Norwich Cosmetic Clinic Limited Company Accounts

NORWICH COSMETIC CLINIC LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 06930876

Norwich Cosmetic Clinic Limited

Filleted Unaudited Financial Statements

30 September 2017

Norwich Cosmetic Clinic Limited

Financial Statements

Year ended 30 September 2017

Contents	Pages

Officers and professional advisers	1

Balance sheet	2 to 3

Notes to the financial statements	4 to 7

Norwich Cosmetic Clinic Limited

Officers and Professional Advisers

The board of directors	Dr B Beigi
	Mrs D M Beigi

Registered office	22-26 King Street
	King's Lynn
	Norfolk
	PE30 21HJ

Accountants	Stephenson Smart
	Chartered Accountants
	22-26 King Street
	King's Lynn
	Norfolk
	PE30 1HJ

Bankers	NatWest Bank
	Norwich City Office
	45 London Street
	Norwich
	NR2 1HX

Norwich Cosmetic Clinic Limited

Balance Sheet

30 September 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	5		132,572	125,794

Current assets

Stocks		9,780	13,300
Debtors	6	117,701	119,204
Cash at bank and in hand		317,374	151,396
		---------	---------
		444,855	283,900

Creditors: amounts falling due within one year	7	117,142		77,455
		---------		---------
Net current assets			327,713	206,445
			---------	---------
Total assets less current liabilities			460,285	332,239

Provisions

Taxation including deferred tax	11,000	10,100
	---------	---------
Net assets	449,285	322,139
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	449,185	322,039
	---------	---------
Shareholders funds	449,285	322,139
	---------	---------

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 income and retained earnings (including profit and loss account) has not been delivered.

For the year ending 30 September 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Norwich Cosmetic Clinic Limited

Balance Sheet (continued)

30 September 2017

These financial statements were approved by the board of directors and authorised for issue on 23 March 2018 , and are signed on behalf of the board by:

Dr B Beigi

Director

Company registration number: 06930876

Norwich Cosmetic Clinic Limited

Notes to the Financial Statements

Year ended 30 September 2017

1. General information

The company is a private company limited by shares, registered in England. The address of the registered office is 22-26 King Street, King's Lynn, Norfolk, PE30 21HJ.

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.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 October 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.

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.

Corporation 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:

Fixtures & Fittings	-	20% reducing balance
Equipment	-	20% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2016: 4 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 October 2016	71,840	70,411	158,491	300,742
Additions	–	–	21,960	21,960
	--------	--------	---------	---------
At 30 September 2017	71,840	70,411	180,451	322,702
	--------	--------	---------	---------
Depreciation
At 1 October 2016	–	57,329	117,619	174,948
Charge for the year	–	2,616	12,566	15,182
	--------	--------	---------	---------
At 30 September 2017	–	59,945	130,185	190,130
	--------	--------	---------	---------
Carrying amount
At 30 September 2017	71,840	10,466	50,266	132,572
	--------	--------	---------	---------
At 30 September 2016	71,840	13,082	40,872	125,794
	--------	--------	---------	---------

6. Debtors

	2017	2016
	£	£
Other debtors	117,701	119,204
	---------	---------

7. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	18,838	5,717
Corporation tax	54,239	26,339
Social security and other taxes	952	302
Other creditors	43,113	45,097
	---------	--------
	117,142	77,455
	---------	--------

8. Related party transactions

The company was under the control of its directors Dr B Beigi , Mrs D Beigi, Dr Z Butt and Mr P Stratton up until 2nd November 2015. From that date the company was under the control of its remaining directors Dr B Beigi and Mrs D Beigi, each owning 40% of the company's issued share capital at the balance sheet date.

9. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 October 2015.

No transitional adjustments were required in equity or profit or loss for the year.

10. Ultimate controlling party

On the 2nd November 2015 the controlling parties of the company changed. As of that date Dr B Beigi and Mrs D Beigi have control of the company, each owning 40% of the issued share capital at the balance sheet date.