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Registered number: 06635575
The Beauty Space Ltd
Unaudited Financial Statements
For The Year Ended 31 July 2023
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountant's Report
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Beauty Space Ltd for the year ended year which comprise the Profit and Loss Account, 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 Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
This report is made solely to the director of The Beauty Space Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Beauty Space Ltd and state those matters that we have agreed to state to the director of The Beauty Space Ltd in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.
It is your duty to ensure that The Beauty Space Ltd 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 The Beauty Space Ltd . You consider that The Beauty Space Ltd 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 The Beauty Space Ltd . 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.
Signed
31st July 2024
Page 1
Page 2
Balance Sheet
Registered number: 06635575
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 - 1,189
- 1,189
CURRENT ASSETS
Stocks 6 200 900
Debtors 7 169 -
369 900
Creditors: Amounts Falling Due Within One Year 8 (67,215 ) (48,984 )
NET CURRENT ASSETS (LIABILITIES) (66,846 ) (48,084 )
TOTAL ASSETS LESS CURRENT LIABILITIES (66,846 ) (46,895 )
Creditors: Amounts Falling Due After More Than One Year 9 (47,128 ) (34,057 )
NET LIABILITIES (113,974 ) (80,952 )
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account (114,074 ) (81,052 )
SHAREHOLDERS' FUNDS (113,974) (80,952)
Page 2
Page 3
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Sukhvinder Dosanjh
Director
31st July 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
The Beauty Space Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 06635575 . The registered office is 13 Lorship Lane, East Dulwich, SE22 8EW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 4 Years Straight Line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2022: 5)
7 5
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2022 16,548
As at 31 July 2023 16,548
Amortisation
As at 1 August 2022 16,548
As at 31 July 2023 16,548
Net Book Value
As at 31 July 2023 -
As at 1 August 2022 -
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5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 August 2022 8,446
Disposals (8,446 )
Depreciation
As at 1 August 2022 7,257
Disposals (7,257 )
As at 31 July 2023 -
Net Book Value
As at 31 July 2023 -
As at 1 August 2022 1,189
6. Stocks
2023 2022
£ £
Materials 200 900
7. Debtors
2023 2022
£ £
Due within one year
Other taxes and social security 169 -
8. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors - 12,358
Bank loans and overdrafts 2,452 7,414
Other taxes and social security - 1,861
VAT 14,483 16,383
Other creditors 15,176 7,544
Pension 104 43
Accruals and deferred income 35,000 3,381
67,215 48,984
9. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 29,349 20,669
Directors loan account 17,779 13,388
47,128 34,057
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Page 6
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
11. Related Party Transactions
At the balance sheet date, the company owed £17,779 (2022: £13,388) to its directors. This loan is unsecured, interest free and repayable on demand.
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