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Registration number: 12598649

Prepared for the registrar

Carlton Professional International Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Carlton Professional International Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Carlton Professional International Limited

Company Information

Directors

L Van Bekkum

C Woodhead

Registered office

Ellenborough House
Wellington Street
Chletenham
GL50 1YD

Accountants

Hazlewoods LLP
Staverton Court
Staverton
Cheltenham
GL51 0UX

 

Carlton Professional International Limited

(Registration number: 12598649)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

4,761

5,589

Current assets

 

Stocks

5

161,289

127,020

Debtors

6

262,646

268,516

Cash at bank and in hand

 

219

2,311

 

424,154

397,847

Creditors: Amounts falling due within one year

7

(407,015)

(375,411)

Net current assets

 

17,139

22,436

Total assets less current liabilities

 

21,900

28,025

Deferred tax assets

13,162

2,482

Net assets

 

35,062

30,507

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

34,962

30,407

Shareholders' funds

 

35,062

30,507

For the financial 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 accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 May 2025 and signed on its behalf by:
 


L Van Bekkum
Director

 

Carlton Professional International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Ellenborough House
Wellington Street
Chletenham
GL50 1YD

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Going concern

After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Critical accounting 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 amounts 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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Carlton Professional International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date.

Negative goodwill arising on an acquisition is recognised on the face of the balance sheet on the acquisition date and subsequently the excess up to the fair value of non-monetary assets acquired is recognised in profit or loss in the periods in which the non-monetary assets are recovered.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 10 years on a straight line basis

Website and software

Over 3 years on a straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Carlton Professional International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

 

Carlton Professional International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024


Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

The recoverable amount of goodwill is derived from measurement of the present value of the future cash flows of the cash-generating units ('CGUs') of which the goodwill is a part. Any impairment loss in respect of a CGU is allocated first to the goodwill attached to that CGU, and then to other assets within that CGU on a pro-rata basis.

Where indicators exist for a decrease in impairment loss, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised. Where a reversal of impairment occurs in respect of a CGU, the reversal is applied first to the assets (other than goodwill) of the CGU on a pro-rata basis and then to any goodwill allocated to that CGU.

For financial assets carried at amortised cost, the amount of an impairment is the difference between the asset’s carrying amount and the present value of estimated future cash flows, discounted at the financial asset’s original effective interest rate.

For financial assets carried at cost less impairment, the impairment loss is the difference between the asset’s carrying amount and the best estimate of the amount that would be received for the asset if it were to be sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively to an event occurring after the impairment was recognised, the prior impairment loss is tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset to the extent that the revised recoverable value does not lead to a revised carrying amount higher than the carrying value had no impairment been recognised.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 6).

 

4

Intangible assets

Goodwill
 £

Website and software costs
 £

Total
£

Cost

At 1 September 2023

8,280

978

9,258

At 31 August 2024

8,280

978

9,258

Amortisation

At 1 September 2023

2,691

-

2,691

Amortisation charge

828

978

1,806

At 31 August 2024

3,519

978

4,497

Carrying amount

At 31 August 2024

4,761

-

4,761

At 31 August 2023

5,589

-

5,589

 

Carlton Professional International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

161,289

127,020

 

6

Debtors

2024
£

2023
£

Trade debtors

49,478

26,040

Receivables from related parties

189,941

233,555

Prepayments

18,877

5,571

Other debtors

4,350

3,350

262,646

268,516

 

7

Creditors

2024
£

2023
£

Due within one year

Trade creditors

53,505

15,975

Amounts due to related parties

163,932

234,384

Taxation and social security

113,000

87,220

Accruals and deferred income

76,190

18,053

Other creditors

388

19,779

407,015

375,411

 

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Carlton Professional International Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

 

9

Related party transactions

Summary of transactions with parent

During the year, product licence fees of £50,000 (2023 - £nil) and website fees of £50,000 (2023 - £nil) were charged to the company by Lavender Cosmetics Limited. During the period the company paid expenses of £6,386 (2023: £45,037) on behalf of its parent company, Lavender Cosmetics Limited. At the period end the company was owed £189,841 (2023: £233,455). The balance is interest free and there are no fixed terms of repayment.

