Company Registration No. 06270260 (England and Wales)
BEAUTY SEEN LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
BEAUTY SEEN LIMITED
COMPANY INFORMATION
Directors
T M Bourne
J D Burgon
R Shah
J C Walsh
Secretary
J D Burgon
Company number
06270260
Registered office
20 Little Portland Street
London
W1W 8BS
Auditor
HW Fisher Audit
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
BEAUTY SEEN LIMITED
CONTENTS
Page
Strategic report
1 - 2
Directors' report
3
Directors' responsibilities statement
4
Independent auditor's report
5 - 7
Statement of comprehensive income
8
Balance sheet
9
Statement of changes in equity
10
Notes to the financial statements
11 - 22
BEAUTY SEEN LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The directors present the strategic report for the year ended 31 December 2024.

Fair review of the business

The principal business of the company is to provide beauty consultancy advice and insight led strategy to leading beauty brands. The company specialises in communication campaigns, strategic consultancy and live brand activations, all enabled by its proprietary Community By Seen (CXS) digital advocacy platform of specialist beauty creators who provide content, insight and research data, primarily to the UK beauty markets for local and global clients. The company originates ideas that are so inspiring, they elevate perceptions of beauty which enhance delivery of campaign results on behalf of clients. By the end of 2024, the company had developed a strategy to expand the services of the CXS platform into Canada and Ireland.

 

The company performs well by delivering a consultancy led approach and continues to win, grow and retain the most successful global beauty and consumer brands, as well as providing services to developing beauty brands who display unique potential in a growing sector. The employees and creators are beauty obsessed and create courageous, collaborative and digital output for clients. The company also produces well respected global trends reports for the beauty industry. The proprietary platform delivers User Generated Content (UGC) content and research in an authentic, insightful and inclusive way. Working in partnership with beauty advocates and creators, CXS has a UK membership of 9,500 members. The platform is a global platform which provides similar output into the US market via Beauty Seen Inc, a 100% subsidiary of the company. The US membership is 12,200 members and the platform has a global membership of 23,000 members (including Ireland and Canada), with a global reach of close to 400 million beauty consumers. CXS has recently enabled social commerce in partnership with TikTok Shop. The platform is rapidly developing into a Software as a Service (SaaS) product to service clients in the beauty sector and other associated sectors. At 31st December 2024, the CXS platform is capitalised as an intangible asset in the balance sheet with a net book value of £463k.

 

Attracting and retaining specialist beauty talent is an essential objective of the company. This talent seamlessly integrates with a network of third-party contacts to collaborate with the most relevant experts from a variety of backgrounds, enabling the company to provide campaigns which are routed in commercial insight and deliver meaningful commercial outcomes. The company leads the way in the sector as a female first, female led, positive, inclusive, creative, insightful and commercial adviser that helps beauty brands realise their goals, objectives and potential.

 

Since inception, the company has been ethnically diverse and a place of employment where people from all backgrounds and lived experiences feel empowered to prosper with new ways of thinking that embrace industry wide sustainability commitments and development goals. Beauty Seen Limited stands out as the leading expert in the beauty sector, but is constantly listening, learning, developing, changing and improving to remain relevant and is well positioned as it transforms into a technology enabled digital first company.

The gross profit for year ending 31 December 2024 is £5.1m (2023 £4.5m), generating a healthy gross margin of 54% and showing a 15% growth year on year. The operating profit for the year ending 31 December 2024 is £525k (2023 £402k), generating a net operating margin of 10.3% resulting in 31% growth year on year. At 31 December 2024, the company had net assets of £1,486k.

Principal risks and uncertainties

 

Price risk

Ongoing inflationary pressures present a major price risk, together with a continued high demand for the most skilled employees with relevant and specific beauty sector experience adding pressure to wages and salaries. International political, economic and governmental uncertainty - specifically in relation to the US market - add to the financial risk for the company. Clients require a greater focus on performance-based marketing across all creative campaigns in the real and virtual world.

 

Client retention risk

Client retention represents an ongoing challenge in a competitive market. The loss of a key client may negatively impact profits. Senior leadership develops strong business and trusted relationships with pillar clients, which enables the company to deliver media neutral beauty solutions to help clients achieve their commercial goals in an agile and cost-effective way. The company continues to focus on new business and organic client growth, whilst carefully monitoring the size of each client to mitigate the risk of client dependency. The company continues to examine opportunities in sectors with similar customer goals together with related consumer attributes and profiles.

BEAUTY SEEN LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Principal risks and uncertainties

 

Cashflow, liquidity and credit risk

The company maintains sufficient cash reserves to manage liquidity and cashflow risks. The company also secured low interest- bearing CIBLS loans during the Covid pandemic. Credit risk is closely managed to ensure adequate annual working capital requirements and debt is regularly reviewed on an ongoing basis with cash flow forecasts being produced for the short and longer term.

 

Data security risk

Security and cyber insurance costs related to data protection are ever increasing. Data security is an important factor for clients in their selection of agencies. As the CXS platform develops, the company continues to develop strong data security protocols surrounding the collection and management of consumer personal data.

 

Artificial Intelligence (AI) risk

Campaigns created through AI represent a risk to human capital but also an opportunity to embrace change. The company is investing in training in large language model deep research AI products so that employees can deliver client work more efficiently. The company continues to explore investment in generative AI to enhance the competitive advantage of its CXS platform.

 

Entrepreneurial risk

The company continues to support entrepreneurial risk by developing new start-up ventures which are relevant to the ever-changing beauty industry, as well as expanding its CXS platform into new markets. Entrepreneurial risk is increased due to the development costs of the CXS platform, together with the start-up costs associated with new market expansion.

 

International risk

The company is developing plans for the global expansion of the CXS platform. This will mean expanding into territories which do not speak English as a first language. These markets also bring risks associated with local customs, religions and important cultural differences, as well as global time differences and dissimilar banking processes. These risks will be mitigated by partnering with businesses already established in these regions and where necessary recruiting local employees with the appropriate skill set required.

 

Catastrophic risk

The company adheres to strong working capital, robust financial controls and business case investment management, together with the adoption of cyber essentials plus security certification, cloud back-up solutions, best in class SaaS, Infrastructure as a Service (IaaS), and detailed disaster recovery planning. The CXS platform benefits from all these precautions and employs industry-leading development methodologies and best practices to ensure scalability and resilience.

 

Going concern

These financial statements have been produced on a going concern basis; this reflects the directors’ views that the company will be able to meet its liabilities as they fall due for at least twelve months from the date of signing of the financial statements. Due to continued economic uncertainty, the directors have placed greater emphasis on cost control and monitoring daily cashflows, as well as evaluating rolling 12-36 month cashflow forecasts. No significant additional risks to the going concern position have been identified.

Key performance indicators

In the opinion of the directors, the key performance indicators are the annualised gross income per employee which in 2024 is annualised at £113k (2023 £103k), together with total employment costs as a percentage of gross income which in 2024 is 63% (2023 is 65%). This is slightly above the target range but reflects the consultancy nature of the business and the early-stage development of the CXS platform.

On behalf of the board

J D Burgon
Director
15 July 2025
BEAUTY SEEN LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
The directors present their report and accounts for the year ended 31 December 2024.
Principal activity
The principal activity of the company continues to be that of the provision of marketing and promotion consultancy services.
Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

T M Bourne
J D Burgon
R Shah
J C Walsh
Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £472,017. The directors do not recommend payment of a further dividend.

Strategic report

The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report the information which is required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of the information on and exposure to financial risk and future developments.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.

On behalf of the board
J D Burgon
Director
15 July 2025
BEAUTY SEEN LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.

 

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BEAUTY SEEN LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF BEAUTY SEEN LIMITED
- 5 -
Opinion

We have audited the financial statements of Beauty Seen Limited (the 'company') for the year ended 31 December 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

BEAUTY SEEN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BEAUTY SEEN LIMITED
- 6 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors' report.

 

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

As part of our planning process:

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:

 

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors.

