Beautiful Minds Limited Small abbreviated accounts
Beautiful Minds Limited Small abbreviated accounts
COMPANY REGISTRATION NUMBER
07217915
ABBREVIATED BALANCE SHEET
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2016 |
2015 |
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Note |
£ |
£ |
£ |
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FIXED ASSETS |
2 |
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Tangible assets |
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---- |
---- |
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CURRENT ASSETS
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Stocks |
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- |
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Debtors |
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Cash at bank and in hand |
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--------- |
---------- |
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52,728 |
120,934 |
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CREDITORS: Amounts falling due within one year |
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--------- |
---------- |
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NET CURRENT (LIABILITIES)/ASSETS |
(
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------- |
--------- |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
(
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------- |
--------- |
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CAPITAL AND RESERVES
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Called up equity share capital |
4 |
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Profit and loss account |
(
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------- |
--------- |
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(DEFICIT)/SHAREHOLDERS' FUNDS |
(
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------- |
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Directors' responsibilities:
-
The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These abbreviated accounts were approved by the directors and authorised for issue on
13 February 2017
, and are signed on their behalf by:
Company Registration Number:
07217915
NOTES TO THE ABBREVIATED ACCOUNTS
YEAR ENDED 30 SEPTEMBER 2016
1.
ACCOUNTING POLICIES
Basis of accounting
Turnover
Fixed assets
All fixed assets are initially recorded at cost.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax, with the following exceptions:
Provision is made for tax on gains arising from the revaluation (and similar fair value adjustments) of fixed assets, and gains on disposal of fixed assets that have been rolled over into replacement assets, only to the extent that, at the balance sheet date, there is a binding agreement to dispose of the assets concerned. However, no provision is made where, on the basis of all available evidence at the balance sheet date, it is more likely than not that the taxable gain will be rolled over into replacement assets and charged to tax only where the replacement assets are sold.
Deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2.
FIXED ASSETS
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Tangible Assets |
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£ |
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COST
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At 1 October 2015 and 30 September 2016 |
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------- |
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DEPRECIATION
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At 1 October 2015 |
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Charge for year |
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------- |
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At 30 September 2016 |
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------- |
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NET BOOK VALUE
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At 30 September 2016 |
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---- |
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At 30 September 2015 |
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3.
TRANSACTIONS WITH THE DIRECTORS
The company had the following transactions with it's directors during the year;
| Opening balance | Advances in the year | Repaid in the year | Closing balance | ||
| £ | £ | £ | |||
| Mr S Arundel | 2,639 | 50,143 | 45,515 | 1,989 | |
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12,754 | 51,117 | 36,374 | 1,989 | |
| --------- | ---------- | --------- | ------- | ||
| Toal | 15,393 | 101,260 | 81,889 | 3,978 | |
| --------- | ---------- | --------- | ------- | ||
4.
SHARE CAPITAL
Allotted, called up and fully paid:
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2016 |
2015 |
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No. |
£ |
No. |
£ |
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