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Company registration number: 05213804
Blackmores (UK) Limited
Unaudited filleted financial statements
31 August 2024
Blackmores (UK) Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Blackmores (UK) Limited
Directors and other information
Directors Mr P S Blackmore
Mrs M J Blackmore
Company number 05213804
Registered office The Spirella Building
Bridge Road
Letchworth Garden City
Hertfordshire
SG6 4ET
Accountants Hicks and Company
Chartered accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
Bankers Barclays Bank
5/6 High Street
Hitchin
Hertfordshire
SG5 1BH
Blackmores (UK) Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Blackmores (UK) Limited
Year ended 31 August 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Blackmores (UK) Limited for the year ended 31 August 2024 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Blackmores (UK) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Blackmores (UK) Limited and state those matters that we have agreed to state to the board of directors of Blackmores (UK) Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blackmores (UK) Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Blackmores (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Blackmores (UK) Limited. You consider that Blackmores (UK) Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Blackmores (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Hicks and Company
Chartered accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
7 April 2025
Blackmores (UK) Limited
Statement of financial position
31 August 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 6 4,596 7,224
Tangible assets 7 8,735 6,838
_______ _______
13,331 14,062
Current assets
Debtors 8 229,270 264,215
Cash at bank and in hand 322,468 185,078
_______ _______
551,738 449,293
Creditors: amounts falling due
within one year 9 ( 188,780) ( 146,980)
_______ _______
Net current assets 362,958 302,313
_______ _______
Total assets less current liabilities 376,289 316,375
Provisions for liabilities ( 1,945) ( 1,471)
_______ _______
Net assets 374,344 314,904
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 374,244 314,804
_______ _______
Shareholders funds 374,344 314,904
_______ _______
For the year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 07 April 2025 , and are signed on behalf of the board by:
Mr P S Blackmore Mrs M J Blackmore
Director Director
Company registration number: 05213804
Blackmores (UK) Limited
Notes to the financial statements
Year ended 31 August 2024
1. General information
The company is a private company limited by shares, registered in Engand & Wales. The address of the registered office is The Spirella Building, Bridge Road, Letchworth Garden City, Hertfordshire, SG6 4ET.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment - 25 % reducing balance
Furniture and fittings - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Share-based payments
Equity-settled share-based payment transactions are measured at fair value at the date of grant. The fair value is expensed on a straight-line basis over the vesting period, with a corresponding increase in equity. This is based upon the company's estimate of the shares or share options that will eventually vest which takes into account all vesting conditions and non-market performance conditions, with adjustments being made where new information indicates the number of shares or share options expected to vest differs from previous estimates. Fair value is determined using an appropriate pricing model. All market conditions and non-vesting conditions are taken into account when estimating the fair value of the shares or share options. As long as all other vesting conditions are satsfied, no adjustment is made irrespective of whether market or non-vesting conditions are met. Where the terms of an equity-settled transaction are modified, an expense is recognised as if the terms had not been modified. In addition, an expense is recognised for any increase in the fair value of the transaction, as measured at the date of modification. Where an equity-settled transaction is cancelled or settled, it is treated as if it had vested on the date of cancellation or settlement, and any expense not yet recognised in profit or loss is expensed immediately. Cash-settled share-based payment transactions are measured at the fair value of the liability. Until the liability is settled, the fair value of the liability is re-measured at each reporting date and at the date of settlement, with any changes in fair value recognised in profit or loss for the period.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2023: 14 ).
5. Tax on profit
Major components of tax expense
2024 2023
£ £
Current tax:
UK current tax expense 75,168 53,448
_______ _______
Deferred tax:
Origination and reversal of timing differences 474 127
_______ _______
Tax on profit 75,642 53,575
_______ _______
6. Intangible assets
Website development Total
£ £
Cost
At 1 September 2023 and 31 August 2024 13,137 13,137
_______ _______
Amortisation
At 1 September 2023 5,913 5,913
Charge for the year 2,628 2,628
_______ _______
At 31 August 2024 8,541 8,541
_______ _______
Carrying amount
At 31 August 2024 4,596 4,596
_______ _______
At 31 August 2023 7,224 7,224
_______ _______
7. Tangible assets
Equipment Fixtures and fittings Total
£ £ £
Cost
At 1 September 2023 15,137 2,225 17,362
Additions 4,128 - 4,128
_______ _______ _______
At 31 August 2024 19,265 2,225 21,490
_______ _______ _______
Depreciation
At 1 September 2023 9,922 602 10,524
Charge for the year 1,825 406 2,231
_______ _______ _______
At 31 August 2024 11,747 1,008 12,755
_______ _______ _______
Carrying amount
At 31 August 2024 7,518 1,217 8,735
_______ _______ _______
At 31 August 2023 5,215 1,623 6,838
_______ _______ _______
8. Debtors
2024 2023
£ £
Trade debtors 208,169 236,893
Other debtors 21,101 27,322
_______ _______
229,270 264,215
_______ _______
9. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 2,458 5,362
Corporation tax 75,080 53,448
Social security and other taxes 104,577 83,555
Other creditors 6,665 4,615
_______ _______
188,780 146,980
_______ _______
10. Share-based payments
The Company has established an Enterprise Management Incentive scheme, the Blackmores EMI Share Option Scheme, for the grant of share options to eligible employees of the Company and its subsidiaries. The option holder is an employee of the Company.The option shares refer to an agreed number of £0.01 ordinary shares in the capital of the Company.The conditions of the scheme are:The earliest date on which the option may be exercised (subject to the other terms of the agreement and the rules) unless an earlier event occurs to cause it to lapse or to become exercisable under the rules, shall be the date on which an exit occurs. This date is referred to as the vesting date. Where the option holder exercises the option on or after the vesting date, the number of option shares over which the option may be exercised shall be determined by the Board with reference to the exit proceeds on the vesting date:(a) if the exit proceeds are less than £2,000,000, the option shall not become exercisable and shall lapse immediately;(b) if the exit proceeds are equal to or greater than £2,000,000, the option shall become exercisable in respect of 100% of the option shares.The option shall lapse on the tenth anniversary of grant date assuming it is not exercised before then and no event occurs to cause it to lapse earlier under the rules.The option (and any right arising under it) may not:(a) be transferred or assigned; or(b) have any charge or other security interest created over it.The option shall lapse if the option holder attempts to do any of those things. The option shall also lapse if the option holder is declared bankrupt or take certain steps in connection with insolvency. Transmission of the option to the option holders personal representatives on the option holders death will not cause the option to lapse.The option shall normally lapse if the option holder ceases to be an employee.The options have been granted to 14 employees, totalling 1,300 £0.01 ordinary shares.As at the date of reporting, the directors have no current exit plans for the Company and therefore consider that the conditions of the scheme have not yet been met. Therefore, no monetary value has been applied to scheme.
11. Pension commitments
The company's annual commitment under the defined contribution pension scheme is for contributions of £13,724 (2022: £12,415).Included in other creditors is an amount due to the pension scheme of £2,615 (2022: £2,786).
12. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value
2024 2023
£ £
Carbonology Ltd - Sales - 2,641
Carbonology Ltd - Subcontract 2,525 -
_______ _______