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Registered number: 05558256














JENTRY (INTERNATIONAL) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED  31 DECEMBER 2023

 
JENTRY (INTERNATIONAL) LIMITED
 
 
COMPANY INFORMATION


Directors
Dr J de Gunzburg 
Mrs T de Gunzburg 
Mrs M L Assuied 




Registered number
05558256



Registered office
Fourth Floor
52A Cromwell Road

London

SW7 5BE




Independent auditors
Sopher + Co LLP
Chartered Accountants & Statutory Auditors

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD




Bankers
HSBC Bank Plc
1-3 Bishopsgate

London

EC2N 3AQ





 
JENTRY (INTERNATIONAL) LIMITED
 

CONTENTS



Page
Group Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Consolidated Statement of Comprehensive Income
 
 
9
Consolidated Statement of Financial Position
 
 
10 - 11
Company Statement of Financial Position
 
 
12
Consolidated Statement of Changes in Equity
 
 
13
Company Statement of Changes in Equity
 
 
14
Consolidated Statement of Cash Flows
 
 
15
Consolidated Analysis of Net Debt
 
 
16
Notes to the Financial Statements
 
 
17 - 34


 
JENTRY (INTERNATIONAL) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Business review
 
The results for the year show a slight decrease in sales to £16.7m (2021 - £17.2m) mainly explained by the shutdown of its business in China as well as a slowdown of its sales in UK and with its ecommerce business.
Given this context, the Group took some measures to monitor its costs and especially decrease its administrative expenses which led to its operating loss reducing significantly to £1,819,449 (2022 - loss of £2,345,684) despite lower sales.
The Group continues to be supported financially by long-term loans from its shareholders and bankers.
In 2019 subsidiaries were established in Singapore. Hong Kong and China in collaboration with the Luxasia Group, a leading beauty retail network. The launch of the joint venture coincided with the Covid pandemic. The prolonged lock downs in China during 2022 badly affected the sales and results of the joint venture during the year. Since 2023, a restructuring of the Asian business has been underway following the decision made by the joint venture, By Terry Asia Pte Ltd ("BTA"), to close its local offices in China. The Group is considering options that will enable it to continue to sell its products in China and develop its business in Asia.
There were no other significant events affecting the Group's business during the year. 

Principal risks and uncertainties
 
Currency risk
The Group is exposed to currency exchange risk due to a proportion of its receivables being denominated in non-sterling currencies. These sales are priced in the local currency of the company making the sale. Approximately 71% (2022 - 68%) of the group's sales are to customers outside the UK. The net exposure of each currency is monitored and managed by the use of currency bank accounts.
Other risks
Other risks faced by the Group relate to the competitive pressure in a global market, consumer shopping behaviors and changing demographics
The Group manages these risks by providing and maintaining strong relationships with customers and consumers along with investing in new product development to ensure that the group maintains an outstanding portfolio of products.
The Group regularly assesses its risk management activities to ensure good practice in all areas. 

Financial key performance indicators
 
The directors consider the key performance indicators of the business to be turnover and operating profit as set out in the Consolidated Statement of Comprehensive Income on page 9.

Page 1

 
JENTRY (INTERNATIONAL) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023


This report was approved by the board on 2 April 2025 and signed on its behalf.



Dr J de Gunzburg
Director

Page 2

 
JENTRY (INTERNATIONAL) LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors

The directors who served during the year were:

Dr J de Gunzburg 
Mrs T de Gunzburg 
Mrs M L Assuied 

Results for the year

The loss for the year, after taxation and minority interests, amounted to £1,207,620 (2022 - loss £1,665,588).

Directors' responsibilities statement

The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are 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 the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Future developments

The Group remains confident that it is well positioned to take advantage of opportunities in the market place, particularly the digital market. The key driver for the business continues to be increasing the existing market share by introduction of new product lines.

Page 3

 
JENTRY (INTERNATIONAL) LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company and the Group's auditors are aware of that information.

