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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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JEUNESSE GLOBAL (EUROPE) LIMITED |
REGISTERED NUMBER:
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STRATEGIC REPORT, REPORT OF THE DIRECTORS AND |
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FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2020 |
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FOR |
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JEUNESSE GLOBAL (EUROPE) LIMITED |
JEUNESSE GLOBAL (EUROPE) LIMITED (REGISTERED NUMBER: 07464371) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2020 |
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Company Information | 1 |
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Strategic Report | 2 |
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Report of the Directors | 4 |
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Report of the Independent Auditors | 6 |
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Profit and Loss Account | 10 |
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Balance Sheet | 11 |
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Statement of Changes in Equity | 12 |
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Notes to the Financial Statements | 13 |
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JEUNESSE GLOBAL (EUROPE) LIMITED |
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COMPANY INFORMATION |
for the Year Ended 31st December 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Accountants and Statutory Auditors |
1 City Road East |
Manchester |
M15 4PN |
JEUNESSE GLOBAL (EUROPE) LIMITED (REGISTERED NUMBER: 07464371) |
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STRATEGIC REPORT |
for the Year Ended 31st December 2020 |
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ABOUT JEUNESSE GLOBAL EUROPE LIMITED |
Jeunesse Global Europe Limited is an independent distributor of health and beauty products throughout Europe. |
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REVIEW OF BUSINESS |
2020 | 2019 |
£ 's | £ 's |
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Revenue | 36,464 | 25,191 |
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Gross Profit | 8,084 | 6,617 |
Gross Margin % | 22.2% | 26.3% |
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OPERATIONAL REVIEW |
Turnover and gross profit have increased by 44.8% and 22.2%, respectively. This is primarily due to increase in sales throughout Europe over the 12 month period. As a result of detailed review and analysis of sales, management was able to make decisions regarding operational changes. This ultimately led to a 2% increase in administrative expenses. |
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The Company achieved a positive cash flow resulting in a year end cash balance of £2.8 million. The business reviews its strategy and market proposition on a continuous basis and evaluates opinions from both customers and suppliers. Management pays keen attention to customer responses to the business product line. There is a dedicated team that analyzes the number of sales for each product, the market, the economic environment, etc. These analyses along with other contributing factors assist management's decisions on product retention and introduction of new products which ultimately results in a positive impact on sales. This has reinforced the Board's view that the current strategy is the correct one for the business. |
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JEUNESSE GLOBAL (EUROPE) LIMITED (REGISTERED NUMBER: 07464371) |
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STRATEGIC REPORT |
for the Year Ended 31st December 2020 |
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PRINCIPAL RISKS AND UNCERTAINTIES |
Financial Risks |
The Company's operations expose it to a limited number of financial risks. Customer orders are paid via credit card, wire or cash (very minimal). The Company requires payment authorization at the time the customer places a credit card order and wire and cash orders are not processed until receipt of funds are confirmed. |
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Individual exposures are monitored on an ongoing basis to ensure bad debts are minimized. A credit insurance policy has been established to further reduce exposure. |
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Liquidity Risk |
The Company regularly forecasts cash flow to ensure that sufficient funds are available for operational requirements. This is supplemented with appropriate banking facilities. Additionally, The Company has no long-term liabilities and current assets of £10.4 million is more than sufficient to cover current liabilities of £5.9 million. |
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Non- Financial Risks: |
Non-financial risks are monitored on a regular basis by the Board. The principal risks and how they are mitigated are set out below; |
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Loss of business due to fall in demand or current economic climate - the Directors review prospects and sales forecast on a regular basis. |
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COVID-19: |
Despite the current COVID-19 pandemic, the Company continues to have positive operations. As such, the Company has not received Government support. There has been no impact on customer base, value of assets and the supply chain. The Company has implemented all possible measures to ensure the safety of its consultants and customers. The Company will continue to monitor the situation and make changes if necessary. |
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POLICY ON PAYMENT TO SUPPLIERS |
The Company's supplier payment policy is to agree terms and conditions for business transactions with suppliers. Suppliers are made aware of the Company's terms and payment is made according to those terms. |
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ON BEHALF OF THE BOARD: |
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JEUNESSE GLOBAL (EUROPE) LIMITED (REGISTERED NUMBER: 07464371) |
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REPORT OF THE DIRECTORS |
for the Year Ended 31st December 2020 |
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The directors present their report with the financial statements of the company for the year ended 31st December 2020. |
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DIVIDENDS |
No dividends will be distributed for the year ended 31st December 2020. |
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DIRECTORS |
The directors who have held office during the period from 1st January 2020 to the date of this report are as follows: |
