Peak Tanning and Beauty Supplies Ltd - Period Ending 2022-07-31
Peak Tanning and Beauty Supplies Ltd - Period Ending 2022-07-31
Registration number:
Peak Tanning and Beauty Supplies Ltd
for the Year Ended 31 July 2022
Peak Tanning and Beauty Supplies Ltd
Contents
Company Information |
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Directors' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Peak Tanning and Beauty Supplies Ltd
Company Information
Directors |
Mr M Fernihough Mrs J M Fernihough Mr S W Gallimore Mrs M Fernihough Mr S A Fernihough Mrs L Gallimore |
Company secretary |
Mr M Fernihough |
Registered office |
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Accountants |
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Peak Tanning and Beauty Supplies Ltd
Directors' Report for the Year Ended 31 July 2022
The directors present their report and the financial statements for the year ended 31 July 2022.
Directors of the company
The directors who held office during the year were as follows:
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Peak Tanning and Beauty Supplies Ltd
(Registration number: 05183101)
Balance Sheet as at 31 July 2022
Note |
2022 |
2021 |
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Fixed assets |
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Tangible assets |
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Investments |
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Current assets |
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Stocks |
246,710 |
146,850 |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
- |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Allotted, called up and fully paid share capital |
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Profit and loss account |
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Total equity |
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Peak Tanning and Beauty Supplies Ltd
(Registration number: 05183101)
Balance Sheet as at 31 July 2022 (continued)
For the financial year ending 31 July 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.
Approved and authorised by the
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Peak Tanning and Beauty Supplies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022
General information |
The company is a private company limited by share capital incorporated in England and Wales registration number: 05183101.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency is £ sterling.
Group accounts not prepared
Peak Tanning and Beauty Supplies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022 (continued)
2 |
Accounting policies (continued) |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Peak Tanning and Beauty Supplies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022 (continued)
2 |
Accounting policies (continued) |
Tax
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
15% reducing balance basis |
Office equipment |
25% straight line basis |
Computer equipment |
33% straight line basis |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Peak Tanning and Beauty Supplies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022 (continued)
2 |
Accounting policies (continued) |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Peak Tanning and Beauty Supplies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022 (continued)
Tangible assets |
Furniture, fittings and equipment |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 August 2021 |
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Additions |
- |
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At 31 July 2022 |
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Depreciation |
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At 1 August 2021 |
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Charge for the year |
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At 31 July 2022 |
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Carrying amount |
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At 31 July 2022 |
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At 31 July 2021 |
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Debtors |
Current |
Note |
2022 |
2021 |
Trade debtors |
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Amounts owed by related parties |
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- |
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Prepayments |
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Other debtors |
- |
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Peak Tanning and Beauty Supplies Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 July 2022 (continued)
Creditors |
Creditors: amounts falling due within one year
2022 |
2021 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £