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Statement of Consent to Prepare Abridged Financial Statements
All of the members of Number 10 Hair Limited have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 28 February 2018 in accordance with Section 444(2A) of the Companies Act 2006.
COMPANY REGISTRATION NUMBER: 08903346
Number 10 Hair Limited
Filleted Unaudited Abridged Financial Statements
28 February 2018
Number 10 Hair Limited
Abridged Financial Statements
Year ended 28 February 2018
Contents
Page
Directors' report
1
Abridged statement of financial position
2
Notes to the abridged financial statements
4
Number 10 Hair Limited
Directors' Report
Year ended 28 February 2018
The directors present their report and the unaudited abridged financial statements of the company for the year ended 28 February 2018 .
Directors
The directors who served the company during the year were as follows:
Mr C J Daniel
Mrs Ng
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 13 November 2018 and signed on behalf of the board by:
Mr C J Daniel
Director
Registered office:
219 Burton Road,
Derby
England
DE23 6AE
Number 10 Hair Limited
Abridged Statement of Financial Position
28 February 2018
2018
2017
Note
£
£
£
Fixed assets
Intangible assets
5
1,004
1,579
Tangible assets
6
3,546
4,541
-------
-------
4,550
6,120
Current assets
Stocks
3,886
3,533
Debtors
20,807
19,218
Cash at bank and in hand
1,159
1,296
--------
--------
25,852
24,047
Creditors: amounts falling due within one year
13,376
17,463
--------
--------
Net current assets
12,476
6,584
--------
--------
Total assets less current liabilities
17,026
12,704
Creditors: amounts falling due after more than one year
5,491
7,059
--------
--------
Net assets
11,535
5,645
--------
--------
Capital and reserves
Called up share capital
2
2
Profit and loss account
11,533
5,643
--------
-------
Members funds
11,535
5,645
--------
-------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
For the year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
Number 10 Hair Limited
Abridged Statement of Financial Position (continued)
28 February 2018
These abridged financial statements were approved by the board of directors and authorised for issue on 13 November 2018 , and are signed on behalf of the board by:
Mr C J Daniel
Director
Company registration number: 08903346
Number 10 Hair Limited
Notes to the Abridged Financial Statements
Year ended 28 February 2018
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 219 Burton Road,, Derby, DE23 6AE, England.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The abridged financial statements are prepared in sterling, which is the functional currency of the entity.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 March 2016. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are recorded at the fair value at the acquisition date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Computer Software
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
20% reducing balance
Fixtures and Fittings
-
20% reducing balance
Computer Equipment
-
33% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2017: 9 ).
5. Intangible assets
£
Cost
At 1 March 2017 and 28 February 2018
2,873
-------
Amortisation
At 1 March 2017
1,294
Charge for the year
575
-------
At 28 February 2018
1,869
-------
Carrying amount
At 28 February 2018
1,004
-------
At 28 February 2017
1,579
-------
6. Tangible assets
£
Cost
At 1 March 2017 and 28 February 2018
7,272
-------
Depreciation
At 1 March 2017
2,731
Charge for the year
995
-------
At 28 February 2018
3,726
-------
Carrying amount
At 28 February 2018
3,546
-------
At 28 February 2017
4,541
-------
7. Directors' advances, credits and guarantees
As at the 31 May 2018, the Director C Daniels owed the company £11,998 (28/2/18 - £10,679) and the director S Ng owed £12,859 (28/2/18 - £9,043). These loans are interest free and payable on demand.
8. Related party transactions
The company was under the control of Mr C J Daniel throughout the current and previous year. Mr C J Daniel is the managing director. No transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.
9. Transition to FRS 102
These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 March 2016.
No transitional adjustments were required in equity or profit or loss for the year.