Company registration number 08527485 (England and Wales)
FIJI BEAUTY LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
FIJI BEAUTY LIMITED
COMPANY INFORMATION
Director
Ms K F Brown
Company number
08527485
Registered office
147 Sutton Road
Wylde Green
Sutton Coldfield
West Midlands
England
B23 5TN
Accountants
Malcolm Piper & Company Limited
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
FIJI BEAUTY LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 7
FIJI BEAUTY LIMITED
ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FIJI BEAUTY LIMITED FOR THE YEAR ENDED 31 MAY 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fiji Beauty Limited for the year ended 31 May 2023 which comprise, the 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 at https://www.icaew.com/regulation.
This report is made solely to the director of Fiji Beauty Limited in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Fiji Beauty Limited and state those matters that we have agreed to state to the director of Fiji Beauty Limited in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fiji Beauty Limited and its director for our work or for this report.
It is your duty to ensure that Fiji Beauty 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 Fiji Beauty Limited. You consider that Fiji Beauty 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 Fiji Beauty 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.
Malcolm Piper & Company Limited
29 January 2024
Chartered Accountants
Kingsnorth House
Blenheim Way
Birmingham
West Midlands
United Kingdom
B44 8LS
FIJI BEAUTY LIMITED
BALANCE SHEET
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
249,125
171,572
Current assets
Stocks
8,852
9,941
Debtors
5
48,560
28,353
Cash at bank and in hand
162,242
114,596
219,654
152,890
Creditors: amounts falling due within one year
6
(219,708)
(190,590)
Net current liabilities
(54)
(37,700)
Total assets less current liabilities
249,071
133,872
Creditors: amounts falling due after more than one year
7
(9,402)
(24,967)
Provisions for liabilities
(20,900)
(20,900)
Net assets
218,769
88,005
Capital and reserves
Called up share capital
9
2
2
Profit and loss reserves
218,767
88,003
Total equity
218,769
88,005
For the financial year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
FIJI BEAUTY LIMITED
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 29 January 2024
Ms K F Brown
Director
Company Registration No. 08527485
FIJI BEAUTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
1
Accounting policies
Company information
Fiji Beauty Limited is a private company limited by shares incorporated in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
The presentation currency of the financial statements is the Pound Sterling (£).
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention.
1.2
Going concern
The financial statements have been prepared on a going concern basis, which places reliance on the continued support of the company director and shareholders.true
The director believes that the company has adequate resources to continue its current operations and that it remains appropriate to prepare the company's financial statements on a going concern basis. The financial statements do not include the adjustments that would result if the company was unable to continue as a going concern.
1.3
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sale taxes.
1.4
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is shorter.
Plant and machinery etc
33% on cost and 15% on reducing balance
Fixtures and fittings
Enter depreciation rate via StatDB - cd77
Computers
Enter depreciation rate via StatDB - cd198
Motor vehicles
Enter depreciation rate via StatDB - cd78
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, 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
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.
FIJI BEAUTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
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.
1.7
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit or loss in the period to which they relate.
1.8
Leases
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over the estimated useful lives. Those held under finance leases are depreciated over their useful lives or the lease term, whichever is the shorter.
The interest element of these obligations is charged to the profit or loss over the relevant period. The capital element of the future payments is treated as a liability.
2
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Depreciation - owned assets
17,202
15,760
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
6
FIJI BEAUTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
4
Tangible fixed assets
Plant and machinery etc
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 June 2022
202,597
52,117
10,691
265,405
Additions
57,815
2,300
1,576
49,090
110,781
At 31 May 2023
260,412
54,417
12,267
49,090
376,186
Depreciation and impairment
At 1 June 2022
52,691
33,826
7,316
93,833
Depreciation charged in the year
24,678
3,031
1,940
3,579
33,228
At 31 May 2023
77,369
36,857
9,256
3,579
127,061
Carrying amount
At 31 May 2023
183,043
17,560
3,011
45,511
249,125
At 31 May 2022
149,906
18,291
3,375
171,572
Included within plant and machinery, etc. are assets with a net book value of £17,385 (2022 - £20,453) which are held as security against the hire purchase agreements to which they relate.
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
14,965
12,763
Other debtors
33,595
15,590
48,560
28,353
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
9,917
10,753
Trade creditors
20,325
18,254
Hire purchase contracts
5,400
5,400
Other taxation and social security
34,820
41,751
Other creditors
149,246
114,432
219,708
190,590
FIJI BEAUTY LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 7 -
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
10,117
Hire purchase contracts
9,402
14,850
9,402
24,967
8
Hire Purchase obligations
2023
2022
Future minimum lease payments due under hire purchase:
£
£
Within one year
5,400
5,400
Less: future charges
9,402
14,850
14,802
20,250
Included in 'other creditors' above are hire purchase balances totalling £14,802 (2022: £20,250) which are secured against the assets to which they relate.
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
2
2
2
2