| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| ASPECTS BEAUTY COMPANY LIMITED |
| REGISTERED NUMBER: |
| STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
| FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 |
| FOR |
| ASPECTS BEAUTY COMPANY LIMITED |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Page |
| Company Information | 1 |
| Strategic Report | 2 |
| Report of the Directors | 6 |
| Report of the Independent Auditors | 9 |
| Income Statement | 13 |
| Other Comprehensive Income | 14 |
| Balance Sheet | 15 |
| Statement of Changes in Equity | 16 |
| Cash Flow Statement | 17 |
| Notes to the Cash Flow Statement | 18 |
| Notes to the Financial Statements | 20 |
| ASPECTS BEAUTY COMPANY LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| AUDITORS: |
| t/a LMDB Accountants |
| Statutory Auditors |
| Railview Lofts |
| 19c Commercial Road |
| Eastbourne |
| East Sussex |
| BN21 3XE |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their strategic report for the year ended 31 December 2024. |
| REVIEW OF BUSINESS |
| The principal activity of the Company in the year under review was that of the marketing and sale of fragrances, cosmetics and related products and services. |
| The key financial and other performance indicators during the year were as follows: |
| Total turnover for the year increased by 15.4%, an exceptional result under ongoing difficult trading conditions. All divisions grew their business during the year with a 12.9% increase in turnover on the managed services business resulting in a fee increase in real terms of 8.6% year over year. |
| Whilst not recognised in the financial statements of the Company, if the turnover of third parties, for which the Company received a fee under a management services agreement was included, total turnover for which the Company had responsibility increased by 41.9% year on year. |
| Despite the increase in turnover, gross margin was maintained at 39.5% and total gross profit in real terms increased by 15.4%. |
| The Company continues to focus its drive towards, more profitable business and business less dependent on Christmas and other such promotional periods typical within the fragrance market. The Company has continued to broaden its distribution into non fragrance, beauty, health, and wellness related products to support this strategy. |
| Salary costs increased significantly during the year with pay awards made during July. This reflected further restructuring of the business, as its strategy developed, and the promotion of staff in key areas to secure the required resources. It further recognised the pressure on and need to ensure market salaries were being paid to secure continuity of employment in key areas. The Company also made provision for a significant 'thank you' payment awarded to key staff which was paid in March 2025. |
| The Company made an operating profit in the year of £2,200k compared to an operating profit in the previous year of £1,628k, an improvement of 35.2%. Operating profit as a percentage of reported turnover was 11.4% in 2024, up from 9.7% in 2023. The Company has remained focused on its longer-term future and has continued to develop its plans in line with the goals and objectives of its strategic plan. |
| Overall, administrative expenses increased by 7.7% with significant increases in salaries, as mentioned above, and in staff benefits in all categories and areas. Establishment costs increased by 53.5% most significantly on ongoing repairs and maintenance costs of the Company's property, a Grade 2 listed building. |
| Net profit before tax increased by 37.5% year on year and increased to 11.9% as a percentage of Turnover compared with 10.0% in 2023. Bank charges fell significantly year on year as the Company further reduced its overdraft facilities and as cash reserves increased. The Company generated £87k of interest receivable as a result of positive cash balances during the year. The Company benefitted from exchange gains of £45k through appropriate currency buying initiatives. Profit after tax for the financial year was up by 34.7% compared with the previous year and represented 8.9% of turnover compared with 7.9% in 2023. |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The Company ended the year with net current assets of £4,511k against net current assets of £3,264k a year ago, an increase of 38.2.%. Debtors were well managed, and no bad debts were incurred during the year. Stock levels increased by 27.1% but were well controlled and reflect the enhanced level of business. Inventory management processes continue to be improved. Cash reserves increased 39.3% from £3,037k in 2023 to £4,233k at the end of 2024. |
| Shareholders funds increased by 22.9% to £6,627k from £5,392k at the end of 2023, due to profit after tax for the year of £1,714k and payment of dividends of £480k. Retained earnings at the end of 2023 rose to £5,214k, an increase of 31.3%. |
