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Registered Number: 05687997
England and Wales

 

 

 

URBAN PIERCINGS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023
Directors Peter John Dewhurst
Tim Edward Hooper
Registered Number 05687997
Registered Office C/o Melanie Curtis Accountants Ltd
100 Berkshire Place Winnersh
Wokingham
Berkshire
RG41 5RD
1
Director's report and financial statements
The directors present his/her/their annual report and the financial statements for the year ended 31 March 2023
Principal activities
The companys principal activity during the year was that of a piercing salon. 
Directors
The directors who served the company throughout the year were as follows:
Peter John Dewhurst
Tim Edward Hooper
Statement of directors' responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102 including Section 1A on "Small Entities". Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the companys transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The directors are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

This report was approved by the board and signed on its behalf by:


----------------------------------
Peter John Dewhurst
Director

Date approved: 24 August 2023
2
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Urban Piercings Limited for the year ended year ended 31 March 2023 which comprise the Statement of Income and Retained Earnings, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.


As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Urban Piercings Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Urban Piercings Limited and state those matters that we have agreed to state to the director of Urban Piercings Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Urban Piercings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Urban Piercings Limited. You consider that Urban Piercings Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Urban Piercings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.



....................................................
Melanie Curtis Accountants Limited
100 Berkshire Place
Winnersh
Wokingham
RG41 5RD
24 August 2023
3
 
 
Notes
 
31/03/2023
£
  31/03/2022
£
Fixed assets      
Intangible fixed assets 3   3,000 
Tangible fixed assets 4 3,574    3,033 
3,574    6,033 
Current assets      
Stocks 5 8,838    13,234 
Debtors 6 20,289    14,505 
Cash at bank and in hand 6,245    20,270 
35,372    48,009 
Creditors: amount falling due within one year 7 (23,275)   (33,707)
Net current assets 12,097    14,302 
 
Total assets less current liabilities 15,671    20,335 
Creditors: amount falling due after more than one year 8 (14,921)   (19,716)
Provisions for liabilities 9 (631)   (518)
Net assets 119    101 
 

Capital and reserves
     
Called up share capital 100    100 
Retained earnings 19    1 
Shareholder's funds 119    101 
 


For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 24 August 2023 and were signed on its behalf by:


-------------------------------
Peter John Dewhurst
Director
4
  Retained Earnings   Total
£ £
At 01 April 2021 (9,140) (9,140)
Profit for the year 55,212  55,212 
Total comprehensive income for the year 55,212  55,212 
Dividends (46,071) (46,071)
Total investments by and distributions to owners (46,071) (46,071)
At 31 March 2022 1 
At 01 April 2022 1 
Profit for the year 10,618  10,618 
Total comprehensive income for the year 10,618  10,618 
Dividends (10,600) (10,600)
Total investments by and distributions to owners (10,600) (10,600)
At 31 March 2023 19  19 
5
General Information
Urban Piercings Limited is a private company, limited by shares, registered in England and Wales, registration number 05687997, registration address C/o Melanie Curtis Accountants Ltd, 100 Berkshire Place Winnersh, Wokingham, Berkshire , RG41 5RD.

The presentation currency is £ sterling.
1.

Accounting policies

Basis of preparing the financial statements
These financial statements have been in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statement have been prepared under the historical cost convention.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Hire purchase and leasing commitmments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.


Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of seventeen years.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and Machinery 25% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
Improvements to property 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. 
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 5 (2022 : 4).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 April 2022 50,000    50,000 
Additions  
Disposals  
At 31 March 2023 50,000    50,000 
Amortisation
At 01 April 2022 47,000    47,000 
Charge for year 3,000    3,000 
On disposals  
At 31 March 2023 50,000    50,000 
Net book values
At 31 March 2023  
At 31 March 2022 3,000    3,000 


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Improvements to property   Total
  £   £   £   £   £
At 01 April 2022 4,779    6,069    3,639    3,717    18,204 
Additions 879      740      1,619 
Disposals        
At 31 March 2023 5,658    6,069    4,379    3,717    19,823 
Depreciation
At 01 April 2022 2,725    5,917    2,856    3,673    15,171 
Charge for year 665    38    364    11    1,078 
On disposals        
At 31 March 2023 3,390    5,955    3,220    3,684    16,249 
Net book values
Closing balance as at 31 March 2023 2,268    114    1,159    33    3,574 
Opening balance as at 01 April 2022 2,054    152    783    44    3,033 


5.

Stocks

31/03/2023
£
  31/03/2022
£
Stocks 8,838    13,234 
8,838    13,234 

6.

Debtors: amounts falling due within one year

31/03/2023
£
  31/03/2022
£
Prepayments & Accrued Income 5,771    5,673 
Tax Recoverable 4,918    4,404 
Directors' Current Accounts 9,600    4,428 
20,289    14,505 

7.

Creditors: amount falling due within one year

31/03/2023
£
  31/03/2022
£
Trade Creditors 2,865    2,463 
Bank Loans 4,795    4,549 
Social security and other taxes 14,157    26,216 
Other Creditors 1,458    479 
23,275    33,707 

8.

Creditors: amount falling due after more than one year

31/03/2023
£
  31/03/2022
£
Bank loans 2-5 years 9,880    14,921 
Bank Loans 1-2 years 5,041    4,795 
14,921    19,716 

9.

Provisions for liabilities

31/03/2023
£
  31/03/2022
£
Deferred Tax 631    518 
631    518 

6