J. Veiga Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: SC252618 (Scotland)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2017

FOR

J. VEIGA LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr J V Veiga

SECRETARY:

Mrs J Veiga

REGISTERED OFFICE:

188 Fair Isle Road

Kirkcaldy

KY2 6RU

REGISTERED NUMBER:

SC252618 (Scotland)

ACCOUNTANTS:

Haines Watts

Chartered Accountants

Q Court

3 Quality Street

Edinburgh

EH4 5BP

FIXED ASSETS

Intangible assets

4

1,500

1,750

Tangible assets

5

111

131

1,611

1,881

CURRENT ASSETS

Debtors

6

1,462

81

Cash at bank and in hand

1,846

4,135

3,308

4,216

CREDITORS

Amounts falling due within one year

7

4,589

5,528

NET CURRENT LIABILITIES

(1,281

)

(1,312

)

TOTAL ASSETS LESS CURRENT LIABILITIES

330

569

PROVISIONS FOR LIABILITIES

8

22

26

NET ASSETS

308

543

CAPITAL AND RESERVES

Called up share capital

9

1

1

Retained earnings

10

307

542

SHAREHOLDERS' FUNDS

308

543

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 2 November 2017 and were signed by:

Mr J V Veiga - Director

1.	STATUTORY INFORMATION

J. Veiga Limited is a private company, limited by shares , registered in Scotland. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Balance Sheet shows net current liabilities of £1281 and total net assets of £308. These accounts have been

prepared on the going concern basis on the understanding that the director and shareholder will financially

support the company for at least a period of one year after the date of signing the financial statements.

Turnover

Turnover is the amount receivable from the provision of hairdressing services and is recognised when the service

is provided to the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty 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.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% straight line

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.

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 2 .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 August 2016

and 31 July 2017

5,000

AMORTISATION

At 1 August 2016

3,250

Charge for year

250

At 31 July 2017

3,500

NET BOOK VALUE

At 31 July 2017

1,500

At 31 July 2016

1,750

5.	TANGIBLE FIXED ASSETS

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 August 2016

and 31 July 2017

1,059

300

1,359

DEPRECIATION

At 1 August 2016

928

300

1,228

Charge for year

20

-

20

At 31 July 2017

948

300

1,248

NET BOOK VALUE

At 31 July 2017

111

-

111

At 31 July 2016

131

-

131

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Other debtors

1,462

81

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.17

31.7.16

£

£

Taxation and social security

2,700

3,164

Other creditors

1,889

2,364

4,589

5,528

8.	PROVISIONS FOR LIABILITIES

31.7.17

31.7.16

£

£

Deferred tax

Accelerated capital allowances

22

26

Deferred

tax

£

Balance at 1 August 2016

26

Credit to Income Statement during year

(4

)

Accelerated capital allowances

Balance at 31 July 2017

22

9.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

31.7.17

31.7.16

value:

£

£

1

Ordinary

£1

1

1

10.

RESERVES

Retained

earnings

£

At 1 August 2016

542

Profit for the year

10,765

Dividends

(11,000

)

At 31 July 2017

307

11.	RELATED PARTY DISCLOSURES

Mr J V Veiga

Mr J V Veiga is a director and shareholder in the company.

During the year Mr J V Veiga received dividends of £11,000 (2016: £12,000).

The company paid Mr J V Veiga rent in the year amounting to £4,800 (2016 £4,800).

The company has advanced a loan, the balance of which, as at 31 July 2017, is £1,380 (2016: £508 due to Mr J

V Veiga). The loan is interest free and there are no fixed terms for repayment.

31.7.17

31.7.16

£

£

Amount due from/(to) related party at the balance sheet date

1,380

(508

)

12.	ULTIMATE CONTROLLING PARTY

The company is controlled by its director.