BEAUTY SEEN LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF BEAUTY SEEN LIMITED
- 7 -

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Gilles Siow (Senior Statutory Auditor)
For and on behalf of HW Fisher Audit
Chartered Accountants
Statutory Auditor
Acre House
11-15 William Road
London
NW1 3ER
United Kingdom
15 July 2025
BEAUTY SEEN LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
2024
2023
as restated
Notes
£
£
Turnover
3
9,376,884
8,044,159
Cost of sales
(4,272,661)
(3,595,075)
Gross profit
5,104,223
4,449,084
Administrative expenses
(4,578,659)
(4,051,147)
Other operating income
-
0
4,435
Operating profit
4
525,564
402,372
Interest receivable and similar income
8
334,685
12,999
Interest payable and similar expenses
9
(7,680)
(8,942)
Profit before taxation
852,569
406,429
Tax on profit
10
(76,581)
(73,558)
Profit for the financial year
775,988
332,871

The Statement of Comprehensive Income has been prepared on the basis that all operations are continuing operations.

BEAUTY SEEN LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2024
31 December 2024
- 9 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
12
463,367
147,522
Tangible assets
13
150,345
174,460
Investments
80
-
0
613,792
321,982
Current assets
Work in progress
15
19,824
7,164
Debtors
16
1,338,209
1,145,112
Cash at bank and in hand
1,278,549
1,048,442
2,636,582
2,200,718
Creditors: amounts falling due within one year
17
(1,680,884)
(1,157,181)
Net current assets
955,698
1,043,537
Total assets less current liabilities
1,569,490
1,365,519
Creditors: amounts falling due after more than one year
18
(83,333)
(183,333)
Net assets
1,486,157
1,182,186
Capital and reserves
Called up share capital
21
1,228
1,228
Capital redemption reserve
372
372
Profit and loss reserves
1,484,557
1,180,586
Total equity
1,486,157
1,182,186
The financial statements were approved by the board of directors and authorised for issue on 15 July 2025 and are signed on its behalf by:
J D Burgon
Director
Company Registration No. 06270260
BEAUTY SEEN LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2023
1,228
372
1,223,731
1,225,331
Year ended 31 December 2023:
Profit and total comprehensive income for the year
-
-
332,871
332,871
Dividends
11
-
-
(376,016)
(376,016)
Balance at 31 December 2023
1,228
372
1,180,586
1,182,186
Year ended 31 December 2024:
Profit and total comprehensive income for the year
-
-
775,988
775,988
Dividends
11
-
-
(472,017)
(472,017)
Balance at 31 December 2024
1,228
372
1,484,557
1,486,157
BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
1
Accounting policies
Company information

Beauty Seen Limited is a private company limited by shares incorporated in England and Wales. The registered office is 20 Little Portland Street, London, W1W 8BS.

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.

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 on the historical cost convention. The principal accounting policies adopted are set out below.

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company an individual entity and not about its group.

 

Beauty Seen Limited is a wholly owned subsidiary of Seen Group Limited and the results of Beauty Seen Limited are included in the consolidated financial statements of Seen Group Limited which are available from the UK Registrar of Companies.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:

 

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Beauty Seen Limited is a wholly owned subsidiary of Seen Group Limited and the results of Beauty Seen Limited are included in the consolidated financial statements of Seen Group Limited which are available from the UK Registrar of Companies.

1.2
Going concern

The company has made profits in the year and this is forecasted to continue into 2025 and 2026. The entity remains to have a healthy net asset and cash balance. The directors have a reasonable expectation that the company will have adequate resources to continue in operation for a period of at least twelve months from the date of approval of these financial statements. Thus, the directors continue to adopt the going concern basis of accounting in preparing the financial statements. true

BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 12 -
1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

 

Turnover consists of fee income (retainer based) and expense income (project based).

 

Fee income is recognised on a monthly basis over the length of the contract.

 

Expense income is recognised at the start of the project or as defined by the contract. Revenue is recognised only to the extent of the expenses that are recoverable.

1.4
Intangible fixed assets other than goodwill

Intangible assets relate to third party and staff costs incurred in order to develop a creative platform used for the benefit of digital marketing. Third party costs are recognised at cost less accumulated amortisation and impairment losses. Staff costs are recognised as a portion of time considered directly attributable to the development and enhancement of the functionality of the platform. These costs are recognised at cost less accumulated losses and impairment losses.