Events after the year end

A restructuring of the Asian business is currently underway following the decision made by the joint venture, By Terry Asia Pte Ltd (''BTA''), to close its local offices in China. The Group is considering options that will enable it to continue to sell its products in China.

Auditors

Under section 487(2) of the Companies Act 2006Sopher + Co LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 2 April 2025 and signed on its behalf.
 





Dr J de Gunzburg
Director

Page 4

 
JENTRY (INTERNATIONAL) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JENTRY (INTERNATIONAL) LIMITED
 

Opinion


We have audited the financial statements of Jentry (International) Limited (the 'parent Company') and its subsidiaries (the 'Group') for the year ended 31 December 2023, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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 Group's and of the parent Company's affairs as at 31 December 2023 and of the Group's loss for the year 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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.


Material uncertainty related to going concern


We draw attention to note 2.3 in the financial statements which indicates that the Group incurred a net loss of £1,529,799 during the year ended 31 December 2023 and, as of that date, the Group and Company had net liabilities of £20,595,868 and £10,038,504 respectively. As stated in note 2.3, these events or conditions, along with the other matters as set forth in note 2.3, indicate that a material uncertainty exists that may cast significant doubt on the Group's or the parent Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' Report thereon. 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 statementsour 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
Page 5

 
JENTRY (INTERNATIONAL) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JENTRY (INTERNATIONAL) LIMITED (CONTINUED)

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.


Opinion 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 Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group Strategic Report and the Directors' Report have 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 Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent Company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent Company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' 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 Directors' Responsibilities Statement set out on page 3, the directors are 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 directors determine 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 directors are responsible for assessing the Group's and the parent 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 directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.


Auditors' 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 Auditors' 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 Group financial statements.

Page 6

 
JENTRY (INTERNATIONAL) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JENTRY (INTERNATIONAL) LIMITED (CONTINUED)


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:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including
fraud and non-compliance with laws and regulations, was as follows:
 
the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; 
we identified the laws and regulations applicable to the Group through discussions with directors and other management, and from our commercial knowledge and experience of the business; 
we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Group, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and 
identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. 

We assessed the susceptibility of the Group’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by: 
 
making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; 
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations; and 
understanding the design of the Group’s remuneration policies. 

To address the risk of fraud through management bias and override of controls, we: 
 
performed analytical procedures to identify any unusual or unexpected relationships; 
tested journal entries to identify unusual transactions; 
assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and 
investigated the rationale behind significant or unusual transactions. 

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: 
 
agreeing financial statement disclosures to underlying supporting documentation;
enquiring of management as to actual and potential litigation and claims; and 
reviewing correspondence with HMRC, relevant regulators and legal expenses incurred. 

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. 
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.


Page 7

 
JENTRY (INTERNATIONAL) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JENTRY (INTERNATIONAL) LIMITED (CONTINUED)


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 Auditors' Report.


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 2006Our 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.





Stephen Iseman FCA (Senior Statutory Auditor)
  
for and on behalf of
Sopher + Co LLP
 
Chartered Accountants
Statutory Auditors
  
5 Elstree Gate
Elstree Way
Borehamwood
Hertfordshire
WD6 1JD

2 April 2025
Page 8

 
JENTRY (INTERNATIONAL) LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£
£

  

Turnover
 4 
16,704,454
17,173,687

Cost of sales
  
(6,805,618)
(7,389,220)

Gross profit
  
9,898,836
9,784,467

Administrative expenses
  
(11,734,930)
(12,201,885)

Other operating income
  
-
738

Exceptional items
 5 
16,645
70,996

Operating loss
 6 
(1,819,449)
(2,345,684)

Interest receivable and similar income
  
1,159
1,283

Interest payable and similar expenses
 7 
(20,634)
(60,164)

Loss before taxation
  
(1,838,924)
(2,404,565)

  

Currency translation differences
  
309,125
125,667

Total comprehensive income for the year
  
(1,529,799)
(2,278,898)

Loss for the year attributable to:
  

Non-controlling interests
  
(631,304)
(738,977)

Owners of the parent Company
  
(1,207,620)
(1,665,588)

  
(1,838,924)
(2,404,565)

Total comprehensive income for the year attributable to:
  

Non-controlling interest
  
(631,304)
(738,977)

Owners of the parent Company
  
(898,495)
(1,539,921)

  
(1,529,799)
(2,278,898)

There were no recognised gains and losses for 2023 or 2022 other than those included in the consolidated statement of comprehensive income.

