Sassy Shop Wax Ltd Filleted accounts for Companies House (small and micro)

SASSY SHOP WAX LTD - Company Information

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COMPANY REGISTRATION NUMBER: 11877225

SASSY SHOP WAX LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2022

SASSY SHOP WAX LTD

FINANCIAL STATEMENTS

Year ended 31 March 2022

CONTENTS	PAGE

Balance sheet	1

Notes to the financial statements	3

SASSY SHOP WAX LTD

BALANCE SHEET

31 March 2022

	2022	2021
Note	£	£

FIXED ASSETS

Tangible assets	5	89,151	59,347

CURRENT ASSETS

Stocks		219,433	153,826
Debtors	6	165,265	47,376
Cash at bank and in hand		170,572	466,111
		---------	---------
		555,270	667,313

CREDITORS: amounts falling due within one year	7	( 117,329)	( 232,601)
		---------	---------
NET CURRENT ASSETS		437,941	434,712
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		527,092	494,059

PROVISIONS	( 22,281)	( 11,276)
	---------	---------
NET ASSETS	504,811	482,783
	---------	---------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	504,711	482,683
	---------	---------
SHAREHOLDERS FUNDS	504,811	482,783
	---------	---------

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 profit and loss account has not been delivered.

For the year ending 31 March 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 .

SASSY SHOP WAX LTD

BALANCE SHEET (continued)

31 March 2022

These financial statements were approved by the board of directors and authorised for issue on 31 March 2023 , and are signed on behalf of the board by:

Ms K Parsons

Director

Company registration number: 11877225

SASSY SHOP WAX LTD

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 March 2022

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is Unit 11, Vertex Business Park, Emersons Green, Bristol, BS16 7LB.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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:

Plant and machinery	-	25% straight line
Fixtures and fittings	-	20% on reducing balance or 10% on cost
Equipment	-	33% reducing balance

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.

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 as a finance cost 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 21 (2021: 19 ).

5. TANGIBLE ASSETS

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 April 2021	6,569	59,904	5,949	72,422
Additions	2,429	44,220	3,893	50,542
Disposals	( 250)	( 4,350)	–	( 4,600)
	-------	--------	-------	---------
At 31 March 2022	8,748	99,774	9,842	118,364
	-------	--------	-------	---------
Depreciation
At 1 April 2021	1,917	8,666	1,963	12,546
Charge for the year	2,389	12,523	2,197	17,109
Disposals	( 152)	( 290)	–	( 442)
	-------	--------	-------	---------
At 31 March 2022	4,154	20,899	4,160	29,213
	-------	--------	-------	---------
Carrying amount
At 31 March 2022	4,594	78,875	5,682	89,151
	-------	--------	-------	---------
At 31 March 2021	4,652	51,238	3,986	59,876
	-------	--------	-------	---------

6. DEBTORS

	2022	2021
	£	£
Trade debtors	7,904	7,249
Other debtors	157,361	40,127
	---------	--------
	165,265	47,376
	---------	--------

7. CREDITORS: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	53,347	94,239
Corporation tax	–	81,374
Social security and other taxes	49,212	44,813
Other creditors	14,770	12,175
	---------	---------
	117,329	232,601
	---------	---------

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other debtors/other creditors is £(3,136) (2021 - £6,303) due from directors. These balances are interest free and repayable on demand. In relation to the overdrawn balance(s), the following transactions took place during the year;

		£
	Opening balance	6,303
	Amounts repaid	20,624
	Amounts drawn	(30,063)
	Closing balance	(3,136)