Company registration number 15307242 (Scotland)
SHRINE RETAIL LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
SHRINE RETAIL LTD
CONTENTS
Page
Company information
1
Balance sheet
2
Notes to the financial statements
3 - 7
SHRINE RETAIL LTD
COMPANY INFORMATION
- 1 -
Directors
Mrs S J Cunniffe
(Appointed 16 April 2024)
Mrs C F MacDonough
(Appointed 16 April 2024)
Mr S J MacDonough
(Appointed 16 April 2024)
Mr S McLaughlin
(Appointed 16 April 2024)
Company number
15307242
Registered office
Suite 1
7th Floor, 50 Broadway
London
United Kingdom
SW1H 0DB
Auditor
Consilium Audit Limited
169 West George Street
Glasgow
Scotland
G2 2LB
SHRINE RETAIL LTD
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
2024
Notes
£
£
Current assets
Stocks
135,202
Debtors
3
202,312
Cash at bank and in hand
35,734
373,248
Creditors: amounts falling due within one year
4
(517,120)
Net current liabilities
(143,872)
Capital and reserves
Called up share capital
5
100
Profit and loss reserves
(143,972)
Total equity
(143,872)

The notes on pages 3 to 7 form part of these financial statements.

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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 26 June 2025 and are signed on its behalf by:
Mr S McLaughlin
Director
Company Registration No. 15307242
SHRINE RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 3 -
1
Accounting policies
Company information

Shrine Retail Ltd is a private company limited by shares incorporated in Scotland. The registered office is Suite 1, 7th Floor, 50 Broadway, London, United Kingdom, SW1H 0DB. The company's registration number is 15307242.

1.1
Reporting period

The current year figures cover the 11 month period to 30 September 2024.

1.2
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.

1.3
Going concern

The company is dependent on the ongoing support of Professional Beauty Systems (Holdings) Limited, the parent company, to provide funds to meet its debts and other financial obligations as they fall due. Professional Beauty Systems (Holdings) Limited has pledged its support to the company to enable it to continue in operational existence for the foreseeable future. In view of this, the directors are satisfied that it is appropriate to prepare the accounts on a going concern basis.true

1.4
Turnover

The turnover represents the value of all goods sold during the year, less returns received and services delivered at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which the Company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.

1.5
Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost consists of the purchase price of materials and an appropriate proportion of production overheads, where applicable.

1.6
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 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.

SHRINE RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 4 -
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. 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.

1.7
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.

1.8
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 profit and loss account 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.

SHRINE RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. 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.

1.9
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the Period was:

2024
Total
-
0

The entity has no employees in its own right, however, the staff costs reported reflect recharged costs from other group entities.

3
Debtors
2024
Amounts falling due within one year:
£
Trade debtors
159,264
Other debtors
43,048
202,312
SHRINE RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 6 -
4
Creditors: amounts falling due within one year
2024
£
Trade creditors
51,066
Amounts owed to group undertakings
355,747
Taxation and social security
31,434
Other creditors
78,873
517,120
5
Called up share capital
2024
£
Ordinary share capital
Issued and fully paid
100 Ordinary of £1
100

Ordinary shares have full voting rights and dividend rights.

 

Share classes have equal rights on winding up.

 

On 23rd November 2023 1 ordinary shares was issued at par value, with a further 99 being issued on 18th April 2024 at par value.

6
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:
Brian Thomson BA(Hons) CA
Statutory Auditor:
Consilium Audit Limited
7
Related party transactions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

 

No other transactions with related parties were undertaken such as are required to be disclosed under the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".

SHRINE RETAIL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2024
- 7 -
8
Ultimate controlling party

The company was under the control of the holders of the ordinary share capital in the ultimate parent company, Professional Beauty Systems (Holdings) Limited, throughout the current period. No individual shareholder has a controlling interest.

 

The company is included by full consolidation in the consolidated financial statements of its ultimate parent, Professional Beauty Systems (Holdings) Limited, registered in Scotland, at 3 Newmains Avenue, Inchinnan, Renfrew, PA4 9RR.

 

Copies of the consolidated financial statements are available from Companies House.

2024-09-302023-12-01falsefalsefalse26 June 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMrs S J CunniffeMrs C F MacDonoughMr S J MacDonoughMr S McLaughlinJ Meek153072422023-12-012024-09-3015307242bus:Director12023-12-012024-09-3015307242bus:Director22023-12-012024-09-3015307242bus:Director32023-12-012024-09-3015307242bus:Director42023-12-012024-09-3015307242bus:Director52023-12-012024-09-3015307242bus:RegisteredOffice2023-12-012024-09-30153072422024-09-3015307242core:CurrentFinancialInstrumentscore:WithinOneYear2024-09-3015307242core:CurrentFinancialInstruments2024-09-3015307242core:ShareCapital2024-09-3015307242core:RetainedEarningsAccumulatedLosses2024-09-3015307242core:ShareCapitalOrdinaryShareClass12024-09-3015307242core:WithinOneYear2024-09-3015307242bus:PrivateLimitedCompanyLtd2023-12-012024-09-3015307242bus:SmallCompaniesRegimeForAccounts2023-12-012024-09-3015307242bus:FRS1022023-12-012024-09-3015307242bus:Audited2023-12-012024-09-3015307242bus:FullAccounts2023-12-012024-09-30xbrli:purexbrli:sharesiso4217:GBP