Company Registration No. 11352193 (England and Wales)
CUTTING EDGE AESTHETICS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
PAGES FOR FILING WITH REGISTRAR
CUTTING EDGE AESTHETICS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
CUTTING EDGE AESTHETICS LIMITED
BALANCE SHEET
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,838
6,240
Current assets
Stocks
5,414
Debtors
4
100
100
5,514
100
Creditors: amounts falling due within one year
5
(13,739)
(13,560)
Net current liabilities
(8,225)
(13,460)
Total assets less current liabilities
(3,387)
(7,220)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(3,487)
(7,320)
Total equity
(3,387)
(7,220)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 26 April 2021 and are signed on its behalf by:
Ms J Thom
Director
Company Registration No. 11352193
CUTTING EDGE AESTHETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
- 2 -
1
Accounting policies
Company information
Cutting Edge Aesthetics Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Montefiore Hospital, 2 Montefiore Road, Hove, East Sussex, United Kingdom, BN3 1RD.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the everchanging situation as effectively as possible.
true
The directors are satisfied that these events do not affect the company's ability to continue as a going concern and this basis is appropriate for the preparation of the accounts.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% Reducing Balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.5
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
CUTTING EDGE AESTHETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
1
Accounting policies
(Continued)
- 3 -
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 2.
2020
2019
Number
Number
Total
2
1
CUTTING EDGE AESTHETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
- 4 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2019
8,320
Additions
211
At 31 May 2020
8,531
Depreciation and impairment
At 1 June 2019
2,080
Depreciation charged in the year
1,613
At 31 May 2020
3,693
Carrying amount
At 31 May 2020
4,838
At 31 May 2019
6,240
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Other debtors
100
100
5
Creditors: amounts falling due within one year
2020
2019
£
£
Other creditors
13,739
13,560
6
Subsequent events
In common with most businesses the company is facing potential issues in respect of the COVID-19 pandemic. This is an ongoing situation and the company is adopting a strategy to manage the everchanging situation as effectively as possible.
7
Related party transactions
2020
2019
Amounts due to related parties
£
£
Other related parties
8,699
10,620
CUTTING EDGE AESTHETICS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
7
Related party transactions
(Continued)
- 5 -
Loans from related parties are unsecured, interest free and have no fixed terms of repayment.