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Registered number: 11474567
47 Skin Ltd
Unaudited Financial Statements
For the Period 1 August 2023 to 31 May 2024
Ashton McGill
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11474567
31 May 2024 31 July 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 6,878 7,987
Tangible Assets 5 137,667 32,865
144,545 40,852
CURRENT ASSETS
Stocks 6 565,169 316,015
Debtors 7 180,540 37,687
Cash at bank and in hand 1,045,927 640,943
1,791,636 994,645
Creditors: Amounts Falling Due Within One Year 8 (1,336,791 ) (686,309 )
NET CURRENT ASSETS (LIABILITIES) 454,845 308,336
TOTAL ASSETS LESS CURRENT LIABILITIES 599,390 349,188
Creditors: Amounts Falling Due After More Than One Year 9 (11,369 ) (268,337 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (34,417 ) (8,558 )
NET ASSETS 553,604 72,293
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 553,504 72,193
SHAREHOLDERS' FUNDS 553,604 72,293
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For the period ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Nicholas Taylor
Director
21/02/2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
47 Skin Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11474567 . The registered office is 12 Greenhead Road, Huddersfield, HD1 4EN.
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 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. 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.
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. 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.
2.4. Intangible Fixed Assets and Amortisation - Intellectual Property
Patents are amortised over their estimated economic life of 10 years.
2.5. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. 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:
Plant & Machinery 25% Straight line method
Motor Vehicles 20% Straight line method
Fixtures & Fittings 10% Straight line method
Computer Equipment 25% Straight line method
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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2.8. Taxation
Income 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 period, 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.
3. Average Number of Employees
Average number of employees, including directors, during the period was: 13 (2023: 8)
13 8
4. Intangible Assets
Intellectual Property
£
Cost
As at 1 August 2023 10,650
As at 31 May 2024 10,650
Amortisation
As at 1 August 2023 2,663
Provided during the period 1,109
As at 31 May 2024 3,772
Net Book Value
As at 31 May 2024 6,878
As at 1 August 2023 7,987
The closing NBV of 'Patents' at 31 May 2024 was £6,878.
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5. Tangible Assets
Plant & Machinery Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2023 24,120 - 24,164 25,898 74,182
Additions 85,489 12,900 22,042 10,083 130,514
As at 31 May 2024 109,609 12,900 46,206 35,981 204,696
Depreciation
As at 1 August 2023 20,629 - 4,938 15,750 41,317
Provided during the period 16,143 2,150 3,288 4,131 25,712
As at 31 May 2024 36,772 2,150 8,226 19,881 67,029
Net Book Value
As at 31 May 2024 72,837 10,750 37,980 16,100 137,667
As at 1 August 2023 3,491 - 19,226 10,148 32,865
6. Stocks
31 May 2024 31 July 2023
£ £
Stock 565,169 316,015
7. Debtors
31 May 2024 31 July 2023
£ £
Due within one year
Trade debtors 72,455 -
Other debtors 108,085 37,687
180,540 37,687
8. Creditors: Amounts Falling Due Within One Year
31 May 2024 31 July 2023
£ £
Trade creditors 282,648 110,762
Bank loans and overdrafts 262,688 234,136
Other creditors 365,589 216,866
Taxation and social security 425,866 124,545
1,336,791 686,309
9. Creditors: Amounts Falling Due After More Than One Year
31 May 2024 31 July 2023
£ £
Bank loans 11,369 268,337
The bank loans and overdraft are secured by a fixed charge over the company's assets.
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10. Share Capital
31 May 2024 31 July 2023
£ £
Allotted, Called up and fully paid 100 100
11. Pension Commitments
The company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the company to the fund in respect of the year.  The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £1,238 (2023 – £552) were due to the fund and are included in other creditors.
12. Ultimate Controlling Party
The ultimate controlling party is Mr Nicholas Taylor.
13. Other Commitments
Rentals paid under non-cancellable operating leases of £11,250 (2023: nil) are charged to profit & loss on a systematic basis over the period of lease.
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