Hi all. Iβve been a silent watcher of this forum for quite a long time. I do seem to agree with a lot of the points previously mentioned, there is one point that I do feel the need to interject.
Based on this years company house filling for ByErim Limited, it has the following breakdown:
Stocks: Β£56,300 (made up for 40ml, 100ml bottles and hairbrushes I assume)
Cash in the bank: Β£145,507
Debtors: Β£500,000
If one were to continue reading the accounts, you can see the profits were Β£521,974. This is confirmed as ByErim has paid Β£146,989 in taxation and other social security costs. In the UK, companies have to pay 19% tax on all declared profits, this is called corporation tax. I doubt anyone in their right mind would fake their profit line and pay 19% tax on non existent profits, so one would assume that profit line is correct.
In regards to the Β£500,000 loan involving ByErim Limited, ByErim has actually loaned the money to two separate companies that Erimβs Dad (S S Lally) owns. So ByErim Limited would have had to generate at least Β£500,000 to be able to loan this money.
If I have made any mistakes please feel free to correct me, but ByErim Limited has definitely shown it is a profitable company in its first year at least. One thing to note, ByErim Limited did not list its yearβs turnover, so it cannot be confirmed if ByErim did turnover Β£1m as has been stated in the public domain.
Also, in regards to saving money to start ByErim Limited, it would have been possible to save salaries and tips from previous jobs to start the company, as the Β£500,000 is a loan to another company, not a loan from any of the Directorβs to ByErim Limited. I assume to start a company like ByErim Limited, it would only be the R+D for making the oil and designing the bottle etc.