Company registration number 09105570 (England and Wales)
AESTHETIC BUSINESS TRANSFORMATIONS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
AESTHETIC BUSINESS TRANSFORMATIONS LIMITED
COMPANY INFORMATION
Directors
Miss P A M Underdown
Mr A R Houghton
Company number
09105570
Registered office
Flat 5
Sussex Court
Sussex Road
Southsea
Hampshire
England
PO5 3EY
Accountants
HJS Chartered Accountants
6 Charlecote Mews
Staple Gardens
Winchester
Hampshire
England
SO23 8SR
AESTHETIC BUSINESS TRANSFORMATIONS LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4
Notes to the financial statements
5 - 8
AESTHETIC BUSINESS TRANSFORMATIONS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 1 -
The directors present their annual report and financial statements for the year ended 30 September 2024.
Principal activities
The principal activity of the company continued to be that of management consultancy.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Miss P A M Underdown
Mr A R Houghton
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr A R Houghton
Director
29 November 2024
AESTHETIC BUSINESS TRANSFORMATIONS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF AESTHETIC BUSINESS TRANSFORMATIONS LIMITED FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Aesthetic Business Transformations Limited for the year ended 30 September 2024 set out on pages 3 to 8 from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Aesthetic Business Transformations Limited, as a body, in accordance with the terms of our engagement letter dated 30 May 2016. Our work has been undertaken solely to prepare for your approval the financial statements of Aesthetic Business Transformations Limited and state those matters that we have agreed to state to the board of directors of Aesthetic Business Transformations Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Aesthetic Business Transformations Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Aesthetic Business Transformations Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Aesthetic Business Transformations Limited. You consider that Aesthetic Business Transformations Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Aesthetic Business Transformations Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
HJS Chartered Accountants
29 November 2024
6 Charlecote Mews
Staple Gardens
Winchester
Hampshire
England
SO23 8SR
AESTHETIC BUSINESS TRANSFORMATIONS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
2024
2023
£
£
Turnover
134,669
81,692
Cost of sales
(67,120)
(31,653)
Gross profit
67,549
50,039
Administrative expenses
(28,900)
(27,831)
Operating profit
38,649
22,208
Interest payable and similar expenses
(449)
(61)
Profit before taxation
38,200
22,147
Tax on profit
(7,822)
(4,219)
Profit for the financial year
30,378
17,928
The profit and loss account has been prepared on the basis that all operations are continuing operations.
AESTHETIC BUSINESS TRANSFORMATIONS LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 4 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
5
12,645
6,904
Cash at bank and in hand
18,161
30,806
6,904
Creditors: amounts falling due within one year
6
(16,633)
(6,073)
Net current assets
14,173
831
Creditors: amounts falling due after more than one year
7
(12,964)
Net assets
1,209
831
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
1,208
830
Total equity
1,209
831
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 November 2024 and are signed on its behalf by:
Mr A R Houghton
Director
Company Registration No. 09105570
AESTHETIC BUSINESS TRANSFORMATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
1
Accounting policies
Company information
Aesthetic Business Transformations Limited is a private company limited by shares incorporated in England and Wales. The registered office is Flat 5, Sussex Court, Sussex Road, Southsea, Hampshire, England, PO5 3EY.
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.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from a contract to provide management consultancy services is recognised by reference to the stage of completion of the contract. The stage of completion of the contract is determined by reference to the hours worked as a proportion of total hours to be worked at the reporting date.
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:
Computer equipment
25% on cost
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
AESTHETIC BUSINESS TRANSFORMATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.5
Financial instruments
The company only enters into Basic financial instrument transactions.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The 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.
AESTHETIC BUSINESS TRANSFORMATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.
Unrelieved tax losses and other 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.
The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
2
2
AESTHETIC BUSINESS TRANSFORMATIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 8 -
4
Tangible fixed assets
Computer equipment
£
Cost
At 1 October 2023 and 30 September 2024
1,967
Depreciation and impairment
At 1 October 2023 and 30 September 2024
1,967
Carrying amount
At 30 September 2024
At 30 September 2023
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
10,645
6,904
Prepayments and accrued income
2,000
12,645
6,904
6
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
7,822
4,220
Other taxation and social security
6,957
Accruals and deferred income
1,854
1,853
16,633
6,073
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
12,964
8
Related party transactions
Miss Pam Underdown
During the year the company maintained a current account with the director.
At the balance sheet date, the director owed the company an amount of £10,645 (2023: £6,904). This amount is to repaid within 9 months of the year end.