| The Directors are extremely pleased with the results for the year. Brexit continues to have a negative influence for the business with challenges in the logistics and UK compliance areas, which take up a disproportionate amount of time, money, and effort to manage effectively. The Directors are very proud of their employees who performed exceptionally well during what was, once again, a very challenging but rewarding year. |
| The Board continues to develop its skills and abilities and enhanced communication within the business as the company turns its focus on achieving the goals and objectives of its longer-term strategic plans. |
| The Jim Jackson Educational and Enabling Foundation (JJEEF), set up in memory of Jim Jackson, co-founder and former joint managing director of the Company, continued its support of disadvantaged young persons and had a number of individuals benefiting from that support during 2024. Now in its third year, the charity continues to evolve and has gained from contributions from the Company and its employees, external donations and support and donations from within the beauty industry. At the end of the year, the charity had significant reserves and was in an excellent position to continue to support the needs of existing and new beneficiaries during 2025. |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| PRINCIPAL RISKS AND UNCERTAINTIES |
| The Company's business is linked to the retail environment in which its customers operate. The changing economic conditions impact the buying behaviour of the end consumer, and this is reflected in the performance of the business. During 2024, retail sales for the company grew by 9.3% and this was, once again, dominated by the Chains sector, which grew by 11.4% and represented 63.4% of the total retail business for the Company. E-commerce retail sales declined by 7.8%, representing 9.4% of total retail sales of the Company, as the trend for online purchases continues to decline generally. Department store retail business continued its recovery and grew by 7.9%, representing 10.3% of total retail sales; Travel Retail retail sales grew 14.4% year on year, representing 16.7% of total retail business. Independent business retail sales represented only 0.3% of total retail sales and further declined by 20.3% year on year. |
| The Company purchases stock in several currencies and does not currently hedge this risk. Prices are based on determining an appropriate average rate of exchange over the next twelve months. This is monitored on a regular basis and extreme increases in the rates can be mitigated by an increase in wholesale prices. The nature of products sold and the distribution through which they are sold allows the company to do this at relatively short notice and with little impact on turnover and profitability. |
| The Company is effective in managing its debtors through the regular review of payment profiles and behaviour and on credit information acquired, resulting in changes to or withdrawal of credit facilities as appropriate. The Company does not insure its debts and believes that the current methods and processes adopted provide it with the ability and flexibility to react quickly to the needs of its customers and to take advantage of opportunities as they arise. The incidence of debts having to be written off continues to be minimal. |
| Cashflow is monitored on a regular basis due to the nature of the business and the importance of trade at Christmas which continues to account for a major part of the company's turnover. The company has appropriate banking facilities in place and has the full support of its bankers. Effective management of cash and creditors is measured through an analysis of the credit rating assigned to the Company by major credit rating agencies. This has continued to improve over the last 12 months. The Company has no loans but retains an appropriate overdraft facility to ensure there are no short-term cash implications. The level of the facility has been reduced and is under review each year. |
| The impact of leaving the EU at the end of 2020 continued to be felt during the year in all areas of the business. The resource and expenses required to meet new compliance requirements were very significant and will continue to be so in the future as further divergence between EU and UK legislation arises. The Company believes these challenges will continue in the future but is confident that it can continue to meet the new requirements and will ensure adequate resources are available to assist in this area. |
