Functional Fragrances Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07483419 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

FOR

FUNCTIONAL FRAGRANCES LTD

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs C L Morgan

REGISTERED OFFICE:

Windover House

St Ann Street

Salisbury

SP1 2DR

REGISTERED NUMBER:

07483419 (England and Wales)

ACCOUNTANTS:

Fawcetts LLP

Chartered Accountants

Windover House

St. Ann Street

Salisbury

SP1 2DR

FIXED ASSETS

Tangible assets

4

2,992

4,654

CURRENT ASSETS

Stocks

780,697

734,125

Debtors

5

969,108

1,140,136

Cash at bank and in hand

7,293

42,016

1,757,098

1,916,277

CREDITORS

Amounts falling due within one year

6

347,666

498,895

NET CURRENT ASSETS

1,409,432

1,417,382

TOTAL ASSETS LESS CURRENT LIABILITIES

1,412,424

1,422,036

CREDITORS

Amounts falling due after more than one year

7

1,662,014

1,714,144

NET LIABILITIES

(249,590

)

(292,108

)

CAPITAL AND RESERVES

Called up share capital

8

2,050,157

2,050,157

Retained earnings

(2,299,747

)

(2,342,265

)

SHAREHOLDERS' FUNDS

(249,590

)

(292,108

)

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 director acknowledges her 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 15 December 2023 and were signed by:

Mrs C L Morgan - Director

1.	STATUTORY INFORMATION

Functional Fragrances 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.

The financial statements have been prepared on a going concern basis which is thought to be appropriate because the support of its creditors will continue and funds will not be withdrawn by the director to ensure the company can meet liabilities as they fall due. The financial statements do not contain any adjustments that might be necessary if those funds were withdrawn.

The financial statements are presented in Sterling (£) which is the functional currency of the company.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

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.

Computer equipment

-

25% on cost

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.

Debtors

Debtors are measured at their recoverable amount.

Creditors and provisions

Creditors and provisions are recognised where the company has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discount due.

Government grants and covid-19

During the prior year the company received support from the UK Government as part of a package of measures introduced to support businesses during the coronavirus pandemic. Government grants are recognised in the financial statements in the period in which they become receivable.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2022

and 31 December 2022

16,278

DEPRECIATION

At 1 January 2022

11,624

Charge for year

1,662

At 31 December 2022

13,286

NET BOOK VALUE

At 31 December 2022

2,992

At 31 December 2021

4,654

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

62,934

43,351

Other debtors

906,174

1,096,785

969,108

1,140,136

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

10,000

10,648

Trade creditors

131,668

172,886

Taxation and social security

92,792

118,274

Other creditors

113,206

197,087

347,666

498,895

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

28,969

37,887

Other creditors

1,633,045

1,676,257

1,662,014

1,714,144

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

2,050,157

Ordinary

£1

2,050,157

2,050,157

9.	RELATED PARTY DISCLOSURES

At the balance sheet date the balance due to the director was £1,633,045 (2021 - £1,676,257).