UPPERCUTZ LIMITED |
Notes to the Accounts |
for the year ended 31 October 2017 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable and net of discounts. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by when the haircut is complete. |
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Tangible fixed assets |
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Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows: |
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Plant and machinery |
20% Reducing balance |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. |
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Going Concern |
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The company meets its day to day working capital requirements through the support of the director. On this basis, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the support from the director. |
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2 |
Tangible fixed assets |
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Plant and machinery etc |
£ |
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Cost |
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At 1 November 2016 |
14,727 |
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At 31 October 2017 |
14,727 |
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Depreciation |
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At 1 November 2016 |
13,380 |
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Charge for the year |
260 |
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At 31 October 2017 |
13,640 |
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Net book value |
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At 31 October 2017 |
1,087 |
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At 31 October 2016 |
1,347 |
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3 |
Debtors |
2017 |
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2016 |
£ |
£ |
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Other debtors |
3,500 |
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3,500 |
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4 |
Creditors: amounts falling due within one year |
2017 |
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2016 |
£ |
£ |
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Taxation and social security costs |
329 |
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6,795 |
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Other creditors |
17,397 |
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13,204 |
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17,726 |
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19,999 |
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5 |
Other information |
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UPPERCUTZ LIMITED is a private company limited by shares and incorporated in England. Its registered office is: |