Vend Luxe Ltd - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: 12112068 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2022

for

Vend Luxe Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

P J Bramall

J D R Horgan

A G Birt

Mrs H Pearson

SECRETARY:

REGISTERED OFFICE:

15 Sackville Street

Mayfair

London

W1S 3DN

REGISTERED NUMBER:

12112068 (England and Wales)

ACCOUNTANTS:

David Lloyd & Co

Chartered Accountants

15 Sackville Street

Mayfair

London

W1S 3DN

FIXED ASSETS

Tangible assets

4

38,169

27,766

CURRENT ASSETS

Stocks

5

617,859

541,094

Debtors

6

36,323

7,642

Cash at bank and in hand

396,849

674,274

1,051,031

1,223,010

CREDITORS

Amounts falling due within one year

7

219,546

137,439

NET CURRENT ASSETS

831,485

1,085,571

TOTAL ASSETS LESS CURRENT LIABILITIES

869,654

1,113,337

CREDITORS

Amounts falling due after more than one year

8

1,249,900

1,249,900

NET LIABILITIES

(380,246

)

(136,563

)

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

10

(380,346

)

(136,663

)

SHAREHOLDERS' FUNDS

(380,246

)

(136,563

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors and authorised for issue on 5 July 2023 and were signed on its behalf by:

P J Bramall - Director

1.	STATUTORY INFORMATION

Vend Luxe 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.

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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

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 balance sheet date.

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.

Going concern

The directors have received confirmation from both the company's direct parent company and its ultimate group parent company that the funding provided by them will not be called in over the next 5 years and therefore the directors believe that the preparation of the accounts may be undertaken on a going concern basis and have accordingly done so.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 24 (2021 - 19 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

28,669

Additions

13,632

At 31 December 2022

42,301

DEPRECIATION

At 1 January 2022

903

Charge for year

3,229

At 31 December 2022

4,132

NET BOOK VALUE

At 31 December 2022

38,169

At 31 December 2021

27,766

5.

STOCKS

31.12.22

31.12.21

£

£

Stocks

617,859

541,094

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Other debtors

1,860

-

Prepayments

34,463

7,642

36,323

7,642

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

150,297

49,464

Social security and other taxes

7,072

6,656

Pension Fund Contributions

2,258

2,188

VAT

30,146

14,654

Other creditors

-

830

Accrued expenses

29,773

63,647

219,546

137,439

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Amounts owed to group undertakings

1,249,900

1,249,900

9.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.12.22

31.12.21

value:

£

£

100

Share capital 1

1

100

100

10.

RESERVES

Retained

earnings

£

At 1 January 2022

(136,663

)

Deficit for the year

(243,683

)

At 31 December 2022

(380,346

)

11.	BOBBY'S BEAUTY LOYALTY PROGRAMME

The company runs a loyalty programme, known as the "Bobby's Beauty Loyalty Plan" for customers who have joined the scheme. The customers earn points on purchases which accumulate to their benefit. The points can then be converted to a discount on future purchases subject to the terms and conditions of the scheme.

As the points accrue to the scheme members a potential liability arises against the company. Accordingly the Board of Directors are conscious of the potential impact this liability may have on the company's results each year and undertake a review each year to determine the materiality of the exposure.

As at the 31 December 2022 the total outstanding loyalty scheme points amounted to less than £2,000. Accordingly, the Board of Directors consider this to be immaterial to the year results and have not accounted for this potential liability within the results for the year.

The Board of Directors will review this exposure in future years and note the potential liability accordingly