Building Cosmetic Services Limited Filleted accounts for Companies House (small and micro)

BUILDING COSMETIC SERVICES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 02354880

Building Cosmetic Services Limited

Filleted Unaudited Financial Statements

For the year ended

31 March 2021

Building Cosmetic Services Limited

Financial Statements

Year ended 31st March 2021

Contents	Page

Officers and professional advisers	1

Statement of financial position	2

Notes to the financial statements	4

Building Cosmetic Services Limited

Officers and Professional Advisers

The board of directors	Mr M Slack
	Mrs M Slack

Company secretary	Mrs M Slack

Registered office	4 Portland Arcade
	King Street
	Southwell
	Nottinghamshire
	NG25 0EH

Accountants	Swandec
	Chartered Accountants
	550 Valley Road
	Basford
	Nottingham
	NG5 1JJ

Bankers	National Westminster Bank Plc
	9 Church Street
	Southwell
	Nottinghamshire
	NG25 0HW

Building Cosmetic Services Limited

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	4		34,380	39,245

Current assets

Stocks		1,580	1,620
Debtors	5	100,226	95,771
Cash at bank and in hand		232,363	183,775
		---------	---------
		334,169	281,166

Creditors: amounts falling due within one year	6	99,980		76,575
		---------		---------
Net current assets			234,189	204,591
			---------	---------
Total assets less current liabilities			268,569	243,836
			---------	---------
Net assets			268,569	243,836
			---------	---------

Capital and reserves

Called up share capital	7	146	146
Profit and loss account		268,423	243,690
		---------	---------
Shareholders funds		268,569	243,836
		---------	---------

These financial statements have been prepared and delivered 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'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31st March 2021 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 .

Building Cosmetic Services Limited

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 21 June 2021 , and are signed on behalf of the board by:

Mr M Slack

Director

Company registration number: 02354880

Building Cosmetic Services Limited

Notes to the Financial Statements

Year ended 31st March 2021

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 4 Portland Arcade, King Street, Southwell, Nottinghamshire, NG25 0EH.

2. 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.

Revenue recognition

The turnover shown in the profit and loss account represents amounts invoiced during the year. It is the amount derived from ordinary activities, and stated after trade discounts, other sales taxes and net of VAT.

Income tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less tax.

Tangible assets

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Freehold Property	-	4% straight line
Plant and Machinery	-	25% straight line
Fixtures and Fittings	-	25% straight line
Motor Vehicles	-	25% reducing balance
Office Equipment	-	25% straight line

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 stock to its 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

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Defined contribution plans

The company operates a defined contribution scheme for both the directors and employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

3. Employee numbers

The average number of persons employed by the company during the year amounted to 16 (2020: 15 ).

4. Tangible assets

	Freehold Property	Plant and machinery	Fixtures and fittings	Motor vehicles	Office Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2020	76,138	16,331	66,720	16,060	42,020	217,269
Additions	–	–	525	4,500	772	5,797
	--------	--------	--------	--------	--------	---------
At 31 Mar 2021	76,138	16,331	67,245	20,560	42,792	223,066
	--------	--------	--------	--------	--------	---------
Depreciation
At 1 Apr 2020	55,532	6,206	59,922	15,678	40,686	178,024
Charge for the year	3,423	3,375	1,831	1,221	812	10,662
	--------	--------	--------	--------	--------	---------
At 31 Mar 2021	58,955	9,581	61,753	16,899	41,498	188,686
	--------	--------	--------	--------	--------	---------
Carrying amount
At 31 Mar 2021	17,183	6,750	5,492	3,661	1,294	34,380
	--------	--------	--------	--------	--------	---------
At 31 Mar 2020	20,606	10,125	6,798	382	1,334	39,245
	--------	--------	--------	--------	--------	---------

5. Debtors

	2021	2020
	£	£
Trade debtors	100,226	95,771
	---------	--------

6. Creditors: amounts falling due within one year

	2021	2020
	£	£
Trade creditors	16,031	15,001
Corporation tax	11,606	7,539
Social security and other taxes	7,496	6,020
Other creditors	64,847	48,015
	--------	--------
	99,980	76,575
	--------	--------

7. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary 'A' shares of £ 1 each	100	100	100	100
Ordinary 'B' shares of £ 1 each	46	46	46	46
	----	----	----	----
	146	146	146	146
	----	----	----	----

8. Directors' advances, credits and guarantees

At the statement of financial position date the amount owing to the directors was £22,337 (2020:4,960). The directors loan account is unsecured, interest free and repayable on demand.