false
false
false
false
false
false
false
false
false
true
false
false
false
false
false
false
false
No description of principal activity
2017-04-01
Sage Accounts Production Advanced 2017 Update 4 - FRS
4,290
7,157
xbrli:pure
xbrli:shares
iso4217:GBP
5542869
2017-04-01
2018-03-31
5542869
2018-03-31
5542869
2017-03-31
5542869
2016-04-01
2017-03-31
5542869
2017-03-31
5542869
2016-03-31
5542869
core:PlantMachinery
2017-04-01
2018-03-31
5542869
core:FurnitureFittings
2017-04-01
2018-03-31
5542869
bus:RegisteredOffice
2017-04-01
2018-03-31
5542869
bus:LeadAgentIfApplicable
2017-04-01
2018-03-31
5542869
bus:Director2
2017-04-01
2018-03-31
5542869
bus:Director3
2017-04-01
2018-03-31
5542869
bus:Director4
2017-04-01
2018-03-31
5542869
core:WithinOneYear
2018-03-31
5542869
core:WithinOneYear
2017-03-31
5542869
core:RetainedEarningsAccumulatedLosses
2017-03-31
5542869
core:RetainedEarningsAccumulatedLosses
2016-03-31
5542869
core:RetainedEarningsAccumulatedLosses
2018-03-31
5542869
core:RetainedEarningsAccumulatedLosses
2017-03-31
5542869
core:ShareCapital
2018-03-31
5542869
core:ShareCapital
2017-03-31
5542869
bus:Director2
2017-03-31
5542869
bus:Director2
2018-03-31
5542869
bus:Director4
2017-03-31
5542869
bus:Director4
2018-03-31
5542869
bus:Director2
2016-03-31
5542869
bus:Director2
2017-03-31
5542869
bus:Director4
2016-03-31
5542869
bus:Director4
2017-03-31
5542869
bus:Director4
2016-04-01
2017-03-31
5542869
bus:FRS102
2017-04-01
2018-03-31
5542869
bus:AuditExemptWithAccountantsReport
2017-04-01
2018-03-31
5542869
bus:AbridgedAccounts
2017-04-01
2018-03-31
5542869
bus:SmallCompaniesRegimeForAccounts
2017-04-01
2018-03-31
5542869
bus:PrivateLimitedCompanyLtd
2017-04-01
2018-03-31
Statement of Consent to Prepare Abridged Financial Statements |
|
All of the members of Elite Hair & Beauty (North East) Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2018 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER:
5542869
Elite Hair & Beauty (North East) Limited |
|
Unaudited Abridged Financial Statements |
|
Elite Hair & Beauty (North East) Limited |
|
Abridged Financial Statements |
|
Year ended 31 March 2018
Abridged statement of income and retained earnings |
2 |
|
|
Abridged statement of financial position |
3 |
|
|
Notes to the abridged financial statements |
5 |
|
|
The following pages do not form part of the abridged financial statements
Accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements |
11 |
|
|
Elite Hair & Beauty (North East) Limited |
|
Year ended 31 March 2018
The directors present their report and the unaudited abridged financial statements of the company for the year ended
31 March 2018
.
Directors
The directors who served the company during the year were as follows:
Mr M T Murdoch |
|
Miss G Snowball |
|
Miss D J Hopper |
|
|
|
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on
25 October 2018
and signed on behalf of the board by:
Registered office: |
2 Carlton Terrace |
Newcastle Upon Tyne |
NE2 4PD |
|
Elite Hair & Beauty (North East) Limited |
|
Abridged Statement of Income and Retained Earnings |
|
Year ended 31 March 2018
|
2018 |
2017 |
Note |
£ |
£ |
Gross profit |
404,582 |
401,813 |
|
|
|
Administrative expenses |
400,594 |
409,439 |
|
--------- |
--------- |
Operating profit/(loss) |
3,988 |
(
7,626) |
|
|
|
|
|
--------- |
--------- |
Profit/(loss) before taxation |
5 |
3,988 |
(
7,626) |
|
|
|
|
Tax on profit/(loss) |
(
302) |
(
469) |
|
------- |
------- |
Profit/(loss) for the financial year and total comprehensive income |
4,290 |
(
7,157) |
|
------- |
------- |
|
|
|
Retained losses at the start of the year |
(
19,620) |
(
12,463) |
|
-------- |
-------- |
Retained losses at the end of the year |
(
15,330) |
(
19,620) |
|
-------- |
-------- |
|
|
|
All the activities of the company are from continuing operations.
