Picassos Nail Studio Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05097446 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 August 2018

for

Picassos Nail Studio Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

17,957

22,519

CURRENT ASSETS

Stocks

7,625

7,292

Debtors

5

27,401

11,621

Cash in hand

1,264

2,093

36,290

21,006

CREDITORS

Amounts falling due within one year

6

42,457

83,142

NET CURRENT LIABILITIES

(6,167

)

(62,136

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,790

(39,617

)

CREDITORS

Amounts falling due after more than one year

7

-

10,975

NET ASSETS/(LIABILITIES)

11,790

(50,592

)

CAPITAL AND RESERVES

Called up share capital

9

49,150

49,150

Retained earnings

(37,360

)

(99,742

)

SHAREHOLDERS' FUNDS

11,790

(50,592

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors on 7 May 2019 and were signed on its behalf by:

P R Tomlinson - Director

1.	STATUTORY INFORMATION

Picassos Nail Studio Limited is a private company, limited by shares , registered in England and

Wales. The company's registered number and registered office address are as below:

Registered number:

05097446

Registered office:

Milner Way

Off Wakefield Road

Ossett

West Yorkshire

WF5 9AW

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102

"The Financial Reporting Standard applicable in UK and Republic of Ireland" and the Companies Act

2006 as applicable to companies subject to the small companies regime. The disclosure requirements

of section 1A of FRS102 have been applied other than where additional disclosure is required to give a

true and fair view.

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and

rewards are considered to have been transferred to the buyer. Turnover from the supply of services

represents the value of services provided under contracts to the extent that there is a right to

consideration and is recorded at the fair value of the consideration received or receivable.

Tangible fixed assets

Tangible fixed assets are stated at purchase cost together with any incidental expenses of acquisition,

net of depreciation and any provision for impairment.

Depreciation is provided on all tangible assets at rates calculated to write off the cost less estimated

residual value of each asset over its expected useful life as follows:

Improvements to property

- 20% straight line

Fixtures and fittings

- 10% straight line

Computer equipment

- 20% straight line

Motor vehicles

- 20% reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an

asset after deducting estimated costs of disposal, if the asset were already at an age and in the

condition expected at the end of its estimated useful life.

The need for any fixed asset impairment write down is assessed by comparison of the carrying value

of the assets against the higher of realisable value and value in use.

The gain or loss arising on the disposal of an asset is determined on the difference between the sale

proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent

to the net realisable value. Cost is based on the purchase cost of materials. Cost is calculated using

the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items

where appropriate.

Taxation

Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered)

using the tax rates and laws that have been enacted or substantively enacted by the balance sheet

date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date where transactions or events that result in an obligation to pay more tax in the

future or a right to pay less tax in the future have occurred at the balance sheet date. Timing

differences are differences between the company's taxable profits and its results as stated in the

financial statements that arise from the inclusion of gains and losses in tax assessments in periods

different from those in which they are recognised in the financial statements. Deferred tax is measured

using the tax rates and laws that have been enacted or substantively enacted by the balance sheet

date and are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that, on the basis

of all available evidence, it can be regarded as more likely than not that there will be suitable taxable

profits from which the future reversal of the underlying timing differences can be deducted.

Leasing commitments

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the

payments are not made on such basis. Benefits received and receivable as an incentive to sign an

operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the

contractual provisions of the instrument.

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.

All financial assets and liabilities are initially measured at transaction price (including transaction

costs), except for those financial assets classified as at fair value through profit and loss, which are

initially measured at fair value (which is normally the transaction price excluding transaction costs),

unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing

transaction, the financial asset or financial liability is measured at the present value of the future

payments discounted at a market rate of interest for a similar debt instrument.

The following assets and liabilities are classified as basic financial instruments - trade debtors, other

debtors, cash and bank balances, trade creditors, and other creditors.

Trade debtors, other debtors, cash and bank balances, trade creditors, and other creditors (being

repayable on demand) are measured at the amortised cost equivalent to the undiscounted amount of

cash or other consideration expected to be paid or received.

Impairment of assets

Assets are assessed for indicators of impairment at each balance sheet date. If there is objective

evidence of impairment, an impairment loss is recognised in profit and loss as described below.

Financial assets

For financial assets carried at cost less impairment, the impairment loss is the difference between the

asset's carrying amount and the best estimate of the amount that would be received for the asset if it

were sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively

to an event occurring after the impairment was recognised, the prior impairment loss is tested to

determine reversal. An impairment loss is reversed on an individual impaired financial asset to the

extent that the revised recoverable value does not lead to a revised carrying amount higher than the

carrying value had impairment not been recognised.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2017 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2017

80,287

Additions

2,480

At 31 August 2018

82,767

DEPRECIATION

At 1 September 2017

57,768

Charge for year

7,042

At 31 August 2018

64,810

NET BOOK VALUE

At 31 August 2018

17,957

At 31 August 2017

22,519

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

4,004

5,038

Other debtors

23,397

6,583

27,401

11,621

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

17,982

38,254

Trade creditors

3,897

6,750

Taxation and social security

5,176

3,349

Other creditors

15,402

34,789

42,457

83,142

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Other creditors

-

10,975

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2018

2017

£

£

Within one year

10,779

10,780

Between one and five years

8,983

19,762

19,762

30,542

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

49,150

Ordinary

£1

49,150

49,150