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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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BELLA FREUD PARFUM LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017 |
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FOR |
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BELLA FREUD PARFUM LIMITED |
BELLA FREUD PARFUM LIMITED (REGISTERED NUMBER: 08531422) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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BELLA FREUD PARFUM LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2017 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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4 Mount Ephraim Road |
Tunbridge Wells |
Kent |
TN1 1EE |
BELLA FREUD PARFUM LIMITED (REGISTERED NUMBER: 08531422) |
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BALANCE SHEET |
31 MARCH 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
( |
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( |
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PROVISIONS FOR LIABILITIES | ( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
BELLA FREUD PARFUM LIMITED (REGISTERED NUMBER: 08531422) |
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BALANCE SHEET - continued |
31 MARCH 2017 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
by: |
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BELLA FREUD PARFUM LIMITED (REGISTERED NUMBER: 08531422) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2017 |
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1. | STATUTORY INFORMATION |
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Bella Freud Parfum Limited is a private company, limited by shares, registered in England and Wales. The |
company's registered number is 08531422 and registered office address is at Bella Freud Studio Unit 23, The |
Tay Building, 2a Wrentham Avenue, London, NW10 3HA |
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Principal activity |
The principal activity of the company in the year under review was that of development, wholesale and retail of |
candles and perfumes. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
value added tax and other sales taxes. |
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Revenue is recognised when the risks and rewards of ownership are passed to the customer. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
slow moving items. |
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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. |
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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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Going concern |
The financial statements have been prepared on a going concern basis even though at the balance sheet date |
the company had net liabilities amounting to £101,149 (2016: £11,043). |
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The company's ability to continue as a going concern is dependent on the willingness of the controlling parties to |
provide financing to the company. The controlling parties have expressed their willingness to provide financial |
support for the next 12 months as from the date of approval of the financial statements in order for the company |
to meet its current liabilities, therefore the directors continue to adopt the going concern basis of accounting. |
BELLA FREUD PARFUM LIMITED (REGISTERED NUMBER: 08531422) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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2. | ACCOUNTING POLICIES - continued |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. |
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Creditors |
Short term creditors are measured at the transaction price. |
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Cash and Equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice |
of not more then 24 hours. Cash equivalents are highly liquid investments that mature in no more than three |
months from the date of acquisition and that are readily convertible to known accounts of cash with significant |
risk of change in value. |
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Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of the financial |
assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third |
parties, loans to related parties and investments in non-puttable ordinary shares. |
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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 the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic |
of Ireland": |
- the requirements of Section 7 Statement of Cash Flows; |
- the requirements of Section 3 Financial Statement Presentation paragraph 3.17 (d); |
- the requirements of Section 11 Financial Instruments paragraphs 11.39 to 11.48A; |
- the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.29; |
- the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23; |
- the requirements of Section 33 Related Party Disclosures paragraph 33.7. |
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First year adoption |
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 |
and have not impacted on equity or profit or loss. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2016 |
and 31 March 2017 |
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DEPRECIATION |
At 1 April 2016 |
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Charge for year |
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At 31 March 2017 |
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NET BOOK VALUE |
At 31 March 2017 |
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At 31 March 2016 |
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BELLA FREUD PARFUM LIMITED (REGISTERED NUMBER: 08531422) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2017 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Other creditors |
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The loan relates to a £150,000 loan facility which was agreed with Pembroke VCT Plc, a shareholder of the |
company. The facility is repayable by a final bullet repayment on 26th November 2019. Interest accrues on the |
facility at a rate of 11.5% above LIBOR (subject to a maximum of 12%) and is repayable quarterly when the |
company's EBITDA is above £100,000 or when the loan is repaid on 26 November 2019. |
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During the year £50,000 was drawn down on the facility and interest of £15,771 was accrued. The total interest |
accrual at 31 March 2017 was £28,445. |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2017 | 2016 |
value: | £ | £ |
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Ordinary | 0.01 | 3 | 3 |
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Ordinary B | 0.01 | 1 | - |
4 | 3 |
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9. | RELATED PARTY DISCLOSURES |
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Pembroke VCT Plc |
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Shareholder |
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The only other related party transaction was the loan facility with Pembroke VCT Plc detailed in note 8. |
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10. | ULTIMATE CONTROLLING PARTY |
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It is the opinion of the directors that the company does not have an ultimate controlling party. |