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:

Creative platform
20% per annum on a straight line basis
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, 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:

Property improvements
25% per annum on a straight line basis
Fixtures, fittings & equipment
25% per annum on a straight line basis

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.

1.6
Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in 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.

BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 13 -

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 is estimated to be less than its carrying amount, the carrying amount of the asset 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.

1.8
Work in progress

Work in progress represent payments made in advance and are recognised where such advances relate to projects that are scheduled for the near future and where the directors estimate sufficient future income will be earned in order to recoup the advances made. Where it is estimated that insufficient future income will be earned, an impairment loss is recorded.

At each reporting date, an assessment is made for impairment. Impairment losses are recognised through the profit and loss account.

1.9
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.

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.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 14 -
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 and amounts due to fellow group companies, 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 receipts 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.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.10
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.11
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.

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.

1.12
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.

BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 15 -
1.13
Retirement benefits

The company operates a defined contributions pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

1.14
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
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.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Valuation and useful life of intangible fixed assets

Intangible assets are amortised over their useful lives taking into account, where appropriate, residual values. Assessment of useful lives and residual values takes into account factors such as technological innovation, market information, business plans, forecasts and management considerations.

 

Intangible assets are held at cost less accumulated amortisation, and are assessed for impairment at the year end. The assessment of impairment requires judgements to be made, which include the assessment of available financial information and the expected future performance of assets outside the control of the company.

3
Turnover

An analysis of the company's turnover is as follows:

2024
2023
£
£
Turnover
Marketing and promotion consultancy services
8,626,647
7,227,527
Management fees
750,237
816,632
9,376,884
8,044,159
Dividends received
311,915
-
BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
3
Turnover
(Continued)
- 16 -
Turnover analysed by geographical market
2024
2023
£
£
United Kingdom
7,685,622
5,330,355
Europe
133,751
969,328
Rest of the World
1,557,511
1,744,476
9,376,884
8,044,159
4
Operating profit
2024
2023
Operating profit for the year is stated after charging/(crediting):
£
£
Exchange differences apart from those arising on financial instruments measured at fair value through profit or loss
(34,113)
(18,907)
Fees payable to the company's auditor for the audit of the company's financial statements
27,106
39,281
Depreciation of owned tangible fixed assets
78,896
72,183
Amortisation of intangible assets
52,597
41,555
5
Auditor's remuneration
2024
2023
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the company
27,106
39,281
6
Employees
2024
2023
Number
Number
Office and administration
7
7
Production and sales
38
36
Operations
45
43
BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
6
Employees
(Continued)
- 17 -

Their aggregate remuneration comprised:

2024
2023
£
£
Wages and salaries
2,816,557
2,552,860
Social security costs
286,219
250,736
Pension costs
93,606
81,055
3,196,382
2,884,651
7
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
233,098
178,621
Company pension contributions to defined contribution schemes
10,500
6,125
243,598
184,746

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 1 (2023 - 1).

Remuneration disclosed above include the following amounts paid to the highest paid director:
2024
2023
£
£
Remuneration for qualifying services
228,000
178,621
Company pension contributions to defined contribution schemes
10,500
6,125
8
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
22,770
12,999
Income from fixed asset investments
Dividends from group undertakings
311,915
-
0
Total income
334,685
12,999
BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 18 -
9
Interest payable and similar expenses
2024
2023
£
£
Interest on bank overdrafts and loans
7,680
8,942

In the financial statements for the year ended 31 December 2023, interest payable of £8,942 was recognised as part of administrative expenses. This balance has been recognised as interest on bank overdrafts and loans for the year ended 31 December 2024.

