NICOLAS ABLITT HAIR STUDIO LTD 30/09/2020 iXBRL

NICOLAS ABLITT HAIR STUDIO LTD 30/09/2020 iXBRL

NICOLAS ABLITT HAIR STUDIO LTD - Company Information

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Company registration number: 08686303
NICOLAS ABLITT HAIR STUDIO LTD
Unaudited financial statements
30 September 2020
NICOLAS ABLITT HAIR STUDIO LTD
Contents
Directors and other information
Directors report
Accountants report
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Notes to the financial statements
NICOLAS ABLITT HAIR STUDIO LTD
Directors and other information
Directors Mr N.A. Ablitt
Mrs A.L. Clark
Company number 08686303
Registered office 15 Lampits Hill
Corringham
Essex
SS17 9AA
Business address 80 Woodbrooke Way
Corringham
Essex
SS17 9DW
Accountants A.W. Fenn & Co
15 Lampits Hill
Corringham
Essex
SS17 9AA
Bankers Barclays
24 Grover Walk
Stanford-le-Hope
Essex
SS17 7LY
NICOLAS ABLITT HAIR STUDIO LTD
Directors report
Year ended 30th September 2020
The directors present their report and the unaudited financial statements of the company for the year ended 30th September 2020.
Directors
The directors who served the company during the year were as follows:
Mr N.A. Ablitt
Mrs A.L. Clark
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 5 March 2021 and signed on behalf of the board by:
Mr N.A. Ablitt
Director
NICOLAS ABLITT HAIR STUDIO LTD
Report to the board of directors on the preparation of the
unaudited statutory financial statements of NICOLAS ABLITT HAIR STUDIO LTD
Year ended 30th September 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of NICOLAS ABLITT HAIR STUDIO LTD for the year ended 30th September 2020 which comprise the statement of comprehensive income, 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 NICOLAS ABLITT HAIR STUDIO LTD, as a body, in accordance with the terms of our engagement letter dated 4th October 2014. Our work has been undertaken solely to prepare for your approval the financial statements of NICOLAS ABLITT HAIR STUDIO LTD and state those matters that we have agreed to state to the board of directors of NICOLAS ABLITT HAIR STUDIO 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 NICOLAS ABLITT HAIR STUDIO LTD and its board of directors as a body for our work or for this report.
It is your duty to ensure that NICOLAS ABLITT HAIR STUDIO 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 NICOLAS ABLITT HAIR STUDIO LTD. You consider that NICOLAS ABLITT HAIR STUDIO 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 NICOLAS ABLITT HAIR STUDIO 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.
A.W. Fenn & Co
A.W. Fenn & Co
Chartered Certified Accountants
15 Lampits Hill
Corringham
Essex
SS17 9AA
Dated: 8th March 2021
NICOLAS ABLITT HAIR STUDIO LTD
Statement of comprehensive income
Year ended 30th September 2020
2020 2019
Note £ £
Turnover 166,360 207,154
Cost of sales ( 116,042) ( 117,471)
_______ _______
Gross profit 50,318 89,683
Administrative expenses ( 59,111) ( 70,438)
Other operating income 47,014 -
_______ _______
Operating profit 38,221 19,245
Other interest receivable and similar income 43 109
Profit before taxation 38,264 19,354
Tax on profit ( 7,270) ( 3,677)
_______ _______
Profit for the financial year and total comprehensive income 30,994 15,677
_______ _______
All the activities of the company are from continuing operations.
NICOLAS ABLITT HAIR STUDIO LTD
Statement of financial position
30th September 2020
2020 2019
Note £ £ £ £
Current assets
Stocks 1,775 1,775
Debtors 6 729 603
Cash at bank and in hand 77,832 37,295
_______ _______
80,336 39,673
Creditors: amounts falling due
within one year 7 ( 39,621) ( 29,952)
_______ _______
Net current assets 40,715 9,721
_______ _______
Total assets less current liabilities 40,715 9,721
_______ _______
Net assets 40,715 9,721
_______ _______
Capital and reserves
Called up share capital 11 11
Profit and loss account 40,704 9,710
_______ _______
Shareholders funds 40,715 9,721
_______ _______
For the year ending 30 September 2020 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 Section 1A of 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 5 March 2021 , and are signed on behalf of the board by:
Mrs A.L. Clark
Director
Company registration number: 08686303
NICOLAS ABLITT HAIR STUDIO LTD
Statement of changes in equity
Year ended 30th September 2020
Called up share capital Profit and loss account Total
£ £ £
At 1st October 2018 10 4,033 4,043
Profit for the year 15,677 15,677
_______ _______ _______
Total comprehensive income for the year - 15,677 15,677
Issue of shares 1 1
Dividends paid and payable ( 10,000) ( 10,000)
_______ _______ _______
Total investments by and distributions to owners 1 ( 10,000) ( 9,999)
_______ _______ _______
At 30th September 2019 and 1st October 2019 11 9,710 9,721
Profit for the year 30,994 30,994
_______ _______ _______
Total comprehensive income for the year - 30,994 30,994
_______ _______ _______
At 30th September 2020 11 40,704 40,715
_______ _______ _______
NICOLAS ABLITT HAIR STUDIO LTD
Notes to the financial statements
Year ended 30th September 2020
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 15 Lampits Hill, Corringham, Essex, SS17 9AA.
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'. The Triennial review 2017 amendments to the standard have been early adopted.
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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
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:
Fittings fixtures and equipment - 30 % straight line
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.
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 6 (2019: 6 ).
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1st October 2019 and 30th September 2020 32,671 32,671
_______ _______
Depreciation
At 1st October 2019 and 30th September 2020 32,671 32,671
_______ _______
Carrying amount
At 30th September 2020 - -
_______ _______
At 30th September 2019 - -
_______ _______
6. Debtors
2020 2019
£ £
Other debtors 729 603
_______ _______
7. Creditors: amounts falling due within one year
2020 2019
£ £
Trade creditors 1,655 2,101
Corporation tax 7,270 3,677
Social security and other taxes 20,425 16,432
Other creditors 10,271 7,742
_______ _______
39,621 29,952
_______ _______
8. Controlling party
The company is controlled by its directors.