SPECIAL NEEDS BATHS LIMITED - Filleted accounts
SPECIAL NEEDS BATHS LIMITED - Filleted accounts
Registered number |
03465939 |
SPECIAL NEEDS BATHS LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2021 |
PAGES FOR FILING WITH REGISTRAR |
SPECIAL NEEDS BATHS LIMITED | |||
CONTENTS | |||
Page | |||
Balance sheet | 1 | ||
Notes to the financial statements | 2 - 5 | ||
Balance Sheet | |||||||
as at |
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Company Registration No. | 03465939 | ||||||
Notes | 2021 | 2020 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 3 | ||||||
Current assets | |||||||
Stocks | |||||||
Debtors | 4 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 5 | ( |
( |
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Net current assets | |||||||
Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | |||||||
Profit and loss account | |||||||
Shareholders' funds | |||||||
………………………………….. | |||||||
Ian Isaac Levy | |||||||
Director | |||||||
Approved by the board on |
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NOTES TO THE FINANCIAL STATEMENTS | ||||||||
FOR THE YEAR ENDED 31 MARCH 2021 | ||||||||
1 | Accounting policies | |||||||
Basis of preparation | ||||||||
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £. The financial statements have been prepared under the historical convention. The principal accounting policies adopted are set out below. |
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Going concern | ||||||||
The UK economy is currently facing unprecedented uncertainty about the impact of the COVID-19 pandemic, together with the extent and duration of social distancing measures imposed by the UK Government. The director has foreseen the challenges in the coming months and considered carefully the potential impact of these matters. In taking into account available cash resources (including access to existing financing facilities) and the extent of support provided by the UK Government announced as of the date of signing these financial statements, the director has continued to adopt the going concern basis of accounting. | ||||||||
Turnover | ||||||||
Tangible fixed assets | ||||||||
Plant and machinery | 20% straight line | |||||||
Fixtures, fittings and equipment | 20% straight line | |||||||
Stocks | ||||||||
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss. |
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Financial instruments | ||||||||
The company only enters into basic financial statements 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 instruments are recognised in the company's balance sheet date when the company becomes party to the contractual provisions of the instruments. 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 of impairments found, an impairment loss is recognised in profit and loss accounts. 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. |
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Basic financial assets | ||||||||
Derecognition of financial assets | ||||||||
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. | ||||||||
Basic financial liabilities | ||||||||
Derecognition of financial liabilities | ||||||||
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled. | ||||||||
Cash and cash equivalents | ||||||||
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with financial institutions, and other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. | ||||||||
Taxation | ||||||||
The tax expense represents the sum of the tax currently payable and deferred tax. | ||||||||
Current tax | ||||||||
The current tax payable is based on taxable profit for the year. Taxable profit differs from net profit reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. | ||||||||
Deferred tax | ||||||||
Deferred tax liabilities are generally recognised for all timing differences and 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 profits. Such assets and liabilities are not recognised if the timing differences arises from goodwill or from the initial recognition of the assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the assets is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities relate to taxes levied by the same tax authority. |
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2 | Employees | 2021 | 2020 | |||||
Number | Number | |||||||
Average number of persons employed by the company | ||||||||
3 | Tangible fixed assets | |||||||
Land and buildings | Fixtures, fittings and equipment | Total | ||||||
£ | £ | £ | ||||||
Cost | ||||||||
At 1 April 2020 | ||||||||
At 31 March 2021 | ||||||||
Depreciation | ||||||||
At 1 April 2020 | ||||||||
Charge for the year | - | |||||||
At 31 March 2021 | ||||||||
Net book value | ||||||||
At 31 March 2021 | - | |||||||
At 31 March 2020 | - | |||||||
4 | Debtors | 2021 | 2020 | |||||
£ | £ | |||||||
Trade debtors | ||||||||
Other debtors | - | |||||||
5 | Creditors: amounts falling due within one year | 2021 | 2020 | |||||
£ | £ | |||||||
Trade creditors | ||||||||
Corporation tax | ||||||||
Other taxes and social security costs | ||||||||
Director's current account | 122 | 31 | ||||||
Other creditors | ||||||||
6 | Other information | |||||||
Special Needs Baths Limited is a private company limited by shares and incorporated in England and Wales. The registered office is: 37 Warren Street, London, W1T 6AD. |