Company Registration No. 10379632 (England and Wales)
The Others Beauty Co Limited
Unaudited financial statements
for the year ended 29 September 2024
Pages for filing with the registrar
The Others Beauty Co Limited
Contents
Page
Statement of financial position
1 - 2
Statement of changes in equity
3
Notes to the financial statements
4 - 11
The Others Beauty Co Limited
Statement of financial position
As at 29 September 2024
1
29 September 2024
30 September 2023
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,972
23,997
Intangible assets
4
21,971
31,437
43,943
55,434
Current assets
Stocks
297,608
136,533
Debtors
5
150,692
82,095
Cash at bank and in hand
613,593
30,227
1,061,893
248,855
Creditors: amounts falling due within one year
6
(437,001)
(457,299)
Net current assets/(liabilities)
624,892
(208,444)
Total assets less current liabilities
668,835
(153,010)
Creditors: amounts falling due after more than one year
7
(114,567)
(17,582)
Net assets/(liabilities)
554,268
(170,592)
Capital and reserves
Called up share capital
433
361
Share premium account
2,656,318
1,365,712
Profit and loss reserves
(2,102,483)
(1,536,665)
Total equity
554,268
(170,592)
The Others Beauty Co Limited
Statement of financial position (continued)
As at 29 September 2024
2
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 29 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 25 June 2025 and are signed on its behalf by:
Stuart Jolley
Director
Company Registration No. 10379632
The Others Beauty Co Limited
Statement of changes in equity
For the year ended 29 September 2024
3
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
As restated for the period ended 30 September 2023:
Balance at 1 October 2022
339
1,168,638
(911,917)
257,060
Year ended 30 September 2023:
Loss and total comprehensive income
-
-
(624,748)
(624,748)
Issue of share capital
46
336,619
-
336,665
Redemption of shares
(117,394)
(117,394)
Reduction of shares
(24)
(24)
Other movements
-
(22,151)
-
(22,151)
Balance at 30 September 2023
361
1,365,712
(1,536,665)
(170,592)
Year ended 29 September 2024:
Loss and total comprehensive income
-
-
(565,818)
(565,818)
Issue of share capital
72
1,321,428
-
1,321,500
Other movements
-
(30,822)
-
(30,822)
Balance at 29 September 2024
433
2,656,318
(2,102,483)
554,268
The Others Beauty Co Limited
Notes to the financial statements
For the year ended 29 September 2024
4
1
Accounting policies
Company information
The Others Beauty Co Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Mariner's Walk, Events Square, Falmouth, Cornwall, TR11 3XP.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the sale of skincare and cosmetic products, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
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:
Development costs
25% straight line
Trademark
10% straight line
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.
The Others Beauty Co Limited
Notes to the financial statements (continued)
For the year ended 29 September 2024
1
Accounting policies (continued)
5
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:
Plant and equipment
12% straight line
Fixtures and fittings
12% straight line
Computers
12% straight line
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 to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.8
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.
Valuation is determined using a FIFO basis using landed costs with 3rd party warehouse reports to confirm the monthly closing inventory levels. New inventory invoices will be recognized within the accounts using the point of transfer determined by supplier’s terms.
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.
The Others Beauty Co Limited
Notes to the financial statements (continued)
For the year ended 29 September 2024
1
Accounting policies (continued)
6
1.10
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position 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, 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. Financial assets classified as receivable within one year are not amortised.
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. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
1.12
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
The Others Beauty Co Limited
Notes to the financial statements (continued)
For the year ended 29 September 2024
1
Accounting policies (continued)
7
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.13
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.
1.14
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.15
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.
1.16
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
6
5
The Others Beauty Co Limited
Notes to the financial statements (continued)
For the year ended 29 September 2024
8
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2023
31,305
Additions
1,750
At 29 September 2024
33,055
Depreciation and impairment
At 1 October 2023
7,308
Depreciation charged in the year
3,775
At 29 September 2024
11,083
Carrying amount
At 29 September 2024
21,972
At 30 September 2023
23,997
4
Intangible fixed assets
Development costs
Trademark
Total
£
£
£
Cost
At 1 October 2023
52,170
10,173
62,343
Additions
3,800
3,800
At 29 September 2024
55,970
10,173
66,143
Amortisation and impairment
At 1 October 2023
26,504
4,402
30,906
Amortisation charged for the year
12,249
1,017
13,266
At 29 September 2024
38,753
5,419
44,172
Carrying amount
At 29 September 2024
17,217
4,754
21,971
At 30 September 2023
25,666
5,771
31,437
The Others Beauty Co Limited
Notes to the financial statements (continued)
For the year ended 29 September 2024
9
5
Debtors
2024
2023
as restated
Amounts falling due within one year:
£
£
Trade debtors
7,555
5,162
Other debtors
143,137
76,933
150,692
82,095
6
Creditors: amounts falling due within one year
2024
2023
as restated
£
£
Bank loans
142,710
61,684
Trade creditors
236,646
206,980
Corporation tax
2,993
42,990
Other taxation and social security
22,357
101,301
Other creditors
32,295
44,344
437,001
457,299
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
7,290
17,582
Taxation and social security
107,277
114,567
17,582
8
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
£
£
28,500
45,916
The Others Beauty Co Limited
Notes to the financial statements (continued)
For the year ended 29 September 2024
10
9
Related party transactions
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
102,136
-
Included within amounts owed by other related parties is an interest free shareholders loan. The loan is in relation to an amount owed by a shareholder who invested during the year as part of a larger funding round. The agreement is that the shares would not be paid up on the shares being issued and instead the money would be repaid to fund advertising costs which are conducted by a third party. This related party balance is a included in other debtors and is not a share based payment arrangement.
10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Directors loan
2.25
-
12,115
279
(11,928)
466
-
12,115
279
(11,928)
466
11
Prior period adjustment
Reconciliation of changes in equity
The prior period adjustments do not give rise to any effect upon equity.
Reconciliation of changes in loss for the previous financial period
2023
£
Total adjustments
-
Loss as previously reported
(624,748)
Loss as adjusted
(624,748)
The Others Beauty Co Limited
Notes to the financial statements (continued)
For the year ended 29 September 2024
11
Prior period adjustment (continued)
11
Notes to reconciliation
Director's remuneration
Director's remuneration has been processed for 20/21, 21/22 and 22/23 tax years via the payroll by amending previous figures that should have been submitted but weren't in error. Instead, salary costs were being accrued and therefore following the payroll update, an adjustment has been made impacting accruals, taxation and social security and the director's loan account on the statement of financial position. However the profit/(loss) reported by the Company was not impacted.
The net effect being a reduction of the directors loan to NIL at 22/23, a PAYE liability outstanding at 22/23 for social security costs owed and a reduction in accrual at 22/23. The prior year restatement does not give rise to any changes to the net assets of the Company.
After the year end, the Company has arranged a payment plan with HMRC to pay the outstanding liabilities.
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