Registered number
08510573
Cosmetic Courses Limited
Report and Unaudited Accounts
31 December 2016
Chapman Robinson & Moore Limited
Registered Accountant and Auditors
30 Bankside Court
Stationfields
Kidlington
Oxford
OX5 1JE
Cosmetic Courses Limited
Registered number: 08510573
Balance Sheet
as at 31 December 2016
Notes 2016 2015
£ £
Fixed assets
Intangible assets 2 297,000 315,000
Tangible assets 3 26,767 42,636
323,767 357,636
Current assets
Stocks 5,070 5,070
Debtors 4 86,697 38,569
Cash at bank and in hand 385,157 91,229
476,924 134,868
Creditors: amounts falling due within one year 5 (418,992) (282,920)
Net current assets/(liabilities) 57,932 (148,052)
Total assets less current liabilities 381,699 209,584
Creditors: amounts falling due after more than one year 6 (1,711) (7,622)
Net assets 379,988 201,962
Capital and reserves
Called up share capital 100 100
Profit and loss account 379,888 201,862
Shareholders' funds 379,988 201,962
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
C. Savin
Director
Approved by the board on 1 August 2017
Cosmetic Courses Limited
Notes to the Accounts
for the year ended 31 December 2016
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life, as follows:
Leasehold improvements 25% straight line
Plant and machinery 25% straight line
Office equipment 25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Intangible fixed assets £
Goodwill:
Cost
At 1 January 2016 360,000
At 31 December 2016 360,000
Amortisation
At 1 January 2016 45,000
Provided during the year 18,000
At 31 December 2016 63,000
Net book value
At 31 December 2016 297,000
At 31 December 2015 315,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
3 Tangible fixed assets
Office equipment Plant and machinery etc Leasehold improvements Total
£ £ £ £
Cost
At 1 January 2016 34,698 47,953 6,607 89,258
Additions 7,913 625 - 8,538
At 31 December 2016 42,611 48,578 6,607 97,796
Depreciation
At 1 January 2016 20,492 21,587 4,543 46,622
Charge for the year 10,653 12,102 1,652 24,407
At 31 December 2016 31,145 33,689 6,195 71,029
Net book value
At 31 December 2016 11,466 14,889 412 26,767
At 31 December 2015 14,206 26,366 2,064 42,636
4 Debtors 2016 2015
£ £
Trade debtors 83,017 34,977
Other debtors 3,680 3,592
86,697 38,569
5 Creditors: amounts falling due within one year 2016 2015
£ £
Obligations under finance lease and hire purchase contracts 5,911 14,467
Trade creditors 60,642 23,582
Corporation tax 49,099 15,119
Other taxes and social security costs 40,150 29,674
Other creditors 263,190 200,078
418,992 282,920
6 Creditors: amounts falling due after one year 2016 2015
£ £
Obligations under finance lease and hire purchase contracts 1,711 7,622
7 Loans with directors
Description and conditions B/fwd Paid to Paid from C/fwd
£ £ £ £
Adrian Richards
Loan from director 108,970 (25,307) 83,663
108,970 (25,307) - 83,663
8 Related party transactions 2016 2015
£ £
A. Richards Esq.
Director and shareholder
Dividends paid to director 60,230
Plastic Surgery and Cosemtic Centre Limited
Common director and shareholder
Amount due to the related party
Amounts written off in the period - 194,700
CJPS Consulting Services Limited
Common director
Amount due to the related party - 3,000
Amounts paid to the related party - 53,072
H. Richards
Director and shareholder
Dividends paid to director 20,077
Savards Properties Limited
Common director and shareholder
Amounts due from the related party 1,000 -
AHJ Property Services Limited
Common director and shareholder
Sales made by the related party 3,150 -
9 Controlling party
The company is ultimately controlled by its directors.
10 Other information
Cosmetic Courses Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Paddocks
Aylesbury Road
Princes Risborough
Buckinghamshire
HP27 0JS
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