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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2019 |
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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 2019 |
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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 2019 |
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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 2019 |
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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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Riverside House |
40-46 High Street |
Maidstone |
Kent |
ME14 1JH |
BELLA FREUD PARFUM LIMITED (REGISTERED NUMBER: 08531422) |
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BALANCE SHEET |
31 MARCH 2019 |
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2019 | 2018 |
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 (LIABILITIES)/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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( |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Share premium | 9 |
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Retained earnings | 9 | ( |
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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 2019 |
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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 and authorised for issue by the Board of Directors on
were signed on its behalf 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 2019 |
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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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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
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 company is in a net current liability position and is supported by the loan |
from a shareholder detailed in the creditors note. This loan is due to be repaid on 26 November 2019 and the |
directors are currently negotiating the renewal of the loan and they are confident that the loan will be renewed |
and therefore the going concern basis of accounting has been applied to these accounts. |
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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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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 profit or loss in the period to which they relate. |
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Debtors |
Short term debtors are measured at transaction price, less any impairment. |
BELLA FREUD PARFUM LIMITED (REGISTERED NUMBER: 08531422) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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2. | ACCOUNTING POLICIES - continued |
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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 no 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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Creditors |
Short term creditors are measured at the transaction price. |
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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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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 2018 |
and 31 March 2019 |
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DEPRECIATION |
At 1 April 2018 |
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Charge for year |
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At 31 March 2019 |
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NET BOOK VALUE |
At 31 March 2019 |
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At 31 March 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
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VAT |
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Prepayments |
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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 2019 |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Other loans |
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Trade creditors |
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Social security and other taxes |
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VAT | - | 9,269 |
Other creditors |
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Accrued expenses |
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Other loans relate 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 interest of £18,000 (2018: £18,000) was accrued, the total interest accrual at 31 March 2019 was |
£64,445 (2018: £46,445). |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2019 | 2018 |
£ | £ |
Other loans - 1-2 years |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Ordinary | 0.01 | 3 | 3 |
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Ordinary B | 0.01 | 1 | 1 |
4 | 4 |
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9. | RESERVES |
Retained | Share |
earnings | premium | Totals |
£ | £ | £ |
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At 1 April 2018 | ( |
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(111,262 | ) |
Deficit for the year | ( |
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At 31 March 2019 | ( |
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(165,479 | ) |
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10. | RELATED PARTY DISCLOSURES |
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Pembroke VCT Plc |
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Shareholder |
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The only related party transaction was the loan facility with Pembroke VCT Plc detailed in note 8. |
BELLA FREUD PARFUM LIMITED (REGISTERED NUMBER: 08531422) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2019 |
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11. | ULTIMATE CONTROLLING PARTY |
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It is the opinion of the directors at the year end the company did not have an ultimate controlling party. Since the |
year end there has been a share transfer resulting in I L Freud being the ultimate controlling party. |