Body Art Piercing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC206245 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST MAY 2019

FOR

BODY ART PIERCING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

Mr J B R McKenzie

SECRETARY:

Www.firstregistrars.co.uk Limited

REGISTERED OFFICE:

AFM House

6 Crofthead Road

Prestwick

Ayrshire

KA9 1HW

REGISTERED NUMBER:

SC206245 (Scotland)

ACCOUNTANTS:

Firstax Limited

AFM House

6 Crofthead Road

Prestwick

Ayrshire

KA9 1HW

CURRENT ASSETS

Stocks

5

450

450

Debtors

6

1,287

4,675

Cash at bank and in hand

216

37

1,953

5,162

CREDITORS

Amounts falling due within one year

7

1,757

10,756

NET CURRENT ASSETS/(LIABILITIES)

196

(5,594

)

TOTAL ASSETS LESS CURRENT LIABILITIES

196

(5,594

)

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

96

(5,694

)

SHAREHOLDERS' FUNDS

196

(5,594

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st May 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st May 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 19th February 2020 and were signed by:

Mr J B R McKenzie - Director

1.	STATUTORY INFORMATION

Body Art Piercing Limited is a private company, limited by shares , registered in Scotland. The company's registered number

and registered office address can be found on the Company Information page.

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 the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added

tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1st June 2018

and 31st May 2019

210

20

230

DEPRECIATION

At 1st June 2018

and 31st May 2019

210

20

230

NET BOOK VALUE

At 31st May 2019

-

-

-

At 31st May 2018

-

-

-

5.

STOCKS

31.5.19

31.5.18

£

£

Stocks

450

450

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

£

£

Inter company loan

-

3,253

Directors' loan accounts

1,287

-

Deferred tax asset

-

1,422

1,287

4,675

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.19

31.5.18

£

£

Bank loans and overdrafts (see note 8)

-

298

Tax

1,522

-

Social security and other taxes

187

81

Directors' loan accounts

-

10,330

Accrued expenses

48

47

1,757

10,756

8.

LOANS

An analysis of the maturity of loans is given below:

31.5.19

31.5.18

£

£

Amounts falling due within one year or on demand:

Bank overdrafts

-

298

9.	DEFERRED TAX

£

Balance at 1st June 2018

(1,422

)

Charge to Income Statement during year

1,422

Balance at 31st May 2019

-

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.5.19

31.5.18

value:

£

£

100

Ordinary

1

100

100

11.

RESERVES

Retained

earnings

£

At 1st June 2018

(5,694

)

Profit for the year

13,290

Dividends

(7,500

)

At 31st May 2019

96

12.	RELATED PARTY DISCLOSURES

At 31st May 2019, Mr J McKenzie (Director) owed the company £1,287 (2018: the company owed Mr. McKenzie

£10,330).This loan is interest free and has no fixed date for repayment.

13.	ULTIMATE CONTROLLING PARTY

Body Art Piercing Limited was under the ultimate control of Mr J McKenzie (Director) for the whole of the year to 31st May

2019.