PS Beauty Ltd
Unaudited Financial Statements
For the year ended 31 March 2024
Pages for Filing with Registrar
Company Registration No. 13280141 (England and Wales)
PS Beauty Ltd
Contents
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
PS Beauty Ltd
Balance Sheet
As at 31 March 2024
Page 1
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
439,370
496,559
Tangible assets
4
73,232
108,216
512,602
604,775
Current assets
Stock
23,000
48,229
Debtors
5
46,599
44,578
Cash at bank and in hand
7,184
49,903
76,783
142,710
Creditors: amounts falling due within one year
6
(888,724)
(868,981)
Net current liabilities
(811,941)
(726,271)
Net liabilities
(299,339)
(121,496)
Capital and reserves
Called up share capital
7
1
1
Profit and loss reserves
(299,340)
(121,497)
Total equity
(299,339)
(121,496)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

PS Beauty Ltd
Balance Sheet (Continued)
As at 31 March 2024
Page 2
The financial statements were approved and signed by the director and authorised for issue on 25 March 2025
B O McSloy
Director
Company Registration No. 13280141
PS Beauty Ltd
Notes to the Financial Statements
For the year ended 31 March 2024
Page 3
1
Accounting policies
Company information

PS Beauty Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 1st Floor, 106 Cleveland Street, London, W1T 6NX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The financial statements have been prepared on a going concern basis, which assumes that the company will continue in operational existence for the foreseeable future. At the balance sheet date, the company had net liabilities of £299,339 (2023: £121,496) and is reliant on the continuing support of the shareholder and director.

 

The director has reviewed the company's cash flow forecasts for a period of at least 12 months from the date of approval of these financial statements, which demonstrate that the company is able to meet its liabilities as they fall due.

 

Based on this assessment, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Therefore, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of treatments is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

PS Beauty Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 4
1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Software
Straight line over 5 years
1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
20% straight line
Plant and equipment
20% straight line
Fixtures and fittings
25% straight line
Computers
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Stock

Stock is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

 

Stock held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

PS Beauty Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
Page 5
1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Employee benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
18
16
PS Beauty Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 6
3
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 April 2023
599,113
20,255
619,368
Additions
-
0
7,655
7,655
At 31 March 2024
599,113
27,910
627,023
Amortisation and impairment
At 1 April 2023
119,823
2,986
122,809
Amortisation charged for the year
59,911
4,933
64,844
At 31 March 2024
179,734
7,919
187,653
Carrying amount
At 31 March 2024
419,379
19,991
439,370
At 31 March 2023
479,290
17,269
496,559
4
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 April 2023
7,932
154,231
162,163
Additions
-
0
1,296
1,296
Disposals
-
0
(7,685)
(7,685)
At 31 March 2024
7,932
147,842
155,774
Depreciation and impairment
At 1 April 2023
2,122
51,825
53,947
Depreciation charged in the year
1,866
31,159
33,025
Eliminated in respect of disposals
-
0
(4,430)
(4,430)
At 31 March 2024
3,988
78,554
82,542
Carrying amount
At 31 March 2024
3,944
69,288
73,232
At 31 March 2023
5,810
102,406
108,216
PS Beauty Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 7
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
11,623
7,060
Other debtors
34,000
34,000
Prepayments and accrued income
976
3,518
46,599
44,578
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
29,758
20,444
Taxation and social security
28,268
11,598
Other creditors
819,019
833,939
Accruals and deferred income
11,679
3,000
888,724
868,981
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
273,000
409,500
PS Beauty Ltd
Notes to the Financial Statements (Continued)
For the year ended 31 March 2024
Page 8
9
Related party transactions

Included within other creditors is a loan in the sum of £816,950 (2023: £831,950) due to the director. This loan is unsecured, interest free and repayable on demand.

10
Ultimate controlling party

The company is owned and controlled by B O McSloy.

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