The notes on pages 17 to 34 form part of these financial statements.

Page 9

 
JENTRY (INTERNATIONAL) LIMITED
REGISTERED NUMBER:05558256

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
122,316
187,203

Tangible assets
 14 
282,308
630,893

  
404,624
818,096

Current assets
  

Stocks
 16 
5,934,214
7,146,646

Debtors: amounts falling due after more than one year
 17 
76,132
79,360

Debtors: amounts falling due within one year
 17 
3,362,468
3,948,266

Cash at bank and in hand
  
1,404,877
2,596,196

  
10,777,691
13,770,468

Current liabilities
  

Creditors: amounts falling due within one year
 18 
(7,556,271)
(7,975,830)

Net current assets
  
 
 
3,221,420
 
 
5,794,638

Total assets less current liabilities
  
3,626,044
6,612,734

Creditors: amounts falling due after more than one year
 19 
(24,221,912)
(25,678,803)

Net liabilities
  
(20,595,868)
(19,066,069)


Capital and reserves
  

Called up share capital 
 21 
200
200

Capital redemption reserve
 22 
220,357
225,322

Other reserves
 22 
151,470
154,883

Profit and loss account
 22 
(19,080,407)
(18,215,603)

Equity attributable to owners of the parent Company
  
(18,708,380)
(17,835,198)

Non-controlling interests
  
(1,887,488)
(1,230,871)

  
(20,595,868)
(19,066,069)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 April 2025.


Dr J de Gunzburg
Director

The notes on pages 17 to 34 form part of these financial statements.
Page 10

 
JENTRY (INTERNATIONAL) LIMITED
REGISTERED NUMBER:05558256
    
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023


Page 11

 
JENTRY (INTERNATIONAL) LIMITED
REGISTERED NUMBER:05558256

COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 12 
117,781
1,149,114

Tangible assets
 14 
73,169
85,714

Investments
 15 
349,079
349,079

  
540,029
1,583,907

Current assets
  

Stocks
 16 
71,922
125,750

Debtors: amounts falling due after more than one year
 17 
48,774
48,774

Debtors: amounts falling due within one year
 17 
26,524,334
26,008,127

Cash at bank and in hand
  
44,719
565,365

  
26,689,749
26,748,016

Current liabilities
  

Creditors: amounts falling due within one year
 18 
(14,284,169)
(12,830,133)

Net current assets
  
 
 
12,405,580
 
 
13,917,883

Total assets less current liabilities
  
12,945,609
15,501,790

  

Creditors: amounts falling due after more than one year
 19 
(22,984,113)
(23,310,916)

  

Net liabilities
  
(10,038,504)
(7,809,126)


Capital and reserves
  

Called up share capital 
 21 
200
200

Profit and loss account carried forward
  
(10,038,704)
(7,809,326)

  
(10,038,504)
(7,809,126)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 April 2025.


Dr J de Gunzburg
Director

The notes on pages 17 to 34 form part of these financial statements.

Page 12
 

JENTRY (INTERNATIONAL) LIMITED
 
 
 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Capital redemption reserve
Other reserves
Profit and loss account
Equity attributable to owners of parent Company
Non-controlling interests
Total equity


£
£
£
£
£
£
£



At 1 January 2022
200
212,994
146,409
(16,720,033)
(16,360,430)
(426,741)
(16,787,171)





Loss for the year
-
-
-
(1,665,588)
(1,665,588)
(738,977)
(2,404,565)


Exchange differences on retranslation of subsidiaries net assets
-
12,328
8,474
170,018
190,820
(65,153)
125,667





At 1 January 2023
200
225,322
154,883
(18,215,603)
(17,835,198)
(1,230,871)
(19,066,069)





Loss for the year
-
-
-
(1,207,620)
(1,207,620)
(631,304)
(1,838,924)


Exchange differences on retranslation of subsidiaries net assets
-
(4,965)
(3,413)
342,816
334,438
(25,313)
309,125



At 31 December 2023
200
220,357
151,470
(19,080,407)
(18,708,380)
(1,887,488)
(20,595,868)



The notes on pages 17 to 34 form part of these financial statements.

