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COMPANY REGISTRATION NUMBER: 13040930
Palm Luxury Hair Limited
Filleted Unaudited Financial Statements
For the period ended
30 November 2021
Palm Luxury Hair Limited
Financial Statements
Period from 24 November 2020 to 30 November 2021
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
3
Palm Luxury Hair Limited
Officers and Professional Advisers
Director
Miss C L Kidd
Registered office
550 Valley Road
Basford
Nottingham
NG5 1JJ
Accountants
ADS Accountancy Limited
Chartered Accountants
550 Valley Road
Basford
Nottingham
NG5 1JJ
Bankers
Starling Bank
3rd Floor
2 Finsbury Avenue
London
EC2M 2PP
Palm Luxury Hair Limited
Statement of Financial Position
30 November 2021
30 Nov 21
Note
£
£
Fixed assets
Tangible assets
3
1,275
Current assets
Cash at bank and in hand
1,185
Creditors: amounts falling due within one year
4
8,846
-------
Net current liabilities
7,661
-------
Total assets less current liabilities
( 6,386)
-------
Capital and reserves
Called up share capital
5
100
Profit and loss account
( 6,486)
-------
Shareholders deficit
( 6,386)
-------
These 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 Section 1A of 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 income statement has not been delivered.
For the period ending 30 November 2021 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 financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 19 August 2022 , and are signed on behalf of the board by:
Miss C L Kidd
Director
Company registration number: 13040930
Palm Luxury Hair Limited
Notes to the Financial Statements
Period from 24 November 2020 to 30 November 2021
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 550 Valley Road, Basford, Nottingham, NG5 1JJ.
2. Accounting policies
Basis of preparation
At 30th November 2021, the company had net liabilities of £6,386. The company is reliant on the continued support of the director. The director has confirmed her intention to support the company for at least twelve months from the date of signing the accounts. On the above basis, the director considers that the accounts should be prepared on a going concern basis.
Revenue recognition
The turnover shown in the profit and loss account represents amounts invoiced for work carried out during the year, exclusive of Value Added Tax.
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:
Computer equipment
-
25% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.
3. Tangible assets
Computer equipment
£
Cost
At 24 November 2020
Additions
1,700
-------
At 30 November 2021
1,700
-------
Depreciation
At 24 November 2020
Charge for the period
425
-------
At 30 November 2021
425
-------
Carrying amount
At 30 November 2021
1,275
-------
4. Creditors: amounts falling due within one year
30 Nov 21
£
Other creditors
8,846
-------
5. Called up share capital
Issued, called up and fully paid
30 Nov 21
No.
£
Ordinary shares of £ 1 each
100
100
----
----
Share movements
No.
£
Ordinary
At 24 November 2020
Issue of shares
100
100
----
----
At 30 November 2021
100
100
----
----
6. Director's advances, credits and guarantees
At the statement of financial position date, the amount owed to the director through the director's loan account was £8,846. The director's loan account is unsecured, interest free and repayable on demand.