Global Luxury Beauty Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06622130 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Global Luxury Beauty Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

F J E Walker

REGISTERED OFFICE:

92 Park Street

Camberley

Surrey

GU15 3NY

REGISTERED NUMBER:

06622130 (England and Wales)

ACCOUNTANTS:

Butt Miller

Chartered Accountants

92 Park Street

Camberley

Surrey

GU15 3NY

FIXED ASSETS

Tangible assets

4

3,273

-

CURRENT ASSETS

Stocks

5

318,168

136,779

Debtors

6

192,291

679

Cash at bank

9,858

17,632

520,317

155,090

CREDITORS

Amounts falling due within one year

7

(448,758

)

(90,325

)

NET CURRENT ASSETS

71,559

64,765

TOTAL ASSETS LESS CURRENT LIABILITIES

74,832

64,765

CREDITORS

Amounts falling due after more than one year

8

(41,701

)

(46,067

)

PROVISIONS FOR LIABILITIES

(622

)

-

NET ASSETS

32,509

18,698

CAPITAL AND RESERVES

Called up share capital

9

500,100

500,100

Retained earnings

(467,591

)

(481,402

)

SHAREHOLDERS' FUNDS

32,509

18,698

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 8 April 2022 and were signed by:

F J E Walker - Director

1.	STATUTORY INFORMATION

Global Luxury Beauty Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.

Income relating to goods is recognised on despatch. Income relating to services is recognised evenly over the length of the agreement.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

25% on cost

Government grants

Grants are recognised in the Income Statement once the relevant performance conditions have been met.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

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 Income Statement in the period to which they relate.

Research and development

Expenditure on research and development is written off in the year in which it is incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

Additions

3,558

At 31 December 2021

3,558

DEPRECIATION

Charge for year

285

At 31 December 2021

285

NET BOOK VALUE

At 31 December 2021

3,273

5.

STOCKS

2021

2020

£

£

Stock

318,168

136,779

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

190,198

172

Accrued income

-

507

Prepayments

2,093

-

192,291

679

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loan

5,626

3,932

Trade creditors

270,227

5,967

Social security and other taxes

31,171

14,242

VAT

634

2,163

Other creditors

124,170

54,086

Director's current account

12,706

7,270

Accruals

4,224

2,665

448,758

90,325

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loan - 1-2 years

5,767

9,606

Bank loan - 2-5 years

18,189

30,301

Bank loan - over 5 years

17,745

6,160

41,701

46,067

Amounts falling due in more than five years:

Repayable by instalments

Bank loan - over 5 years

17,745

6,160

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

100

Ordinary shares

£1

100

100

500,000

Redeemable shares

£1

500,000

500,000

500,100

500,100

Redeemable shares do not have any voting rights. The shares which are redeemable on notice, by the company or the shareholder, on the first working day following receipt of such notice for an amount equal to 100% of the issue price.

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2021 and 31 December 2020:

2021

2020

£

£

F J E Walker

Balance outstanding at start of year

(7,270

)

(505,955

)

Amounts advanced

13,485

500,208

Amounts repaid

(18,921

)

(1,523

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(12,706

)

(7,270

)

The above loan is unsecured, interest free and repayable on demand.

11.	RELATED PARTY DISCLOSURES

The company has received an unsecured interest-free loan from an associated company which is under common control which is repayable on demand. The balance as at the statement of financial position date included within other creditors was £123,893 (2020: £49,202).

12.

COVID-19

The Covid-19 pandemic has resulted in the country going into periods of 'lockdown'. The director is optimistic about the future and believes that the foundations are in place for the company to continue for the foreseeable future.