Page 13
 
JENTRY (INTERNATIONAL) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 January 2022
200
(7,460,634)
(7,460,434)



Loss for the year
-
(348,692)
(348,692)



At 1 January 2023
200
(7,809,326)
(7,809,126)



Loss for the year
-
(2,229,378)
(2,229,378)


At 31 December 2023
200
(10,038,704)
(10,038,504)


The notes on pages 17 to 34 form part of these financial statements.

Page 14

 
JENTRY (INTERNATIONAL) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Loss for the financial year
(1,838,924)
(2,404,565)

Adjustments for:

Amortisation of intangible assets
64,684
64,812

Depreciation of tangible assets
323,658
753,757

Impairments of fixed assets
139,630
-

Loss on disposal of tangible assets
57,520
-

Interest payable
20,634
60,164

Interest receivable
(1,159)
(1,283)

Decrease in stocks
1,212,432
2,486,672

Decrease in debtors
589,026
2,763,867

Decrease in creditors
(888,733)
(3,021,933)

Exchange movements arising on translation
22,088
872,766

Net cash used in operating activities

(299,144)
1,574,257


Cash flows from investing activities

Purchase of intangible fixed assets
-
(13,911)

Purchase of tangible fixed assets
(191,146)
(170,575)

Sale of tangible fixed assets
5,915
-

Interest received
1,159
1,283

Net cash used in investing activities

(184,072)
(183,203)

Cash flows used in financing activities

Repayment of bank loans
(687,469)
(380,819)

Interest paid
(20,634)
(60,164)

Net cash used in financing activities
(708,103)
(440,983)

Net (decrease)/increase in cash and cash equivalents
(1,191,319)
950,071

Cash and cash equivalents at beginning of year
2,596,196
1,646,125

Cash and cash equivalents at the end of year
1,404,877
2,596,196


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
1,404,877
2,596,196


Page 15

 
JENTRY (INTERNATIONAL) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023




At 1 January 2023
Cash flows
At 31 December 2023
£

£

£

Cash at bank and in hand

2,596,196

(1,191,319)

1,404,877

Debt due after 1 year

(25,105,291)

933,158

(24,172,133)

Debt due within 1 year

(952,598)

54,559

(898,039)


(23,461,693)
(203,602)
(23,665,295)

The notes on pages 17 to 34 form part of these financial statements.

Page 16

 
JENTRY (INTERNATIONAL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Jentry (International) Limited is a private company, limited by shares, incorporated in England and Wales, with its registered office and business address at Fourth Floor, 52A Cromwell Road, London, SW7 5BE.
The principal activity of the Group is the manufacture and sale of cosmetic and skincare products.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.

The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its subsidiaries (together "the group") as if they formed a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. On the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. 

 
2.3

Going concern

The Group made a loss of £1,529,799 (2022 - £2,278,898) for the year. At the reporting date the Group had net liabilities of £20,595,868 (2022 - £19,066,069) and the Company had net liabilities of £10,038,504 (2022 - £7,809,126). The directors have prepared the financial statements on the going concern basis as they do not intend to liquidate the Group (''including the Company'') or to cease their operations, and they have concluded that the Group’s financial position means that this is realistic.
In their evaluation the directors have considered the inherent risks in the business model, the restructuring of the joint venture agreement with the partner in By Terry Asia Pte Ltd and new strategies being implemented to improve the results and financial position of the Group. They have analysed how those risks might affect the Group’s financial resources or ability to continue operations for at least twelve months from the date the financial statements are approved (''the going concern period'').
Furthermore, the shareholders have confirmed that they will continue to financially support the Group for at least twelve months from the date the financial statements are approved. They have also confirmed that they will not demand repayment of the loans, or any part, due to them of £22,952,096 (2022 - £23,563,012) which may affect the Group's liquidity position. 
 
