Utopia Salons Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 04602851 (England and Wales)

Unaudited Financial Statements for the Year Ended 29 February 2020

for

Utopia Salons Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Certified Accountants' Report

6

DIRECTOR:

Ms B W Owen

REGISTERED OFFICE:

1 Greenfield Terrace

Hill Street

Menai Bridge

Anglesey

LL59 5AY

REGISTERED NUMBER:

04602851 (England and Wales)

ACCOUNTANTS:

Dunn & Ellis Cyf

Chartered Accountants

Adeilad St David's Building

Stryd Lombard Street

Porthmadog

Gwynedd

LL49 9AP

FIXED ASSETS

Tangible assets

4

7,850

10,500

CURRENT ASSETS

Stocks

6,692

6,728

Cash at bank and in hand

632

32

7,324

6,760

CREDITORS

Amounts falling due within one year

5

15,403

13,256

NET CURRENT LIABILITIES

(8,079

)

(6,496

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(229

)

4,004

CREDITORS

Amounts falling due after more than one
year

6

-

(3,253

)

PROVISIONS FOR LIABILITIES

(1,346

)

(1,818

)

NET LIABILITIES

(1,575

)

(1,067

)

CAPITAL AND RESERVES

Called up share capital

2

Retained earnings

(1,577

)

(1,069

)

SHAREHOLDERS' FUNDS

(1,575

)

(1,067

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 30 November 2020 and were signed by:

Ms B W Owen - Director

1.	STATUTORY INFORMATION

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

The directors have considered the basis for the preparation of the financial statements and consider the going concern basis to be the most suitable. The directors will continue to give financial support to the company for twelve months from the date of signing these financial statements. Therefore, the accounts have been prepared on the assumption that the company is thus able to carry on its business as a going concern.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery - 25% reducing balance

Fixtures & fittings - 25% reducing balance

Computer equipment - 33% reducing balance

Fixed assets are stated at cost less accumulated depreciation and less any amounts recognised in respect of any impairment.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 3 (2019 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 March 2019

and 29 February 2020

46,981

DEPRECIATION

At 1 March 2019

36,481

Charge for year

2,650

At 29 February 2020

39,131

NET BOOK VALUE

At 29 February 2020

7,850

At 28 February 2019

10,500

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

29.2.20

28.2.19

£

Bank loans and overdrafts

8,871

5,133

Payments on account

-

400

Trade creditors

700

628

Taxation and social security

1,241

290

Other creditors

4,591

6,805

15,403

13,256

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

29.2.20

28.2.19

£

Hire purchase contracts

-

3,253

7.	RELATED PARTY DISCLOSURES

The directors loan account remained in credit throughout 2019 and this did not change in 2020. At the year-end, the total amount owed to the director was £1,823 (2019 - £1,789).

No dividends were paid to the director during the year.

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Utopia Salons Limited for the year ended 29 February 2020 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/rulebook.

This report is made solely to the director of Utopia Salons Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Utopia Salons Limited and state those matters that we have agreed to state to the director of Utopia Salons Limited in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that Utopia Salons Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Utopia Salons Limited. You consider that Utopia Salons Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Utopia Salons Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.