Registered number
04928447
Formula 1 Cosmetic Developments Ltd
Filleted Accounts
31 October 2023
Formula 1 Cosmetic Developments Ltd
Registered number: 04928447
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 6,207 7,807
Current assets
Debtors 4 19,563 38,250
Cash at bank and in hand 4,857 9,846
24,420 48,096
Creditors: amounts falling due within one year 5 (30,542) (31,540)
Net current (liabilities)/assets (6,122) 16,556
Total assets less current liabilities 85 24,363
Provisions for liabilities - (1,040)
Net assets 85 23,323
Capital and reserves
Called up share capital 3 3
Profit and loss account 82 23,320
Shareholders' funds 85 23,323
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
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.
Mrs A Righton
Director
Approved by the board on 24 October 2024
Formula 1 Cosmetic Developments Ltd
Notes to the Accounts
for the year ended 31 October 2023
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:
Leasehold land and buildings 10% straight line
Plant and machinery 25% reducing balance
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 3
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 34,915 75,612 110,527
Additions - 484 484
At 31 October 2023 34,915 76,096 111,011
Depreciation
At 1 November 2022 33,513 69,207 102,720
Charge for the year 350 1,734 2,084
At 31 October 2023 33,863 70,941 104,804
Net book value
At 31 October 2023 1,052 5,155 6,207
At 31 October 2022 1,402 6,405 7,807
4 Debtors 2023 2022
£ £
Trade debtors 14,790 33,633
Other debtors 4,773 4,617
19,563 38,250
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 345 4,892
Taxation and social security costs 9,392 22,321
Other creditors 20,805 4,327
30,542 31,540
6 Related party transactions 2023 2022
£ £
Mrs A Righton
Rent paid to the director Mrs A Righton 10,800 10,800
7 Other information
Formula 1 Cosmetic Developments Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Demar House, 14 Church Road
East Wittering
Chichester
West Sussex
PO20 8PS
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