| Ongoing events in the world are carefully monitored by the Company and action has been taken where possible to mitigate the impact of such events as they affect the business, in particular on its supply chain. Compliance continues to be a major burden both in terms of administrative demands and costs, and this is likely to increase in the future requiring further resource allocation. The Company continues to communicate with its brands to determine the impact on supply and fulfilment within the UK and Ireland markets and to examine alternatives. |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| STRATEGIC REPORT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The general increase in the cost of living experienced by employees and consumers alike, including increased utility bills, food and drink and interest rates affecting mortgages and home buying remains a major concern for the Company, even with signs that inflation is falling and interest rates may be cut further during 2025. The Company is doing everything possible to help employees facing major challenges arising from this situation. The Board continues to monitor this situation and will consider further support if necessary and affordable. The Company continues to manage and review all overheads within the business. As a result, the Company has been conservative with its budgets and forecasts for the year ahead and is managing all the activities in the business with extreme caution and vigilance as the impact of the current economic situation evolves further. |
| With all the uncertainty and challenges facing the business, the Company reviews its risk register regularly and it is a standing agenda item at all Executive and Board Meetings. It has also developed a robust disaster recovery programme reviewed annually. |
| The Company monitors the impact of losing a substantial brand and the impact on its profitability and cashflow and the restructuring costs that would be incurred. The Directors have taken the decision to set aside a cash reserve to mitigate the impact of this as far as is possible and the reserve is updated based on scenario planning for such events should they occur. |
| ON BEHALF OF THE BOARD: |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| The directors present their report with the financial statements of the company for the year ended 31 December 2024. |
| PRINCIPAL ACTIVITY |
| The principal activity of the company in the year under review was that of the marketing and sale of fragrances, cosmetics and related products and services. |
| DIVIDENDS |
| The total distribution of dividends for the year ended 31 December 2024 will be £ |
| FUTURE DEVELOPMENTS |
| The directors of ABG have been articulating the strategic direction for the Group throughout 2024 and have now commenced active searches for an appropriate diversification to protect the Company from the impact of adverse risks and to exploit market opportunities. |
| To facilitate this, the Group has added a new subsidiary, Balneath Enterprises (BE). The directors of this subsidiary are the Group's Chief Financial Officer, the joint Managing Director with a minority shareholding in the group and a member of the founding family, and a new director drawn from the Group's employees with responsibility for market research and insights, who will be the lead director tasked with identifying relevant opportunities and prospective targets. The Chair of the subsidiary board is the founder and Chair of the Group. |
| In keeping with the agreed strategic plan, the Board has been developing an outreach plan to review possible acquisitions, partnerships and associations with companies that offer services which Aspects Beauty either already buys in or needs to buy in. These services include staffing provision, direct marketing and media specialisms, events management, and PR. The intention is to substitute out-sourcing these services for Aspects with fully or partly owned subsidiaries providing the service and simultaneously providing services to third parties. A target list of potential companies has been drawn up and research into their performance is now underway before making approaches to the principals. It is expected that the first of these opportunities will be in the staffing provision area. |
| The staffing provision and other services described above will seek to sell their services to third parties not necessarily in direct competition with Aspects Beauty to avoid any competitiveness concerns that may arise and to widen the available market for the services. Initially, hospitality venues such as galleries, concert halls, museums and festivals will be targeted to flatten the demand spikes pre-Christmas. The Group has the benefit of past experience with staffing provision, as it once ran Team Beauty, a company now included in BE as a subsidiary. However, the acquisition of a staffing agency will bring with it experience and skills to broaden the options; although it is accepted that BE must develop enhanced propositions to provide a point of difference in the marketplace. It is anticipated that this will be in the technology area. |
| Additionally, the Board is reviewing how the Group can provide services to third parties seeking to enter the UK market in the beauty and related sectors. This is an extension of the "nursery" concept and allows third parties to select the services they need, rather than avail themselves of the full 360-degree service provided by Aspects. This development will improve the portfolio options as Aspects Beauty may well then move on to take a launched brand into full distribution/management if it is successful on the nursery slopes. |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Meanwhile Aspects Beauty has commenced a new business initiative to improve its ability to take advantage of the evolving retail scene which is becoming heavily influenced by alternative marketing strategies driven by online commentary. This will involve the creation of small collections of relevant hero brands in the non-regime beauty and wellness arena, marketed to alternative distribution including online driven destinations. |
