Company registration number 10168523 (England and Wales)
Angel Piercing Ltd
UNAUDITED FINANCIAL STATEMENTS
for the year ended 31 May 2024
PAGES FOR FILING WITH REGISTRAR
Angel Piercing Ltd
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Angel Piercing Ltd
Statement of financial position
as at 31 May 2024
31 May 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
6,666
10,000
Tangible assets
4
178
304
6,844
10,304
Current assets
Stocks
4,200
4,200
Debtors
4,788
5,043
Cash at bank and in hand
499
1,137
9,487
10,380
Creditors: amounts falling due within one year
(11,837)
(8,991)
Net current (liabilities)/assets
(2,350)
1,389
Total assets less current liabilities
4,494
11,693
Creditors: amounts falling due after more than one year
(4,051)
(7,292)
Provisions for liabilities
5
(55)
Net assets
443
4,346
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
442
4,345
Total equity
443
4,346
Angel Piercing Ltd
Statement of financial position (continued)
as at 31 May 2024
31 May 2024
- 2 -
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).
The director of the company has elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 19 November 2024
D Sharrat
Director
Company registration number 10168523 (England and Wales)
Angel Piercing Ltd
Notes to the financial statements
for the year ended 31 May 2024
- 3 -
1
Accounting policies
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. The principal accounting policies adopted are set out below.
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.
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
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:
Plant and equipment
25% reducing balance
Stocks
Stock and work in progress are recorded at the lower of cost and net realisable value.
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 income statement 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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences. Such liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of other assets and liabilities in transaction that affects neither the tax nor the accounting profit.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Angel Piercing Ltd
Notes to the financial statements (continued)
for the year ended 31 May 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
3
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
10,000
Amortisation and impairment
At 1 June 2023
Amortisation charged for the year
3,334
At 31 May 2024
3,334
Carrying amount
At 31 May 2024
6,666
At 31 May 2023
10,000
4
Tangible fixed assets
Plant and equipment
£
Cost
At 1 June 2023 and 31 May 2024
1,595
Depreciation and impairment
At 1 June 2023
1,291
Depreciation charged in the year
126
At 31 May 2024
1,417
Carrying amount
At 31 May 2024
178
At 31 May 2023
304
Angel Piercing Ltd
Notes to the financial statements (continued)
for the year ended 31 May 2024
- 5 -
5
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
55
6
Company information
Angel Piercing Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 29 Market Place, Doncaster, South Yorkshire, DN1 1NE.