COMPANY REGISTRATION NUMBER:
09702215
AFRO-ASIAN COSMETICS AND HAIR LTD
|
|
Filleted Unaudited Financial Statements
|
|
AFRO-ASIAN COSMETICS AND HAIR LTD
|
|
Statement of Financial Position
|
|
31 July 2017
Current assets
Stocks
|
4,011
|
|
5,000
|
Cash at bank and in hand
|
24
|
|
9
|
|
------
|
|
------
|
|
4,035
|
|
5,009
|
|
|
|
|
Creditors: amounts falling due within one year
|
5
|
22,151
|
|
20,016
|
|
--------
|
|
--------
|
Net current liabilities
|
|
18,116
|
15,007
|
|
|
--------
|
--------
|
Total assets less current liabilities
|
|
(
18,116)
|
(
15,007)
|
|
|
--------
|
--------
|
Net liabilities
|
|
(
18,116)
|
(
15,007)
|
|
|
--------
|
--------
|
|
|
|
|
|
Capital and reserves
Called up share capital
|
|
2
|
2
|
Profit and loss account
|
|
(
18,118)
|
(
15,009)
|
|
|
--------
|
--------
|
Shareholders deficit
|
|
(
18,116)
|
(
15,007)
|
|
|
--------
|
--------
|
|
|
|
|
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 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
25 July 2018
, and are signed on behalf of the board by:
Company registration number:
09702215
AFRO-ASIAN COSMETICS AND HAIR LTD
|
|
Notes to the Financial Statements
|
|
Year ended 31 July 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/o Peter Osalor & Co, Accountants, 5 Greenwich Quay,
Clarence Road, London, SE8 3EY,
England.
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 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.
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.
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
1
(2016:
1
).
5.
Creditors:
amounts falling due within one year
|
2017
|
2016
|
|
£
|
£
|
Bank loans and overdrafts
|
70
|
–
|
Other creditors
|
22,081
|
20,016
|
|
--------
|
--------
|
|
22,151
|
20,016
|
|
--------
|
--------
|
|
|
|
6.
Director's advances, credits and guarantees
The director was £20,980.73 indebted to the company at the end of the financial year.
7.
Related party transactions
The company was under the control of Mrs Sophia Magripli throughout the current and previous year. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
8.
Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.
No transitional adjustments were required in equity or profit or loss for the year.