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REGISTERED NUMBER: 07688786 (England and Wales)











Unaudited Financial Statements

for the Period 1 July 2023 to 29 June 2024

for

Skin Research Ltd

Skin Research Ltd (Registered number: 07688786)

Contents of the Financial Statements
for the Period 1 July 2023 to 29 June 2024










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Skin Research Ltd

Company Information
for the Period 1 July 2023 to 29 June 2024







DIRECTORS: R J E Walker
M Nadeem





REGISTERED OFFICE: 1 Minster Court
Tuscam Way
Camberley
Surrey
GU15 3YY





REGISTERED NUMBER: 07688786 (England and Wales)





ACCOUNTANTS: Butt Miller
Chartered Accountants
1 Minster Court
Tuscam Way
Camberley
Surrey
GU15 3YY

Skin Research Ltd (Registered number: 07688786)

Statement of Financial Position
29 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 585,939 591,454
Investments 5 232,946 230,378
818,885 821,832

CURRENT ASSETS
Stocks 6 2,444,097 2,012,041
Debtors 7 1,766,960 2,299,988
Cash at bank and in hand 554,850 530,438
4,765,907 4,842,467
CREDITORS
Amounts falling due within one year 8 (960,587 ) (953,581 )
NET CURRENT ASSETS 3,805,320 3,888,886
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,624,205

4,710,718

CREDITORS
Amounts falling due after more than one
year

9

(531,222

)

(768,290

)

PROVISIONS FOR LIABILITIES (146,292 ) -
NET ASSETS 3,946,691 3,942,428

CAPITAL AND RESERVES
Called up share capital 2 2
Revaluation reserve 131,004 131,004
Retained earnings 3,815,685 3,811,422
3,946,691 3,942,428

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 June 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Skin Research Ltd (Registered number: 07688786)

Statement of Financial Position - continued
29 June 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 6 March 2025 and were signed on its behalf by:





R J E Walker - Director


Skin Research Ltd (Registered number: 07688786)

Notes to the Financial Statements
for the Period 1 July 2023 to 29 June 2024


1. STATUTORY INFORMATION

Skin Research Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Revenue recognition
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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% on reducing balance

Investments in subsidiaries
Fixed asset investments are initially recorded at cost and subsequently stated at cost less any accumulated impairment losses.

Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Taxation
Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


Skin Research Ltd (Registered number: 07688786)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 29 June 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference.

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

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 21 (2023 - 23 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST OR VALUATION
At 1 July 2023 600,000 1,500 43,387 13,751 658,638
Additions - 10,258 - 2,332 12,590
At 29 June 2024 600,000 11,758 43,387 16,083 671,228
DEPRECIATION
At 1 July 2023 24,000 1,350 29,468 12,366 67,184
Charge for period 12,000 1,963 3,479 663 18,105
At 29 June 2024 36,000 3,313 32,947 13,029 85,289
NET BOOK VALUE
At 29 June 2024 564,000 8,445 10,440 3,054 585,939
At 30 June 2023 576,000 150 13,919 1,385 591,454

The property was revalued on 18th May 2021 by Eddisons (Taylors Business Surveyors) to £600,000.

Skin Research Ltd (Registered number: 07688786)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 29 June 2024


4. TANGIBLE FIXED ASSETS - continued

Cost or valuation at 29 June 2024 is represented by:

Fixtures
Long Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
Valuation in 2021 131,004 - - - 131,004
Cost 468,996 11,758 43,387 16,083 540,224
600,000 11,758 43,387 16,083 671,228

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023 230,378
Additions 2,568
At 29 June 2024 232,946
NET BOOK VALUE
At 29 June 2024 232,946
At 30 June 2023 230,378

The company owns 100% of the membership interest in F&J USA LLC, incorporated in America and 100% of the issued share capital in Skin Research Lab SL, a company incorporated within Spain.

6. STOCKS
2024 2023
£    £   
Stocks 2,444,097 2,012,041

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 75,955 252,588
Amounts owed by group undertakings 969,081 803,782
Amounts owed by associates 629,875 1,051,882
Other debtors 57,454 59,254
Directors' current accounts 34,595 118,458
Prepayments - 14,024
1,766,960 2,299,988

Skin Research Ltd (Registered number: 07688786)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 29 June 2024


8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 250,000 262,932
Trade creditors 282,503 216,593
Amounts owed to associates 14,684 172,701
Tax 106,174 44,194
Social security and other taxes 256,390 94,918
VAT 39,786 156,994
Accrued expenses 11,050 5,249
960,587 953,581

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 250,000 250,000
Bank loans - 2-5 years 281,222 518,290
531,222 768,290

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 781,222 1,031,222

The bank loan is secured by a fixed charge over the leasehold property and a floating charge over the assets of the company.

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 29 June 2024 and the year ended 30 June 2023:

2024 2023
£    £   
R J E Walker
Balance outstanding at start of period 114,958 128,673
Amounts advanced 114,935 11,800
Amounts repaid (198,798 ) (25,515 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 31,095 114,958

M Nadeem
Balance outstanding at start of period 3,500 -
Amounts advanced - 3,500
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period 3,500 3,500

Skin Research Ltd (Registered number: 07688786)

Notes to the Financial Statements - continued
for the Period 1 July 2023 to 29 June 2024


11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued

The above current account is unsecured and is repayable on demand. Interest has been charged at HMRC's approved rates.