Registered number
05371492
MILLENNIUM NAILS NORTH WEST LIMITED
Report and Unaudited Accounts
28 February 2024
MILLENNIUM NAILS NORTH WEST LIMITED
Report and accounts
Contents
Page
Director's report 1
Chartered Accountants' report 2
Profit and loss account 3
Balance sheet 4
Statement of changes in equity 5
Notes to the accounts 6
MILLENNIUM NAILS NORTH WEST LIMITED
Registered number: 05371492
Director's Report
The director presents her report and accounts for the year ended 28 February 2024.
Principal activities
The company's principal activity during the year continued to be the wholesale of cosmetic nails.
Directors
The following persons served as directors during the year:
Justine Chew
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 19 July 2024 and signed on its behalf.
J Chew
Director
MILLENNIUM NAILS NORTH WEST LIMITED
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of MILLENNIUM NAILS NORTH WEST LIMITED for the year ended 28 February 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MILLENNIUM NAILS NORTH WEST LIMITED for the year ended 28 February 2024 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity 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, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Sinclair
Sinclair Accounting Co. Ltd
Chartered Accountants
300 St Marys Road
Garston
Liverpool
Merseyside
L19 0NQ
19 July 2024
MILLENNIUM NAILS NORTH WEST LIMITED
Profit and Loss Account
for the year ended 28 February 2024
2024 2023
£ £
Turnover 34,766 46,765
Cost of sales (21,356) (10,693)
Gross profit 13,410 36,072
Administrative expenses (20,575) (29,370)
Other operating income - -
Operating (loss)/profit (7,165) 6,702
(Loss)/profit before taxation (7,298) 6,702
Tax on (loss)/profit 1,279 (1,279)
(Loss)/profit for the financial year (6,019) 5,423
MILLENNIUM NAILS NORTH WEST LIMITED
Registered number: 05371492
Balance Sheet
as at 28 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 1 156
Current assets
Stocks 15,463 17,650
Debtors 4 13,173 17,002
Cash at bank and in hand 9,989 17,797
38,625 52,449
Creditors: amounts falling due within one year 5 (1,580) (4,040)
Net current assets 37,045 48,409
Net assets 37,046 48,565
Capital and reserves
Called up share capital 1 1
Profit and loss account 37,045 48,564
Shareholder's funds 37,046 48,565
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Chew
Director
Approved by the board on 19 July 2024
MILLENNIUM NAILS NORTH WEST LIMITED
Statement of Changes in Equity
for the year ended 28 February 2024
Share Share Re- Profit Total
capital premium valuation and loss
reserve account
£ £ £ £ £
At 1 March 2022 1 - - 45,141 45,142
Profit for the financial year 5,423 5,423
Dividends (2,000) (2,000)
At 28 February 2023 1 - - 48,564 48,565
At 1 March 2023 1 - - 48,564 48,565
Loss for the financial year (6,019) (6,019)
Dividends (5,500) (5,500)
At 28 February 2024 1 - - 37,045 37,046
MILLENNIUM NAILS NORTH WEST LIMITED
Notes to the Accounts
for the year ended 28 February 2024
1 Accounting policies
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).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 March 2023 2,885
At 28 February 2024 2,885
Depreciation
At 1 March 2023 2,729
Charge for the year 155
At 28 February 2024 2,884
Net book value
At 28 February 2024 1
At 28 February 2023 156
4 Debtors 2024 2023
£ £
Other debtors 13,173 17,002
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs (1,085) 1,723
Other creditors 2,665 2,317
1,580 4,040
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Justine Chew
[Loan 1] 15,560 31,196 (34,016) 12,740
15,560 31,196 (34,016) 12,740
7 Other information
MILLENNIUM NAILS NORTH WEST LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
300 St Marys Road
Garston
Liverpool
Merseyside
L19 0NQ
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