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Registered Number: 05687997
England and Wales

 

 

 

URBAN PIERCINGS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2023

End date: 31 March 2024
Directors Peter John Dewhurst
Tim Edward Hooper
Registered Number 05687997
Registered Office C/O Melanie Curtis Accountants Ltd
100 Berkshire Place Winnersh
Wokingham
Berkshire
RG41 5RD
Secretary John Alfred Dewhurst
1
Director's report and financial statements
The directors present their annual report and the financial statements for the year ended 31 March 2024
Principal activities
The companys principal activity during the year was that of a piercing salon.
Directors
The directors who served the company throughout the year were as follows:
Peter John Dewhurst
Tim Edward Hooper

This report was approved by the board and signed on its behalf by:


----------------------------------
Tim Edward Hooper
Director

Date approved: 04 June 2024
2
 
 
Notes
 
31/03/2024
£
  31/03/2023
£
Fixed assets      
Tangible fixed assets 4 3,161    3,574 
3,161    3,574 
Current assets      
Stocks 5 15,475    8,838 
Debtors 6 16,369    20,289 
Cash at bank and in hand 6,949    6,245 
38,793    35,372 
Creditors: amount falling due within one year 7 (31,470)   (23,275)
Net current assets 7,323    12,097 
 
Total assets less current liabilities 10,484    15,671 
Creditors: amount falling due after more than one year 8 (9,281)   (14,921)
Provisions for liabilities 9 (561)   (631)
Net assets 642    119 
 

Capital and reserves
     
Called up share capital 100    100 
Retained earnings 542    19 
Shareholders' funds 642    119 
 


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

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 04 June 2024 and were signed on its behalf by:


-------------------------------
Tim Edward Hooper
Director
3
General Information
Urban Piercings Limited is a private company, limited by shares, registered in England and Wales, registration number 05687997, registration address C/O Melanie Curtis Accountants Ltd, 100 Berkshire Place Winnersh, Wokingham, Berkshire , RG41 5RD.

The presentation currency is £ sterling.
1.

Accounting policies

Basis of preparing the financial statements
These financial statements have been in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statement have been prepared under the historical cost convention.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
Hire purchase and leasing commitmments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.


Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of seventeen years.
Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and Machinery 25% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
Improvements to property 25% Reducing Balance
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. 
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees

Average number of employees during the year was 5 (2023 : 5).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 April 2023 50,000    50,000 
Additions  
Disposals  
At 31 March 2024 50,000    50,000 
Amortisation
At 01 April 2023 50,000    50,000 
Charge for year  
On disposals  
At 31 March 2024 50,000    50,000 
Net book values
At 31 March 2024  
At 31 March 2023  


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Computer Equipment   Improvements to property   Total
  £   £   £   £   £
At 01 April 2023 5,658    6,069    4,379    3,717    19,823 
Additions 615          615 
Disposals        
At 31 March 2024 6,273    6,069    4,379    3,717    20,438 
Depreciation
At 01 April 2023 3,390    5,955    3,220    3,684    16,249 
Charge for year 702    28    290      1,028 
On disposals        
At 31 March 2024 4,092    5,983    3,510    3,692    17,277 
Net book values
Closing balance as at 31 March 2024 2,181    86    869    25    3,161 
Opening balance as at 01 April 2023 2,268    114    1,159    33    3,574 


5.

Stocks

31/03/2024
£
  31/03/2023
£
Stocks 15,475    8,838 
15,475    8,838 

6.

Debtors: amounts falling due within one year

31/03/2024
£
  31/03/2023
£
Prepayments & Accrued Income 6,692    5,771 
Other Debtors 5,032   
Tax Recoverable 4,566    4,918 
Directors' Current Accounts 79    9,600 
16,369    20,289 

7.

Creditors: amount falling due within one year

31/03/2024
£
  31/03/2023
£
Trade Creditors 8,283    2,865 
Bank Loans 5,041    4,795 
Social Security and Other Taxes 17,886    14,157 
Other Creditors 260    1,458 
31,470    23,275 

8.

Creditors: amount falling due after more than one year

31/03/2024
£
  31/03/2023
£
Bank loans 2-5 years 3,994    9,880 
Bank Loans 1-2 years 5,287    5,041 
9,281    14,921 

9.

Provisions for liabilities

31/03/2024
£
  31/03/2023
£
Deferred Tax 561    631 
561    631 

4