Company registration number 06918726 (England and Wales)
HEAVENLY ESSENCE AROMAS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2022
PAGES FOR FILING WITH REGISTRAR
HEAVENLY ESSENCE AROMAS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 3
HEAVENLY ESSENCE AROMAS LTD
BALANCE SHEET
AS AT
31 AUGUST 2022
31 August 2022
- 1 -
31 August 2022
31 May 2021
Notes
£
£
£
£
Current assets
Stocks
2,000
2,000
Debtors
3
752
Cash at bank and in hand
132
15
2,132
2,767
Creditors: amounts falling due within one year
4
(6,004)
(5,559)
Net current liabilities
(3,872)
(2,792)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(3,873)
(2,793)
Total equity
(3,872)
(2,792)
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 period ended 31 August 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 and signed by the director and authorised for issue on 18 May 2023
Ann Dickson
Director
Company Registration No. 06918726
HEAVENLY ESSENCE AROMAS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2022
- 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 amounts 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
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
The current accounting period has been extended by three months to end on the 31 August 2022, the comparative amounts presented in the financial statements (including the related notes) are not entirely comparable.
1.4
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.
1.5
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 cost and replacement cost, adjusted where applicable for any loss of service potential.
1.6
Cash at bank and in hand
Cash and cash equivalents 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.
1.7
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.
HEAVENLY ESSENCE AROMAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 AUGUST 2022
- 3 -
2
Employees
2022
2021
Number
Number
Total
3
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
276
Corporation tax recoverable
476
752
4
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
876
Corporation tax
1
1
Other creditors
6,003
4,682
6,004
5,559
5
Related party transactions
During the year the company was loaned the sum of £150 from Elite Operations Management Ltd a company in which Ann Dickson is a director and shareholder, as at the year end the balance owing was £2,980 (£2,830 : 2021). The loan is given on an interest free basis.