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Registration number: 08852585

Silky Health & Beauty Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Silky Health & Beauty Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Silky Health & Beauty Ltd

(Registration number: 08852585)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,893

708

Current assets

 

Debtors

5

69,825

28,420

Cash at bank and in hand

 

238

1,607

 

70,063

30,027

Creditors: Amounts falling due within one year

6

(14,641)

(8,873)

Net current assets

 

55,422

21,154

Net assets

 

58,315

21,862

Capital and reserves

 

Called up share capital

2

2

Retained earnings

58,313

21,860

Shareholders' funds

 

58,315

21,862

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

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

The director acknowledges her 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 director on 16 August 2024
 

.........................................
Mrs K Maclean
Director

 

Silky Health & Beauty Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

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

The address of its registered office is:
23 Netherhall Road
Doncaster
South Yorkshire
DN1 2PH

These financial statements were authorised for issue by the director on 16 August 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.

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the accrual model.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Silky Health & Beauty Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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

Equipment

20% per annum on a reducing balance basis

Property improvements

2 years straight line

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Silky Health & Beauty Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Tangible assets

Equipment
 £

Total
£

Cost or valuation

At 1 February 2023

4,751

4,751

Additions

2,910

2,910

At 31 January 2024

7,661

7,661

Depreciation

At 1 February 2023

4,043

4,043

Charge for the year

725

725

At 31 January 2024

4,768

4,768

Carrying amount

At 31 January 2024

2,893

2,893

At 31 January 2023

708

708

5

Debtors

Note

2024
£

2023
£

Amounts owed by related parties

7

69,630

28,230

Prepayments

 

195

190

 

69,825

28,420

6

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Amounts owed to related parties

7

3,582

2,936

Corporation tax

 

9,501

4,883

Accrued expenses

 

1,558

1,054

 

14,641

8,873

 

Silky Health & Beauty Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Related party transactions

Loans to related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

28,230

28,230

Advanced

49,400

49,400

Repaid

(8,000)

(8,000)

At end of period

69,630

69,630

2023

Entities with joint control or significant influence
£

Total
£

At start of period

25,000

25,000

Advanced

3,230

3,230

At end of period

28,230

28,230

Loans from related parties

2024

Entities with joint control or significant influence
£

Total
£

At start of period

2,755

2,755

At end of period

2,755

2,755

2023

Entities with joint control or significant influence
£

Total
£

At start of period

16,600

16,600

Repaid

(13,845)

(13,845)

At end of period

2,755

2,755

Terms of loans from related parties

There are no repayment terms and interest is not charged on the balance.