Registration number:
Sarah Chapman Skinesis Clinic Ltd
for the Year Ended 28 February 2018
Sarah Chapman Skinesis Clinic Ltd
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Balance Sheet |
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Notes to the Financial Statements |
Sarah Chapman Skinesis Clinic Ltd
Company Information
Director |
Ms S Chapman |
Company secretary |
H Durrell |
Registered office |
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Accountants |
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Page 1 |
Sarah Chapman Skinesis Clinic Ltd
Director's Report for the Year Ended 28 February 2018
The director presents her report and the financial statements for the year ended 28 February 2018.
Director of the company
The director who held office during the year was as follows:
Principal activity
The principal activity of the company is provision of cosmetic services.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved by the Board on
.........................................
Ms S Chapman
Director
Page 2 |
Report of the Accountants' to the Director on the Preparation of the Unaudited Statutory Accounts of
Sarah Chapman Skinesis Clinic Ltd
for the Year Ended 28 February 2018
These financial statements have been prepared in accordance with our terms of engagement and in order to assist you to fulfil your duties under the Companies Acts, that relate to preparing the financial statements of the company for the year ended 28 February 2018.
We have prepared these finance statements based on the accounting records, information and explanations provided by you. We do not express any opinion on the financial statements.
On the Balance Sheet you have acknowledged your duties under the prevailing Companies Acts to ensure that the company keeps adequate accounting records and prepares financial statements that give “a true and fair view”.
You have determined that the company is exempt from the statutory requirement for an audit for this accounting year. Therefore, the financial statements are unaudited.
The financial statements are provided exclusively to the director for the limited purpose mentioned above, and may not be used or relied upon for any other purpose or by any other person, and we shall not be liable for any other usage or reliance.
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222 Kensal Road
London
W10 5BN
Page 3 |
Sarah Chapman Skinesis Clinic Ltd
(Registration number: 06123148)
Balance Sheet as at 28 February 2018
Note |
2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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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 |
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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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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Page 4 |
Sarah Chapman Skinesis Clinic Ltd
(Registration number: 06123148)
Balance Sheet as at 28 February 2018
Approved and authorised by the
.........................................
Ms S Chapman
Director
Page 5 |
Sarah Chapman Skinesis Clinic Ltd
Notes to the Financial Statements for the Year Ended 28 February 2018
General information |
The company is a private company limited by share capital incorporated in UK.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Leasehold improvements |
5 & 9 years on a straight line basis |
Plant and machinery |
3 years on a straight line basis |
Fixtures & fittings |
5 years on a straight line basis |
Computer equipment |
3 years on a straight line basis |
Intangible assets
Other intangible assets include loan arrangement fees. It is amortised to profit and loss account over its estimated economic life of 5 years.
Page 6 |
Sarah Chapman Skinesis Clinic Ltd
Notes to the Financial Statements for the Year Ended 28 February 2018
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Loan arrangement fee |
over 5 years - straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Defined benefit pension obligation
Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.
The liability recognised in the Balance Sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.
Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 7 |
Sarah Chapman Skinesis Clinic Ltd
Notes to the Financial Statements for the Year Ended 28 February 2018
Profit before tax |
Arrived at after charging/(crediting)
2018 |
2017 |
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Depreciation expense |
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Amortisation expense |
- |
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Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 March 2017 |
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At 28 February 2018 |
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Amortisation |
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At 1 March 2017 |
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At 28 February 2018 |
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Carrying amount |
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At 28 February 2018 |
- |
- |
Page 8 |
Sarah Chapman Skinesis Clinic Ltd
Notes to the Financial Statements for the Year Ended 28 February 2018
Tangible assets |
Land and buildings |
Furniture, fixtures and fittings |
Office equipment |
Other property, plant and equipment |
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Cost or valuation |
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At 1 March 2017 |
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Additions |
- |
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At 28 February 2018 |
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Depreciation |
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At 1 March 2017 |
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Charge for the year |
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At 28 February 2018 |
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Carrying amount |
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At 28 February 2018 |
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At 28 February 2017 |
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Total |
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Cost or valuation |
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At 1 March 2017 |
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Additions |
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At 28 February 2018 |
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Depreciation |
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At 1 March 2017 |
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Charge for the year |
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At 28 February 2018 |
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Carrying amount |
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At 28 February 2018 |
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At 28 February 2017 |
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Included within the net book value of land and buildings above is £174,957 (2017 - £259,361) in respect of long leasehold land and buildings.
Page 9 |
Sarah Chapman Skinesis Clinic Ltd
Notes to the Financial Statements for the Year Ended 28 February 2018
Stocks |
2018 |
2017 |
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Merchandise |
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Debtors |
2018 |
2017 |
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Trade debtors |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Note |
2018 |
2017 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Due after one year |
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Loans and borrowings |
- |
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Loans and borrowings |
2018 |
2017 |
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Non-current loans and borrowings |
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Other borrowings |
- |
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Other borrowings
A loan from Sarah Chapman Ltd with a carrying amount of £Nil (2017 - £224,580) is denominated in pound sterling with a nominal interest rate of 3.85%. The final instalment is due on 8 March 2020.
The loan was secured by a fixed and floating charge over all the assets of the company. The charge also contained a negative pledge.
The loan was repaid in full in March 2017.
Page 10 |
Sarah Chapman Skinesis Clinic Ltd
Notes to the Financial Statements for the Year Ended 28 February 2018
Dividends |
Interim dividends paid
2018 |
2017 |
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Interim dividend of £
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Related party transactions |
Summary of transactions with other related parties
Loans to related parties
2018 |
2017 |
Other related parties |
Advanced |
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Repaid |
( |
Interest transactions |
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At end of period |
- |
Loans from related parties
2018 |
Other related parties |
At start of period |
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Advanced |
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Repaid |
( |
At end of period |
- |
2017 |
Other related parties |
At start of period |
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Repaid |
( |
Interest transactions |
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At end of period |
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Page 11 |