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COMPANY REGISTRATION NUMBER: 02354880
Building Cosmetic Services Limited
Filleted Unaudited Financial Statements
For the year ended
31 March 2022
Building Cosmetic Services Limited
Financial Statements
Year ended 31st March 2022
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
Building Cosmetic Services Limited
Officers and Professional Advisers
The board of directors
Mr M Slack
Mrs M Slack
Company secretary
Mrs M Slack
Registered office
4 Portland Arcade
King Street
Southwell
Nottinghamshire
NG25 0EH
Accountants
ADS Accountancy Limited
Chartered Accountants
550 Valley Road
Basford
Nottingham
NG5 1JJ
Bankers
National Westminster Bank Plc
9 Church Street
Southwell
Nottinghamshire
NG25 0HW
Building Cosmetic Services Limited
Statement of Financial Position
31 March 2022
2022
2021
Note
£
£
£
Fixed assets
Tangible assets
4
11,998
34,380
Current assets
Stocks
1,850
1,580
Debtors
5
207,906
100,226
Cash at bank and in hand
352,448
232,363
---------
---------
562,204
334,169
Creditors: amounts falling due within one year
6
216,829
99,980
---------
---------
Net current assets
345,375
234,189
---------
---------
Total assets less current liabilities
357,373
268,569
---------
---------
Net assets
357,373
268,569
---------
---------
Capital and reserves
Called up share capital
7
146
146
Profit and loss account
357,227
268,423
---------
---------
Shareholders funds
357,373
268,569
---------
---------
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 Section 1A of 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 income statement has not been delivered.
For the year ending 31st March 2022 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 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 financial statements .
Building Cosmetic Services Limited
Statement of Financial Position (continued)
31 March 2022
These financial statements were approved by the board of directors and authorised for issue on 1 September 2022 , and are signed on behalf of the board by:
Mr M Slack
Director
Company registration number: 02354880
Building Cosmetic Services Limited
Notes to the Financial Statements
Year ended 31st March 2022
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 4 Portland Arcade, King Street, Southwell, Nottinghamshire, NG25 0EH.
2. 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.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced during the year. It is the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and net of VAT.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less tax.
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:
Freehold Property
-
4% straight line
Plant and Machinery
-
25% straight line
Fixtures and Fittings
-
25% straight line
Motor Vehicles
-
25% reducing balance
Office Equipment
-
25% straight line
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.
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. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
Defined contribution plans
The company operates a defined contribution scheme for both the directors and employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 13 (2021: 16 ).
4. Tangible assets
Freehold Property
Plant and machinery
Fixtures and fittings
Motor vehicles
Office Equipment
Total
£
£
£
£
£
£
Cost
At 1 Apr 2021
76,138
16,331
42,792
20,560
67,245
223,066
Additions
1,334
140
1,474
Disposals
( 76,138)
( 76,138)
--------
--------
--------
--------
--------
---------
At 31 Mar 2022
16,331
44,126
20,560
67,385
148,402
--------
--------
--------
--------
--------
---------
Depreciation
At 1 Apr 2021
58,955
9,581
41,498
16,899
61,753
188,686
Charge for the year
3,375
975
915
1,408
6,673
Disposals
( 58,955)
( 58,955)
--------
--------
--------
--------
--------
---------
At 31 Mar 2022
12,956
42,473
17,814
63,161
136,404
--------
--------
--------
--------
--------
---------
Carrying amount
At 31 Mar 2022
3,375
1,653
2,746
4,224
11,998
--------
--------
--------
--------
--------
---------
At 31 Mar 2021
17,183
6,750
1,294
3,661
5,492
34,380
--------
--------
--------
--------
--------
---------
5. Debtors
2022
2021
£
£
Trade debtors
207,906
100,226
---------
---------
6. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
88,387
16,031
Corporation tax
26,964
11,606
Social security and other taxes
40,604
7,496
Other creditors
60,874
64,847
---------
--------
216,829
99,980
---------
--------
7. Called up share capital
Issued, called up and fully paid
2022
2021
No.
£
No.
£
Ordinary 'A' shares of £ 1 each
100
100
100
100
Ordinary 'B' shares of £ 1 each
46
46
46
46
----
----
----
----
146
146
146
146
----
----
----
----
8. Directors' advances, credits and guarantees
At the statement of financial position date the amount owing to the directors was £5,368 (2021:22,337). The directors loan account is unsecured, interest free and repayable on demand.