Elite Hair & Beauty (North East) Limited |
|
Abridged Statement of Financial Position |
|
31 March 2018
Fixed assets
Tangible assets |
6 |
|
19,514 |
21,129 |
|
|
|
|
|
Current assets
Stocks |
41,445 |
|
32,302 |
Debtors |
35,760 |
|
22,560 |
Cash at bank and in hand |
10,796 |
|
7,411 |
|
-------- |
|
-------- |
|
88,001 |
|
62,273 |
|
|
|
|
Creditors: amounts falling due within one year |
119,999 |
|
99,874 |
|
--------- |
|
-------- |
Net current liabilities |
|
31,998 |
37,601 |
|
|
-------- |
-------- |
Total assets less current liabilities |
|
(
12,484) |
(
16,472) |
|
|
|
|
Provisions
Taxation including deferred tax |
|
2,842 |
3,144 |
|
|
-------- |
-------- |
Net liabilities |
|
(
15,326) |
(
19,616) |
|
|
-------- |
-------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
4 |
4 |
Profit and loss account |
|
(
15,330) |
(
19,620) |
|
|
-------- |
-------- |
Shareholders deficit |
|
(
15,326) |
(
19,616) |
|
|
-------- |
-------- |
|
|
|
|
These abridged financial statements have been prepared 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'.
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.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
Elite Hair & Beauty (North East) Limited |
|
Abridged Statement of Financial Position (continued) |
|
31 March 2018
These abridged financial statements were approved by the
board of directors
and authorised for issue on
25 October 2018
, and are signed on behalf of the board by:
Company registration number:
5542869
Elite Hair & Beauty (North East) Limited |
|
Notes to the Abridged Financial Statements |
|
Year ended 31 March 2018
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Carlton Terrace, Newcastle Upon Tyne, NE2 4PD.
2.
Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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 subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
|
Plant and machinery |
- |
10% reducing balance |
|
Fixtures and fittings |
- |
10% reducing balance |
|
|
|
|
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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 stock to its present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
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.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
28
(2017:
26
).
5.
Profit before taxation
Profit/(loss) before taxation is stated after charging:
|
2018 |
2017 |
|
£ |
£ |
Depreciation of tangible assets |
2,145 |
2,344 |
|
------- |
------- |
|
|
|
6.
Tangible assets
|
£ |
Cost |
|
At 1 April 2017 |
65,293 |
Additions |
530 |
|
-------- |
At 31 March 2018 |
65,823 |
|
-------- |
Depreciation |
|
At 1 April 2017 |
44,164 |
Charge for the year |
2,145 |
|
-------- |
At 31 March 2018 |
46,309 |
|
-------- |
Carrying amount |
|
At 31 March 2018 |
19,514 |
|
-------- |
At 31 March 2017 |
21,129 |
|
-------- |
|
|
7.
Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
|
2018 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
|
|
£ |
£ |
£ |
|
Mr M T Murdoch |
2,955 |
– |
2,955 |
|
Miss D J Hopper |
55,995 |
17,814 |
73,809 |
|
|
-------- |
-------- |
-------- |
|
|
58,950 |
17,814 |
76,764 |
|
|
-------- |
-------- |
-------- |
|
|
|
|
|
|
2017 |
|
|
Balance brought forward |
Advances/ (credits) to the directors |
Balance outstanding |
|
|
£ |
£ |
£ |
|
Mr M T Murdoch |
2,955 |
– |
2,955 |
|
Miss D J Hopper |
32,621 |
23,374 |
55,995 |
|
|
-------- |
-------- |
-------- |
|
|
35,576 |
23,374 |
58,950 |
|
|
-------- |
-------- |
-------- |
|
|
|
|
|
8.
Related party transactions
The company was under the control of
Miss G Snowball
throughout the current year. Miss Snowball is the managing director. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard for Smaller entities.
Elite Hair & Beauty (North East) Limited |
|
Year ended 31 March 2018
The following pages do not form part of the abridged financial statements.
Elite Hair & Beauty (North East) Limited |
|
Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of
Elite Hair & Beauty (North East) Limited |
|
Year ended 31 March 2018
As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 March 2018, which comprise the abridged statement of income and retained earnings, abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
GOLDSBOROUGH ACCOUNTANTS LTD.
Accountants
93 Collingwood Street
Coundon
Bishop Auckland
Co.Durham
DL14 8LH
25 October 2018