J. Veiga Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC252618 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2020

FOR

J. VEIGA LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

J V Veiga

SECRETARY:

Mrs J Veiga

REGISTERED OFFICE:

22 Adelaide Road

Kirkcaldy

KY2 6FA

REGISTERED NUMBER:

SC252618 (Scotland)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

Q Court

3 Quality Street

Edinburgh

EH4 5BP

FIXED ASSETS

Intangible assets

4

750

1,000

Tangible assets

5

213

251

963

1,251

CURRENT ASSETS

Debtors

6

-

30

Cash at bank and in hand

4,624

4,521

4,624

4,551

CREDITORS

Amounts falling due within one year

7

5,177

4,299

NET CURRENT (LIABILITIES)/ASSETS

(553

)

252

TOTAL ASSETS LESS CURRENT LIABILITIES

410

1,503

PROVISIONS FOR LIABILITIES

8

36

44

NET ASSETS

374

1,459

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

373

1,458

SHAREHOLDERS' FUNDS

374

1,459

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 24 November 2020 and were signed by:

J V Veiga - Director

1.	STATUTORY INFORMATION

J. Veiga 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.

The financial statements have been prepared on a going concern basis. The Director has reviewed and considered relevant information, including the annual budget and future cash flows in making his assessment. In particular, in response to the COVID-19 pandemic, the Director has tested his cash flow analysis to take into account the impact on the business of possible scenarios brought on by the impact of COVID-19, alongside the measures that he can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Director has concluded that he can continue to adopt the going concern basis in preparing the annual report and accounts.

TURNOVER

Turnover is the amount receivable from the provision of hairdressing services and is recognised when the service is provided to the customer, excluding value added tax.

GOODWILL

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

INTANGIBLE ASSETS

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 - 15% on reducing balance

Computer equipment - 33% straight line

GOVERNMENT GRANTS

Grants are accounted for under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to the profit and loss account at the same rate as the depreciation on the asset to which the grant relates. The deferred element of grants is included in creditors as deferred income.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate. Job Retention Scheme grants relates to staff that have been furloughed due to Covid-19. The Small Business Grant relates to assistance with business costs due to Covid-19.

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met. usually on submission of a valid claim for payment.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that 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 it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2019

and 31 July 2020

5,000

AMORTISATION

At 1 August 2019

4,000

Charge for year

250

At 31 July 2020

4,250

NET BOOK VALUE

At 31 July 2020

750

At 31 July 2019

1,000

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 August 2019

and 31 July 2020

1,259

300

1,559

DEPRECIATION

At 1 August 2019

1,008

300

1,308

Charge for year

38

-

38

At 31 July 2020

1,046

300

1,346

NET BOOK VALUE

At 31 July 2020

213

-

213

At 31 July 2019

251

-

251

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

-

30

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Taxation and social security

2,514

2,944

Other creditors

2,663

1,355

5,177

4,299

8.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

Accelerated capital allowances

36

44

Deferred

tax

£

Balance at 1 August 2019

44

Accelerated capital allowance

(8

)

Balance at 31 July 2020

36

9.	RELATED PARTY DISCLOSURES

Included in 'Other creditors' is an amount of £128 (2019 - £128) due by the company to the director. This loan is interest free and repayable on demand.