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Registration number: 14108263

Greenwell Beauty Limited

Annual Report and Unaudited Financial Statements

for the Period from 16 May 2022 to 31 May 2023

 

Greenwell Beauty Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Greenwell Beauty Limited

Company Information

Directors

A Greenwell

R Bewick

Registered office

The Sanctum
Westgate Leisure Centre
Via Ravenna
Chichester
PO19 1RJ

Accountants

Tax Innovations Limited
Innovations House
19 Staple Gardens
Winchester
Hampshire
SO23 8SR

 

Greenwell Beauty Limited

(Registration number: 14108263)
Balance Sheet as at 31 May 2023

Note

2023
£

Fixed assets

 

Intangible assets

4

37,982

Tangible assets

5

13,175

 

51,157

Current assets

 

Stocks

6

3,000

Debtors

7

3,174

Cash at bank and in hand

 

9,358

 

15,532

Creditors: Amounts falling due within one year

8

(90,838)

Net current liabilities

 

(75,306)

Net liabilities

 

(24,149)

Capital and reserves

 

Called up share capital

9

100

Retained earnings

(24,249)

Shareholders' deficit

 

(24,149)

 

Greenwell Beauty Limited

(Registration number: 14108263)
Balance Sheet as at 31 May 2023

For the financial period ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 February 2024 and signed on its behalf by:
 

.........................................
A Greenwell
Director

.........................................
R Bewick
Director

 

Greenwell Beauty Limited

Notes to the Unaudited Financial Statements for the Period from 16 May 2022 to 31 May 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
The Sanctum
Westgate Leisure Centre
Via Ravenna
Chichester
PO19 1RJ
England

These financial statements were authorised for issue by the Board on 13 February 2024.

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis, notwithstanding the fact that as at 31 May 2023 total liabilities exceeded total assets by £24,149.

This basis is dependent upon the on-going support of the creditors of the company, none of whom have indicated their intention to withdraw their support.cial statements have been prepared on a going concern basis.

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.

 

Greenwell Beauty Limited

Notes to the Unaudited Financial Statements for the Period from 16 May 2022 to 31 May 2023

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.

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

Office equipment

Straight line @ 20%

Plant and machinery

Straight line @ 20%

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 over 10 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.

 

Greenwell Beauty Limited

Notes to the Unaudited Financial Statements for the Period from 16 May 2022 to 31 May 2023

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.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 6.

 

Greenwell Beauty Limited

Notes to the Unaudited Financial Statements for the Period from 16 May 2022 to 31 May 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

Additions acquired separately

40,695

40,695

At 31 May 2023

40,695

40,695

Amortisation

Amortisation charge

2,713

2,713

At 31 May 2023

2,713

2,713

Carrying amount

At 31 May 2023

37,982

37,982

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

Additions

4,778

10,000

14,778

At 31 May 2023

4,778

10,000

14,778

Depreciation

Charge for the period

270

1,333

1,603

At 31 May 2023

270

1,333

1,603

Carrying amount

At 31 May 2023

4,508

8,667

13,175

6

Stocks

2023
£

Other inventories

3,000

 

Greenwell Beauty Limited

Notes to the Unaudited Financial Statements for the Period from 16 May 2022 to 31 May 2023

7

Debtors

Current

2023
£

Trade debtors

310

Other debtors

2,864

 

3,174

8

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Trade creditors

3,150

Taxation and social security

1,896

Other creditors

85,792

90,838

9

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinary of £1 each

100

100

     

10

Related party transactions

Key management personnel

The directors of the company

Summary of transactions with key management

Provisions of working capital loans with no interest or fixed date of repayment
 

 

Greenwell Beauty Limited

Notes to the Unaudited Financial Statements for the Period from 16 May 2022 to 31 May 2023

Directors' remuneration

The directors' remuneration for the period was as follows:

2023
£

Remuneration

7,584

Expenditure with and payables to related parties

2023

Key management
£

Amounts payable to related party

70,575