DISPLACED FRAGRANCES C.I.C.

Company limited by guarantee

Company Registration Number:
12729780 (England and Wales)

Unaudited statutory accounts for the year ended 31 July 2024

Period of accounts

Start date: 1 August 2023

End date: 31 July 2024

DISPLACED FRAGRANCES C.I.C.

Contents of the Financial Statements

for the Period Ended 31 July 2024

Directors report
Balance sheet
Additional notes
Balance sheet notes
Community Interest Report

DISPLACED FRAGRANCES C.I.C.

Directors' report period ended 31 July 2024

The directors present their report with the financial statements of the company for the period ended 31 July 2024

Directors

The director shown below has held office during the whole of the period from
1 August 2023 to 31 July 2024

Mr Boyowa Olugbo-Ofuyaekpone


The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
7 April 2025

And signed on behalf of the board by:
Name: Mr Boyowa Olugbo-Ofuyaekpone
Status: Director

DISPLACED FRAGRANCES C.I.C.

Balance sheet

As at 31 July 2024

Notes 2024 2023


£

£
Fixed assets
Tangible assets: 3 60 90
Total fixed assets: 60 90
Current assets
Debtors: 4 708 401
Cash at bank and in hand: 0 59
Total current assets: 708 460
Creditors: amounts falling due within one year: 5 ( 13,944 ) ( 14,206 )
Net current assets (liabilities): (13,236) (13,746)
Total assets less current liabilities: (13,176) ( 13,656)
Total net assets (liabilities): (13,176) (13,656)
Members' funds
Profit and loss account: (13,176) ( 13,656)
Total members' funds: ( 13,176) (13,656)

The notes form part of these financial statements

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Balance sheet statements

For the year ending 31 July 2024 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

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

The directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 7 April 2025
and signed on behalf of the board by:

Name: Mr Boyowa Olugbo-Ofuyaekpone
Status: Director

The notes form part of these financial statements

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Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Fixtures & Fittings 5 Years Straightline

    Other accounting policies

    Going Concern Disclosure There was a net deficiency of assets of £13175 at the balance sheet date, The directors believe that the going concern basis is not appropriate as the company has no realistic alternative but to cease trading the directors intend to cease trading from January 2025.

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Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

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Notes to the Financial Statements

for the Period Ended 31 July 2024

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 August 2023 150 150
Additions
Disposals
Revaluations
Transfers
At 31 July 2024 150 150
Depreciation
At 1 August 2023 60 60
Charge for year 30 30
On disposals
Other adjustments
At 31 July 2024 90 90
Net book value
At 31 July 2024 60 60
At 31 July 2023 90 90

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Notes to the Financial Statements

for the Period Ended 31 July 2024

4. Debtors

2024 2023
£ £
Other debtors 708 401
Total 708 401

DISPLACED FRAGRANCES C.I.C.

Notes to the Financial Statements

for the Period Ended 31 July 2024

5. Creditors: amounts falling due within one year note

2024 2023
£ £
Bank loans and overdrafts 18
Accruals and deferred income 1,080 1,080
Other creditors 12,846 13,126
Total 13,944 14,206

COMMUNITY INTEREST ANNUAL REPORT

DISPLACED FRAGRANCES C.I.C.

Company Number: 12729780 (England and Wales)

Year Ending: 31 July 2024

Company activities and impact

Displaced Fragrances helps young adults by engaging them in our online activities or through our workshops. We focus primarily on the manufacturing of home fragrances and all the aspects of running a business in this sector in the following ways: 1. Candle making workshops that are facilitated by local community volunteers. Not only do they get to understand the process of candle making. They get to engage with the general public and which does help their social skills incredibly. 2. Facilitating pop-up events. Another way of engaging with the public and difficult consumers. Another way of social skill development. 3. Our Summer and Autumn event last June 2023 brought over 130 people to the venue and we were able to employ 3 young people for the day to help set-up and run the event. 4. We are currently going through the process of securing funding for our weekly business workshops, providing skills such as: Managing cashflow, how to set-up a new business, how to trademark your idea and so much more. We are confident that in the coming year we'll be able to offer master classes as well as workshops for our local community and be able to get more businesses involved in our projects.

Consultation with stakeholders

We have spent the last year building the platform and the support needed to launch the business of which we did 01/11/2021 We have continued to build our online presence and have introduced a number of other products to broaden the visibility of the brand But moving forward the company stakeholders will be the employees, the local community we serve and manufacturers who will supply our key ingredients for our products. We will and have already started asking our online community on what matters to them and their local community. That way we can make and produce products and services that matter to all and not just to a few.

Directors' remuneration

No remuneration was received

Transfer of assets

No transfer of assets other than for full consideration

This report was approved by the board of directors on
7 April 2025

And signed on behalf of the board by:
Name: Boyowa Olugbo
Status: Director