Company registration number 10280941 (England and Wales)
IMAGE SKINCARE UK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
IMAGE SKINCARE UK LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
IMAGE SKINCARE UK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
18,226
26,035
Tangible assets
5
5,599
7,955
23,825
33,990
Current assets
Stocks
290,184
365,073
Debtors
6
123,916
128,364
Cash at bank and in hand
272,345
294,792
686,445
788,229
Creditors: amounts falling due within one year
7
(1,115,147)
(1,323,090)
Net current liabilities
(428,702)
(534,861)
Net liabilities
(404,877)
(500,871)
Capital and reserves
Called up share capital
100
100
Share premium account
189,463
189,463
Profit and loss reserves
(594,440)
(690,434)
Total equity
(404,877)
(500,871)
IMAGE SKINCARE UK LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 17 April 2025 and are signed on its behalf by:
Ms G Garcia
Director
Company registration number 10280941 (England and Wales)
IMAGE SKINCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information
Image Skincare UK Limited is a private company limited by shares incorporated in England and Wales. The registered office is Venture House, Parklands, Railton Road, Guildford, Surrey, England, GU2 9JX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, (modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value). The principal accounting policies adopted are set out below.
IMAGE SKINCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.2
Going concern
At the reporting date, the company had net current liabilities of £true428,702 (2023 - £534.861). Within current liabilities is an amount of £924,644 (2023 - £1,116,784) owed to Image International Manufacturing LLC, which is a fellow subsidiary under the parent company, Image International Holding Company LLC. Image International Manufacturing LLC has provided a letter of support to the company confirming its intention not to recall the entire debt until such time as the company is able to repay it without detriment to its ongoing operations and Image International Holding Company LLC has provided a letter of support to the company confirming its intention to provide additional financial support as necessary for at least the next twelve months from the date of approval of these financial statements. However, the cash flow projections show that the company is able to continue to operate within the existing working capital facilities available and without further funding being required from Image International Holding Company LLC, for the period of the forecasts.
The directors have performed a going concern assessment for the period to the end of the calendar year 2025 and giving due consideration to historical and current business operations, together with its forward-looking projections, taking into account the above letters of support provided by the parent company and fellow subsidiary. The directors have therefore prepared the financial statements on a going concern basis. To date, during current economic headwind conditions Image International Holding Company LLC and Image International Manufacturing LLC have maintained sufficient working capital and immediate access to cash required to continue operations normally, and hence the directors see it has the ability to not to need to recall the existing liabilities.
Although there continues to be a level of uncertainty regarding long-term outcome of economic conditions globally, the directors consider that the company will be a going concern for a period of at least twelve months from the date of approval of these financial statements. Should the actual results be less than forecast, the company may require further funding from Image International Holding Company LLC. The directors recognise that the letters of support do not represent legally binding contracts and as such, the financial support cannot be guaranteed.
As the company is reliant on their fellow subsidiary not recalling the debt amount, which is not guaranteed, these events or conditions indicate that a material uncertainty exists which may cast significant doubt over the company's ability to continue as a going concern and therefore, that it may be unable to realise its assets and discharge its liabilities in the normal course of business.
The directors consider that the fellow subsidiary will not recall the debt and therefore the going concern basis of preparation is deemed appropriate.
The financial statements do not include adjustments that would result if the company was unable to continue as a going concern
1.3
Turnover
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 at 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.
IMAGE SKINCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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 the 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.
1.4
Intangible fixed 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 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 useful economic life, which is deemed to be 10 years based on the utilisation of the customer base.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Software
3 Years
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
3 years
Plant and equipment
3 years
Fixtures and fittings
5 years
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.7
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets. A provision is made for any impairment loss and taken to the profit and loss account.
IMAGE SKINCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.8
Stocks
Stocks are stated at the lower of cost and net realisable value on an average cost basis, after due regard for obsolete and slow moving stocks. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.9
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.10
Financial instruments
The company only enters into Basic financial instrument transactions.
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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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.
Classification of 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 deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.
1.11
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
IMAGE SKINCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 7 -
1.12
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.14
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
16
17
IMAGE SKINCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
4
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
78,086
97,274
175,360
Amortisation and impairment
At 1 January 2024
52,051
97,274
149,325
Amortisation charged for the year
7,809
7,809
At 31 December 2024
59,860
97,274
157,134
Carrying amount
At 31 December 2024
18,226
18,226
At 31 December 2023
26,035
26,035
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2024
5,069
95,793
100,862
Additions
3,015
3,015
Disposals
(63,750)
(63,750)
At 31 December 2024
5,069
35,058
40,127
Depreciation and impairment
At 1 January 2024
5,069
87,838
92,907
Depreciation charged in the year
5,371
5,371
Eliminated in respect of disposals
(63,750)
(63,750)
At 31 December 2024
5,069
29,459
34,528
Carrying amount
At 31 December 2024
5,599
5,599
At 31 December 2023
7,955
7,955
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
57,527
52,335
Other debtors
66,389
76,029
123,916
128,364
IMAGE SKINCARE UK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 9 -
7
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,278
55,563
Amounts owed to group undertakings
924,644
1,116,784
Taxation and social security
89,925
45,836
Other creditors
97,300
104,907
1,115,147
1,323,090
8
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Angela Trainor
Statutory Auditor:
HJS Accountants Limited
Date of audit report:
23 April 2025
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
38,667
67,667
10
Parent company
The immediate and ultimate parent undertaking is Image International Holdings Co LLC.
The largest and smallest group in which the results of the company are consolidated is that headed by Image International Holdings Co LLC. Consolidated financial statements for Image International Holdings Co LLC are available from 4001 Kennett Pike, Suite 302, Wilmington, New Castle, Delaware, 19807, United States of America.
In the opinion of the directors, Image International Holding Co LLC is the ultimate controlling party.