,989
Accruals and deferred income 86,344 37,729
Corporation tax 404,897 699,855
Social security and other taxes 6,202 16,706
Director loan accounts 2,992 2,563
Other creditors 26,677 221,183
_______ _______
842,878 1,133,025
_______ _______
16. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 4,358 (2023: £ 4,538 ).
17. Called up share capital
Issued, called up and fully paid
2024 2023
No £ No £
Ordinary shares of £ 1.00 each 20 20 20 20
_______ _______ _______ _______
18. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 32,830 25,677
_______ _______
19. Related party transactions
During the period the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
Year Year Year Year
ended ended ended ended
2024 2023 2024 2023
£ £ £ £
Income from joint venture 1,746 26,441 110,339 90,339
_______ _______ _______ _______
During the year, the company received income from Skyrock Fragrances Limited which is a joint venture of the company.The amount due from this joint venture has been included in other debtor of the company.
20. Controlling party
In the director's opinion the company is controlled ultimately by A. Khouzami .