Company Registration No. 03115652 (England and Wales)
Hair Tools Limited
Unaudited
Financial Statements
for the year ended 31 December 2021
PAGES FOR FILING WITH REGISTRAR
Hair Tools Limited
Contents
Page
Statement of financial position
1
Notes to the financial statements
2 - 4
Hair Tools Limited
Statement Of Financial Position
as at 31 December 2021
- 1 -
2021
2020
Notes
£
£
£
£
Fixed assets
Tangible assets
4
566,295
574,127
Current assets
Stocks
1,300,162
1,582,918
Debtors
5
1,760,647
1,438,131
Cash at bank and in hand
9,190,887
9,064,233
12,251,696
12,085,282
Creditors: amounts falling due within one year
6
(3,613,555)
(3,543,639)
Net current assets
8,638,141
8,541,643
Net assets
9,204,436
9,115,770
Capital and reserves
Called up share capital
40,000
40,000
Capital redemption reserve
2,000
2,000
Profit and loss reserves
9,162,436
9,073,770
Total equity
9,204,436
9,115,770
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 September 2022 and are signed on its behalf by:
D N Brunton
Director
Company Registration No. 03115652
Hair Tools Limited
Notes to the financial statements
for the year ended 31 December 2021
- 2 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Turnover is recognised on the despatch of goods to the customer.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Freehold land and buildings
No depreciation
Plant and equipment
15% reducing balance
Fixtures and fittings
33% reducing balance
Motor vehicles
25% reducing balance
Depreciation has not been provided on the freehold properties. The directors believe the current market value to be in line with original cost and as such believe that depreciation should not be provided in order for the financial statements to show a true and fair view.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
Stocks
Stocks are stated at the lower of cost and net realisable value.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Hair Tools Limited
Notes to the financial statements (continued)
for the year ended 31 December 2021
1
Accounting policies
(continued)
- 3 -
Government grants
Government grants relate to Coronavirus Job Retention Scheme (CJRS) funding of staff who have been furloughed due to Covid-19. These revenue-based grants are recognised over the same period in which the related costs are incurred.
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2021
2020
Number
Number
Total
12
16
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2021 and 31 December 2021
25,561
Amortisation and impairment
At 1 January 2021 and 31 December 2021
25,561
Carrying amount
At 31 December 2021
At 31 December 2020
Hair Tools Limited
Notes to the financial statements (continued)
for the year ended 31 December 2021
- 4 -
4
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2021
478,669
291,526
184,092
22,015
976,302
Additions
13,373
1,705
15,078
Disposals
(22,015)
(22,015)
At 31 December 2021
478,669
304,899
185,797
969,365
Depreciation and impairment
At 1 January 2021
224,446
159,063
18,666
402,175
Depreciation charged in the year
10,898
8,663
19,561
Eliminated in respect of disposals
(18,666)
(18,666)
At 31 December 2021
235,344
167,726
403,070
Carrying amount
At 31 December 2021
478,669
69,555
18,071
566,295
At 31 December 2020
478,669
67,080
25,029
3,349
574,127
5
Debtors
2021
2020
Amounts falling due within one year:
£
£
Trade debtors
1,741,006
1,412,058
Prepayments and accrued income
19,641
26,073
1,760,647
1,438,131
6
Creditors: amounts falling due within one year
2021
2020
£
£
Trade creditors
549,110
603,380
Other creditor
304,013
258,601
Corporation tax
279,122
217,322
Other taxation and social security
135,790
86,270
Directors' current account
2,247,387
2,217,550
Accruals and deferred income
98,133
160,516
3,613,555
3,543,639
7
Company information
Hair Tools Limited is a private company limited by shares incorporated in England and Wales. The registered office is Head Jog House, Netherfield Road, Ravensthorpe, Dewsbury, West Yorkshire, WF13 3JY.