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Registration number: 08246088

Bodyshop Direct Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2021

 

Bodyshop Direct Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Bodyshop Direct Ltd

Company Information

Director

Mr Ian David Knight

Registered office

3 Marsh Court Farm
Romsey Road
Stockbridge
Hampshire
SO20 6DF

Accountants

Vectis Accountants Ltd
3 Marsh Court Farm
Romsey Road
Stockbridge
Hampshire
SO20 6DF

 

Bodyshop Direct Ltd

(Registration number: 08246088)
Balance Sheet as at 31 October 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

350,082

257,861

Current assets

 

Stocks

5

60,350

90,925

Debtors

6

557,079

251,581

Cash at bank and in hand

 

97,685

85,674

 

715,114

428,180

Creditors: Amounts falling due within one year

7

(597,133)

(323,889)

Net current assets

 

117,981

104,291

Net assets

 

468,063

362,152

Capital and reserves

 

Called up share capital

50

50

Retained earnings

468,013

362,102

Shareholders' funds

 

468,063

362,152

For the financial year ending 31 October 2021 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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.

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 30 April 2022
 

.........................................
Mr Ian David Knight
Director

 

Bodyshop Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

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:
3 Marsh Court Farm
Romsey Road
Stockbridge
Hampshire
SO20 6DF
United Kingdom

The principal place of business is:
1 Daish Way
Newport
Isle of Wight
PO30 5XB

These financial statements were authorised for issue by the director on 30 April 2022.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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.

 

Bodyshop Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

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 balance sheet 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

Plant and Machinery

25% Reducing Balance

Motor vehicles

25% Reducing Balance

Office Equipment

25% Reducing Balance

Fixtures and Fittings

25% Reducing Balance

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 amortised cost using the effective interest method, 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.

 

Bodyshop Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

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 initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 5 (2020 - 5).

 

Bodyshop Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2020

245,417

4,696

19,620

269,733

Additions

93,371

1,709

-

95,080

At 31 October 2021

338,788

6,405

19,620

364,813

Depreciation

At 1 November 2020

-

3,547

8,326

11,873

Charge for the year

-

644

2,214

2,858

At 31 October 2021

-

4,191

10,540

14,731

Carrying amount

At 31 October 2021

338,788

2,214

9,080

350,082

At 31 October 2020

245,417

1,150

11,294

257,861

Included within the net book value of land and buildings above is £338,788 (2020 - £245,417) in respect of freehold land and buildings.
 

5

Stocks

2021
£

2020
£

Other inventories

60,350

90,925

6

Debtors

Current

2021
£

2020
£

Trade debtors

557,079

251,352

Prepayments

-

229

 

557,079

251,581

 

Bodyshop Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Loans and borrowings

171,843

157,415

Trade creditors

 

267,420

11,207

Taxation and social security

 

155,561

153,202

Accruals and deferred income

 

1,700

1,700

Other creditors

 

609

365

 

597,133

323,889