Registered number
10867791
Miami Tanning Studio (Coventry) Limited
Filleted Accounts
31 July 2024
Miami Tanning Studio (Coventry) Limited
Registered number: 10867791
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 213,784 123,865
Current assets
Stocks 6,095 6,095
Cash at bank and in hand 213,039 95,322
219,134 101,417
Creditors: amounts falling due within one year 5 (105,344) (111,025)
Net current assets/(liabilities) 113,790 (9,608)
Total assets less current liabilities 327,574 114,257
Provisions for liabilities (54,446) (30,966)
Net assets 273,128 83,291
Capital and reserves
Called up share capital 100 100
Profit and loss account 273,028 83,191
Shareholders' funds 273,128 83,291
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 J Cwalina
Director
Approved by the board on 17 February 2025
Miami Tanning Studio (Coventry) Limited
Notes to the Accounts
for the year ended 31 July 2024
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:
Plant and equipment 20% reducing balance
Computer equipment 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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. 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 tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 7 7
4 Tangible fixed assets
Plant and machinery etc Computer equipment Total
£ £ £
Cost
At 1 August 2023 195,661 6,646 202,307
Additions 138,950 4,414 143,364
At 31 July 2024 334,611 11,060 345,671
Depreciation
At 1 August 2023 76,834 1,608 78,442
Charge for the year 51,555 1,890 53,445
At 31 July 2024 128,389 3,498 131,887
Net book value
At 31 July 2024 206,222 7,562 213,784
At 31 July 2023 118,827 5,038 123,865
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 777 8,045
Accruals 720 720
Taxation and social security costs 103,172 101,498
Other creditors 675 762
105,344 111,025
6 Events after the reporting date
There have been no known events since the balance sheet date which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
7 Pension commitments
There are no known pension commitments which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
8 Contingent liabilities
There are no known contingent liabilities which require disclosure or which would materially affect the amounts in the accounts, other than those already disclosed or included in the accounts.
9 Related party transactions
Total dividends of £84000 were paid during the year to the shareholders of the company. As at the end of the year the company owed £675 to the shareholders of the company. The loan is interest free with no fixed date for repayment,
10 Controlling party
The company is under the control of Mrs Cwalina, being a director, a shareholder and the person with significant control of the company.
11 Other information
Miami Tanning Studio (Coventry) Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Dairy Farm
Upper Stowe
Northants
NN7 4SH
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