Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2024
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GUINOT - MARY COHR UK LIMITED
COMPANY INFORMATION
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GUINOT - MARY COHR UK LIMITED
CONTENTS
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GUINOT - MARY COHR UK LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their strategic report for the year ended 31 December 2024.
We aim to present a balanced and comprehensive review of the development and the performance of our business during the year and its position at the year end. Our review is consistent with the size and non complex nature of our business and is written in the context of the risks and uncertainties that we face.
The principal activity of the company continues to be the sale of beauty treatment products and beauty therapy machines. It is currently the sole provider of Guinot, Mary Cohr and Masters Colors products to the United Kingdom and Ireland. It is a 100% subsidiary of its main supplier, Guinot SAS.
The management of the business and the execution of the company's strategy are subject to a number of risks. The key business risks and uncertainties affecting the business are considered to relate to the competition from other beauty treatments and products, the weakening of the UK and Irish economies, persistently high inflation as well as a continuing shortage of available beauty therapists.
Financial risk management The company's operations expose it to financial risks that include price risk, credit risk and foreign exchange risk. The company's finance department implements policies set by the board of directors to mitigate these risks. Price risk The main price risk results from the company's main supplier Guinot, however, all price rises are known in advance and can be managed accordingly. Credit risk The majority of the company's customer base consists of established salons. The company has implemented policies that require appropriate credit checks on potential customers before sales are made. Foreign exchange risk The company buys in Euros and sells in both Sterling and Euros. The company operates accounts in both of these currencies to mitigate their exposure to foreign exchange risk. Other uncertainties The UK economy has still been struggling to grow in 2024, with retail sales volumes overall down by 0.8% in the last quarter of the year. This, as well as the upcoming increase in national living wage and employers’ National Insurance Contributions announced at the 2024 Autumn Budget, is likely to have an impact on the trading activity of the company’s customers, and therefore on the trading activity of the company itself. However, given the strength of the balance sheet and the funding options secured during the year the company is in a strong position to withstand the financial impact of this adverse pressure on trade, as well as counter it with appropriate measures to further develop existing and new business. Management has prepared prudent cash flow forecasts until December 2025 and has taken the appropriate measures to ensure that the company is a going concern.
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GUINOT - MARY COHR UK LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors consider that the key performance indicators are those that communicate the financial performance and strength of the company as a whole; these being turnover, gross profit margin and net assets.
Trading conditions over the last 12 months have continued to be adversely impacted by macro-economic factors such as the difficult economic climate and low consumer confidence, persistent downturn in economy and an unresolved shortage of available beauty therapists coupled with high inflationary pressure on salaries. As a result of these environmental factors and the fact that, contrary to 2023, the company didn’t have the benefit of a new Visible Age Reverse machine and treatment launch anymore in 2024, turnover has marginally decreased by 4.5% from £8.6m to £8.2m. In order to mitigate the adverse effects of those challenging trading conditions, the company has implemented a comprehensive programme of measures aimed at rationalising commercial offerings, discretionary spend and at improving efficiencies. As a result, not only has the gross profit margin increased from 58.1% to 61.5%, but the gross margin also reached £5.02m in 2024, which was £54k higher than the 2023 gross margin of £4.97m. Overall, the company made a loss before tax of £452k (2023: £358k loss). Given the challenging context in which the company has been operating, the directors believe that this is a satisfactory performance. Net assets increased from £5.78m to £6.42m and at the year end the company held £963k in cash in the bank and remains financially secure. No dividends were paid in 2024 or 2023.
This report was approved by the board on 7 March 2025 and signed on its behalf.
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GUINOT - MARY COHR UK LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company'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 Company 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 to enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
The loss for the year, after taxation, amounted to £452,470 (2023 - loss £295,140).
The directors who served during the year were:
There have been no significant events affecting the Company since the year end.
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GUINOT - MARY COHR UK LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
The auditors, FLB Audit LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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GUINOT - MARY COHR UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUINOT - MARY COHR UK LIMITED
We have audited the financial statements of Guinot - Mary Cohr UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The 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).
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 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.
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.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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GUINOT - MARY COHR UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUINOT - MARY COHR UK LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the 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 Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
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 Strategic report or the Directors' report.
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GUINOT - MARY COHR UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUINOT - MARY COHR UK LIMITED (CONTINUED)
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 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:
∙obtaining an understanding of the entity’s risk assessment process, including the risk of fraud;
∙testing significant transactions, in particular the evaluation of the business rationale for any which appear unusual or outside the company’s normal course of business;
∙evaluating the assumptions and judgements used by management within significant accounting estimates and assessing if these indicate evidence of management bias;
∙evaluating the consistency of selected amounts or other items presented in the other information with the financial statements;
∙requesting a reconciliation of amounts within the other information and the financial statements from management; comparing items in the reconciliation to the financial statements and the other information, and checking the mathematically accuracy of the reconciliation and;
∙communicating relevant matters to all members of the audit team to ensure they understood the risks specific to Guinot-Mary Cohr UK Limited and the audit procedures planned to mitigate these.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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.
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 2006. Our 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.
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GUINOT - MARY COHR UK LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF GUINOT - MARY COHR UK LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants
Statutory Auditors
1010 Eskdale Road
Winnersh Triangle
United Kingdom
RG41 5TS
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GUINOT - MARY COHR UK LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
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GUINOT - MARY COHR UK LIMITED
REGISTERED NUMBER: 01074674
BALANCE SHEET
AS AT 31 DECEMBER 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 15 to 35 form part of these financial statements.
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GUINOT - MARY COHR UK LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
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GUINOT - MARY COHR UK LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GUINOT - MARY COHR UK LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
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GUINOT - MARY COHR UK LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2024
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GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Guinot - Mary Cohr UK Limited is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The company's registered office is: The Clock House, High Street, Ascot, Berkshire, United Kingdom, SL5 7HU.
2.Accounting policies
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 management to exercise judgment in applying the Company's accounting policies (see note 3).
The Company is the parent undertaking of a dormant subsidiary and as such is not required by s.405 of the Companies Act 2006 to prepare consolidated financial statements on the grounds that its inclusion is not material for the purpose of giving a true and fair view.
The following principal accounting policies have been applied:
The directors have performed a going concern assessment for a period of 12 months from the date of approval of these financial statements which indicate that the company will have sufficient funding from its balance sheet reserves, banking facilities and its parent company. As a result the directors believe that it remains appropriate to prepare the financial statements on a going concern basis.
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GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
Franchise fees are recognised in-line with the franchise agreement.
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GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
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.
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GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
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GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
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.
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GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
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GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
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 the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
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GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
2.Accounting policies (continued)
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Depreciation and amortisation Tangible fixed assets are depreciated over their useful economic lives. Intangible fixed assets are also amortised over their useful economic lives. The actual lives of the assets are assessed annually and may vary depending on a range of factors. These factors include product life cycles, maintenance programs of the assets, as well as technological innovation. The applicable accounting policies detailing these areas are shown in notes 2.12 and 2.13. Stock provision The company has recognised a provision for stock. The judgements, estimates and associated assumptions necessary to calculate this provision are based on group policy, historical experience and other reasonable factors.
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GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Analysis of turnover by country of destination:
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GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
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GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
11.Taxation (continued)
The company has tax losses of £5,111,829 (2023: £4,956,766) carried forward for use against future profits. A deferred tax asset of £1,192,247 (2023: £1,089,493) has not been recognised in relation to the unutilised tax losses.
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GUINOT - MARY COHR UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
Page 27
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