Registered Number 03413541
FINISHING TOUCHES (SEMI-PERMANENT MAKE-UP) LIMITED
Micro-entity Accounts
31 December 2016
Notes | 2016 | 2015 | |
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£ | £ | ||
Fixed assets | |||
Tangible assets | 1 |
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Current assets | |||
Stocks |
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Debtors |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year |
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Net current assets (liabilities) |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
( |
( |
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Provisions for liabilities |
( |
( |
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Total net assets (liabilities) |
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Capital and reserves | |||
Called up share capital |
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Other reserves |
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Profit and loss account |
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Shareholders' funds |
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Approved by the Board on
And signed on their behalf by:
£ | |
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Cost | |
At 1 January 2016 |
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Additions |
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Disposals |
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Revaluations |
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Transfers |
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At 31 December 2016 |
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Depreciation | |
At 1 January 2016 |
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Charge for the year |
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On disposals |
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At 31 December 2016 |
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Net book values | |
At 31 December 2016 | 470,662 |
At 31 December 2015 | 475,223 |
2 Accounting Policies
Basis of measurement and preparation of accounts
These financial statements have been prepared in compliance with the provisions of Section 1A. 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
The entity transitioned from previous UK GAAP to FRS 102 as at 1 January 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 11.
Turnover policy
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets depreciation policy
In 2015 the company decided to change it's depreciation policy, to one that accurately spread the cost of the asset over it's economic benefit to the company, It was decided that the fixtures, fittings & equipment should be depreciated at a 25% reducing balance rate, rather than the previous 15%.
Other accounting policies
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
The average umber of persons employed by the company during the year, including director, amounted to 19 (2015: 15)
As at 31 December 2016 the company had loaned Aurora Centre of Excellence Limited £45,815. Mrs D Forshaw is the director and controlling party of Aurora Centre of Excellence Limited.
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 January 2015. No transitional adjustments were required in equity or profit or loss for the year.