Elegance Lashes Limited - Period Ending 2020-02-28

Elegance Lashes Limited

Contents

Company Information	1
Balance Sheet	2
Statement of Changes in Equity	3
Notes to the Financial Statements	4 to 6

Elegance Lashes Limited

Company Information

Directors

Miss M Ward Mr K Fisher

Registered office

Unit 1 Guinness Road Trading Estate Guinness Road Manchester M17 1SB

Elegance Lashes Limited

(Registration number: 10623514)
Balance Sheet as at 28 February 2020

	Note	2020 £	2019 £
Current assets
Stocks	4	-	20,000
Debtors	5	18,536	-
		18,536	20,000
Creditors: Amounts falling due within one year	6	(29,592)	(34,949)
Net liabilities		(11,056)	(14,949)
Capital and reserves
Called up share capital		100	100
Profit and loss account		(11,156)	(15,049)
Total equity		(11,056)	(14,949)

For the financial period ending 28 February 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 accounts for the period in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 28 May 2021 and signed on its behalf by:
 

.........................................

Miss M Ward
Director

Elegance Lashes Limited

Statement of Changes in Equity for the Period from 1 March 2019 to 28 February 2020

 

	Share capital £	Profit and loss account £	Total £
At 1 March 2019	100	(15,049)	(14,949)
Profit for the period	-	3,893	3,893
Total comprehensive income	-	3,893	3,893
At 28 February 2020	100	(11,156)	(11,056)

	Share capital £	Profit and loss account £	Total £
At 1 March 2018	100	(30,389)	(30,289)
Profit for the period	-	15,340	15,340
Total comprehensive income	-	15,340	15,340
At 28 February 2019	100	(15,049)	(14,949)

Elegance Lashes Limited

Notes to the Financial Statements for the Period from 1 March 2019 to 28 February 2020

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 1
Guinness Road Trading Estate
Guinness Road
Manchester
M17 1SB

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The company ceased trading during the year. The financial statements have therefore been prepared under the break-up basis and all assets have been written down to recoverable amounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Elegance Lashes Limited

Notes to the Financial Statements for the Period from 1 March 2019 to 28 February 2020

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3	Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2 (2019 - 2).

4

Stocks

	2020 £	2019 £
Goods for resale	-	20,000

Elegance Lashes Limited

Notes to the Financial Statements for the Period from 1 March 2019 to 28 February 2020

5

Debtors

	2020 £	2019 £
Other debtors	18,536	-
	18,536	-

6

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Bank loans and borrowings	7	23,037	31,644
Trade creditors		5,655	3,305
Accruals and deferred income		900	-
		29,592	34,949

7	Loans and borrowings

	2020 £	2019 £
Current loans and borrowings
Other loans	4,500	4,500
Directors' loan accounts	18,537	27,144
	23,037	31,644

The directors' loan accounts and other loans are non interest bearing and repayable on demand.