Registered number:
11552082
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Handbag Clinic Ltd
Financial statements
Information for filing with the registrar
31 January 2021
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Statement of financial position
as at
31 January 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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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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1
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Statement of financial position
(continued)
as at
31 January 2021
The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
3 June 2021
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Registered number: 11552082
The notes on pages 3 to 8 form part of these financial statements.
2
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Notes to the financial statements
for the year ended 31 January 2021
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 10 Hobson Insustrial Estate, Burnopfield, Newcastle Upon Tyne, NE16 6EA.
The financial statements of the company have been prepared in compliance with United Kingdom Accounting Standards, including Financial Reporting Standard 102, ‘The Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland’ (‘FRS 102’) and the Companies Act 2006.
3.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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In light of recent global events which persist at the date of approval of these financial statements, the directors have taken measures to counter the potential impact of Covid-19 on the company’s operations and the resultant financial impact. Contingency plans have been implemented to mitigate the risk to the business. Social media has been used to increase the interest in the operation and its loyal customer base remains via online selling. In addition, the UK government have announced a series of funding measures which, the directors anticipate will be available should there be any additional short to medium term funding requirements. Whilst the risks in this regard cannot be completely mitigated and therefore some level of future uncertainty remains, the directors have adopted measures and assessed the financial implications of associated factors outside their control and do not consider the residual uncertainties to be material to the company’s ability to continue meeting its liabilities as they fall due in the foreseeable future.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured.
Turnover is measured as the consideration received or receivable, net of discounts and value added tax, at point of sale of finished goods.
Turnover for consignment stock represents the commission received on the sale
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the statement of comprehensive income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
3
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Notes to the financial statements
for the year ended 31 January 2021
3.
Accounting policies (continued)
Defined contribution pension plan
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the statement of financial position. The assets of the plan are held separately from the company in independently administered funds.
Intangible assets represent the difference in fair value of its identifiable assets and liabilities at the date of transfer to the company on demerger from prior operation and the consideration paid.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Amortisation is provided on the following bases:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as follows.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
4
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Notes to the financial statements
for the year ended 31 January 2021
3.
Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
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The average monthly number of employees, including directors, during the year was
30
(2020 -
30
)
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Charge for the year on owned assets
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5
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Notes to the financial statements
for the year ended 31 January 2021
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Charge for the year on owned assets
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6
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Notes to the financial statements
for the year ended 31 January 2021
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Called up share capital not paid
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Amounts owed to associates
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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7
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Notes to the financial statements
for the year ended 31 January 2021
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Commitments under operating leases
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At 31 January 2021 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
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Later than 1 year and not later than 5 years
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8
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