Page 17

 
JENTRY (INTERNATIONAL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.3
Going concern (continued)


Therefore, the directors believe that preparing the financial statements as a going concern is appropriate, and there are no material uncertainties which may cast significant doubt over the Group's ability to continue as such.

 
2.4

Turnover

Turnover comprises revenue recognised by the group in respect of goods supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue is recognised when goods are dispatched.

 
2.5

Intangible assets

Goodwill
Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of the group's share of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis to the Statement of Comprehensive Income over its estimated useful economic life of 10 years.
Other intangible assets
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. Amortisation is provided at rates calculated to write off cost over the expected useful lives of:
Product and website development  -  3 to 6 years
Computer software                       -  1 to 5 years

 
2.6

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.
At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 18

 
JENTRY (INTERNATIONAL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is provided on the following basis:

Plant and machinery
-
3 to 7 years
Fixtures and fittings
-
3 to 10 years
Computer equipment
-
3 to 5 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income.

 
2.7

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the period until the date the rent is expected to be adjusted to the prevailing market rate.

 
2.8

Investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Stocks

Stocks are stated 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.

 
2.10

Debtors

Short term debtors are measured at the transaction price.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

 
2.12

Creditors

Short term creditors are measured at the transaction price.

Page 19

 
JENTRY (INTERNATIONAL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.13

Financial instruments


The Group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to and from related parties. 

 
2.14

Foreign currency translation

The Group's functional currency is the Euro as the main trading activity of the group is undertaken by the Group's French subsidiary. The presentational currency is £ sterling.
Foreign currency transactions are translated using the spot exchange rates at the dates of the transactions. At each period end foreign currency monetary items are translated using the closing rate. Exchange gains and losses are recognised in the Consolidated Statement of Comprehensive Income.
On consolidation, the results of overseas operations are translated into sterling at average rate during the year. All assets and liabilities of overseas operations are translated at the rate ruling at the Statement of Financial Position date. Exchange differences arising on translating the opening net assets at opening rate and the results of overseas operations at relevant rate are recognised in the Consolidated Statement of Comprehensive Income.

 
2.15

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.16

Pensions

Defined contribution pension plan
The Group contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.

 
2.17

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

Page 20

 
JENTRY (INTERNATIONAL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.18

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Group but are presented separately due to their size or incidence.


3.


Judgements in applying accounting policies and key sources of estimation uncertainty

In the application of the Group’s accounting policies described above, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may be different. These estimates are reviewed on an ongoing basis. Revisions to these estimates are recognised in the period in which the estimate is revised if the revision only affects that period, or in the period of revision and future periods if the revision affects both future and current periods.
In preparing these financial statements, the directors have made the following judgements:
 - When determining whether there are indicators of impairment of the Group's tangible and intangible assets, factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset.
 - To determine if a provision for the slow-moving and obsolete stock items is necessary, the directors perform an assessment of the product lines taking into consideration the product age and market demand.
- To determine if research and development costs meet the criteria for being recognised as capital assets.
In preparing these financial statements, the directors have considered the following key sources of estimation uncertainty:
Tangible and intangible assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and estimated disposal values.


4.


Turnover

Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
3,716,903
5,599,564

Rest of Europe
4,755,840
3,917,992

Rest of the world
8,231,711
7,656,131

16,704,454
17,173,687


Page 21

 
JENTRY (INTERNATIONAL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Exceptional items

2023
2022
£
£


Release of shop closure and redundancy costs provided in 2021
16,645
70,996


6.


Operating loss

The operating loss is stated after charging:

2023
2022
£
£

Exchange differences
541,180
(798,209)

Other operating lease rentals
292,518
294,179


7.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
20,634
25,296

Other loan interest payable
-
32,764

Other interest payable
-
2,104

20,634
60,164


8.


