Jerome Russell Limited - Accounts to registrar (filleted) - small 18.1

REGISTERED NUMBER: 07804578 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2017

FOR

JEROME RUSSELL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

B Aitken

Mrs S J Cunniffe

S J Macdonough

Mrs C F Macdonough

S McLaughlin

REGISTERED OFFICE:

1 Queens Grove Studios

Queens Grove

London

NW8 6EP

REGISTERED NUMBER:

07804578 (England and Wales)

AUDITORS:

Consilium Audit Limited (Statutory Auditor)

169 West George Street

Glasgow

G2 2LB

FIXED ASSETS

Intangible assets

4

32,600

97,800

CURRENT ASSETS

Stocks

324,839

379,537

Debtors

5

989,022

908,903

Cash at bank

919,248

1,121,396

2,233,109

2,409,836

CREDITORS

Amounts falling due within one year

6

1,076,116

1,778,896

NET CURRENT ASSETS

1,156,993

630,940

TOTAL ASSETS LESS CURRENT LIABILITIES

1,189,593

728,740

CAPITAL AND RESERVES

Called up share capital

7

1

1

Retained earnings

1,189,592

728,739

SHAREHOLDERS' FUNDS

1,189,593

728,740

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 Board of Directors on 28 June 2018 and were signed on its behalf by:

S McLaughlin - Director

S J Macdonough - Director

1.	STATUTORY INFORMATION

Jerome Russell Limited is a private company, limited by shares, registered in Scotland. The Company's registered number

and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

The turnover shown in the Income Statement represents the value of all goods sold during the year, less returns received

and services delivered at a selling price exclusive of Value Added Tax. Sales are recognised at the point at which the

Company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence,

have been transferred to the customer.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any

accumulated amortisation and any accumulated impairment losses. Trademarks, Brands and Licences are being amortised

evenly over their estimated useful life of ten years.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items. Cost consists of the purchase price of materials and an appropriate proportion of production overheads, where

applicable.

Financial instruments

The Company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial instruments are classified and accounted for as financial assets, financial liabilities or equity instruments,

according to the substance of the contractual arrangement.

Financial instruments which are assets are stated at cost less any provision for impairment. Financial liabilities are stated at

principal capital amounts outstanding at the period end. Issue costs relating to financial liabilities are deducted from the

outstanding balance and are amortised over the period to the due date for repayment of the financial liability.

An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of

its liabilities. A financial liability is any contractual arrangement for an entity to deliver cash to the holder of the associated

financial instrument.

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

Current tax is recognised at the amount of tax payable using the tax rates and laws that 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet

date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction.

Exchange differences are taken into account in arriving at the operating result.

Pension costs

The Company operates a defined contribution pension scheme for employees. The assets of the scheme are held

separately from those of the Company. The annual contributions payable are charged to the Income Statement.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2016 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 October 2016

and 30 September 2017

652,000

AMORTISATION

At 1 October 2016

554,200

Charge for year

65,200

At 30 September 2017

619,400

NET BOOK VALUE

At 30 September 2017

32,600

At 30 September 2016

97,800

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

963,929

906,636

Other debtors

25,093

2,267

989,022

908,903

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade creditors

253,576

371,091

Amounts owed to group undertakings

570,021

995,096

Taxation and social security

170,656

283,555

Other creditors

81,863

129,154

1,076,116

1,778,896

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1

Ordinary

£1

1

1

8.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

David Holt (Senior Statutory Auditor)

for and on behalf of Consilium Audit Limited (Statutory Auditor)

9.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly

owned subsidiaries within the group.

No further transactions with related parties were undertaken such as are required to be disclosed under the provisions of

Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland".

10.	ULTIMATE PARENT COMPANY

Professional Beauty Systems (Holdings) Limited is regarded by the directors as being the Company's ultimate parent

company.

11.	ULTIMATE CONTROLLING PARTY

The Company was under the control of the shareholders of the ultimate parent company throughout the current period

and prior year. No individual shareholder has a controlling interest in the ultimate parent company.

12.	FIRST YEAR ADOPTION

The policies applied under the Company's previous accounting framework are not materially different to FRS 102 and have

not impacted on equity or profit or loss. The transition date for FRS 102 reporting is 1 October 2015.