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REGISTERED NUMBER: 04606026 (England and Wales)















Unaudited Financial Statements for the Year Ended 31st March 2022

for

FRANK JAMES HAIR LIMITED

FRANK JAMES HAIR LIMITED (REGISTERED NUMBER: 04606026)






Contents of the Financial Statements
for the Year Ended 31st March 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


FRANK JAMES HAIR LIMITED

Company Information
for the Year Ended 31st March 2022







DIRECTOR: Mr F Minshull





SECRETARY: Mrs C Minshull





REGISTERED OFFICE: 41 St Thomas's Road
Chorley
Lancashire
PR7 1JE





REGISTERED NUMBER: 04606026 (England and Wales)





ACCOUNTANTS: Abrams Ashton - Chorley Limited
Chartered Certified Accountants
41 St Thomas's Road
Chorley
Lancashire
PR7 1JE

FRANK JAMES HAIR LIMITED (REGISTERED NUMBER: 04606026)

Balance Sheet
31st March 2022

31.3.22 31.3.21
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - 2,000
Tangible assets 5 3,122 4,159
3,122 6,159

CURRENT ASSETS
Stocks 750 650
Debtors 6 700 5,009
Cash at bank and in hand 64,301 55,742
65,751 61,401
CREDITORS
Amounts falling due within one year 7 16,727 15,778
NET CURRENT ASSETS 49,024 45,623
TOTAL ASSETS LESS CURRENT
LIABILITIES

52,146

51,782

CREDITORS
Amounts falling due after more than one
year

8

(35,000

)

(35,000

)

PROVISIONS FOR LIABILITIES (214 ) (791 )
NET ASSETS 16,932 15,991

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 16,832 15,891
SHAREHOLDERS' FUNDS 16,932 15,991

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FRANK JAMES HAIR LIMITED (REGISTERED NUMBER: 04606026)

Balance Sheet - continued
31st March 2022


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22nd August 2022 and were signed by:





Mr F Minshull - Director


FRANK JAMES HAIR LIMITED (REGISTERED NUMBER: 04606026)

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

1. STATUTORY INFORMATION

Frank James Hair Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts received for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income is recognised when goods have been delivered to customers or service has been rendered such that risks and rewards of ownership have transferred to them.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Impairment of assets
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in profit or loss.

If an impairment loss subsequently reverses, the carry amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


FRANK JAMES HAIR LIMITED (REGISTERED NUMBER: 04606026)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2022

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held with banks, and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments' of FRS 102 to all its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2021 - 8 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st April 2021
and 31st March 2022 10,000
AMORTISATION
At 1st April 2021 8,000
Amortisation for year 2,000
At 31st March 2022 10,000
NET BOOK VALUE
At 31st March 2022 -
At 31st March 2021 2,000

FRANK JAMES HAIR LIMITED (REGISTERED NUMBER: 04606026)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2022

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1st April 2021
and 31st March 2022 3,101 2,654 10,200 15,955
DEPRECIATION
At 1st April 2021 2,912 2,270 6,614 11,796
Charge for year 45 96 896 1,037
At 31st March 2022 2,957 2,366 7,510 12,833
NET BOOK VALUE
At 31st March 2022 144 288 2,690 3,122
At 31st March 2021 189 384 3,586 4,159

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Other debtors - 4,394
Prepayments 700 615
700 5,009

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.22 31.3.21
£    £   
Tax 797 2,198
Social security and other taxes 2,870 2,603
Other creditors 69 -
Directors' current accounts 11,803 9,802
Accrued expenses 1,188 1,175
16,727 15,778

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.22 31.3.21
£    £   
Directors loan account 35,000 35,000

9. CALLED UP SHARE CAPITAL


Allotted, issued and fully paid:
Number: Class: Nominal 31.3.22 31.3.21
value: £    £   
100 Ordinary £1 100 100

FRANK JAMES HAIR LIMITED (REGISTERED NUMBER: 04606026)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2022

10. RELATED PARTY DISCLOSURES

At the 31 March 2022 the company owed £46,802 to its directors (2021: £44,802). No interest has been charged to the company in respect of this loan and there is no formal repayment date for this loan, £35,000 of the loan is classified in creditors due after more than one year.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr F Minshull.