Company Registration No. 02949953 (England and Wales)
GUILD OF PROFESSIONAL BEAUTY THERAPISTS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
GUILD OF PROFESSIONAL BEAUTY THERAPISTS LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
GUILD OF PROFESSIONAL BEAUTY THERAPISTS LTD
BALANCE SHEET
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
129,078
79,292
Tangible assets
5
30,283
30,246
Investments
6
417,965
426,025
577,326
535,563
Current assets
Debtors
7
916,758
943,440
Cash at bank and in hand
370,783
384,779
1,287,541
1,328,219
Creditors: amounts falling due within one year
8
(330,799)
(398,422)
Net current assets
956,742
929,797
Total assets less current liabilities
1,534,068
1,465,360
Creditors: amounts falling due after more than one year
9
(826)
Provisions for liabilities
(42,095)
(23,850)
Net assets
1,491,973
1,440,684
Capital and reserves
Called up share capital
400
400
Profit and loss reserves
1,491,573
1,440,284
Total equity
1,491,973
1,440,684
GUILD OF PROFESSIONAL BEAUTY THERAPISTS LTD
BALANCE SHEET (CONTINUED)
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
The financial statements were approved by the board of directors and authorised for issue on 3 April 2024 and are signed on its behalf by:
L Archer
Director
Company Registration No. 02949953
GUILD OF PROFESSIONAL BEAUTY THERAPISTS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 3 -
1
Accounting policies
Company information
Guild of Professional Beauty Therapists Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Synergy House, 7 Acorn Business Park, Commercial Gate, Mansfield, Nottinghamshire, NG18 1EX.
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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts. The policies adopted for the recognition of turnover are as follows:
Subscription income is recognised on a time-apportioned basis over the period of the subscription.
Insurance and other income are recognised at the date of sale.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website costs
33% Straight line
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
10% reducing balance
Fixtures, fittings & equipment
20% reducing balance/33% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
GUILD OF PROFESSIONAL BEAUTY THERAPISTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Fixed asset investments
Investments are initially measured at transaction price, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.7
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
Loans and borrowings
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
GUILD OF PROFESSIONAL BEAUTY THERAPISTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 5 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred. Grants relating to an asset are recognised in income systematically over the asset's expected useful life. If part of such a grant is deferred it is recognised as deferred income rather than being deducted from the asset's carrying amount.
GUILD OF PROFESSIONAL BEAUTY THERAPISTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
10
12
4
Intangible fixed assets
Website costs
£
Cost
At 1 August 2022
310,912
Additions
102,925
At 31 July 2023
413,837
Amortisation and impairment
At 1 August 2022
231,620
Amortisation charged for the year
53,139
At 31 July 2023
284,759
Carrying amount
At 31 July 2023
129,078
At 31 July 2022
79,292
GUILD OF PROFESSIONAL BEAUTY THERAPISTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 7 -
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 August 2022
47,384
147,196
194,580
Additions
6,617
6,617
At 31 July 2023
47,384
153,813
201,197
Depreciation and impairment
At 1 August 2022
32,830
131,504
164,334
Depreciation charged in the year
1,455
5,125
6,580
At 31 July 2023
34,285
136,629
170,914
Carrying amount
At 31 July 2023
13,099
17,184
30,283
At 31 July 2022
14,554
15,692
30,246
6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
417,965
426,025
Movements in fixed asset investments
Other
£
Cost or valuation
At 1 August 2022
426,025
(8,060)
At 31 July 2023
417,965
Carrying amount
At 31 July 2023
417,965
At 31 July 2022
426,025
GUILD OF PROFESSIONAL BEAUTY THERAPISTS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 8 -
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
13,159
28,699
Corporation tax recoverable
218,898
213,196
Other debtors
670,506
693,316
Prepayments and accrued income
14,195
8,229
916,758
943,440
Included in Debtors are the following amounts which are due after more than one year:
Corporation tax recoverable £218,898 (2022 - £213,196)
Other debtors £670,506 (2022 - £693,316)
8
Creditors: amounts falling due within one year
2023
2022
£
£
Obligations under finance leases
826
1,416
Trade creditors
39,878
19,029
Corporation tax
5,360
66,660
Other taxation and social security
28,349
34,883
Other creditors
1,891
2,573
Accruals and deferred income
254,495
273,861
330,799
398,422
Obligations under finance leases are secured by fixed charges over the assets concerned.
9
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
826
Obligations under finance leases are secured by fixed charges over the assets concerned.
10
Related party transactions
The company operates from premises owned by the company's pension scheme. Rent is charged for its use at commercial rates of £31,675 (2022 - £28,000). Rent has also been paid to Rebecca Archer (director) of £6,000 (2022 - £6,000).
Included in Other debtors are amounts owing by Rebecca Archer (director) of £185,695 (2022 - £200,637) and by Helen Archer (director) of £484,811 (2022 - £492,679). These loans bear interest at HMRC's Official Rate of Interest.