COMPANY REGISTRATION NUMBER:
04215478
Filleted Financial Statements
|
|
Statement of Financial Position
|
|
31 December 2021
Current assets
Debtors
|
5
|
–
|
|
1,761
|
Cash at bank and in hand
|
194,347
|
|
126,615
|
|
---------
|
|
---------
|
|
194,347
|
|
128,376
|
|
|
|
|
|
Creditors: amounts falling due within one year
|
6
|
249,833
|
|
194,791
|
|
---------
|
|
---------
|
Net current liabilities
|
|
55,486
|
66,415
|
|
|
--------
|
--------
|
Total assets less current liabilities
|
|
(
55,486)
|
(
66,415)
|
|
|
--------
|
--------
|
Net liabilities
|
|
(
55,486)
|
(
66,415)
|
|
|
--------
|
--------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
294,100
|
294,100
|
Share premium account
|
|
51,900
|
51,900
|
Profit and loss account
|
|
(
401,486)
|
(
412,415)
|
|
|
---------
|
---------
|
Shareholder deficit
|
|
(
55,486)
|
(
66,415)
|
|
|
---------
|
---------
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements were approved by the
board of directors
and authorised for issue on
30 September 2022
, and are signed on behalf of the board by:
Company registration number:
04215478
Notes to the Financial Statements
|
|
Year ended 31 December 2021
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 7 Christie Way, Christie Fields, Manchester, M21 7QY.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis. In the year to 31 December 2021 the company continued to trade selling skin care products, this has contributed to the positive trading. At the 31 December 2021 the company had net current liabilities of £55,486 (2020 - £66,415). The company has a loan outstanding and a trade liability outstanding with its parent company, Dr Babor GmbH & Co. KG of £240,543 (2020 - £179,680). Dr Babor GmbH & Co. KG has provided the company with an an undertaking for a period of at least 12 months from the date of approval of these financial statements, that it will continue to support the company and in particular will not seek repayment for any liabilities outstanding unless the company has sufficient resources to make such payments and also maintain sufficient funds for its working capital. This support from its parent company should enable the company to continue in operational existence for the foreseeable future. As with any company placing reliance on other group entities for financial support, the directors acknowledge that there can be no certainty that this support will continue although, at the date of approval of these financial statements, they have no reason to believe that it will not do so. Babor Cosmetics Limited are monitoring the situation created by the UK leaving the EU in respect of Brexit and will provide measures as needed. No decisions have been taken at the time of approving these financial statements. Based on this understanding, the directors believe that it remains appropriate to prepare the financial statements on a going concern basis. The financial statements do not include any adjustments which would result from the basis of preparation being in appropriate.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102 Section 1A. Its financial statements are consolidated into the financial statements of Dr. Babor GmbH & Co KG which can be obtained from Neuenhofstrasse 180, 52078, Aachen. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures of Related Party transactions with the other members of the group have not been presented.
Revenue recognition
Turnover represents the total invoice value, excluding value added tax, of sales made during the year. Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue is measured at the fair value of the consideration received, excluding VAT. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on despatch of goods.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
2
(2020:
2
).
5.
Debtors
|
2021
|
2020
|
|
£
|
£
|
Trade debtors
|
–
|
1,761
|
|
----
|
-------
|
|
|
|
6.
Creditors:
amounts falling due within one year
|
2021
|
2020
|
|
£
|
£
|
Trade creditors
|
635
|
–
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest
|
240,543
|
179,680
|
Social security and other taxes
|
2,426
|
9,217
|
Other creditors
|
6,229
|
5,894
|
|
---------
|
---------
|
|
249,833
|
194,791
|
|
---------
|
---------
|
|
|
|
7.
Summary audit opinion
The auditor's report for the year dated
30 September 2022
was
unqualified
.
The senior statutory auditor was
Michael Rigby FCCA
, for and on behalf of
Leonherman
.
8.
Related party transactions
The company is exempt under the terms of FRS102 from disclosing related party transactions with entities that are part of the Dr. Babor GmbH & Co KG which are wholly owned.
9.
Controlling party
The ultimate parent company is Dr. Babor GmbH & Co KG, a company registered in Germany, is the group that prepares consolidated financial statements in which the company is included and can be obtained from Neuenhofstrasse 180, 52078, Aachen. The ultimate controlling party is the Dr. Babor GmbH & Co KG, a company registered in Germany which owns shares in
Babor Cosmetics Limited
.