Registered number
11288136
Future In Beauty Limited
Filleted Accounts
31 October 2023
Future In Beauty Limited Registered number
Balance Sheet 11288136
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 2 1,748 473
Current assets
Debtors 3 2,019 3,797
Cash at bank and in hand 28,489 23,364
30,508 27,161
Creditors: amounts falling due within one year 4 (56,471) (37,831)
Net current liabilities (25,963) (10,670)
Total assets less current liabilities (24,215) (10,197)
Creditors: amounts falling due after more than one year 5 (15,750) (22,750)
Net liabilities (39,965) (32,947)
Capital and reserves
Called up share capital 50 50
Profit and loss account (40,015) (32,997)
Shareholders' funds (39,965) (32,947)
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.
T Henderson
Director
Approved by the board on 30 October 2024
Future In Beauty Limited
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.
Going concern basis
The accounts have been prepared on the going concern basis. The directors believe this basis to be appropriate since, although the company had net liabilities at the balance sheet date, it is trading profitably. It is further assumed that the company's directors and creditors will provide such financial support to the company as is necessary for it to continue operating.
Turnover
Turnover represents the amounts receivable for goods and services supplied, net of value added tax.
Tangible fixed assets
Tangible fixed assets are measured at cost less depreciation. Depreciation has been provided at the following rate in order to write off the assets over their estimated useful lives:
Equipment - 25% p.a. on the reducing balance basis
2 Tangible fixed assets
Equipment
£
Cost
At 1 November 2022 1,326
Additions 1,857
At 31 October 2023 3,183
Depreciation
At 1 November 2022 853
Charge for the year 582
At 31 October 2023 1,435
Net book value
At 31 October 2023 1,748
At 31 October 2022 473
3 Debtors 2023 2022
£ £
Other debtors 2,019 3,797
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loan 7,000 7,000
Trade creditors - 275
Corporation tax 9,384 4,074
Other taxes 15,334 15,899
Other creditors 24,753 10,583
56,471 37,831
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loan 15,750 22,750
6 Bank loan 2023 2022
£ £
The bank loan includes:
Instalments falling due after more than five years - 5,833
7 Remuneration trust 2023 2022
£ £
Remuneration trust contributions 20,000 40,000
8 Contingent liabilities
HM Revenue & Customs have queried the tax treatment of remuneration trust contributions made by the company but it is not practicable to quantify how much tax might be at stake. No provision has been made in the accounts in relation to this matter since the company's advisors are confident that the tax treatment adopted by the company is correct.
9 Employees 2023 2022
Number Number
Average number of employees 2 2
10 Controlling parties
The company is controlled by Mr T Henderson and Mrs C Henderson, who between them own the company's entire issued share capital.
11 Other information
Future In Beauty Limited is a private company limited by shares and incorporated in England. Its registered office is Englands Lane Business Centre, 47 Englands Lane, Gorleston, Great Yarmouth, Norfolk, England, NR31 6BE.
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