Company registration number 07926422 (England and Wales)
ELEGANCE BEAUTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
ELEGANCE BEAUTY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
ELEGANCE BEAUTY LTD
BALANCE SHEET
AS AT
31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
21,337
27,857
Current assets
Debtors
4
27,415
26,703
Cash at bank and in hand
80,980
122,174
108,395
148,877
Creditors: amounts falling due within one year
5
(106,313)
(136,806)
Net current assets
2,082
12,071
Total assets less current liabilities
23,419
39,928
Creditors: amounts falling due after more than one year
6
(14,806)
(32,948)
Provisions for liabilities
(5,128)
(5,094)
Net assets
3,485
1,886
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
3,385
1,786
Total equity
3,485
1,886

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

ELEGANCE BEAUTY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 JANUARY 2024
31 January 2024
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 15 April 2024
Mr PM Sakharelia
Director
Company registration number 07926422 (England and Wales)
ELEGANCE BEAUTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 3 -
1
Accounting policies
Company information

Elegance Beauty Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Fryatt Lodge,, 64 Brooklands Road, Ramford, RM7 7EB.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Short leasehold
10% on cost
Fixtures and fittings
25% on reducing balance
1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

ELEGANCE BEAUTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.5
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.6
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
10
8
ELEGANCE BEAUTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 5 -
3
Tangible fixed assets
Short leasehold
Fixtures and fittings
Total
£
£
£
Cost
At 1 February 2023
10,496
134,621
145,117
Additions
-
0
1,644
1,644
At 31 January 2024
10,496
136,265
146,761
Depreciation and impairment
At 1 February 2023
9,450
107,810
117,260
Depreciation charged in the year
1,050
7,114
8,164
At 31 January 2024
10,500
114,924
125,424
Carrying amount
At 31 January 2024
(4)
21,341
21,337
At 31 January 2023
1,046
26,811
27,857
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
17,645
17,600
Prepayments and accrued income
9,770
9,103
27,415
26,703
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
20,050
34,188
Trade creditors
258
42,801
Taxation and social security
23,147
27,350
Other creditors
62,858
32,467
106,313
136,806
ELEGANCE BEAUTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
6
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
14,806
32,948
7
Financial commitments, guarantees and contingent liabilities

As at the balance sheet date the total financial commitments are £50,000. These commitments are operating lease commitments for rent of two premises.

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