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Registration number: 04518149

Skin Fantasy Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2022

 

Skin Fantasy Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 7

 

Skin Fantasy Limited

(Registration number: 04518149)
Balance Sheet as at 30 April 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

1,903

1,053

Current assets

 

Stocks

6

200

200

Debtors

7

68

82

Cash at bank and in hand

 

20,022

18,560

 

20,290

18,842

Creditors: Amounts falling due within one year

8

(5,788)

(5,849)

Net current assets

 

14,502

12,993

Net assets

 

16,405

14,046

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

16,305

13,946

Shareholders' funds

 

16,405

14,046

 

Skin Fantasy Limited

(Registration number: 04518149)
Balance Sheet as at 30 April 2022

For the financial year ending 30 April 2022 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 August 2022
 

.........................................
R A Clark
Director

 

Skin Fantasy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

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:
28 Saint James Street
Burnley
Lancashire
BB11 1QL

These financial statements were authorised for issue by the director on 30 August 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 - '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 in sterling (£) 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.

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.

 

Skin Fantasy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

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

Fixtures and Fittings

25% reducing balance basis

Office Equipment

25% reducing balance basis

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

Straight line basis 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 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.

 

Skin Fantasy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2021 - 3).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2021

10,000

10,000

At 30 April 2022

10,000

10,000

Amortisation

At 1 May 2021

10,000

10,000

At 30 April 2022

10,000

10,000

Carrying amount

At 30 April 2022

-

-

 

Skin Fantasy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2021

19,330

19,330

Additions

1,485

1,485

At 30 April 2022

20,815

20,815

Depreciation

At 1 May 2021

18,277

18,277

Charge for the year

635

635

At 30 April 2022

18,912

18,912

Carrying amount

At 30 April 2022

1,903

1,903

At 30 April 2021

1,053

1,053

6

Stocks

2022
£

2021
£

Other inventories

200

200

7

Debtors

2022
£

2021
£

Prepayments

20

82

Other debtors

48

-

68

82

 

Skin Fantasy Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022

8

Creditors

Creditors: amounts falling due within one year

2022
£

2021
£

Due within one year

Trade creditors

162

-

Taxation and social security

718

1,756

Accruals and deferred income

780

1,008

Other creditors

4,128

3,085

5,788

5,849