AMS Barbers Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 7

AMS Barbers Limited

(Registration number: 10697865)
Balance Sheet as at 31 March 2018

	Note	2018 £
Fixed assets
Intangible assets	4	5,600
Tangible assets	5	7,440
		13,040
Current assets
Cash at bank and in hand		1,141
Creditors: Amounts falling due within one year	6	(11,991)
Net current liabilities		(10,850)
Total assets less current liabilities		2,190
Provisions for liabilities		(1,414)
Net assets		776
Capital and reserves
Profit and loss account		776
Total equity		776

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 1

AMS Barbers Limited

(Registration number: 10697865)
Balance Sheet as at 31 March 2018

For the financial year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 12 February 2019
 

.........................................

A Sockalingum
Director

The notes on pages 3 to 7 form an integral part of these financial statements.

Page 2

AMS Barbers Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
53 Trumpington Street
Cambridge
Cambridgeshire
CB2 1RG
England

These financial statements were authorised for issue by the director on 12 February 2019.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Page 3

AMS Barbers Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Shop equipment	20% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Intangible assets

Intangible assets consist of goodwill. The amounts are recorded at cost,
depreciation is charged against the asset to write it off over its useful economic life. Each year an
impairment review is carried out and any impairments would be written off to the profit and loss as and
when it occurs.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Page 4

AMS Barbers Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash
or other resources received or receivable, net of the direct costs of issuing the equity instruments. If
payment is deferred and the time value of money is material, the initial measurement is on a present
value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1.

Page 5

AMS Barbers Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
Additions acquired separately	7,000	7,000
At 31 March 2018	7,000	7,000
Amortisation
Amortisation charge	1,400	1,400
At 31 March 2018	1,400	1,400
Carrying amount
At 31 March 2018	5,600	5,600

5	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
Additions	9,300	9,300
At 31 March 2018	9,300	9,300
Depreciation
Charge for the year	1,860	1,860
At 31 March 2018	1,860	1,860
Carrying amount
At 31 March 2018	7,440	7,440

Page 6

AMS Barbers Limited

Notes to the Financial Statements for the Year Ended 31 March 2018

6

Creditors

Creditors: amounts falling due within one year

	2018 £
Due within one year
Accruals and deferred income	900
Other creditors	11,091
	11,991