Soaks Bathrooms Ltd 31/01/2019 iXBRL

SOAKS BATHROOMS LTD - Company Information

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Statement of consent to prepare abridged financial statements

All of the members of Soaks Bathrooms Ltd have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 31 January 2019 in accordance with Section 444(2A) of the Companies Act 2006.

Company registration number: NI060763

Soaks Bathrooms Ltd

Trading as Soaks Bathrooms Ltd

Unaudited abridged financial statements

31 January 2019

Soaks Bathrooms Ltd

Contents

Directors and other information

Directors report

Accountants report

Abridged statement of comprehensive income

Abridged statement of financial position

Statement of changes in equity

Notes to the financial statements

Soaks Bathrooms Ltd

Directors and other information


	Directors	Mr Wayne Lyons


	Company number	NI060763


	Registered office	11 Abbey Street
		Armagh
		BT61 7DX


	Business address	3 Falcon Road
		Belfast
		BT12 6RD


	Accountants	Business Account Services
		11 Abbey Street
		Armagh
		BT61 7DX

Soaks Bathrooms Ltd

Directors report

Year ended 31 January 2019

The directors present their report and the unaudited financial statements of the company for the year ended 31 January 2019.

Directors

The directors who served the company during the year were as follows:

Mr Wayne Lyons

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 14 October 2019 and signed on behalf of the board by:

Mr Wayne Lyons

Director

Soaks Bathrooms Ltd

Report to the board of directors on the preparation of the

unaudited statutory financial statements of Soaks Bathrooms Ltd

Year ended 31 January 2019

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Soaks Bathrooms Ltd for the year ended 31 January 2019 which comprise the abridged statement of comprehensive income, abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.

This report is made solely to the board of directors of Soaks Bathrooms Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Soaks Bathrooms Ltd and state those matters that we have agreed to state to the board of directors of Soaks Bathrooms Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Soaks Bathrooms Ltd and its board of directors as a body for our work or for this report.

It is your duty to ensure that Soaks Bathrooms Ltd 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 Soaks Bathrooms Ltd. You consider that Soaks Bathrooms Ltd 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 Soaks Bathrooms Ltd. 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.

Business Account Services

11 Abbey Street

Armagh

BT61 7DX

14 October 2019

Soaks Bathrooms Ltd

Abridged statement of comprehensive income

Year ended 31 January 2019

		2019	2018
	Note	£	£

Gross profit		1,103,394	1,005,137

Administrative expenses		( 853,710)	( 735,620)
		_______	_______
Operating profit		249,684	269,517

Interest payable and similar expenses		( 25,519)	( 10,113)
		_______	_______
Profit before taxation	5	224,165	259,404

Tax on profit		( 42,705)	( 42,437)
		_______	_______
Profit for the financial year and total comprehensive income		181,460	216,967
		_______	_______

All the activities of the company are from continuing operations.

Soaks Bathrooms Ltd

Abridged statement of financial position

31 January 2019

		2019		2018
	Note	£	£	£	£

Fixed assets
Tangible assets	6	418,866		417,806
Investments	7	30,299		30,000
		_______		_______
			449,165		447,806

Current assets
Stocks		378,037		302,669
Debtors		253,157		253,169
Cash at bank and in hand		408,446		422,732
		_______		_______
		1,039,640		978,570
Creditors: amounts falling due
within one year		( 614,293)		( 715,324)
		_______		_______
Net current assets			425,347		263,246
			_______		_______
Total assets less current liabilities			874,512		711,052

Creditors: amounts falling due
after more than one year			( 32,000)		-
			_______		_______
Net assets			842,512		711,052
			_______		_______

Capital and reserves
Called up share capital			1		1
Revaluation reserve			90,000		90,000
Profit and loss account			752,511		621,051
			_______		_______
Shareholders funds			842,512		711,052
			_______		_______

For the year ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements were approved by the board of directors and authorised for issue on 14 October 2019 , and are signed on behalf of the board by:

Mr Wayne Lyons

Director

Company registration number: NI060763

Soaks Bathrooms Ltd

Statement of changes in equity

Year ended 31 January 2019

	Called up share capital	Revaluation reserve	Profit and loss account	Total
	£	£	£	£


At 1 February 2017 (as previously reported)	1	-	424,084	424,085
Prior period adjustments	(-)	90,000	(-)	90,000
	_______	_______	_______	_______
At 1 February 2017 (restated)	1	90,000	424,084	514,085

Profit for the year			216,967	216,967
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	216,967	216,967

Dividends paid and payable			( 20,000)	( 20,000)
	_______	_______	_______	_______
Total investments by and distributions to owners	-	-	( 20,000)	( 20,000)

	_______	_______	_______	_______
At 31 January 2018 and 1 February 2018	1	90,000	621,051	711,052

Profit for the year			181,460	181,460
	_______	_______	_______	_______
Total comprehensive income for the year	-	-	181,460	181,460

Dividends paid and payable			( 50,000)	( 50,000)
	_______	_______	_______	_______
Total investments by and distributions to owners	-	-	( 50,000)	( 50,000)

	_______	_______	_______	_______
At 31 January 2019	1	90,000	752,511	842,512
	_______	_______	_______	_______

Soaks Bathrooms Ltd

Notes to the financial statements

Year ended 31 January 2019

1. General information

The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 11 Abbey Street, Armagh, BT61 7DX.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Fixed asset investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to Nil (2018: Nil).

5. Profit before taxation

Profit before taxation is stated after charging/(crediting):

	2019	2018
	£	£
Depreciation of tangible assets	12,444	12,377
	_______	_______

6. Tangible assets


		£
	Cost
	At 1 February 2018	485,164
	Additions	13,505
		_______
	At 31 January 2019	498,669
		_______
	Depreciation
	At 1 February 2018	67,359
	Charge for the year	12,444
		_______
	At 31 January 2019	79,803
		_______
	Carrying amount
	At 31 January 2019	418,866
		_______
	At 31 January 2018	417,805
		_______

7. Investments


		£
	Cost
	At 1 February 2018	30,000
	Additions	299
		_______
	At 31 January 2019	30,299
		_______
	Impairment
	At 1 February 2018 and 31 January 2019	-
		_______
	Carrying amount
	At 31 January 2019	30,299
		_______
	At 31 January 2018	30,000
		_______

8. Directors advances, credits and guarantees