Registered number
09983651
Chic Beauty Newport Ltd
Filleted Accounts
28 February 2023
Chic Beauty Newport Ltd
Registered number: 09983651
Balance Sheet
as at 28 February 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 315 393
Current assets
Debtors 5 9,066 10,352
Cash at bank and in hand 4,744 4,599
13,810 14,951
Creditors: amounts falling due within one year 6 (3,201) (2,943)
Net current assets 10,609 12,008
Total assets less current liabilities 10,924 12,401
Creditors: amounts falling due after more than one year 7 (10,875) (12,375)
Net assets 49 26
Capital and reserves
Called up share capital 1 1
Profit and loss account 48 25
Shareholders' funds 49 26
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs H Trew
Director
Approved by the board on 02.11.2023
Chic Beauty Newport Ltd
Notes to the Accounts
for the year ended 28 February 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2022 14,896
At 28 February 2023 14,896
Amortisation
At 1 March 2022 14,896
At 28 February 2023 14,896
Net book value
At 28 February 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2022 1,500
At 28 February 2023 1,500
Depreciation
At 1 March 2022 1,107
Charge for the year 78
At 28 February 2023 1,185
Net book value
At 28 February 2023 315
At 28 February 2022 393
5 Debtors 2023 2022
£ £
Other debtors 9,066 10,352
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 305 -
Taxation and social security costs 2,347 2,385
Other creditors 549 558
3,201 2,943
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 10,875 12,375
8 Other information
Chic Beauty Newport Ltd is a private company limited by shares and incorporated in England & Wales. Its registered office is:
1 Ffordd Bevan
Pontrhydyrun
Cwmbran
Torfaen
NP44 1DG
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