Auditors' remuneration

2023
2022
£
£



The audit of the Group's accounts
20,000
20,000

Other services
14,000
14,000

34,000
34,000

Page 22

 
JENTRY (INTERNATIONAL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£


Wages and salaries
2,585,952
3,331,019
1,033,421
1,761,834

Social security costs
481,384
618,511
105,949
191,492

Cost of defined contribution scheme
114,917
146,675
29,772
39,873

3,182,253
4,096,205
1,169,142
1,993,199


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2023
        2022
        2023
        2022
            No.
            No.
            No.
            No.









Management
1
1
1
1



Administration and sales
52
78
22
30

53
79
23
31


10.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
80,000
56,000


Page 23

 
JENTRY (INTERNATIONAL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

11.


Taxation



Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the composite (2022 - standard) rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Loss on ordinary activities before tax
(1,838,924)
(2,404,565)


Loss on ordinary activities multiplied by the composite (2022 - standard) rate of corporation tax in the UK of  23.52% (2022 - 19%)
(432,515)
(456,867)

Effects of:


Expenses and (income) not deductible for tax purposes
1,230
(270)

Depreciation charge for the year in excess of capital allowances
37,544
41,107

Utilisation of tax losses by subsidiaries
(64,479)
(59,459)

Short term timing difference leading to an increase in taxation
234,716
7,947

Movement in unrealised profits on intra group stock
(27,077)
(83,483)

Unrelieved tax losses carried forward
250,581
551,025

Total tax charge for the year
-
-

Page 24

 
JENTRY (INTERNATIONAL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors that may affect future tax charges

The Group has estimated tax losses of £25m (2022 - £18.8m) available to carry forward and offset against future taxable profits. No provision has been made for a deferred tax asset in respect of these losses in view of uncertainty as to when they may be utilised.


12.


Intangible assets

Group





Development expenditure
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 January 2023
134,785
267,844
635,037
1,037,666


Disposals
(87,845)
-
-
(87,845)


Foreign exchange movement
-
(306)
-
(306)



At 31 December 2023

46,940
267,538
635,037
949,515



Amortisation


At 1 January 2023
125,423
90,002
635,037
850,462


Charge for the year on owned assets
9,362
55,322
-
64,684


On disposals
(87,845)
-
-
(87,845)


Foreign exchange movement
-
(102)
-
(102)



At 31 December 2023

46,940
145,222
635,037
827,199



Net book value



At 31 December 2023
-
122,316
-
122,316



At 31 December 2022
9,362
177,842
-
187,204



Page 25

 
JENTRY (INTERNATIONAL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
           12.Intangible assets (continued)

Company




Development expenditure
Computer software
Goodwill
Total

£
£
£
£



Cost


At 1 January 2023
46,940
253,933
2,429,625
2,730,498


Impairment charge
-
-
(2,429,625)
(2,429,625)



At 31 December 2023

46,940
253,933
-
300,873



Amortisation


At 1 January 2023
37,578
85,365
1,458,441
1,581,384


Charge for the year
9,362
50,787
242,963
303,112


Impairment charge
-
-
(1,701,404)
(1,701,404)



At 31 December 2023

46,940
136,152
-
183,092



Net book value



At 31 December 2023
-
117,781
-
117,781



At 31 December 2022
9,362
168,568
971,184
1,149,114


13.


Parent company profit for the year

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements. The loss after tax of the parent Company for the year was £2,229,378 (2022 - loss £348,692).

Page 26

 
JENTRY (INTERNATIONAL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets

Group






Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost


At 1 January 2023
283,373
1,857,593
889,811
3,030,777


Additions
11,345
173,169
6,632
191,146


Disposals
(2,069)
(170,235)
(17,059)
(189,363)


Impairment charge
-
(751,149)
-
(751,149)


Exchange adjustments
(2,580)
(54,700)
(17,781)
(75,061)



At 31 December 2023

290,069
1,054,678
861,603
2,206,350



Depreciation


At 1 January 2023
215,239
1,428,075
756,570
2,399,884


Charge for the year on owned assets
27,851
230,145
65,662
323,658


Disposals
(2,069)
(106,800)
(17,059)
(125,928)


