| Christina Nail Spa Limited |
| Notes to the Financial Statements |
| for the year ended 30 April 2017 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The financial statements have been prepared under the historical cost convention in accordance with the accounting policies set out below. These financial statements have been prepared in accordance wish FRS102, section 1A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006. |
|
|
Transition to FRS102 |
|
This is the first year that the company has presented its results under FRS102. The last financial statements under UK GAAP were for the year ended 30th April 2016. There are no transitional adjustments arising from the first time adoption of FRS102. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from from the rendering of services is recognised by reference to the stage of completion of the service. |
|
|
Tangible fixed assets |
|
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
|
|
Improvements to property |
over the lease term of 15 years |
|
Fixtures, fittings, tools and equipment |
over 5 years |
|
|
Stocks |
|
Stocks 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 stock sold is recognised as an expense in the period in which the related revenue is recognised. |
|
|
Financial instruments |
|
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares. |
|
|
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for the objective evidence of impairment. If the objective evidence of impairment is found, an impairment loss is recognised in the profit and loss. |
|
|
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right of set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Cash and cash equivalents |
|
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
The tax expense for the year comprises current and deferred tax. |
|
The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. |
|
A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
| 2 |
Employees |
2017 |
|
2016 |
| Number |
Number |
|
|
Average number of persons employed by the company |
27 |
|
10 |
|
|
|
|
|
|
|
|
|
|
| 3 |
Tangible fixed assets |
|
|
|
|
Land and buildings |
|
Plant and machinery etc |
|
Total |
| £ |
£ |
£ |
|
Cost |
|
At 1 May 2016 |
18,892 |
|
22,390 |
|
41,282 |
|
Additions |
1,418 |
|
14,484 |
|
15,902 |
|
At 30 April 2017 |
20,310 |
|
36,874 |
|
57,184 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 May 2016 |
6,652 |
|
13,577 |
|
20,229 |
|
Charge for the year |
2,505 |
|
6,066 |
|
8,571 |
|
At 30 April 2017 |
9,157 |
|
19,643 |
|
28,800 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 30 April 2017 |
11,153 |
|
17,231 |
|
28,384 |
|
At 30 April 2016 |
12,240 |
|
8,813 |
|
21,053 |
|
|
|
|
|
|
|
|
|
|
| 4 |
Debtors |
2017 |
|
2016 |
| £ |
£ |
|
|
Other debtors |
42,912 |
|
33,310 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2017 |
|
2016 |
| £ |
£ |
|
|
Trade creditors |
29,290 |
|
1,110 |
|
Corporation tax |
30,836 |
|
23,824 |
|
Other taxes and social security costs |
33,691 |
|
9,872 |
|
Other creditors |
5,828 |
|
44,856 |
|
|
|
|
|
|
99,645 |
|
79,662 |
|
|
|
|
|
|
|
|
|
| 6 |
Other financial commitments |
2017 |
|
2016 |
| £ |
£ |
|
|
Total annual payments under non-cancellable operating leases |
|
110,000 |
|
110,000 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Related party transactions |
|
|
During the year, the company paid dividends to the director M C Nguyen of £63,000 (2016: £51,000). |
|
|
| 8 |
Other information |
|
|
Christina Nail Spa Limited is a private company limited by shares and incorporated in England whose registered office is 1st Floor, 446a Green Lanes, London N13 5XD. |
