Nubian Skin Ltd - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 08530811 (England and Wales)

Nubian Skin Ltd

Unaudited Financial Statements for the Year Ended 31 May 2017

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

A Kunle-Hassan

REGISTERED OFFICE:

6 Windmill Street

2nd Floor

London

W1T 2JB

REGISTERED NUMBER:

08530811 (England and Wales)

FIXED ASSETS

Tangible assets

4

3,296

3,761

CURRENT ASSETS

Stocks

5

156,294

195,083

Debtors

6

11,184

43,013

Cash at bank

8,527

4,834

176,005

242,930

CREDITORS

Amounts falling due within one year

7

(322,684

)

(492,645

)

NET CURRENT LIABILITIES

(146,679

)

(249,715

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(143,383

)

(245,954

)

CAPITAL AND RESERVES

Called up share capital

200

2

Share premium

178,802

-

Retained earnings

(322,385

)

(245,956

)

(143,383

)

(245,954

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 31 May 2018 and were signed by:

A Kunle-Hassan - Director

1.	STATUTORY INFORMATION

Nubian Skin 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

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies

and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and

Republic of Ireland, and the Companies Act 2006. The presentational and functional currency of these financial statements is sterling. All

amounts in the financial statements have been rounded to the nearest £1.

These financial statements for the year ended 31 May 2017 are the first financial statements of Nubian Skin Ltd prepared in accordance with

FRS 102. The date of transition to FRS 102 was 1 June 2015. In the transition to FRS 102 from the Financial Reporting Standard for

Smaller Entities (effective January 2015) the company has made no measurement and recognition adjustments.

Going Concern

The director believes that notwithstanding current year losses of £76,429, net current liabilities of £146,679 and net liabilities of £143,383,

the company's financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or

support from the director will be adequate to meet the company's needs for a period of at least 12 months from the date of approval of these

financial statements.

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably

measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax

and other sales taxes.

Revenue from the sale of goods is recognised when the significant risks and rewards of the ownership of the goods have passed to the buyer,

usually on despatch of the goods, and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Interest receivable and payable

Interest income and interest payable are recognised in profit or loss as they accrue, using the effective interest method.

Tangible fixed assets

Tangible fixed assets are stated at historical cost less accumulated depreciation and any impairment losses. Historical cost includes

expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the

manner intended by management.

Depreciation is charged to profit or loss over the estimated useful economic lives, as follows -

- Plant and machinery - Over 4 years on a straight line basis.

- Computer equipment - Over 4 years on a straight line basis.

The assets' residual values, useful lives and depreciation methods are reviewed and adjusted prospectively if appropriate, or if there is an

indication of a significant change since the last reporting date.

Repairs and maintenance costs are charged to profit or loss during the period in which they are incurred.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount

of the asset is determined, which is the higher of its fair value less costs to sell and its value in use. Any impairment loss is recognised

immediately as an expense within the profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the weighted average

principle and includes expenditure incurred in acquiring the stocks, production or conversion costs and other costs in bringing them to their

existing location and condition.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less

costs to complete and sell. The impairment loss is recognised immediately within profit or loss.

Basic financial instruments

Trade and other debtors / creditors

Trade and other debtors are recognised initially at transaction price less attributable transaction costs. Trade and other creditors are

recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised

cost using the effective interest method, less any impairment losses in the case of trade debtors. If the arrangement constitutes a financing

transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments

discounted at a market rate of interest for a similar debt instrument.

Cash and cash equivalents

Cash and cash equivalents comprise cash balances and call deposits.

Impairment of financial assets

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of

impairment. If objective evidence of impairment is found an impairment loss is recognised within profit or loss.

For financial assets that are measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount

and the present value of estimated cash flows discounted at the assets original effective interest rate.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount

and the best estimate, of the amount that the company would receive for the asset if it were to be sold at the balance sheet date.

Current and deferred taxation

Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in profit or loss except to the extent that it relates

to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other

comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively

enacted at the balance sheet date.

Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different

from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences arising because

certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or

smaller than the corresponding income or expense.

Deferred tax is measured at the tax rate that is expected to apply to the reversal of the related difference, using tax rates enacted or

substantively enacted at the balance sheet date.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that is it probable that they will be recovered against the

reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Transactions in foreign currencies are translated to the company's functional currency at the foreign exchange rate ruling at the date of the

transaction. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are retranslated to the functional

currency at the foreign exchange rate ruling at that date. Foreign exchange differences arising on translation are recognised in profit or loss.

3.	STAFF NUMBERS

The average number of employees during the year was 2 .

4.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 June 2016

2,331

3,554

5,885

Additions

-

1,123

1,123

At 31 May 2017

2,331

4,677

7,008

DEPRECIATION

At 1 June 2016

340

1,784

2,124

Charge for year

583

1,005

1,588

At 31 May 2017

923

2,789

3,712

NET BOOK VALUE

At 31 May 2017

1,408

1,888

3,296

At 31 May 2016

1,991

1,770

3,761

5.

STOCKS

31.5.17

31.5.16

as restated

£

£

Finished goods

156,294

195,083

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

as restated

£

£

Trade debtors

7,504

27,643

Other debtors

-

2,374

Prepayments and accrued income

3,680

12,996

11,184

43,013

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.17

31.5.16

as restated

£

£

Trade creditors

7,524

13,024

Social security and other taxes

9,606

6,820

Other creditors

4,691

2,310

Directors' current accounts

300,863

470,491

322,684

492,645

8.	RELATED PARTY DISCLOSURES

During the year the company received loans of £nil (2016: £70,059) and made repayments of £172,740 (2016: £nil) to Dr & Mrs Hassan.

As at 31 May 2017, the company owed £195,199 (2016: £367,939) to Dr and Mrs Hassan, the parents of the director.There was no interest

charged on this balance and there is no term for repayment.

During the year the company received loans of £38,600 (2016: £425) and made repayments of £35,489 (2016: £7,926) to A Kunle-Hassan,

the sole director and shareholder. As at 31 May 2017, the company owed £105,663 (2016: £102,552) to A Kunle-Hassan. There was no

interest charged on this balance and there is no term for repayment.

9.	PRIOR YEAR ADJUSTMENT

Previously the company has capitalised costs relating to internally developed trademarks. As the capitalisation of internally developed

brands is not permitted under UK accounting standards a prior period adjustment has been processed to expense the costs through profit or

loss. A further prior year adjustment was also recognised to reallocate a directors loan that had been incorrectly included in creditors falling

due after one year to creditors falling due with in one year. The table below shows the impact of the prior period adjustments.

2016

Adjustments

Restated 2016

£

£

Fixed assets

-

Intangible assets

13,923

(13,923

)

Tangible assets

3,761

-

3,761

17,684

(13,923

)

3,761

Current assets

Stocks

195,083

-

195,083

Debtors

43,013

-

43,013

Cash at bank and in hand

4,834

-

4,834

242,930

-

242,930

Creditors: amounts falling due within one year

(124,706

)

(367,939

)

(492,645

)

Net current assets / (liabilities)

118,224

(367,939

)

(249,715

)

Total assets less current liabilities

135,908

(381,862

)

(245,954

)

Creditors: amounts falling due after more than one year

(367,939

)

367,939

-

Total net assets / (liabilities)

(232,031

)

(13,923

)

(245,954

)

Capital and reserves

Called up share capital

2

-

2

Profit and loss account

(232,033

)

(13,923

)

(245,956

)

(232,031

)

(13,923

)

(245,954

)