| The intention behind the new business strategies is to bolster resilience, reduce dependency on short term contracts, improve margins, and reorganise reliance on outdated distribution models. |
| As part of the strategy, the Board will reserve a proportion of cash reserves in the Group specifically for the purposes of evolving the new business model, including acquisitions, working capital and investment in new technology. |
| DIRECTORS |
| The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report. |
| STATEMENT OF DIRECTORS' RESPONSIBILITIES |
| The directors are responsible for preparing the Strategic Report, the Report of the Directors 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: |
| - | select suitable accounting policies and then apply them consistently; |
| - | make judgements and accounting estimates that are reasonable and prudent; |
| - | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
| 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. |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| REPORT OF THE DIRECTORS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
| So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
| ON BEHALF OF THE BOARD: |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ASPECTS BEAUTY COMPANY LIMITED |
| Opinion |
| We have audited the financial statements of Aspects Beauty Company Limited (the 'company') for the year ended 31 December 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 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: |
| - | give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended; |
| - | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
| - | have been prepared in accordance with the requirements of the Companies Act 2006. |
| 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 Auditors' 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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
| 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. |
| In connection with our audit of the financial statements, 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 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ASPECTS BEAUTY COMPANY LIMITED |
| Opinions on other matters prescribed by the Companies Act 2006 |
| In our opinion, based on the work undertaken in the course of the audit: |
| - | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
| - | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
| 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 or the Report of the Directors. |
| 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: |
| - | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
| - | the financial statements are not in agreement with the accounting records and returns; or |
| - | certain disclosures of directors' remuneration specified by law are not made; or |
| - | we have not received all the information and explanations we require for our audit. |
| Responsibilities of directors |
| As explained more fully in the Statement of Directors' Responsibilities, 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 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. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ASPECTS BEAUTY COMPANY LIMITED |
| Auditors' 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 a Report of the Auditors 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. |
| - Enquiry of management and those charged with governance on the actual and potential litigation and claims, and also any instances of non-compliance with laws and regulations. |
| - Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations. |
| - Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. |
| - Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud. |
| - Professional scepticism in the course of the audit and with audit sampling in material audit areas. |
| Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
| A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
| REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
| ASPECTS BEAUTY COMPANY LIMITED |
| 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 a Report of the Auditors 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. |
| for and on behalf of |
| t/a LMDB Accountants |
| Statutory Auditors |
| Railview Lofts |
| 19c Commercial Road |
| Eastbourne |
| East Sussex |
| BN21 3XE |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| INCOME STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| TURNOVER |
| Cost of sales |
| GROSS PROFIT |
| Administrative expenses |
| OPERATING PROFIT | 5 |
| Interest receivable and similar income |