10
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
76,581
73,558

The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2024
2023
£
£
Profit before taxation
852,569
406,429
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2023: 23.52%)
213,142
95,592
Tax effect of expenses that are not deductible in determining taxable profit
8,584
12,670
Tax effect of income not taxable in determining taxable profit
(77,979)
-
0
Adjustments in respect of prior years
3,297
(1,190)
Effect of change in corporation tax rate
-
0
2,019
Group relief
(6)
-
0
Fixed asset differences
-
0
(1,417)
Movement in deferred tax not recognised
(70,457)
(34,116)
Taxation charge for the year
76,581
73,558
11
Dividends
2024
2023
£
£
Final paid
472,017
376,016
BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 19 -
12
Intangible fixed assets
Creative platform
£
Cost
At 1 January 2024
207,773
Additions - internally developed
368,442
At 31 December 2024
576,215
Amortisation and impairment
At 1 January 2024
60,251
Amortisation charged for the year
52,597
At 31 December 2024
112,848
Carrying amount
At 31 December 2024
463,367
At 31 December 2023
147,522
13
Tangible fixed assets
Property improvements
Fixtures, fittings & equipment
Total
£
£
£
Cost
At 1 January 2024
59,851
429,627
489,478
Additions
-
0
54,781
54,781
At 31 December 2024
59,851
484,408
544,259
Depreciation and impairment
At 1 January 2024
34,313
280,705
315,018
Depreciation charged in the year
16,470
62,426
78,896
At 31 December 2024
50,783
343,131
393,914
Carrying amount
At 31 December 2024
9,068
141,277
150,345
At 31 December 2023
25,538
148,922
174,460
BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 20 -
14
Subsidiaries

Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Control
office
shares held
Direct
Indirect
Beauty Seen Inc
Suite 420, 55 Washington Street, Brooklyn, New York, 11201, USA
Marketing and promotion consultancy services
N/A
100.00
-
15
Stocks
2024
2023
£
£
Work in progress
19,824
7,164
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,035,197
866,268
Amounts owed by group undertakings
215,520
80,950
Prepayments and accrued income
87,492
197,894
1,338,209
1,145,112
17
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Bank loans
19
100,000
100,000
Trade creditors
284,003
160,477
Corporation tax
73,284
8,505
Other taxation and social security
180,373
171,583
Other creditors
374,289
183,275
Accruals and deferred income
668,935
533,341
1,680,884
1,157,181

 

18
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
19
83,333
183,333
BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
18
Creditors: amounts falling due after more than one year
(Continued)
- 21 -

The loan has been guaranteed by fellow group undertakings, as detailed in Note 22.

19
Loans and overdrafts
2024
2023
£
£
Bank loans
183,333
283,333
Payable within one year
100,000
100,000
Payable after one year
83,333
183,333

The overdraft is secured by a fixed and floating charge over all assets of the company.

20
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
93,606
81,055

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

21
Share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
122,720
122,720
1,228
1,228

Ordinary shares have full voting, dividend, capital distribution rights and pre-emption rights. They do not confer any rights of redemption.

22
Financial commitments, guarantees and contingent liabilities

As at 1 January 2024, the company was party to a cross guarantee and debenture with a company under common control to guarantee. The maximum potential liability under this arrangement was £985,000.

 

On 24 September 2024, the company released from this agreement as a result of this, the guarantee provided by a company under common control was released. As at 31 December 2024, no debts held by the company were guaranteed by companies under common control.

 

The company has entered into a cross guarantee and debenture with a fellow group company, such that the debts of the company were guaranteed by the group company. As at 31 December 2024, the maximum potential liability under this arrangement was £477,000 (2023: £477,000).

 

At the time the financial statements were authorised, the maximum potential liability was £477,000 (2023: £477,000).

BEAUTY SEEN LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 22 -
23
Related party transactions

At 31 December 2024, included within other creditors is £374,209 (2023: £183,274) owed to companies under common control.

During the year ended 31 December 2024, the company made purchases of £1,040,133 (2023: £758,250) to, and sold £42,462 (2023: £8,260) to companies under common control.

24
Ultimate controlling party

The immediate and ultimate controlling party is Seen Group Limited, a company registered in England and Wales.

 

The smallest and largest group into which this entity is consolidated is Seen Group Limited, with a registered address of 20 Little Portland Street, London, United Kingdom, W1W 8BS. Copies of the group financial statements can be obtained from the UK Registrar of Companies.

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