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DISCLOSURE IN THE STRATEGIC REPORT |
The Group has chosen, in accordance with Section 414 C(ii) of the Companies Act 2006, and as noted in this Directors' Report, to include certain matters in its Strategic Report that would otherwise be required to disclose in this Directors' Report, specifically in respect of the review of the business, disabled employees, research and development, future developments and key risks in the business. |
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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. |
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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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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: |
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- | 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. |
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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. |
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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 ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
JEUNESSE GLOBAL (EUROPE) LIMITED (REGISTERED NUMBER: 07464371) |
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REPORT OF THE DIRECTORS |
for the Year Ended 31st December 2020 |
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AUDITORS |
Under section 487(2) of the Companies Act 2006 Kay Johnson Gee Limited, will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier. |
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ON BEHALF OF THE BOARD: |
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REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JEUNESSE GLOBAL (EUROPE) LIMITED |
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Opinion |
We have audited the financial statements of Jeunesse Global (Europe) Limited (the 'company') for the year ended 31st December 2020 which comprise the Profit and Loss Account, Balance Sheet, Statement of Changes in Equity and 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). |
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In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31st December 2020 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. |
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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. |
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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. |
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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. |
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Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
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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. |
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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. |
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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. |
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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. |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JEUNESSE GLOBAL (EUROPE) LIMITED |
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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. |
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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. |
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Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, 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. |
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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 |
JEUNESSE GLOBAL (EUROPE) LIMITED |
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Auditors' responsibilities for the audit of the financial statements |
Identifying and assessing potential risks related to irregularities |
In identifying and assessing risks of material misstatement in respect of irregularities including fraud and non-compliance with laws and regulations we have considered the following: |
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- The nature of the industry and sector, control environment and business performance including the company's remuneration policies, bonus levels and performance targets; |
- Results of the enquiries of management about their own identification and assessment of the risks of irregularities; |
- Any matters we have identified having obtained and reviewed the company's documentation of their policies and procedures relating to: |
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- identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of noncompliance; |
- detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; |
- the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; |
- the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. |
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As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: timing of recognition of income, In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override. |
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We also obtained an understanding of the legal and regulatory frameworks that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act, employment law, health and safety, pensions legislation and tax legislation. |
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In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. |
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Audit response to risks identified |
Our procedures to respond to risks identified included the following: |
- reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financial statements; |
- enquiring of management concerning actual and potential litigation and claims; |
- performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud; |
- reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC; and |
- in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; 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. |
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We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members including internal specialists, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
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No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error.? As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK). |
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF |
JEUNESSE GLOBAL (EUROPE) LIMITED |
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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. |
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for and on behalf of
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Chartered Accountants and Statutory Auditors |