Impairment charge
-
(611,519)
-
(611,519)


Exchange adjustments
(1,661)
(46,207)
(14,185)
(62,053)



At 31 December 2023

239,360
893,694
790,988
1,924,042



Net book value



At 31 December 2023
50,709
160,984
70,615
282,308



At 31 December 2022
68,134
429,518
133,241
630,893

Page 27

 
JENTRY (INTERNATIONAL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           14.Tangible fixed assets (continued)


Company






Plant and machinery
Fixtures and fittings
Total

£
£
£

Cost


At 1 January 2023
86,896
131,318
218,214


Additions
11,345
-
11,345



At 31 December 2023

98,241
131,318
229,559



Depreciation


At 1 January 2023
60,436
72,064
132,500


Charge for the year on owned assets
10,760
13,130
23,890



At 31 December 2023

71,196
85,194
156,390



Net book value



At 31 December 2023
27,045
46,124
73,169



At 31 December 2022
26,460
59,254
85,714






Page 28

 
JENTRY (INTERNATIONAL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost


At 1 January 2023
349,079



At 31 December 2023
349,079





Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Luxe Art Beauté S.A.S
24 Rue Erlanger, 75016 Paris, France
Ordinary
100%
Jentry (UK) Ltd
Fourth Floor, 52a Cromwell Road, London, United Kingdom, SW7 5BE
Ordinary
100%
Jentry U.S. Inc.
1460 Broadway, NY 10036, New York, USA
Ordinary
100%
By Terry Asia Pte Ltd
12 Tai Seng Street, #05-01 Luxasia Building, Singapore 534118
Ordinary
51%
By Terry Hong Kong Ltd*
Rm 3602, 36/F, Tower 2, Lippo Centre, 89 Queensway, Hong Kong
Ordinary
51%
By Terry Cosmetics (Shanghai) Co Ltd*
Unit 2107, Ciro's Plaza, 388 West Nanjing Road, Huangpu District, Shanghai, China, 200003
Ordinary
51%

*By Terry Hong Kong Ltd and By Terry Cosmetics (Shanghai) Co Ltd are all wholly owned subsidiaries of By Terry Asia Pte Ltd.
The principal activity of Luxe Art Beauté S.A.S is the manufacture of cosmetic and skincare products.
The principal activity of the remaining subsidiary undertakings is the wholesale of cosmetic and skincare products.

Page 29

 
JENTRY (INTERNATIONAL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

16.


Stocks

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Raw materials and consumables
2,271,581
2,806,958
-
-

Work in progress
2,488
220,944
-
-

Finished goods and goods for resale
3,660,145
4,118,744
71,922
125,750

5,934,214
7,146,646
71,922
125,750



17.


Debtors

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due after more than one year

Other debtors
76,132
79,360
48,774
48,774


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Due within one year

Trade debtors
1,775,640
2,230,405
2,577,257
2,172,255

Amounts owed by group undertakings
-
-
23,838,158
23,760,254

Other debtors
1,375,422
1,559,965
17,620
10,991

Prepayments and accrued income
211,406
157,896
91,299
64,627

3,362,468
3,948,266
26,524,334
26,008,127


Page 30

 
JENTRY (INTERNATIONAL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

18.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
600,039
654,598
-
-

Shareholder loans
298,000
298,000
-
-

Trade creditors
4,914,635
4,297,707
331,820
216,162

Amounts owed to group undertakings
-
-
13,670,516
12,201,164

Other taxation and social security
172,006
469,336
26,247
225,100

Other creditors
913,314
802,734
13,777
41,380

Accruals and deferred income
658,277
1,453,455
241,809
146,327

7,556,271
7,975,830
14,284,169
12,830,133


The bank facilities are secured by a charge over the Group's assets.


19.


Creditors: Amounts falling due after more than one year

Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Bank loans
841,466
1,474,376
-
-

Shareholder loans
22,952,096
23,265,012
22,952,096
23,265,012

Other loans
378,571
365,903
-
-

Accruals and deferred income
49,779
573,512
32,017
45,904

24,221,912
25,678,803
22,984,113
23,310,916


The bank facilities are secured by a charge over the Group's assets.

