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Registered number: SC391612












BELLEZO.COM LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024

 

BELLEZO.COM LIMITED

CONTENTS



Page
Company information
 
 
1
Director's report
 
 
2
Director's responsibilities statement
 
 
3
Independent auditor's report
 
 
4 - 7
Profit and loss account
 
 
8
Balance sheet
 
 
9
Notes to the financial statements
 
 
10 - 16


 

BELLEZO.COM LIMITED
 
COMPANY INFORMATION


Director
S J Nee 




Company secretary
Broughton Secretaries Limited



Registered number
SC391612



Registered office
4th Floor 115 George Street
Edinburgh

Scotland

EH2 4JN




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1

 

BELLEZO.COM LIMITED

DIRECTOR'S REPORT
FOR THE YEAR ENDED 30 DECEMBER 2024

The director presents his report and the financial statements for the year ended 30 December 2024.

Directors

The directors who served during the year were:

J A Burke (resigned 16 May 2024)
S J Nee (appointed 16 May 2024)

Disclosure of information to auditor

The director at the time when this director's report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the company's auditor is unaware, and

he 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's auditor is aware of that information.

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed by the sole director.
 





S J Nee
Director

Date: 9 April 2025

Page 2

 

BELLEZO.COM LIMITED
 
DIRECTOR'S RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 30 DECEMBER 2024

The director is responsible for preparing the director's report and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has 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 director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.

 In preparing these financial statements, the director is required to:

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

make judgements 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 company will continue in business.

The director is 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 to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 3

 

BELLEZO.COM LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BELLEZO.COM LIMITED
 FOR THE YEAR ENDED 30 DECEMBER 2024

Opinion


We have audited the financial statements of Bellezo.com Limited (the 'company') for the year ended 30 December 2024, which comprise the profit and loss account, the balance sheet 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 accompanying financial statements:


give a true and fair view of the state of the company's affairs as at 30 December 2024 and of its 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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company 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.


Emphasis of matter - Material uncertainty related to going concern


We draw attention to note 2.2 in the financial statements, which indicates that the Company is reliant on its ultimate parent company, Thrasio Holdings, Inc., for financial support. The Company is in receipt of a letter of support from Thrasio Holdings, Inc.
 
Note 2.2 explains that Thrasio Holdings Inc. entered into a Restructuring Support Agreement with various of its debt lenders and initiated and emerged from a prearranged court supervised Chapter 11 process. The capability of the financial support required by the Company being available is subject to the wider Thrasio group operating profitability following a process of simplification and cost reduction. The group forecasts indicate that this can occur, however sufficient historical experience is not in place to indicate a sufficient level of certainty.  
 
As stated in note 2.2, these events or conditions indicate that a material uncertainty exists that may cast significant doubt on the 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 director’s use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the director’s assessment of the Company's ability to continue to adopt the going concern basis of accounting included communication with management and those charged with governance to understand the Thrasio group's ability to provide support, including obtaining information in respect of the group's Restructuring Support Agreement and their expectations in respect of successful fundraising to date.


Page 4

 

BELLEZO.COM LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BELLEZO.COM LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the Annual ReportOur 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. Our 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 knowledge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 director's report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the director's report has 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the director's 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, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of director's remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the director's report and from the requirement to prepare a strategic report.

Responsibilities of directors
 

As explained more fully in the director's responsibilities statement set out on page 3, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or have no realistic alternative but to do so.
 


Page 5

 

BELLEZO.COM LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BELLEZO.COM LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024

Auditor's 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 auditor's 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 financial statements.


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:

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 company through discussions with directors and other management, and from our commercial knowledge and experience of the company's sector;
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 company, including the Companies Act 2006 and taxation legislation;
we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management; 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 company’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; and
considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
 
To address the risk of fraud through management bias and override of controls, we:
 
tested a sample of journal entries to identify unusual transactions;
performed analytical procedures to identify any unusual or unexpected relationships;
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;
reading the minutes of meetings of those charged with governance;
enquiring of management as to actual and potential litigation and claims; and
reviewing correspondence with HM Revenue and Customs.
 
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. 

