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Registration number: 09456551

Aesthetics Chester Limited

trading as Chester Health & Beauty Studio

Annual Report and Unaudited Filleted Financial Statements

for the Year Ended 31 March 2018

 

Aesthetics Chester Limited

trading as Chester Health & Beauty Studio

Contents

Company Information

1

Balance Sheet

2

Notes to the Filleted Financial Statements

3 to 8

 

Aesthetics Chester Limited

trading as Chester Health & Beauty Studio

Company Information

Director

J E Bills

Registered office

Chester Wellness Centre
Wrexham Road
Chester
Cheshire
CH4 9DE

Accountants

Shaw Austin Limited
45 City Road
Chester
Cheshire
CH1 3AE

 

Aesthetics Chester Limited

trading as Chester Health & Beauty Studio

(Registration number: 09456551)
Filleted Balance Sheet as at 31 March 2018

Note

2018
 £

2017
 £

Fixed assets

 

Intangible assets

4

4,524

6,695

Tangible assets

5

2,311

2,886

 

6,835

9,581

Current assets

 

Stocks

6

1,597

1,828

Debtors

7

3,705

664

Cash at bank and in hand

 

55,316

39,361

 

60,618

41,853

Creditors: Amounts falling due within one year

8

(27,435)

(25,194)

Net current assets

 

33,183

16,659

Net assets

 

40,018

26,240

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

40,017

26,239

Total equity

 

40,018

26,240

For the financial 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; and

The director acknowledges her 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 in accordance with the provisions applicable to companies subject to the small companies regime.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 29 October 2018

.........................................
J E Bills
Director

 
 

Aesthetics Chester Limited

trading as Chester Health & Beauty Studio

Notes to the Filleted Financial Statements for the Year Ended 31 March 2018

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Chester Wellness Centre
Wrexham Road
Chester
Cheshire
CH4 9DE

These financial statements were authorised for issue by the director on 29 October 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

The presentational currency is £ Sterling and all amounts are rounded to the nearest £.

Going concern

The financial statements have been prepared on the assumption that the company is able to carry on business as a going concern, which the director considers appropriate.

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 returns, rebates and discounts and after eliminating sales within the company.

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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

 

Aesthetics Chester Limited

trading as Chester Health & Beauty Studio

Notes to the Filleted Financial Statements for the Year Ended 31 March 2018

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

Equipment

25% on net book value

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

write off over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at transaction price, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised at the transaction price.

 

Aesthetics Chester Limited

trading as Chester Health & Beauty Studio

Notes to the Filleted Financial Statements for the Year Ended 31 March 2018

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.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2017 - 2).

 

Aesthetics Chester Limited

trading as Chester Health & Beauty Studio

Notes to the Filleted Financial Statements for the Year Ended 31 March 2018

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2017

10,856

10,856

At 31 March 2018

10,856

10,856

Amortisation

At 1 April 2017

4,161

4,161

Amortisation charge

2,171

2,171

At 31 March 2018

6,332

6,332

Carrying amount

At 31 March 2018

4,524

4,524

At 31 March 2017

6,695

6,695

5

Tangible assets

Equipment
£

Total
£

Cost or valuation

At 1 April 2017

5,203

5,203

Additions

967

967

At 31 March 2018

6,170

6,170

Depreciation

At 1 April 2017

2,317

2,317

Charge for the year

1,542

1,542

At 31 March 2018

3,859

3,859

Carrying amount

At 31 March 2018

2,311

2,311

At 31 March 2017

2,886

2,886

6

Stocks

2018
£

2017
£

Other inventories

1,597

1,828

 

Aesthetics Chester Limited

trading as Chester Health & Beauty Studio

Notes to the Filleted Financial Statements for the Year Ended 31 March 2018

7

Debtors

2018
£

2017
£

Other debtors

3,705

664

Total current trade and other debtors

3,705

664

8

Creditors

Creditors: amounts falling due within one year

Note

2018
£

2017
£

Due within one year

 

Loans and borrowings

9

12,555

11,375

Trade creditors

 

5,573

3,362

Taxation and social security

 

34

-

Corporation tax liability

 

3,777

5,707

Other creditors

 

5,496

4,750

 

27,435

25,194

 

Aesthetics Chester Limited

trading as Chester Health & Beauty Studio

Notes to the Filleted Financial Statements for the Year Ended 31 March 2018

9

Loans and borrowings

Note

2018
£

2017
£

Current loans and borrowings

Loans from related parties

10

12,555

11,375

10

Related party transactions

Loans from related parties

2018

Director
£

At start of period

11,375

Advanced

1,180

At end of period

12,555

2017

Director
£

At start of period

14,132

Repaid

(2,757)

At end of period

11,375

Terms of loans from related parties

The director makes an interest free loan available to the company throughout the year, repayable on demand.