Page 31

 
JENTRY (INTERNATIONAL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Loans


Analysis of the maturity of loans is given below:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Amounts falling due within one year

Bank loans
600,039
654,598
-
-

Shareholder loans
298,000
298,000
-
-


898,039
952,598
-
-

Amounts falling due 1-2 years

Bank loans

841,466
1,474,376
-
-

Amounts falling due 2-5 years

Shareholder loans
22,952,096
23,265,012
22,952,096
23,265,012

Other loans
378,571
365,903
-
-


23,330,667
23,630,915
22,952,096
23,265,012

25,070,172
26,057,889
22,952,096
23,265,012


The Group's bank loans primarily consist of a €2.5m COVID Bounce Back Loan at 1% interest rate repayable over 4 years.
Shareholder loans attract interest of between 2% and 3%. The shareholders have waived their interest entitlement for the current and preceding years.


21.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



200,000 (2022 - 200,000) Ordinary shares of £0.001 each
200
200


Page 32

 
JENTRY (INTERNATIONAL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Reserves

Capital redemption reserve

This reserve records the nominal value of shares repurchased by one of the subsidiaries. The movement in this reserve relates to exchange differences on retranslation of the balance.

Other reserves

Pursuant to French law, the group's subsidiary, Luxe Art Beauté S.A.S, is legally required to contribute a minimum of 5% of its annual net income to a Legal Reserve. The minimum contribution is no longer required when the total in Legal Reserve equals to 10% of the aggregate nominal value of its issued share capital.


23.


Pension commitments

The Group contributes to defined contribution pension schemes. The assets of the schemes are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds and amounted to £114,917 (2022 - £146,675). Contributions totalling £12,892 (2022 - £12,270) were payable to the funds at the reporting date and are included in creditors.


24.


Commitments under operating leases

At 31 December 2023 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
Company
Company
2023
2022
2023
2022
£
£
£
£

Not later than 1 year
220,070
223,029
121,935
124,520

Later than 1 year and not later than 5 years
433,425
514,140
284,515
335,488

653,495
737,169
406,450
460,008


25.


Director's personal guarantees

Mrs T de Gunzburg and Dr J de Gunzburg, directors and shareholders, have provided a personal guarantee as security for the Group's bank facilities.

Page 33

 
JENTRY (INTERNATIONAL) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Related party transactions

At the reporting date the Group owed a total of £23,753,988 (2022 - £24,072,653) to the majority shareholders. Of this balance £22,952,096 (2022 - £23,563,012) is long term and £804,391 (2022 - £807,461) is repayable on demand. Interest of between 2% and 3% is charged on the amounts due in more than one year. The shareholders waived the interest payable to them for the current and preceding years.
At the reporting date the Group owed a total of £ 378,571 (2022 - £365,903) to the minority shareholders of By Terry Asia Pte Ltd. The loan is unsecured, interest free and repayable on 30 April 2025. The loan repayment terms come with an option for renewal subject to mutual agreement between both parties. The loan is measured at fair value and notional interest charged to the profit and loss account.
During the year, Luxe Art Beauté S.A.S made aggregate sales of £826,005 (2022 - £1,560,504) to By Terry Asia Pte Ltd, By Terry Hong Kong Ltd and By Terry Cosmetics (Shanghai) Co Ltd. These entities are partly owned by the Group. At the reporting date, Luxe Art Beauté S.A.S was owed £2,978,143 (2022 - £2,428,434) by these entities.
During the year, the Group paid an aggregate of £302,870 (2022 - £349,687) in remuneration, short-term and long-term benefits to employees, including directors, who are considered as key management personnel.
The Group has taken advantage of the exemption under FRS102 33.1A Related Party Disclosures not to disclose transactions entered into between two or more members of the Group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by the Group.


27.


Controlling party

The company is controlled by Mrs T de Gunzburg, a director of the Company, by virtue of her shareholding.

 
Page 34