Soaks Bathrooms Ltd 31/01/2022 iXBRL

Soaks Bathrooms Ltd 31/01/2022 iXBRL

SOAKS BATHROOMS LTD - Company Information

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16 31/01/2022 2022-01-31 false false false false false false false false false false true false false true false false false false false false false No description of principal activities is disclosed 2021-02-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP NI060763 2021-02-01 2022-01-31 NI060763 2022-01-31 NI060763 2021-01-31 NI060763 2020-02-01 2021-01-31 NI060763 2021-01-31 NI060763 2020-01-31 NI060763 bus:RegisteredOffice 2021-02-01 2022-01-31 NI060763 bus:LeadAgentIfApplicable 2021-02-01 2022-01-31 NI060763 bus:Director1 2021-02-01 2022-01-31 NI060763 core:IntangibleAssetsOtherThanGoodwill 2022-01-31 NI060763 core:LandBuildings core:OwnedOrFreeholdAssets 2021-01-31 NI060763 core:PlantMachinery 2021-01-31 NI060763 core:FurnitureFittingsToolsEquipment 2021-01-31 NI060763 core:MotorVehicles 2021-01-31 NI060763 core:LandBuildings core:OwnedOrFreeholdAssets 2022-01-31 NI060763 core:PlantMachinery 2022-01-31 NI060763 core:FurnitureFittingsToolsEquipment 2022-01-31 NI060763 core:MotorVehicles 2022-01-31 NI060763 core:WithinOneYear 2022-01-31 NI060763 core:WithinOneYear 2021-01-31 NI060763 core:AfterOneYear 2022-01-31 NI060763 core:RetainedEarningsAccumulatedLosses 2020-02-01 2021-01-31 NI060763 core:RetainedEarningsAccumulatedLosses 2021-02-01 2022-01-31 NI060763 core:ShareCapital 2022-01-31 NI060763 core:ShareCapital 2021-01-31 NI060763 core:RevaluationReserve 2022-01-31 NI060763 core:RevaluationReserve 2021-01-31 NI060763 core:RetainedEarningsAccumulatedLosses 2022-01-31 NI060763 core:RetainedEarningsAccumulatedLosses 2021-01-31 NI060763 core:ShareCapital 2020-01-31 NI060763 core:RevaluationReserve 2020-01-31 NI060763 core:RetainedEarningsAccumulatedLosses 2020-01-31 NI060763 core:PlantMachinery 2021-02-01 2022-01-31 NI060763 core:FurnitureFittingsToolsEquipment 2021-02-01 2022-01-31 NI060763 core:MotorVehicles 2021-02-01 2022-01-31 NI060763 core:IntangibleAssetsOtherThanGoodwill 2021-01-31 NI060763 core:CostValuation core:Non-currentFinancialInstruments 2021-01-31 NI060763 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2022-01-31 NI060763 core:CostValuation core:Non-currentFinancialInstruments 2022-01-31 NI060763 core:Non-currentFinancialInstruments 2022-01-31 NI060763 core:Non-currentFinancialInstruments 2021-01-31 NI060763 core:LandBuildings core:OwnedOrFreeholdAssets 2021-01-31 NI060763 core:PlantMachinery 2021-01-31 NI060763 core:FurnitureFittingsToolsEquipment 2021-01-31 NI060763 core:MotorVehicles 2021-01-31 NI060763 bus:SmallEntities 2021-02-01 2022-01-31 NI060763 bus:AuditExemptWithAccountantsReport 2021-02-01 2022-01-31 NI060763 bus:FullAccounts 2021-02-01 2022-01-31 NI060763 bus:SmallCompaniesRegimeForAccounts 2021-02-01 2022-01-31 NI060763 bus:PrivateLimitedCompanyLtd 2021-02-01 2022-01-31
Company registration number: NI060763
Soaks Bathrooms Ltd
Trading as Soaks Bathrooms Ltd
Unaudited filleted financial statements
31 January 2022
Soaks Bathrooms Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Soaks Bathrooms Ltd
Directors and other information
Directors Mr Wayne Lyons
Company number NI060763
Registered office 5-7 Apollo Road
Belfast
Antrim
BT12 6HP
Business address 3 Falcon Road
Belfast
BT12 6RD
Accountants Business Account Services
11 Abbey Street
Armagh
BT61 7DX
Soaks Bathrooms Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Soaks Bathrooms Ltd
Year ended 31 January 2022
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Soaks Bathrooms Ltd for the year ended 31 January 2022 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Soaks Bathrooms Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Soaks Bathrooms Ltd and state those matters that we have agreed to state to the board of directors of Soaks Bathrooms Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Soaks Bathrooms Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Soaks Bathrooms Ltd 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 Soaks Bathrooms Ltd. You consider that Soaks Bathrooms Ltd 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 Soaks Bathrooms Ltd. 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.
Business Account Services
11 Abbey Street
Armagh
BT61 7DX
19 October 2022
Soaks Bathrooms Ltd
Statement of financial position
31 January 2022
2022 2021
Note £ £ £ £
Fixed assets
Intangible assets 5 860 860
Tangible assets 6 343,716 334,787
Investments 7 369,438 45,129
_______ _______
714,014 380,776
Current assets