1 City Road East |
Manchester |
M15 4PN |
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JEUNESSE GLOBAL (EUROPE) LIMITED (REGISTERED NUMBER: 07464371) |
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PROFIT AND LOSS ACCOUNT |
for the Year Ended 31st December 2020 |
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2020 | 2019 |
Notes | £ | £ |
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TURNOVER | 4 |
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Cost of sales |
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GROSS PROFIT |
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Administrative expenses | ( |
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OPERATING PROFIT | 6 |
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Interest payable and similar expenses | 7 | ( |
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PROFIT BEFORE TAXATION |
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Tax on profit | 8 | ( |
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PROFIT FOR THE FINANCIAL YEAR |
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OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE
YEAR |
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JEUNESSE GLOBAL (EUROPE) LIMITED (REGISTERED NUMBER: 07464371) |
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BALANCE SHEET |
31st December 2020 |
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2020 | 2019 |
Notes | £ | £ |
FIXED ASSETS |
Intangible assets | 9 |
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Tangible assets | 10 |
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CURRENT ASSETS |
Stocks | 11 |
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Debtors | 12 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 13 | ( |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 14 |
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Other reserves |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The financial statements were approved by the Board of Directors and authorised for issue on
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JEUNESSE GLOBAL (EUROPE) LIMITED (REGISTERED NUMBER: 07464371) |
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STATEMENT OF CHANGES IN EQUITY |
for the Year Ended 31st December 2020 |
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Called up |
share | Retained | Other | Total |
capital | earnings | reserves | equity |
£ | £ | £ | £ |
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Balance at 1st January 2019 |
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Profit for the year | - | 315,485 | - | 315,485 |
Total comprehensive income | - |
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Currency translation variance | - | - | (151,282 | ) | (151,282 | ) |
Balance at 31st December 2019 |
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Profit for the year | - | 1,401,357 | - | 1,401,357 |
Total comprehensive income | - |
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Currency translation variance | - | - | 193,941 | 193,941 |
Balance at 31st December 2020 |
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JEUNESSE GLOBAL (EUROPE) LIMITED (REGISTERED NUMBER: 07464371) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31st December 2020 |
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1. | STATUTORY INFORMATION |
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Jeunesse Global Europe Limited is a private company limited by share capital, incorporated in England and Wales, registration number 07464371. The address of the registered office is Mark Greeve Accounting, Frodsham Business Centre, Bridge Lane, Frodsham, Cheshire, WA6 7FZ and the principle place of business is 650 Douglas Avenue, Altamonte Springs, Florida, USA, FL 32714. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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These financial statements are presented in Sterling. The functional currency of the company is Euros. The balance sheet has been converted using the exchange rate at 31st December 2020 of €1.1064 to £1 (2019 - €1.1705 to £1). |
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The profit and loss account has been converted throughout the year using the rates applicable to each transaction as and when they occur on a month by month basis with exchange differences being recognised through the profit and loss account when they arise. |
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Financial Reporting Standard 102 - reduced disclosure exemptions |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland": |
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• | the requirements of Section 7 Statement of Cash Flows; |
• | the requirement of paragraph 33.7. |
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Related party exemption |
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. |
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Turnover |
Turnover represents amounts recognised by the company in respect of goods and services supplied, exclusive of Value Added Tax and trade discounts. Turnover principally consists of creams and lotion sales, which are recognised at the point of which the goods or services are provided. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
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JEUNESSE GLOBAL (EUROPE) LIMITED (REGISTERED NUMBER: 07464371) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. |
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Depreciation on tangible fixed assets is charged to the profit and loss so as to write off their value, over their estimated useful lives, using the following methods: |
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Improvements to property | - | 25% on cost |
Computer equipment | - | 25% on cost |
Fixtures and fittings | - | 20% reducing balance |
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At each balance sheet date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an 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 the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
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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. Impairment loss is recognised as an expense immediately. |
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Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the first-in-first-out principle and includes expenditure in acquiring the stocks, product or conversion costs and other costs in bringing them to their existing location and condition. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
JEUNESSE GLOBAL (EUROPE) LIMITED (REGISTERED NUMBER: 07464371) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Trade and other debtors |
Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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Trade and other creditors |
Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. |
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Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
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3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
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In the application of the Company's accounting policies above, management is required to make judgements, estimates and assumptions about the carrying value of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
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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 if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future period. |
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Depreciation |
The company accounts for depreciation in accordance with FRS 102. The depreciation and expense is the recognition of the decline in the value of the asset and allocation of the cost of the asset over the periods in which the asset will be used. Judgements are made on the estimated useful life of the assets which are regularly reviewed to reflect the changing environment. |
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Provisions |
The company accounts for provisions in accordance with FRS 102. There are currently no significant provisions. |
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4. | TURNOVER |
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The turnover and profit before taxation are attributable to the one principal activity of the company. |
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An analysis of turnover by class of business is given below: |
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2020 | 2019 |
£ | £ |
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JEUNESSE GLOBAL (EUROPE) LIMITED (REGISTERED NUMBER: 07464371) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2020 |
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4. | TURNOVER - continued |
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An analysis of turnover by geographical market is given below: |
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2020 | 2019 |
£ | £ |
United Kingdom |
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Europe |
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Asia |
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Africa | - | 1,629 |
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5. | EMPLOYEES AND DIRECTORS |
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There were no staff costs for the year ended 31st December 2020 nor for the year ended 31st December 2019. |
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The average number of employees during the year was NIL (2019 - NIL). |
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2020 | 2019 |
£ | £ |
Directors' remuneration |
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6. | OPERATING PROFIT |
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The operating profit is stated after charging the following: |
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Year Ended | Year Ended |
31.12.20 | 31.12.19 |
£ | £ |
Depreciation - owned assets | 17,643 | 15,573 |
Auditors remuneration | 18,077 | 16,950 |
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7. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2020 | 2019 |
£ | £ |
Bank interest |
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JEUNESSE GLOBAL (EUROPE) LIMITED (REGISTERED NUMBER: 07464371) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2020 |
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8. | TAXATION |
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Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2020 | 2019 |
£ | £ |
Current tax: |
UK corporation tax |
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Corporation tax prior years | (58,898 | ) | (934 | ) |
Total current tax |
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Deferred tax |
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Tax on profit |
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Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
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2020 | 2019 |
£ | £ |
Profit before tax |
|
|
Profit multiplied by the standard rate of corporation tax in the UK of
(2019 - |
|
|
|
Effects of: |
Expenses not deductible for tax purposes |
|
|
Capital allowances in excess of depreciation | ( |
) | - |
Depreciation in excess of capital allowances | - |
|
Prior year adjustment | (58,598 | ) | (934 | ) |
Deferred tax | 34,935 | (39,684 | ) |
Forex difference | (7,266 | ) | - |
Total tax charge | 287,853 | 28,564 |
JEUNESSE GLOBAL (EUROPE) LIMITED (REGISTERED NUMBER: 07464371) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2020 |
|
|
9. | INTANGIBLE FIXED ASSETS |
Computer |
software |
£ |
COST |
At 1st January 2020 |
|
Exchange differences |
|
At 31st December 2020 |
|
AMORTISATION |
At 1st January 2020 |
|
Amortisation for year |
|
Exchange differences |
|
At 31st December 2020 |
|
NET BOOK VALUE |
At 31st December 2020 |
|
At 31st December 2019 |
|
|
10. | TANGIBLE FIXED ASSETS |
Improvements |
to | Plant and |
property | machinery | Totals |
£ | £ | £ |
COST |
At 1st January 2020 |
|
|
|
Additions |
|
|
|
Exchange differences |
|
|
|
At 31st December 2020 |
|
|
|
DEPRECIATION |
At 1st January 2020 |
|
|
|
Charge for year |
|
|
|
Exchange differences |
|
|
|
At 31st December 2020 |
|
|
|
NET BOOK VALUE |
At 31st December 2020 |
|
|
|
At 31st December 2019 |
|
|
|
|
11. | STOCKS |
2020 | 2019 |
£ | £ |
Stocks |
|
|
JEUNESSE GLOBAL (EUROPE) LIMITED (REGISTERED NUMBER: 07464371) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31st December 2020 |
|
|
12. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade debtors |
|
|
Other debtors |
|
|
Deferred tax asset |
|
|
Prepayments and accrued income |
|
|
|
|
|
13. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Trade creditors |
|
|
Tax |
|
|
VAT | 247,116 | 277,023 |
Other creditors |
|
|
Accruals and deferred income |
|
|
|
|
|
14. | CALLED UP SHARE CAPITAL |
|
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
|
Ordinary | £1 | 100 | 100 |
|
15. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is Jeunesse Global LLC a company incorporated in the United States of America by virtue of their controlling interest. |
|
The parent company of the largest and smallest group that includes the company and for which group financial statements are prepared is Jeunesse Global LLC. Copies of Jeunesse Global LLC. Financial statements can be obtained from the registered office at Global Headquarters, 701 International Parkway, Lake Mary, FL 32746. |