Company Registration No. 11554801 (England and Wales)
AMBIENCE VIBES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019
PAGES FOR FILING WITH REGISTRAR
AMBIENCE VIBES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
AMBIENCE VIBES LIMITED
BALANCE SHEET
AS AT 31 MARCH 2019
31 March 2019
- 1 -
2019
Notes
£
£
Fixed assets
Intangible assets
2
20,590
Current assets
Stocks
40,670
Debtors
209
Cash at bank and in hand
6,460
47,339
Creditors: amounts falling due within one year
3
(74,913)
Net current liabilities
(27,574)
Total assets less current liabilities
(6,984)
Capital and reserves
Called up share capital
4
1
Profit and loss reserves
(6,985)
Total equity
(6,984)
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 period ended 31 March 2019 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 period 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 27 August 2020 and are signed on its behalf by:
H. Baron
M. Tattam
Director
Director
Company Registration No. 11554801
AMBIENCE VIBES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2019
- 2 -
1
Accounting policies
Company information
Ambience Vibes Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Rouse Partners LLP, 55 Station Road, Beaconsfield, Bucks, HP9 1QL.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The reporting period begins on 5 September 2018, being the date of incorporation, and ends on 31 March 2019.
1.4
Turnover
Turnover
represents amounts
receivable for goods net of VAT and trade discounts
. Revenue is recognised when the goods are despatched.
1.5
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably.
Amortisation 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:
Website costs
10% straight line
Brand development costs
10% straight line
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible 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).
AMBIENCE VIBES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
1
Accounting policies
(Continued)
- 3 -
1.7
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.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
1.9
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
AMBIENCE VIBES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2019
- 4 -
2
Intangible fixed assets
Website costs
Brand development costs
Total
£
£
£
Cost
At 5 September 2018
-
-
-
Additions
925
20,000
20,925
At 31 March 2019
925
20,000
20,925
Amortisation and impairment
At 5 September 2018
-
-
-
Amortisation charged for the period
2
333
335
At 31 March 2019
2
333
335
Carrying amount
At 31 March 2019
923
19,667
20,590
3
Creditors: amounts falling due within one year
2019
£
Trade creditors
1,277
Other creditors
73,636
74,913
4
Called up share capital
2019
£
Ordinary share capital
Issued and fully paid
1 ordinary of £1 each
1
1