During the period Susan Molyneux Cosmetics Limited, a company under common control, received remittances and paid expenses on behalf of the company, with net funds received of £89,626 (2023: paid £3,507). Additionally the company made purchases of £Nil (2023: £25,525) from Susan Molyneux Cosmetics Limited. At the period end the balance owed to Susan Molyneux Cosmetics Limited was £163,932 (2023: £234,384). The balance is interest free and there are no fixed terms of repayment.

 

 

10

Parent and ultimate parent undertaking

The company's immediate and ultimate parent is Lavender Cosmetics Limited, incorporated in England and Wales. Lavender Cosmetics Limited is controlled by its director, who owns 100% of its called up share capital.
 

 

Carlton Professional International Limited

Detailed Profit and Loss Account for the Year Ended 31 August 2024

2024
£

2023
£

Turnover (analysed below)

778,298

674,860

Cost of sales (analysed below)

(291,916)

(313,912)

Gross profit

486,382

360,948

Gross profit (%)

62.49%

53.48%

Distribution costs (analysed below)

(39,347)

(39,206)

Administrative expenses

Employment costs (analysed below)

(150,412)

(153,710)

Establishment costs (analysed below)

(102,192)

(63,624)

General administrative expenses (analysed below)

(186,041)

(96,790)

Finance charges (analysed below)

(194)

(12,874)

Depreciation costs (analysed below)

(828)

(1,100)

(439,667)

(328,098)

Operating profit/(loss)

7,368

(6,356)

Interest payable and similar expenses (analysed below)

(3,982)

(8,731)

Profit/(loss) before tax

3,386

(15,087)

 

Carlton Professional International Limited

Detailed Profit and Loss Account for the Year Ended 31 August 2024

2024
£

2023
£

Turnover

Sales

778,298

674,860

Cost of sales

Opening stock

127,020

154,456

Materials

315,645

267,128

Purchases

10,540

19,348

Closing stock

(161,289)

(127,020)

291,916

313,912

Distribution costs

Freight and carriage

39,347

39,206

39,347

39,206

Employment costs

Wages and salaries

131,652

119,610

Staff NIC (Employers)

11,108

8,344

Directors remuneration

-

13,000

Directors NIC (Employers)

-

3,280

Staff pensions

2,744

2,574

Staff training

4,908

6,902

150,412

153,710

Establishment costs

Rent and rates

83,398

39,681

Light, heat and power

3,467

7,036

Insurance

15,327

16,907

102,192

63,624

General administrative expenses

Travelling

10,736

8,340

Repairs and renewals

170

-

Telephone and fax

3,745

3,107

Computer software and maintenance costs

7,872

7,993

Printing, postage and stationery

3,304

4,693

Trade subscriptions

-

372

Sundry expenses

1,055

312

Research and development

2,655

3,540

Travel and subsistence

1,996

6,006

Advertising

91,197

44,384

Staff entertaining (allowable for tax)

-

4,807

Accountancy fees

10,759

11,393

Consultancy fees

1,012

1,163

Legal and professional fees

1,540

680

Royalties payable

50,000

-

186,041

96,790

 

Carlton Professional International Limited

Detailed Profit and Loss Account for the Year Ended 31 August 2024

2024
£

2023
£

Finance charges

Bank charges

15,833

14,743

Foreign currency (gains)/losses

(15,639)

(1,869)

194

12,874

Depreciation costs

Amortisation of goodwill

828

828

Amortisation of development costs

-

272

828

1,100

Interest payable and similar expenses

Bank interest payable

3,982

7,552

Other interest payable

-

1,179

3,982

8,731