 
Page 6

 

BELLEZO.COM LIMITED

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF BELLEZO.COM LIMITED (CONTINUED)
FOR THE YEAR ENDED 30 DECEMBER 2024

Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the director 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.


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 auditor's 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 auditor's 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.




Adam Wildbore (senior statutory auditor)
  
for and on behalf of
Blick Rothenberg Audit LLP
 
Chartered Accountants
Statutory Auditor
  
16 Great Queen Street
Covent Garden
London
WC2B 5AH

 
Date: 
10 April 2025
Page 7

 

BELLEZO.COM LIMITED
 
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 DECEMBER 2024

2024
2023
£
£

Turnover
8,049,624
19,318,388

Cost of sales
(5,802,029)
(19,934,117)

Gross profit/(loss)
2,247,595
(615,729)

Administrative expenses
(2,629,083)
(5,025,550)

Operating loss
(381,488)
(5,641,279)

Interest receivable and similar income
-
15,718

Loss before taxation
(381,488)
(5,625,561)

Tax on loss
-
-

Loss for the financial year
(381,488)
(5,625,561)

There are no items of other comprehensive income for either the year or the prior year other than the profit for the year. Accordingly, no statement of other comprehensive income has been presented.

Page 8


 
REGISTERED NUMBER:SC391612
BELLEZO.COM LIMITED

BALANCE SHEET
AS AT 30 DECEMBER 2024

2024
2023
Note
£
£

  

Current assets
  

Stocks
 4 
-
177,732

Debtors: amounts falling due within one year
 5 
37,039
1,687,117

Bank and cash balances
  
119,554
21,660

  
156,593
1,886,509

Creditors: amounts falling due within one year
 6 
(2,361,766)
(3,710,194)

Net current liabilities
  
 
 
(2,205,173)
 
 
(1,823,685)

Total assets less current liabilities
  
(2,205,173)
(1,823,685)

  

Net liabilities
  
(2,205,173)
(1,823,685)


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
(2,205,273)
(1,823,785)

Total deficit
  
(2,205,173)
(1,823,685)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 9 April 2025.




S J Nee
Director

The notes on pages 10 to 16 form part of these financial statements.

Page 9

 

BELLEZO.COM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024

1.


General information

Bellezo.com Limited is a private company limited by shares incorporated in Scotland. The address of its registered office is 4th Floor 115 George Street, Edinburgh, Scotland, EH2 4JN.
These financial statements have been prepared for the year to 30 December 2024. 
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The Company is reliant on the financial support of its ultimate parent company. The director is in receipt of a letter of financial support from Thrasio Holdings, Inc., which confirms the wider group's intention to provide support. This letter also confirms there is no intention to recall intra-group working capital balances within twelve months of the date of signing of these financial statements. They also confirm their intention to provide additional financial support when required to ensure the Company's ability to continue in operational existence for at least twelve months from the date of signing of these financial statements. 
 
On 28 February 2024, the ultimate parent company, Thrasio Holdings, Inc., entered into a Restructuring Support Agreement with 81% of its revolving credit facility lenders and approximately 88% of its term loan lenders intended to eliminate approximately $495 million of debt from Thrasio Holdings, Inc. and its subsidiaries’ balance sheets, defer all interest payments on senior debt in the first-year post-emergence and raise new capital into the Group. To implement the terms of the Restructuring Support Agreement, Thrasio Holdings, Inc. initiated a pre-arranged court-supervised Chapter 11 process in the U.S. Bankruptcy Court for the District of New Jersey. Thrasio UK Holdings, and its UK subsidiary companies, are included in this Restructuring Support Agreement. 
 
