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 2023

SASSY SHOP WAX LTD

FINANCIAL STATEMENTS

Year ended 31 March 2023

CONTENTS	PAGE

Balance sheet	1

Notes to the financial statements	3

SASSY SHOP WAX LTD

BALANCE SHEET

31 March 2023

	2023	2022
		(restated)
Note	£	£

FIXED ASSETS

Intangible assets	5	134,698	108,619
Tangible assets	6	88,800	89,151
		---------	---------
		223,498	197,770

CURRENT ASSETS

Stocks		235,387	219,433
Debtors	7	198,151	165,265
Cash at bank and in hand		219,199	170,572
		---------	---------
		652,737	555,270

CREDITORS: amounts falling due within one year	8	( 215,105)	( 117,329)
		---------	---------
NET CURRENT ASSETS		437,632	437,941
		---------	---------
TOTAL ASSETS LESS CURRENT LIABILITIES		661,130	635,711

PROVISIONS	–	( 22,281)
	---------	---------
NET ASSETS	661,130	613,430
	---------	---------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	661,030	613,330
	---------	---------
SHAREHOLDERS FUNDS	661,130	613,430
	---------	---------

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 2023 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 2023

These financial statements were approved by the board of directors and authorised for issue on 29 December 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 2023

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.

Changes in accounting policies

The prior year accounts have been restated due to a change in accountancy policy relating to the capitalisation of development costs. Development expenditure is now capitalised in the period in which is it incurred. Development costs that were written off as expenditure have now been capitalised and amortised over a 4 year period. The effect of this on the prior year figures is as follows: - Administrative expenses have decreased by £245,189 - Cost of sales have decreased by £19,914 - Profit and loss account reserves have increased by £108,619 In addition to this, the prior year figures have been restated to move merchant, advertising and promotional expenses to selling and distribution costs. The effect of this on the prior year is as follows: - Cost of sales have decreased by £100,934 - Distribution costs have increased by £324,293 - Administration expenses have decreased by £223,359

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.

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 revalued amounts, 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:

	Development costs	-	Over a 4 year period

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 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.

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 18 (2022: 21 ).

5. INTANGIBLE ASSETS

	Development costs	Patents, trademarks and licences	Total
	£	£	£
Cost
At 1 April 2022 (as restated)	186,851	–	186,851
Additions	79,659	13,522	93,181
	---------	--------	---------
At 31 March 2023	266,510	13,522	280,032
	---------	--------	---------
Amortisation
At 1 April 2022	78,232	–	78,232
Charge for the year	66,628	474	67,102
	---------	--------	---------
At 31 March 2023	144,860	474	145,334
	---------	--------	---------
Carrying amount
At 31 March 2023	121,650	13,048	134,698
	---------	--------	---------
At 31 March 2022	108,619	–	108,619
	---------	--------	---------

6. TANGIBLE ASSETS

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 April 2022 (as restated)	8,748	99,774	9,842	118,364
Additions	272	17,742	2,040	20,054
	-------	---------	--------	---------
At 31 March 2023	9,020	117,516	11,882	138,418
	-------	---------	--------	---------
Depreciation
At 1 April 2022	4,154	20,899	4,160	29,213
Charge for the year	2,232	16,899	1,274	20,405
	-------	---------	--------	---------
At 31 March 2023	6,386	37,798	5,434	49,618
	-------	---------	--------	---------
Carrying amount
At 31 March 2023	2,634	79,718	6,448	88,800
	-------	---------	--------	---------
At 31 March 2022	4,594	78,875	5,682	89,151
	-------	---------	--------	---------

7. DEBTORS

	2023	2022
		(restated)
	£	£
Trade debtors	24,261	7,904
Other debtors	173,890	157,361
	---------	---------
	198,151	165,265
	---------	---------

8. CREDITORS: amounts falling due within one year

	2023	2022
		(restated)
	£	£
Trade creditors	109,945	53,347
Social security and other taxes	59,428	49,212
Other creditors	45,732	14,770
	---------	---------
	215,105	117,329
	---------	---------

9. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2023	2022
		(restated)
	£	£
Not later than 1 year	51,129	51,129
Later than 1 year and not later than 5 years	153,387	12,782
	---------	--------
	204,516	63,911
	---------	--------

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included within other debtors/other creditors is £(50,478) (2022 - £(3,136)) 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	(3,136)
	Amounts repaid	624
	Amounts drawn	(47,966)
	Closing balance	(50,478)