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Registration number: 08102822

CGSkin Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

CGSkin Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 4

 

CGSkin Limited

(Registration number: 08102822)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

50,600

50,600

Current assets

 

Debtors

7

7

Cash at bank and in hand

 

3,283

4,141

 

3,290

4,148

Creditors: Amounts falling due within one year

(154,023)

(120,622)

Net current liabilities

 

(150,733)

(116,474)

Net liabilities

 

(100,133)

(65,874)

Capital and reserves

 

Called up share capital

7

42,443

42,443

Share premium reserve

44,250

44,250

Retained earnings

(186,826)

(152,567)

Shareholders' deficit

 

(100,133)

(65,874)

For the financial year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 12 March 2025 and signed on its behalf by:
 


Mr Simon O'Neill
Director

 

CGSkin Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

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

The address of its registered office is:
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ
United Kingdom

These financial statements were authorised for issue by the Board on 12 March 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.

Development costs

Costs relating to product development are recognised as an intangible asset in order to evenly match them against anticipated future revenue streams. Development costs are only capitalised if:

a) it is probable that the expected future economic benefits that are attributable to the development costs will flow to the company, and
b) costs can be measured reliably

Research costs are written off in the period in which they are incurred.

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.

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.

 

CGSkin Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2023 - 0).

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 July 2023

50,600

50,600

At 30 June 2024

50,600

50,600

Amortisation

Carrying amount

At 30 June 2024

50,600

50,600

At 30 June 2023

50,600

50,600

5

Debtors

2024
£

2023
£

VAT Control account

7

7

7

7

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

77

56

Other related parties

108,017

108,017

Accruals and deferred income

6,500

12,549

Other creditors

39,429

-

154,023

120,622

 

CGSkin Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £0.01 each

1,000,000

10,000

1,000,000

10,000

Preference Shares of £1 each

32,443

32,443

32,443

32,443

1,032,443

42,443

1,032,443

42,443

8

Related party transactions

Loans from related parties

2024

Key management
£

Total
£

At start of period

108,017

108,017

At end of period

108,017

108,017

2023

Key management
£

Total
£

At start of period

108,017

108,017

At end of period

108,017

108,017

Terms of loans from related parties

Amounts owed to key management are advances made by the directors. The advances are not subject to interest and repayable on demand. The outstanding balance was converted into 10,801,746 £0.01 ordinary shares immediately prior to the acquisition of the entire issued share capital of the company by The Skin Diary Limited on 11 July 2024.
 

9

Non adjusting events after the financial period

Acquisition of shares by The Skin Diary Limited
The entire issued share capital of CG Skin Limited was acquired by The Skin Diary Limited by way of a share for share exchange on 11 July 2024. Amounts owed to related parties immediately prior to the acquisition were converted into £0.01 ordinary shares. . The preference shares were converted into £0.01 “B” ordinary shares. The ordinary and “B” ordinary shares were subsequently exchanged for ordinary shares in The Skin Diary Limited.