| 2,287,264 | 1,663,010 |
| Interest payable and similar expenses | 6 |
| PROFIT BEFORE TAXATION |
| Tax on profit | 7 |
| PROFIT FOR THE FINANCIAL YEAR |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| OTHER COMPREHENSIVE INCOME |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| PROFIT FOR THE YEAR |
| OTHER COMPREHENSIVE INCOME | - | - |
| TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| BALANCE SHEET |
| 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 9 |
| Tangible assets | 10 |
| Investments | 11 |
| CURRENT ASSETS |
| Stocks | 12 |
| Debtors | 13 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 14 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| PROVISIONS FOR LIABILITIES | 16 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 17 |
| Share premium | 18 |
| Revaluation reserve | 18 |
| Capital redemption reserve | 18 |
| Retained earnings | 18 |
| SHAREHOLDERS' FUNDS |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| STATEMENT OF CHANGES IN EQUITY |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| Called up |
| share | Retained | Share |
| capital | earnings | premium |
| £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - |
| Total comprehensive income | - | - |
| Transfer | - | 12,322 | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | ( |
) | - |
| Total comprehensive income | - | - |
| Transfer | - | 8,401 | - |
| Balance at 31 December 2024 |
| Capital |
| Revaluation | redemption | Total |
| reserve | reserve | equity |
| £ | £ | £ |
| Balance at 1 January 2023 |
| Changes in equity |
| Dividends | - | - | ( |
) |
| Total comprehensive income |
| Transfer | (12,322 | ) | - | - |
| Balance at 31 December 2023 |
| Changes in equity |
| Dividends | - | - | ( |
) |
| Total comprehensive income |
| Transfer | (8,401 | ) | - | - |
| Balance at 31 December 2024 |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ |
| Cash flows from operating activities |
| Cash generated from operations | 1 |
| Interest paid | ( |
) | ( |
) |
| Tax paid | ( |
) | ( |
) |
| Net cash from operating activities |
| Cash flows from investing activities |
| Purchase of tangible fixed assets | ( |
) | ( |
) |
| Sale of tangible fixed assets |
| Interest received |
| Net cash from investing activities | ( |
) |
| Cash flows from financing activities |
| Equity dividends paid | ( |
) | ( |
) |
| Net cash from financing activities | ( |
) | ( |
) |
| Increase in cash and cash equivalents |
| Cash and cash equivalents at beginning of year |
2 |
1,012,354 |
| Cash and cash equivalents at end of year | 2 | 4,232,850 | 3,037,050 |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
| 2024 | 2023 |
| £ | £ |
| Profit before taxation |
| Depreciation charges |
| Loss on disposal of fixed assets |
| Finance costs | 395 | 37 |
| Finance income | (86,978 | ) | (34,931 | ) |
| 2,250,397 | 1,676,957 |
| (Increase)/decrease in stocks | ( |
) |
| (Increase)/decrease in trade and other debtors | ( |
) |
| Increase in trade and other creditors |
| Cash generated from operations |
| 2. | CASH AND CASH EQUIVALENTS |
| The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
| Year ended 31 December 2024 |
| 31.12.24 | 1.1.24 |
| £ | £ |
| Cash and cash equivalents | 4,232,850 | 3,037,050 |
| Year ended 31 December 2023 |
| 31.12.23 | 1.1.23 |
| £ | £ |
| Cash and cash equivalents | 3,037,050 | 1,012,354 |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| NOTES TO THE CASH FLOW STATEMENT |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 3. | ANALYSIS OF CHANGES IN NET FUNDS |
| At 1.1.24 | Cash flow | At 31.12.24 |
| £ | £ | £ |
| Net cash |
| Cash at bank | 3,037,050 | 1,195,800 | 4,232,850 |
| 3,037,050 | 4,232,850 |
| Total | 3,037,050 | 1,195,800 | 4,232,850 |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Aspects Beauty Company Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Going concern |
| Financial Reporting Standard 102 - reduced disclosure exemptions |
| The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
| • | the requirement of paragraph 33.7. |
| Preparation of consolidated financial statements |
| The financial statements contain information about Aspects Beauty Company Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertakings are included by full consolidation in the consolidated financial statements of its parent, Aspects Beauty Group Limited, Railview Lofts, 19c Commercial Road, Eastbourne, East Sussex, BN21 3XE. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover represents amounts invoiced by the company from the sale of fragrances, provision of staffing and agency fees payable. |
| Turnover is measured at fair value of the consideration received or receivable net of returns, discounts, and value added tax. |
| The company recognises turnover when the significant risks and rewards of ownership have been transferred to the buyer, the company retains no continuing control over the goods, the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the company. |
| Interest income is recognised on an accruals basis.. |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Goodwill |
