Beautyvell Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04050488 (England and Wales)

BEAUTYVELL LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2021

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

6

DIRECTOR:

K Higgs

SECRETARY:

Kerry Secretarial Services Limited

REGISTERED OFFICE:

26 Main Avenue

Moor Park

Northwood

HA6 2HJ

REGISTERED NUMBER:

04050488 (England and Wales)

ACCOUNTANTS:

Cox Costello & Horne

Chartered Accountants and Tax Advisors

26 Main Avenue

Moor Park

HA6 2HJ

FIXED ASSETS

Tangible assets

4

12,911

13,375

CURRENT ASSETS

Stocks

8,578

18,578

Debtors

5

45,020

51,628

Cash at bank and in hand

27,050

26,735

80,648

96,941

CREDITORS

Amounts falling due within one year

6

48,569

52,606

NET CURRENT ASSETS

32,079

44,335

TOTAL ASSETS LESS CURRENT LIABILITIES

44,990

57,710

CREDITORS

Amounts falling due after more than one year

7

(37,230

)

(50,000

)

PROVISIONS FOR LIABILITIES

(2,453

)

(2,541

)

NET ASSETS

5,307

5,169

CAPITAL AND RESERVES

Called up share capital

5,000

5,000

Retained earnings

307

169

SHAREHOLDERS' FUNDS

5,307

5,169

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2021 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 Profit and Loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 May 2022 and were signed by:

K Higgs - Director

1.	STATUTORY INFORMATION

Beautyvell Limited is a private company, limited by shares , registered in England and Wales. 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

Going concern

The company meets its day-to-day working capital requirements through its bank facility. After making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future; taken to be at least 12 months from the date of approval of the financial statements. The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied. Goods and services represent health and beauty products and treatments. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts and rebates and 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.

Plant and machinery etc

-

33% on cost and 10% on reducing balance

All assets are initially recognised at cost and subsequently carried at cost less accumulated depreciation. The cost of an asset initially recognised includes its purchase price and any cost that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Government grants

Grants are recognised only when there is reasonable assurance that the company will comply with the conditions attached to them and that the grants will be received. Grants that are receivable as compensation for expenses already incurred are recognised in profit or loss in the period in which they become receivable.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost consists of all costs of purchase, costs of conversion, design costs and other costs incurred in bringing the stocks to their present location and condition. Cost is determined using a first-in, first-out (FIFO) method. Where necessary, provision is made to reduce cost to no more than net realisable value having regard to the nature and condition of inventory, as well as its anticipated utilisation and saleability.

Financial instruments

a) Debtors

Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

b) Creditors

Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash at bank and in hand

Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Taxation

The tax expense for the year comprises current and deferred tax.

Tax is recognised in profit or loss except that a change attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

-

the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

-

any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Both current and deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Leasing commitments

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

Pension costs

The company makes payments into personal retirement schemes of certain employees. The contributions payable by the company and the staff are deposited in the respective pension schemes within 30 days following the deduction. Once the contributions have been paid, the company as employer, has no further obligations. The company's contributions are charged to the profit and loss account in the period to which they relate.

Contributions outstanding at the year end is £394 (2020: £401).

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2020 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2020

97,066

Additions

899

At 31 August 2021

97,965

DEPRECIATION

At 1 September 2020

83,691

Charge for year

1,363

At 31 August 2021

85,054

NET BOOK VALUE

At 31 August 2021

12,911

At 31 August 2020

13,375

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Other debtors

45,020

51,628

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.21

31.8.20

£

£

Bank loan

10,160

-

Trade creditors

7,114

9,382

Taxation and social security

20,261

19,688

Other creditors

11,034

23,536

48,569

52,606

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.21

31.8.20

£

£

Bank loan

37,230

50,000

8.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2021 and 31 August 2020:

31.8.21

31.8.20

£

£

K Higgs

Balance outstanding at start of year

45,006

30,666

Amounts advanced

44,679

103,292

Amounts repaid

(53,903

)

(88,952

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

35,782

45,006

The amount has subsequently been settled. The amount is unsecured, interest free, carries no fixed terms of payment and considered repayable on demand.

9.	RELATED PARTY DISCLOSURES

During the year, total dividends of £31,500 (2020: £1,500) were paid to the director and close family.

During the reporting year, rent payable to close family of the director amounted to £25,000 (2020: £25,000). At the reporting date, amount outstanding was £nil (2020: £nil).

During the reporting year, services payable to close family of the director amounted to £nil (2020: £15,000). At the reporting date, amount outstanding was £nil (2020: £nil).

10.	IMPACT OF THE COVID-19 PANDEMIC

The COVID-19 pandemic existed at the balance sheet date, although the scale of the pandemic and associated government policy response only began to become clear in the months following the company's financial year. The directors have considered the effect of the COVID-19 pandemic on the company's activities. At the date of the approval of these financial statements, the extent and quantum of the disruptions remains uncertain.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Beautyvell Limited for the year ended 31 August 2021 which comprise the Profit and Loss account, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Beautyvell Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Beautyvell Limited and state those matters that we have agreed to state to the director of Beautyvell Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Beautyvell Limited and its director for our work or for this report.

It is your duty to ensure that Beautyvell Limited 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 Beautyvell Limited. You consider that Beautyvell Limited 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 Beautyvell Limited. 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.

Cox Costello & Horne

Chartered Accountants and Tax Advisors

26 Main Avenue

Moor Park

HA6 2HJ

26 May 2022