Registration number:
Prepared for the registrar
for the
Year Ended 31 August 2024
Carlton Professional International Limited
Contents
|
Company Information |
|
|
Balance Sheet |
|
|
Notes to the Unaudited Financial Statements |
Carlton Professional International Limited
Company Information
|
Directors |
L Van Bekkum C Woodhead |
|
Registered office |
|
|
Accountants |
|
Carlton Professional International Limited
(Registration number: 12598649)
Balance Sheet as at 31 August 2024
|
Note |
2024 |
2023 |
|
|
Fixed assets |
|||
|
Intangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current assets |
|
|
|
|
Total assets less current liabilities |
|
|
|
|
Deferred tax assets |
13,162 |
2,482 |
|
|
Net assets |
|
|
|
|
Capital and reserves |
|||
|
Called up share capital |
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 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
Director
Carlton Professional International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
|
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
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
Recognition and measurement
Carlton Professional International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
Impairment
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.
|
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
|
Intangible assets |
|
Goodwill |
Website and software costs |
Total |
|
|
Cost |
|||
|
At 1 September 2023 |
|
|
|
|
At 31 August 2024 |
|
|
|
|
Amortisation |
|||
|
At 1 September 2023 |
|
- |
|
|
Amortisation charge |
|
|
|
|
At 31 August 2024 |
|
|
|
|
Carrying amount |
|||
|
At 31 August 2024 |
|
- |
|
|
At 31 August 2023 |
|
- |
|
Carlton Professional International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
|
Stocks |
|
2024 |
2023 |
|
|
Finished goods and goods for resale |
|
|
|
Debtors |
|
2024 |
2023 |
|
|
Trade debtors |
|
|
|
Receivables from related parties |
189,941 |
233,555 |
|
Prepayments |
|
|
|
Other debtors |
|
|
|
|
|
|
Creditors |
|
2024 |
2023 |
|
|
Due within one year |
||
|
Trade creditors |
|
|
|
Amounts due to related parties |
163,932 |
234,384 |
|
Taxation and social security |
|
|
|
Accruals and deferred income |
|
|
|
Other creditors |
|
|
|
|
|
|
Share capital |
Allotted, called up and fully paid shares
|
2024 |
2023 |
|||
|
No. |
£ |
No. |
£ |
|
|
|
|
100 |
|
100 |
Carlton Professional International Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024
|
Related party transactions |
Summary of transactions with parent
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.
|
Parent and ultimate parent undertaking |
The company's immediate and ultimate parent is
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 |