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No description of principal activities is disclosed
2017-04-01
Sage Accounts Production 18.30 - FRS
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SC517463
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2018-03-31
Statement of consent to prepare abridged financial statements
All of the members of Beauty Naturelle (Fife) Ltd have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.
Company registration number:
SC517463
Beauty Naturelle (Fife) Ltd
Unaudited filleted abridged financial statements
31 March 2018
Beauty Naturelle (Fife) Ltd
Contents
Directors and other information
Accountants report
Abridged statement of financial position
Notes to the financial statements
Beauty Naturelle (Fife) Ltd
Directors and other information
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Director
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Michelle Wilson
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Company number
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SC517463
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Registered office
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18 North Street
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Glenrothes
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Fife
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KY7 5NA
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Accountants
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Paterson Boyd & Co
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Chartered Accountants
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18 North Street
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Glenrothes
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Fife
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KY7 5NA
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Bankers
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Royal Bank of Scotland
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23/25 Rosslyn Street
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Kirkcaldy
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Fife
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KY1 3HW
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Beauty Naturelle (Fife) Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Beauty Naturelle (Fife) Ltd
Year ended 31 March 2018
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Beauty Naturelle (Fife) Ltd for the year ended 31 March 2018 which comprise the abridged statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the director of Beauty Naturelle (Fife) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Beauty Naturelle (Fife) Ltd and state those matters that we have agreed to state to them, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Beauty Naturelle (Fife) Ltd and its director as a body for our work or for this report.
It is your duty to ensure that Beauty Naturelle (Fife) Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Beauty Naturelle (Fife) Ltd. You consider that Beauty Naturelle (Fife) Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Beauty Naturelle (Fife) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Paterson Boyd & Co
Chartered Accountants
18 North Street
Glenrothes
Fife
KY7 5NA
7 August 2018
Beauty Naturelle (Fife) Ltd
Abridged statement of financial position
31 March 2018
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31/03/18
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31/03/17
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Note
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£
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£
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£
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£
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Fixed assets
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Tangible assets
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5
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16,818
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17,220
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_______
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_______
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16,818
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17,220
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Current assets
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Stocks
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450
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450
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Cash at bank and in hand
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6,249
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3,048
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_______
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_______
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6,699
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3,498
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Creditors: amounts falling due
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within one year
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(
10,507)
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(
11,168)
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_______
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_______
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Net current liabilities
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(
3,808)
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(
7,670)
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_______
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_______
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Total assets less current liabilities
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13,010
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9,550
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Provisions for liabilities
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(
1,677)
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(
1,440)
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_______
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_______
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Net assets
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11,333
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8,110
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_______
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_______
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Capital and reserves
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Called up share capital
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1
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1
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Profit and loss account
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11,332
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8,109
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_______
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_______
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Shareholder funds
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11,333
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8,110
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_______
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_______
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For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
07 August 2018
, and are signed on behalf of the board by:
Michelle Wilson
Director
Company registration number:
SC517463
Beauty Naturelle (Fife) Ltd
Notes to the financial statements
Year ended 31 March 2018
1.
General information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 18 North Street, Glenrothes, Fife, KY7 5NA.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial 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.
Transition to FRS 102
The entity transitioned from previous UK GAPP to FRS 102 as at 8 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 10.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
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Short leasehold property
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-
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15 %
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reducing balance
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Fittings fixtures and equipment
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-
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20 %
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reducing balance
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Computer equipment
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-
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33 %
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straight line
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If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
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 stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at the carrying value plus accrued interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2017:
4
).
5.
Tangible assets
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£
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Cost
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At 1 April 2017
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21,262
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Additions
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3,933
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_______
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At 31 March 2018
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25,195
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_______
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Depreciation
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At 1 April 2017
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4,042
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Charge for the year
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4,335
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_______
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At 31 March 2018
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8,377
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_______
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Carrying amount
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At 31 March 2018
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16,818
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_______
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At 31 March 2017
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17,220
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_______
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6.
Director's advances, credits and guarantees
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During the year the director entered into the following advances and credits with the company:
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Year ended 31/03/18
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Balance brought forward
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Advances /(credits) to the director
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Balance o/standing
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£
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£
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£
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|
Michelle Wilson
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(
24)
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12
|
(
12)
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_______
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_______
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_______
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Period ended 31/03/17
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Balance brought forward
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Advances /(credits) to the director
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Balance o/standing
|
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|
£
|
£
|
£
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|
|
Michelle Wilson
|
-
|
(
24)
|
(
24)
|
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_______
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_______
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_______
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7.
Related party transactions
At the balance sheet date the company was due £7,549 (2017: £7,064) to Naturelle Retail Limited, a company in which
Michelle Wilson
is the sole director and shareholder. During the year the company was due service charges receivable of £22,402 (2017: £13,055) from Naturelle Retail Limited. During the year £6,600 for rent was paid to the director.
8.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 April 2016.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.