The Tanning Rooms (Uddingston) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC392479 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2021

FOR

THE TANNING ROOMS (UDDINGSTON) LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

Nicola Thomson

REGISTERED OFFICE:

4d Auchingramont Road

Hamilton

ML3 6JT

BUSINESS ADDRESS:

25 Main Street

Uddingston

G71 7EP

REGISTERED NUMBER:

SC392479 (Scotland)

ACCOUNTANTS:

William Duncan (UK) Limited

Chartered Accountants

4d Auchingramont Road

Hamilton

ML3 6JT

BANKERS:

Bank of Scotland

Teviot House

41 South Gyle Crescent

Edinburgh

EH12 9DR

FIXED ASSETS

Tangible assets

4

3

3

CURRENT ASSETS

Stocks

1,011

1,830

Debtors

5

3,898

256

Cash at bank and in hand

17,908

2,770

22,817

4,856

CREDITORS

Amounts falling due within one year

6

9,257

4,465

NET CURRENT ASSETS

13,560

391

TOTAL ASSETS LESS CURRENT LIABILITIES

13,563

394

CREDITORS

Amounts falling due after more than one year

7

9,028

-

NET ASSETS

4,535

394

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

4,533

392

SHAREHOLDERS' FUNDS

4,535

394

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 16 July 2021 and were signed by:

Nicola Thomson - Director

1.	STATUTORY INFORMATION

The Tanning Rooms (Uddingston) Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Rendering of services

Turnover from the rendering of services, namely the provision of tanning salon, is recognised by reference to the stage of completion of the service at the statement of financial position date.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Sunbed equipment

-

20% on cost

Impairment of assets

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of impairment loss is recognised immediately in the income statement.

Government grants

Government grants in relation to expenditure are credited when the expenditure is charged to the income statement.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Basic financial instruments are recognised as follows:

(i) Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method less any impairment.

(ii) Cash and cash equivalents

Cash and cash equivalents include cash at bank and in hand.

Cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the statement of financial position.

(iii) Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the income statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.

Provision for liabilities

The company recognises a provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months. The provision is measured at the salary cost payable for the period of absence.

Going concern

In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the ever changing situation as effectively as possible. The director is satisfied that these events do not affect the company's ability to continue as a going concern and this basis is appropriate for the preparation of the accounts.

3.	AVERAGE NUMBER OF EMPLOYEES

The average number of employees during the year was 3 (2020 - 4 ) .

4.	TANGIBLE FIXED ASSETS

Sunbed

equipment

£

COST

At 1 February 2020

and 31 January 2021

6,983

DEPRECIATION

At 1 February 2020

and 31 January 2021

6,980

NET BOOK VALUE

At 31 January 2021

3

At 31 January 2020

3

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Other debtors

3,898

-

Prepaid charges

-

256

3,898

256

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Bank loans and overdrafts

972

-

Trade creditors

-

205

Corporation tax

3,075

1,012

PAYE and NIC

62

138

Other creditors

67

-

Director's loan

3,919

2,140

Accrued charges

1,162

970

9,257

4,465

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.21

31.1.20

£

£

Bank loans

9,028

-

8.	RELATED PARTY DISCLOSURES

During the year, the company received an interest free loan from the director amounting to £3,919 (2020 : £2,140).