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Registered number: 07280196
LOUISE YOUNG COSMETICS LTD
UNAUDITED
ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
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LOUISE YOUNG COSMETICS LTD
CONTENTS
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Notes to the Abbreviated Accounts
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LOUISE YOUNG COSMETICS LTD
REGISTERED NUMBER: 07280196
ABBREVIATED BALANCE SHEET
AS AT 31 MARCH 2014
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CREDITORS: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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PROVISIONS FOR LIABILITIES
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The director considers that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 31 March 2014 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
Page 1
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LOUISE YOUNG COSMETICS LTD
ABBREVIATED BALANCE SHEET (continued)
AS AT 31 MARCH 2014
The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf by:
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Miss L Young
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The notes on pages 3 to 5 form part of these financial statements.
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LOUISE YOUNG COSMETICS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
1.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.
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Intangible fixed assets and amortisation
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Patent purchased for trademark and is stated at cost less amortisation. It is amortised to the Profit and Loss Account over its estimated economic life of 10 years, on a straight line basis.
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Tangible fixed assets and depreciation
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Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
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Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
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Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.
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A net deferred tax asset is recognised only if it can be regarded as 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 assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.
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Page 3
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LOUISE YOUNG COSMETICS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
2.INTANGIBLE FIXED ASSETS
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At 1 April 2013 and 31 March 2014
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3.TANGIBLE FIXED ASSETS
4.SHARE CAPITAL
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Allotted, called up and fully paid
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5 Ordinary shares of £1 each
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Page 4
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LOUISE YOUNG COSMETICS LTD
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2014
5.DIRECTOR'S BENEFITS: ADVANCES, CREDIT AND GUARANTEES
As at 1 April 2013, the balance on Miss L Young's director's loan account was overdrawn by £2,027. During the year, Miss L Young introduced further funds to the company amounting to £50,034 and total withdrawals amounted to £48,222. As at 31 March 2014, Miss L Young owed the company £215.
The maximum overdrawn balance on Miss L Young's directors loan account during the year was £3,018. The loan is interest free and there is no set repayment period.
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