Company Registration No. 06918726 (England and Wales)
HEAVENLY ESSENCE AROMAS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
PAGES FOR FILING WITH REGISTRAR
HEAVENLY ESSENCE AROMAS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
HEAVENLY ESSENCE AROMAS LTD
BALANCE SHEET
- 1 -
2020
2019
Notes
£
£
£
£
Current assets
Stocks
800
800
Debtors
3
581
807
Cash at bank and in hand
196
516
1,577
2,123
Creditors: amounts falling due within one year
4
(3,738)
(2,117)
Net current (liabilities)/assets
(2,161)
6
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(2,162)
5
Total equity
(2,161)
6
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 2020 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.
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 19 May 2021
Ann Dickson
Director
Company Registration No. 06918726
HEAVENLY ESSENCE AROMAS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
- 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
A
t the time of approving the financial statements
,
t
he director has a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he director continues to adopt the going concern basis of accounting in preparing the financial statements.
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 cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
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.
1.6
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.
1.7
Taxation
The tax expense represents the sum of the tax currently
payable.
HEAVENLY ESSENCE AROMAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
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
Employees
2020
2019
Number
Number
Total
3
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
105
362
Corporation tax recoverable
476
Other debtors
445
581
807
4
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
876
756
Corporation tax
1
521
Other creditors
2,861
840
3,738
2,117
5
Related party transactions
During the year the company was loaned the sum of £1,600 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 £1,600. The loan is given on an interest free basis.
6
Directors' transactions
HEAVENLY ESSENCE AROMAS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
6
Directors' transactions
(Continued)
- 4 -
Interest free loans have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts repaid
Closing balance
£
£
£
Director loan
-
445
(445)
-
445
(445)
-