Vi Nails Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 07576114

Vi Nails Limited

Filleted Unaudited Financial Statements

Year Ended

31 March 2018

Vi Nails Limited

Statement of Financial Position

31 March 2018

	2018		2017
Note	£	£	£	£

Fixed Assets

Tangible assets	5		2,777		3,702

Current Assets

Stocks		351	464
Debtors	6	1,159	441
Cash at bank and in hand		11,411	3,733
		--------	-------
		12,921	4,638

Creditors: Amounts Falling due Within One Year	7	15,510		7,933
		--------		-------
Net Current Liabilities			2,589		3,295
			-------		-------
Total Assets Less Current Liabilities			188		407
			----		----
Net Assets			188		407
			----		----

Capital and Reserves

Called up share capital	1	1
Profit and loss account	187	406
	----	----
Shareholder Funds	188	407
	----	----

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31st March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Vi Nails Limited

Statement of Financial Position (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 13 December 2018 , and are signed on behalf of the board by:

Mr M Q Pham Director

Company registration number: 07576114

Vi Nails Limited

Notes to the Financial Statements

Year Ended 31st March 2018

1. General Information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 38 Church Street, Croydon, Surrey, CR0 1RB.

2. Statement of Compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting Policies

Basis of Preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure Exemptions

The financial statements have been prepared in accordance with the provision of FRS 102 Section 1A for small entities. There were no material departures from the standard.

Revenue Recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income Tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible Assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Equipment	-	25% reducing balance

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

4. Employee Numbers

The average number of persons employed by the company during the year amounted to 3 (2017: 3 ).

5. Tangible Assets

	Equipment	Total
	£	£

Cost
At 1st April 2017 and 31st March 2018	10,150	10,150
	--------	--------
Depreciation
At 1st April 2017	6,448	6,448
Charge for the year	925	925
	--------	--------
At 31st March 2018	7,373	7,373
	--------	--------
Carrying amount
At 31st March 2018	2,777	2,777
	--------	--------
At 31st March 2017	3,702	3,702
	--------	--------

6. Debtors

	2018	2017
	£	£

Other debtors	1,159	441
	-------	----

7. Creditors: amounts falling due within one year

	2018	2017
	£	£

Trade creditors	13,062	–
Corporation tax	705	815
Social security and other taxes	110	–
Other creditors	1,633	7,118
	--------	-------
	15,510	7,933
	--------	-------