| Goodwill, being the amount paid in connection with the acquisition of a business in 1994, has been fully amortised. |
| Tangible fixed assets |
| Freehold land and buildings | - |
| Fixtures and fittings | - |
| Computer equipment | - |
| Freehold land is not depreciated. Freehold buildings consist of a Grade II listed building. The directors have reviewed the estimated useful life of freehold buildings and consider this to be 50 years. Depreciation is therefore charged to write down the value of freehold buildings to estimated residual value on a straight line basis over 50 years. |
| The directors have adopted a policy of regular revaluation in relation to the freehold property. At each revaluation date, the expected life and residual value, based on the prices prevailing at the time of acquisition, are assessed on the basis of information available at that time. An independent valuer carries out a formal revaluation when it is deemed appropriate by management of Aspects. Any permanent diminution in value identified on revaluation is charged to the profit and loss account. |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
| Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
| Cash and cash equivalents are classified as basic financial instruments and comprise cash at bank, short-term bank deposits with an original maturity of three months or less and bank overdrafts which are an integral part of the company's cash management. |
| Financial liabilities issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability. Interest bearing bank loans, overdrafts and other loans which meet the criteria to be classified as basic financial instruments are initially recorded at the present value of cash payable to the bank, which is ordinarily equal to the proceeds received net of direct issue costs. These liabilities are subsequently measured at amortised cost, using the effective interest rate method. |
| Financial assets are de-recognised when: |
| - the contractual rights to the cash flows from the financial asset expire or are settled; or |
| - the company transfers to another party substantially all of the risks and rewards of ownership of the financial asset; or |
| - the company, despite having retained some but not all significant risks and rewards of ownership, has transferred control of the asset to another party. |
| Financial liabilities are de-recognised only when the obligation specified in the contract is discharged, cancelled or expires. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Investments in subsidiaries |
| Investments in group companies are stated at cost less any identified impairment. An impairment review is undertaken annually by the directors. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at an average rate of exchange during the financial year, or at predetermined rates as defined in contracts. Exchange differences are taken into account in arriving at the operating result. |
| 3. | EMPLOYEES AND DIRECTORS |
| 2024 | 2023 |
| £ | £ |
| Wages and salaries | 7,311,165 | 5,996,847 |
| Social security costs | 763,110 | 628,590 |
| Other pension costs | 256,407 | 193,762 |
| 8,330,682 | 6,819,199 |
| The average number of employees during the year was as follows: |
| 2024 | 2023 |
| Direct | 161 | 135 |
| Admin | 31 | 29 |
| 192 | 164 |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 4. | DIRECTORS' EMOLUMENTS |
| 2024 | 2023 |
| £ | £ |
| Directors' remuneration |
| Directors' pension contributions to money purchase schemes |
| The number of directors to whom retirement benefits were accruing was as follows: |
| Money purchase schemes |
| Information regarding the highest paid director is as follows: |
| 2024 | 2023 |
| £ | £ |
| Emoluments etc |
| Pension contributions to money purchase schemes |
| 5. | OPERATING PROFIT |
| The operating profit is stated after charging: |
| 2024 | 2023 |
| £ | £ |
| Depreciation - owned assets |
| Loss on disposal of fixed assets |
| Auditors' remuneration |
| Operating leases |
| 6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
| 2024 | 2023 |
| £ | £ |
| Bank loan interest |
| Other interest |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 7. | TAXATION |
| Analysis of the tax charge |
| The tax charge on the profit for the year was as follows: |
| 2024 | 2023 |
| £ | £ |
| Current tax: |
| UK corporation tax |
| Deferred tax | ( |
) | ( |
) |
| Tax on profit |
| Reconciliation of total tax charge included in profit and loss |
| The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
| 2024 | 2023 |
| £ | £ |
| Profit before tax |
| Profit multiplied by the standard rate of corporation tax in the UK of (2023 - |
| Effects of: |
| Expenses not deductible for tax purposes |
| Enhanced capital allowances | - | (99 | ) |
| Change in tax rate | - | (998 | ) |
| Total tax charge | 572,560 | 390,610 |
| 8. | DIVIDENDS |
| 2024 | 2023 |
| £ | £ |
| A ordinary shares of 1p each |
