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Needle Asylum Limited

Financial Statements for the Year Ended 31 August 2023






Needle Asylum Limited

Company Information
for the Year Ended 31 August 2023







DIRECTOR: S Ashley





SECRETARY: C Ashley





REGISTERED OFFICE: Rear Part 316 Cowbridge Road East
Canton
Cardiff
CF5 1JD





REGISTERED NUMBER: 05917115 (England and Wales)





ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Needle Asylum Limited


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Needle Asylum Limited for the year ended 31 August 2023 which comprise the Profit and Loss Account, Balance Sheet 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Needle Asylum Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Needle Asylum Limited and state those matters that we have agreed to state to the director of Needle Asylum Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Needle Asylum Limited and its director for our work or for this report.

It is your duty to ensure that Needle Asylum 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 Needle Asylum Limited. You consider that Needle Asylum 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 Needle Asylum 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.






BPU Limited
Chartered Accountants


19 November 2023

Needle Asylum Limited (Registered number: 05917115)

Balance Sheet
31 August 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 3 15,785 14,738

CURRENT ASSETS
Stocks 1,500 1,500
Debtors 4 - 780
Cash at bank and in hand 5,789 7,195
7,289 9,475
CREDITORS
Amounts falling due within one year 5 14,994 8,982
NET CURRENT (LIABILITIES)/ASSETS (7,705 ) 493
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,080

15,231

PROVISIONS FOR LIABILITIES 2,900 2,800
NET ASSETS 5,180 12,431

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 5,179 12,430
SHAREHOLDERS' FUNDS 5,180 12,431

Needle Asylum Limited (Registered number: 05917115)

Balance Sheet - continued
31 August 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 November 2023 and were signed by:





S Ashley - Director


Needle Asylum Limited (Registered number: 05917115)

Notes to the Financial Statements
for the Year Ended 31 August 2023


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared 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 statements have been prepared under the historical cost convention.

Turnover
Turnover represents the value of services of tattoo artistry provided in the period.

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 - 20% straight line
Fixtures and fittings - 20% 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

Needle Asylum Limited (Registered number: 05917115)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023


3. TANGIBLE FIXED ASSETS
Fixtures
Plant and and
machinery fittings Totals
£    £    £   
COST
At 1 September 2022 33,382 5,073 38,455
Additions 3,167 2,735 5,902
At 31 August 2023 36,549 7,808 44,357
DEPRECIATION
At 1 September 2022 20,649 3,068 23,717
Charge for year 3,997 858 4,855
At 31 August 2023 24,646 3,926 28,572
NET BOOK VALUE
At 31 August 2023 11,903 3,882 15,785
At 31 August 2022 12,733 2,005 14,738

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors & prepayments - 780

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxes & social security costs 1,535 6,895
Other creditors & accruals 13,459 2,087
14,994 8,982

Needle Asylum Limited (Registered number: 05917115)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023


6. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022:

2023 2022
£    £   
S Ashley
Balance outstanding at start of year - 1,329
Amounts repaid - (1,329 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -