2022-10-012023-09-302023-09-30false10982498THE SUN LOUNGE TANNING STUDIO (NEWPORT) 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THE SUN LOUNGE TANNING STUDIO (NEWPORT) LTD

Registered Number
10982498
(England and Wales)

Unaudited Financial Statements for the Year ended
30 September 2023

THE SUN LOUNGE TANNING STUDIO (NEWPORT) LTD
Company Information
for the year from 1 October 2022 to 30 September 2023

Director

MORGAN, John Richard

Registered Address

Unit 1a Langland Park West
Langland Way
Newport
NP19 4PT

Registered Number

10982498 (England and Wales)
THE SUN LOUNGE TANNING STUDIO (NEWPORT) LTD
Statement of Financial Position
30 September 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3126,335108,467
126,335108,467
Current assets
Stocks44,4643,000
Debtors2,2074,409
Cash at bank and on hand44,08921,659
50,76029,068
Creditors amounts falling due within one year5(238,285)(256,902)
Net current assets (liabilities)(187,525)(227,834)
Total assets less current liabilities(61,190)(119,367)
Creditors amounts falling due after one year6(33,333)(38,333)
Net assets(94,523)(157,700)
Capital and reserves
Called up share capital11
Profit and loss account(94,524)(157,701)
Shareholders' funds(94,523)(157,700)
The financial statements were approved and authorised for issue by the Director on 25 July 2024, and are signed on its behalf by:
MORGAN, John Richard
Director
Registered Company No. 10982498
THE SUN LOUNGE TANNING STUDIO (NEWPORT) LTD
Notes to the Financial Statements
for the year ended 30 September 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Reducing balance (%)Straight line (years)
Land and buildings-10
Plant and machinery-4
Vehicles25-
Office Equipment20-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20232022
Average number of employees during the year77
3.Tangible fixed assets

Land & buildings

Plant & machinery

Vehicles

Fixtures & fittings

Total

£££££
Cost or valuation
At 01 October 2211,117102,53341,66711,093166,410
Additions10,00040,027-4,18554,212
At 30 September 2321,117142,56041,66715,278220,622
Depreciation and impairment
At 01 October 223,33637,74910,4176,44157,943
Charge for year2,11124,6067,8121,81536,344
At 30 September 235,44762,35518,2298,25694,287
Net book value
At 30 September 2315,67080,20523,4387,022126,335
At 30 September 227,78164,78431,2504,652108,467
4.Stocks

2023

2022

££
Other stocks4,4643,000
Total4,4643,000
5.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables8,0537,400
Taxation and social security19,0925,002
Other creditors201,320239,679
Accrued liabilities and deferred income9,8204,821
Total238,285256,902
6.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts33,33338,333
Total33,33338,333
7.Operating lease commitments
At 30/09/2023), the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £35,559, (2022 – £45,831)