Thrasio Holdings, Inc. and the wider group, continued to operate its business normally and without interruption throughout the Chapter 11 process and emerged from the bankruptcy process on 18 June 2024. Thrasio Holdings, Inc. has received $90 million in new financing from certain of its lenders. This new capital is intended to provide liquidity to support Thrasio Holdings, Inc. and the wider group for continued operation of the Thrasio brands, support ongoing business operations and provide the wider group access to new capital to support business operations going forward. Thrasio Holdings, Inc. has an accumulated deficit of $255.5 million as of 31 December 2024 including the impact of its net loss of $128.1 million for the period ended 31 December 2024.  Net cash used in operating activities was $88.3 million for the period ended 31 December 2024. The successful execution of Thrasio Holding, Inc.’s plans, which include operating the wider group profitably as a result of simplification and cost reduction, are necessary for the wider group to continue operations and to therefore enable it to provide support to Thrasio UK Holdings Limited.  In addition, the wider group’s ability to continue as a going concern is contingent upon its ability to comply with the financial and other covenants contained in the Exit Facility following emergence from Chapter 11. These conditions and the ability to successfully meet the requirements under the Exit Facility, including the interest payments, impact the wider group’s ability to continue as a going concern.   
 
Page 10

 

BELLEZO.COM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024

2.Accounting policies (continued)


2.2
Going concern (continued)

Due to the Company's reliance on Thrasio Holdings, Inc. for financial support, these factors represent a material uncertainty which may cast significant doubt over the Company's ability to meet its liabilities as they fall due within twelve months from the date of signing of these financial statements.
 
Notwithstanding the inherent material uncertainty above and having considered the post-year end trading of the Company, and the financial results of the group headed up by Thrasio Holdings, Inc., and making enquiries of management of the group headed up by Thrasio Holdings, Inc., the director has a reasonable expectation that Thrasio Holdings, Inc. can continue to provide financial support to the Company. As such, the director continues to adopt the going concern basis in preparing these financial statements.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

  
2.4

Stock

All group stocks except those sold in the European Union are not held by the company but instead held by other members of the Thrasio group. The company is able to access this stock to generate sales, and it gains ownership on the date on which it completes a sale to a third party customer.
Stocks held by the company are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Page 11

 

BELLEZO.COM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024

2.Accounting policies (continued)

  
2.5

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances, and intercompany working capital balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Financial liabilities
Basic financial liabilities, including trade and other creditors, other loans, and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
 
Page 12

 

BELLEZO.COM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024

2.Accounting policies (continued)

Financial instruments (continued)
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.6

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency 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. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses are presented in the profit and loss account within 'administrative expenses'.

 
2.7

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

Page 13

 

BELLEZO.COM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024

2.Accounting policies (continued)

  
2.8

Share capital

Ordinary shares are classified as equity.

 
2.9

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.10

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company 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 balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model 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.

At each reporting date the company 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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the methods below.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance
Fixtures and fittings
-
33%
straight-line

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 profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2023 - 9).

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BELLEZO.COM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024

4.


Stocks

2024
2023
£
£

Stocks - finished goods
-
177,732



5.


Debtors

2024
2023
£
£


Trade debtors
37,038
779,762

Other debtors
1
56,232

Tax recoverable
-
851,123

37,039
1,687,117



6.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
1,144
11,707

Amounts owed to group companies
2,250,558
3,539,891

Other taxation and social security
81,037
-

Accruals and deferred income
29,027
158,596

2,361,766
3,710,194


Amounts owed to group undertakings are unsecured, interest free and repayable on demand.


7.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



90 (2023 - 90) Ordinary A shares of £1 each
90
90
5 (2023 - 5) Ordinary B shares of £1 each
5
5
5 (2023 - 5) Ordinary C shares of £1 each
5
5

100

100


Page 15

 

BELLEZO.COM LIMITED

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2024

8.


Related party transactions

The company has taken advantage of the exemption contained in FRS 102 section 33 "Related Party Disclosures"  from disclosing transactions with entities which are a wholly owned part of the group.


9.


Controlling party

The smallest group for which consolidated financial statements are drawn up is headed by Thrasio UK Holdings, Ltd with a principal place of business at 54 Portland Place, London, W1B 1DY. 
The company is included in the consolidated financial statements prepared by Thrasio UK Holdings, Ltd. 
The company considers Thrasio UK Holdings, Ltd. to be its immediate parent company, with Thrasio Holdings, Inc., a company registered in the United States of America at 85 West Street, Walpole, Massachusetts 02081, being the ultimate parent company and controlling party.
The company is included in the consolidated financial statements prepared by Thrasio Holdings, Inc.

 
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