| Interim | 480,000 | 480,000 |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 9. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| AMORTISATION |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| 10. | TANGIBLE FIXED ASSETS |
| Freehold | Fixtures |
| land and | and | Computer |
| buildings | fittings | equipment | Totals |
| £ | £ | £ | £ |
| COST OR VALUATION |
| At 1 January 2024 |
| Additions |
| Disposals | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for year |
| Eliminated on disposal | ( |
) | ( |
) | ( |
) |
| At 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| Included in cost or valuation of land and buildings is freehold land of £ 232,108 (2023 - £ 232,108 ) which is not depreciated. |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 10. | TANGIBLE FIXED ASSETS - continued |
| Cost or valuation at 31 December 2024 is represented by: |
| Freehold | Fixtures |
| land and | and | Computer |
| buildings | fittings | equipment | Totals |
| £ | £ | £ | £ |
| Valuation in 2022 | 2,453,937 | - | - | 2,453,937 |
| Cost | - | 126,962 | 247,397 | 374,359 |
| 2,453,937 | 126,962 | 247,397 | 2,828,296 |
| If freehold land and buildings had not been revalued they would have been included at the following historical cost: |
| 2024 | 2023 |
| £ | £ |
| Cost | 894,182 | 894,182 |
| Aggregate depreciation | 168,624 | 164,933 |
| Value of land in freehold land and buildings | 75,000 | 75,000 |
| Freehold land and buildings were valued on an open market value basis on 14 October 2022 by Stiles Harold Williams . |
| In reporting this revaluation, the directors have taken into consideration the physical condition of the freehold land and buildings and the market conditions which existed during the period from the company's year end to the date of valuation. Having taken all relevant factors into account, in the directors' opinion, there has been no material change in value during this period. |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 11. | FIXED ASSET INVESTMENTS |
| Unlisted |
| investments |
| £ |
| COST |
| At 1 January 2024 |
| and 31 December 2024 |
| NET BOOK VALUE |
| At 31 December 2024 |
| At 31 December 2023 |
| The company's investments at the Balance Sheet date in the share capital of companies include the following: |
| Team Beauty Limited |
| Registered office: Railview Lofts, 19c Commercial Road, Eastbourne, East Sussex BN21 3XE |
| Nature of Business: Dormant |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| Perfume Anorak Limited |
| Registered office: Railview Lofts, 19c Commercial Road, Eastbourne, East Sussex BN21 3XE |
| Nature of Business: Dormant |
| % |
| Class of shares: | holding |
| Ordinary | 100.00 |
| 12. | STOCKS |
| 2024 | 2023 |
| £ | £ |
| Finished goods and goods for resale |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 13. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Prepayments and accrued income |
| 14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade creditors |
| Amounts owed to group undertakings |
| Corporation tax |
| Social security and other taxes |
| Other creditors |
| Accruals and deferred income |
| 15. | LEASING AGREEMENTS |
| Minimum lease payments under non-cancellable operating leases fall due as follows: |
| 2024 | 2023 |
| £ | £ |
| Within one year |
| Between one and five years |
| 16. | PROVISIONS FOR LIABILITIES |
| 2024 | 2023 |
| £ | £ |
| Deferred tax | 141,186 | 143,037 |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 16. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 |
| Accelerated capital allowances | (1,851 | ) |
| Balance at 31 December 2024 |
| 17. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2024 | 2023 |
| value: | £ | £ |
| 11,000 | A ordinary | 1p | 110 | 110 |
| 201 | B ordinary | 1p | 2 | 2 |
| 112 | 112 |
| The holders of both A and B ordinary shares are entitled to attend and vote at meetings and to participate in profits and assets of the company. |
| 18. | RESERVES |
| Capital |
| Retained | Share | Revaluation | redemption |
| earnings | premium | reserve | reserve | Totals |
| £ | £ | £ | £ | £ |
| At 1 January 2024 | 5,392,198 |
| Profit for the year | - | - | - |
| Dividends | ( |
) | - | - | - | ( |
) |
| Transfer | 8,401 | - | (8,401 | ) | - | - |
| At 31 December 2024 | 6,626,507 |
| ASPECTS BEAUTY COMPANY LIMITED (REGISTERED NUMBER: 02882953) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2024 |
| 19. | ULTIMATE PARENT COMPANY |
| Aspects Beauty Group Limited is regarded by the directors as being the company's ultimate parent company. |
| Consolidated accounts incorporating the results of the company are prepared by the company's parent Aspects Beauty Group Limited (No:12153034), registered office: |
| Railview Lofts |
| 19c Commercial Road |
| Eastbourne |
| East Sussex BN21 3XE |
| Consolidated accounts can be obtained from Companies House. |
| 20. | RELATED PARTY DISCLOSURES |
| 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. |
| 21. | ULTIMATE CONTROLLING PARTY |
| In the directors opinion the ultimate controlling party during the period was J A Hill by virtue of her shareholding in the ultimate parent company. |