You might not feel ready, but that's because no one does and as cliche as it sounds, if you don't give it a go then you'll never know. Just completing the entry form will show you how much you've learnt in the last year and it always makes me feel great to see it written down like that.
In fact, something that might make the application seem a little less scary is to start next years application now and update it as your progress and learn new things. Think of it as a guide to what you want to achieve going forward as a nail technician.