Park Avenue Nails & Beauty Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 09062876 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 May 2023

for

Park Avenue Nails & Beauty Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Ms R R Slater

Ms N K Horseman

REGISTERED OFFICE:

Hermes House

Fire Fly Avenue

Swindon

Wiltshire

SN2 2GA

REGISTERED NUMBER:

09062876 (England and Wales)

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

539

705

539

705

CURRENT ASSETS

Stocks

8,000

5,065

Debtors

6

1,253

2,524

Cash at bank and in hand

10,582

16,914

19,835

24,503

CREDITORS

Amounts falling due within one year

7

10,965

18,305

NET CURRENT ASSETS

8,870

6,198

TOTAL ASSETS LESS CURRENT LIABILITIES

9,409

6,903

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

9,309

6,803

9,409

6,903

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 27 February 2024 and were signed on its behalf by:

Ms N K Horseman - Director

Ms R R Slater - Director

1.	STATUTORY INFORMATION

Park Avenue Nails & Beauty Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Computer equipment

-

33% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year 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 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 year 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2022 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2022

and 31 May 2023

12,500

AMORTISATION

At 1 June 2022

and 31 May 2023

12,500

NET BOOK VALUE

At 31 May 2023

-

At 31 May 2022

-

5.	TANGIBLE FIXED ASSETS

Plant and

Computer

machinery

equipment

Totals

£

£

£

COST

At 1 June 2022

and 31 May 2023

1,082

482

1,564

DEPRECIATION

At 1 June 2022

569

290

859

Charge for year

103

63

166

At 31 May 2023

672

353

1,025

NET BOOK VALUE

At 31 May 2023

410

129

539

At 31 May 2022

513

192

705

6.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2023

2022

£

£

Other debtors

1,253

2,524

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Amounts owed to participating interests

-

6,755

Tax

2,040

1,372

Other creditors

215

127

Directors' current accounts

5,976

7,913

Accrued expenses

2,734

2,138

10,965

18,305