Company Registration No. 06918726 (England and Wales)
HEAVENLY ESSENCE AROMAS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
PAGES FOR FILING WITH REGISTRAR
HEAVENLY ESSENCE AROMAS LTD
COMPANY INFORMATION
Director
Ann Dickson
Company number
06918726
Registered office
6 Hermitage Road
St Johns
Woking
Surrey
GU21 8TB
Accountants
PK Group Ventures Limited
6 Hermitage Road
St Johns
Woking
Surrey
GU21 8TB
HEAVENLY ESSENCE AROMAS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
HEAVENLY ESSENCE AROMAS LTD
BALANCE SHEET
- 1 -
2017
2016
Notes
£
£
£
£
Current assets
Stocks
800
800
Debtors
2
449
456
Cash at bank and in hand
460
146
1,709
1,402
Creditors: amounts falling due within one year
3
(2,860)
(2,059)
Net current liabilities
(1,151)
(657)
Capital and reserves
Called up share capital
4
1
1
Profit and loss reserves
(1,152)
(658)
Total equity
(1,151)
(657)
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he member has 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 and signed by the director and authorised for issue on 21 March 2018
Ann Dickson
Director
Company Registration No. 06918726
HEAVENLY ESSENCE AROMAS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
- 2 -
1
Accounting policies
Company information
Heavenly Essence Aromas Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
6 Hermitage Road, St Johns, Woking, Surrey, GU21 8TB.
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
The accounts are prepared on the going concern basis, which assumes the continued support of the director. As at the 31 May 2017, the company owed the director £1,666 (2016 - £1,039).
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.4
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.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
HEAVENLY ESSENCE AROMAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 3 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
449
-
Other debtors
-
456
449
456
3
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
576
480
Corporation tax
18
-
Other creditors
2,266
1,579
2,860
2,059
4
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1 each
1
1
1
1