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Registration number: 06101918

March Hair Plymouth Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

March Hair Plymouth Limited

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 10

 

March Hair Plymouth Limited

Company Information

Directors

Mr D Coombs

Ms T Bader

Registered office

Condy Mathias
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
March Hair Plymouth Limited
for the Year Ended 31 March 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of March Hair Plymouth Limited for the year ended 31 March 2022 as set out on pages 3 to 10 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of March Hair Plymouth Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of March Hair Plymouth Limited and state those matters that we have agreed to state to the Board of Directors of March Hair Plymouth Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than March Hair Plymouth Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that March Hair Plymouth Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of March Hair Plymouth Limited. You consider that March Hair Plymouth Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of March Hair Plymouth Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

12 August 2022

 

March Hair Plymouth Limited

(Registration number: 06101918)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Intangible assets

4

24,600

28,700

Tangible assets

5

7,059

8,471

 

31,659

37,171

Current assets

 

Stocks

6,000

8,000

Debtors

6

9,375

3,250

Cash at bank and in hand

 

52,243

73,231

 

67,618

84,481

Creditors: Amounts falling due within one year

7

(35,486)

(44,140)

Net current assets

 

32,132

40,341

Total assets less current liabilities

 

63,791

77,512

Creditors: Amounts falling due after more than one year

7

(31,535)

(50,000)

Provisions for liabilities

(1,341)

(1,610)

Net assets

 

30,915

25,902

Capital and reserves

 

Called up share capital

1

1

Retained earnings

30,914

25,901

Shareholders' funds

 

30,915

25,902

 

March Hair Plymouth Limited

(Registration number: 06101918)
Balance Sheet as at 31 March 2022

For the financial year ending 31 March 2022 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 Board on 12 August 2022 and signed on its behalf by:
 

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

Ms T Bader

Director

 

March Hair Plymouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

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

The address of its registered office is:
Condy Mathias
6 Houndiscombe Road
Plymouth
Devon
PL4 6HH

The principal place of business is:
20 New George Street
Plymouth
Devon
PL1 1RL

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 using the historic cost convention except that as disclosed in the accounting policies certain items are shown at fair value. The 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.

Going concern

These accounts have been prepared on a going concern basis, taking into account the impact on the business caused by the Coronavirus outbreak. To cope with the outbreak the business accessed the relevant emergency government support available to support it through the lockdown, and expects in be in a position to commence normal trading once the peak of the crisis has passed.

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.

 

March Hair Plymouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Government grants

Government grants are fair value grants received by the government to support the company in the ordinary course of the company's activities.

The company recognises government grant income when the amount of grant can be reliably measured, and it is highly probably that future economic benefits of the grant will flow to the company.

Where government grants are receievd for long-term commitments and expenses, the amount of grant received is time apportioned appropriately, and released to match the relevant cost each year.

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 balance sheet 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

Leasehold property improvements

20 years straight line

Plant and machinery

25% reducing balance

Fixtures and fittings

20% reducing balance

Office Equipment

25% reducing balance

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.

 

March Hair Plymouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2021 - 7).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2021

226,999

226,999

At 31 March 2022

226,999

226,999

Amortisation

At 1 April 2021

198,299

198,299

Amortisation charge

4,100

4,100

At 31 March 2022

202,399

202,399

Carrying amount

At 31 March 2022

24,600

24,600

At 31 March 2021

28,700

28,700

 

March Hair Plymouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 April 2021

15,477

43,445

9,792

68,714

At 31 March 2022

15,477

43,445

9,792

68,714

Depreciation

At 1 April 2021

10,061

40,701

9,481

60,243

Charge for the year

774

560

78

1,412

At 31 March 2022

10,835

41,261

9,559

61,655

Carrying amount

At 31 March 2022

4,642

2,184

233

7,059

At 31 March 2021

5,416

2,744

311

8,471

6

Debtors

2022
£

2021
£

Prepayments

3,250

3,250

Other debtors

6,125

-

9,375

3,250

 

March Hair Plymouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

10,648

-

Trade creditors

 

11,742

12,064

Taxation and social security

 

10,410

20,455

Accruals and deferred income

 

2,560

4,600

Other creditors

 

126

7,021

 

35,486

44,140

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

31,535

50,000

 

March Hair Plymouth Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

31,535

50,000