Namaste Lounge Limited - Accounts to registrar (filleted) - small 23.1.2
Namaste Lounge Limited - Accounts to registrar (filleted) - small 23.1.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 1 APRIL 2021 TO 30 SEPTEMBER 2022 |
| FOR |
| NAMASTE LOUNGE LIMITED |
| NAMASTE LOUNGE LIMITED (REGISTERED NUMBER: 06601831) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 APRIL 2021 TO 30 SEPTEMBER 2022 |
| Page |
| Balance Sheet | 1 |
| Notes to the Financial Statements | 2 |
| NAMASTE LOUNGE LIMITED (REGISTERED NUMBER: 06601831) |
| BALANCE SHEET |
| 30 SEPTEMBER 2022 |
| 2022 | 2021 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 5 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
7 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| The directors acknowledge their 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| NAMASTE LOUNGE LIMITED (REGISTERED NUMBER: 06601831) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 APRIL 2021 TO 30 SEPTEMBER 2022 |
| 1. | STATUTORY INFORMATION |
| Namaste Lounge Limited is a |
| Registered number: |
| Registered office: |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Significant judgements and estimates |
| In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods. |
| There are no significant judgements or estimates involved in the preparation of the financial statements. |
| Revenue |
| Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax. |
| Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and costs incurred or to be incurred in respect of the transaction can be measured reliably. |
| Property, plant and equipment |
| Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended. |
| The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable. |
| Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives. |
| Leasehold improvements - Over the lease period |
| Fixtures and fittings - 20% straight line basis |
| The company has adopted the policy to not depreciate in the year of acquisition but to provide full depreciation in the year of disposal. |
| NAMASTE LOUNGE LIMITED (REGISTERED NUMBER: 06601831) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 APRIL 2021 TO 30 SEPTEMBER 2022 |
| 2. | ACCOUNTING POLICIES - continued |
| Government grants |
| Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute. |
| Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period. |
| Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned. |
| All grants in the profit and loss account are recognised when all conditions for receipt have been complied with. |
| Inventories |
| Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of inventory sold is recognised as an expense in the period in which the related revenue is recognised. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. |
| Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. |
| Taxation |
| Taxation for the period 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 balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet 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 period 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. |
| Financial instruments |
| Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. |
| Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. |
| Cash and cash equivalent |
| Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| NAMASTE LOUNGE LIMITED (REGISTERED NUMBER: 06601831) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 APRIL 2021 TO 30 SEPTEMBER 2022 |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| Short | and |
| leasehold | fittings | Totals |
| £ | £ | £ |
| COST |
| At 1 April 2021 |
| Additions |
| At 30 September 2022 |
| DEPRECIATION |
| At 1 April 2021 |
| Charge for period |
| At 30 September 2022 |
| NET BOOK VALUE |
| At 30 September 2022 |
| At 31 March 2021 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Amounts owed by group undertakings |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Amounts owed to group undertakings |
| Taxation and social security |
| Other creditors |
| 7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2022 | 2021 |
| £ | £ |
| Bank loans |
| Other creditors |
| 8. | SECURED DEBTS |
| A bank loan provided to the parent company is secured by way of fixed and floating charge on the property and other assets of the company and contains a negative pledge. |
| 9. | RELATED PARTY DISCLOSURES |
| The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
| Included within other creditors are loans to companies connected by virtue of directorship, amounting to £38,074 (2021: £26,074). These loans are provided interest free and repayable on demand. |