Stocks 578,592 750,700
Debtors 8 255,067 230,550
Cash at bank and in hand 1,268,256 1,007,025
_______ _______
2,101,915 1,988,275
Creditors: amounts falling due
within one year 9 ( 644,026) ( 775,165)
_______ _______
Net current assets 1,457,889 1,213,110
_______ _______
Total assets less current liabilities 2,171,903 1,593,886
Creditors: amounts falling due
after more than one year 10 ( 349,994) -
_______ _______
Net assets 1,821,909 1,593,886
_______ _______
Capital and reserves
Called up share capital 1 1
Revaluation reserve 90,000 90,000
Profit and loss account 1,731,908 1,503,885
_______ _______
Shareholders funds 1,821,909 1,593,886
_______ _______
For the year ending 31 January 2022 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.
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 statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 October 2022 , and are signed on behalf of the board by:
Mr Wayne Lyons
Director
Company registration number: NI060763
Soaks Bathrooms Ltd
Statement of changes in equity
Year ended 31 January 2022
Called up share capital Revaluation reserve Profit and loss account Total
£ £ £ £
At 1 February 2020 1 90,000 926,630 1,016,631
Profit for the year 607,255 607,255
_______ _______ _______ _______
Total comprehensive income for the year - - 607,255 607,255
Dividends paid and payable ( 30,000) ( 30,000)
_______ _______ _______ _______
Total investments by and distributions to owners - - ( 30,000) ( 30,000)
_______ _______ _______ _______
At 31 January 2021 and 1 February 2021 1 90,000 1,503,891 1,593,892
Profit for the year 228,017 228,017
_______ _______ _______ _______
Total comprehensive income for the year - - 228,017 228,017
_______ _______ _______ _______
At 31 January 2022 1 90,000 1,731,908 1,821,909
_______ _______ _______ _______
Soaks Bathrooms Ltd
Notes to the financial statements
Year ended 31 January 2022
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 5-7 Apollo Road, Belfast, Antrim, BT12 6HP.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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 capital and reserves, 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 capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves 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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their 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
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 16 (2021: 14 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 February 2021 and 31 January 2022 860 860
_______ _______
Amortisation
At 1 February 2021 and 31 January 2022 - -
_______ _______
Carrying amount
At 31 January 2022 860 860
_______ _______
At 31 January 2021 860 860
_______ _______
6. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 February 2021 190,130 53,848 94,291 125,984 464,253
Additions - 1,239 1,280 36,688 39,207
_______ _______ _______ _______ _______
At 31 January 2022 190,130 55,087 95,571 162,672 503,460
_______ _______ _______ _______ _______
Depreciation
At 1 February 2021 - 33,798 35,113 60,555 129,466
Charge for the year - 3,833 5,837 20,608 30,278
_______ _______ _______ _______ _______
At 31 January 2022 - 37,631 40,950 81,163 159,744
_______ _______ _______ _______ _______
Carrying amount
At 31 January 2022 190,130 17,456 54,621 81,509 343,716
_______ _______ _______ _______ _______
At 31 January 2021 190,130 20,050 59,178 65,429 334,787
_______ _______ _______ _______ _______
7. Investments
Loans to group undertakings and participating interests Other investments other than loans Total
£ £ £
Cost
At 1 February 2021 - 45,129 45,129
Additions 300,001 24,308 324,309
_______ _______ _______
At 31 January 2022 300,001 69,437 369,438
_______ _______ _______
Impairment
At 1 February 2021 and 31 January 2022 - - -
_______ _______ _______
Carrying amount
At 31 January 2022 300,001 69,437 369,438
_______ _______ _______
At 31 January 2021 - 45,129 45,129
_______ _______ _______
8. Debtors
2022 2021
£ £
Trade debtors 27,356 29,080
Other debtors 227,711 201,470
_______ _______
255,067 230,550
_______ _______
9. Creditors: amounts falling due within one year
2022 2021
£ £
Bank loans and overdrafts 6,672 69,376
Trade creditors 129,565 100,196
Corporation tax 50,976 137,339
Social security and other taxes 2,917 119,527
Other creditors 453,896 348,727
_______ _______
644,026 775,165
_______ _______
10. Creditors: amounts falling due after more than one year
2022 2021
£ £
Bank loans and overdrafts 349,994 -
_______ _______
11. Directors advances, credits and guarantees