Picassos Nail Studio Limited - Limited company - abbreviated - 11.9

REGISTERED NUMBER: 05097446 (England and Wales)

Abbreviated Unaudited Accounts

for the Year Ended

31 August 2015

for

Picassos Nail Studio Limited

Page

Abbreviated Balance Sheet

1

Notes to the Abbreviated Accounts

3

FIXED ASSETS

Tangible assets

2

34,470

31,135

CURRENT ASSETS

Stocks

7,300

5,800

Debtors

88,130

118,495

Cash at bank and in hand

7,242

16,813

102,672

141,108

CREDITORS

Amounts falling due within one year

39,500

56,963

NET CURRENT ASSETS

63,172

84,145

TOTAL ASSETS LESS CURRENT LIABILITIES

97,642

115,280

CREDITORS

Amounts falling due after more than one year

(55,000

)

(55,000

)

PROVISIONS FOR LIABILITIES

(495

)

(5,251

)

NET ASSETS

42,147

55,029

CAPITAL AND RESERVES

Called up share capital

3

100

100

Profit and loss account

42,047

54,929

SHAREHOLDERS' FUNDS

42,147

55,029

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2015 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 17 February 2016 and were signed on its behalf by:

P R Tomlinson - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance

with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

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

Improvements to property

-

20% on cost

Fixtures and fittings

-

20% on cost and 10% on cost

Motor vehicles

-

20% on reducing balance

Computer equipment

-

20% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the balance sheet date.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis

over the period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 September 2014

65,183

Additions

13,091

At 31 August 2015

78,274

DEPRECIATION

At 1 September 2014

34,048

Charge for year

9,756

At 31 August 2015

43,804

NET BOOK VALUE

At 31 August 2015

34,470

At 31 August 2014

31,135

3.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

50

Ordinary

£1

100

100