Limited Liability Partnership registration number OC401897 (England and Wales)
THE HAIR CLUB LONDON LLP
Annual report and unaudited financial statements
For the year ended 31 March 2022
Pages for filing with registrar
THE HAIR CLUB LONDON LLP
LIMITED LIABILITY PARTNERSHIP INFORMATION
Designated members
Mrs D Hart
Mr MPY Malie
Limited liability partnership number
OC401897
Registered office
Connect House
133-137 Alexandra Road
London
SW19 7JY
Accountants
WSM Advisors Limited
Connect House
133-137 Alexandra Road
Wimbledon
London
SW19 7JY
THE HAIR CLUB LONDON LLP
CONTENTS
Page
Balance sheet
1 - 2
Reconciliation of members' interests
3
Notes to the financial statements
4 - 7
THE HAIR CLUB LONDON LLP
BALANCE SHEET
As at 31 March 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,563
3,367
Current assets
Stocks
13,924
5,178
Debtors
5
16,103
18,088
Cash at bank and in hand
46,375
40,895
76,402
64,161
Creditors: amounts falling due within one year
6
(31,008)
(19,771)
Net current assets
45,394
44,390
Total assets less current liabilities
51,957
47,757
Creditors: amounts falling due after more than one year
7
(16,194)
(21,047)
Net assets attributable to members
35,763
26,710
Represented by:
Loans and other debts due to members within one year
Amounts due in respect of profits
8,368
17,963
Other amounts
27,395
8,747
35,763
26,710
Total members' interests
Loans and other debts due to members
35,763
26,710
35,763
26,710

The members of the limited liability partnership have elected not to include a copy of the profit and loss account within the financial statements.

THE HAIR CLUB LONDON LLP
BALANCE SHEET (CONTINUED)
As at 31 March 2022
- 2 -

For the financial year ended 31 March 2022 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006 (as applied by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008) relating to small limited liability partnerships.

The members acknowledge their responsibilities for complying with the requirements of the Act (as applied to limited liability partnerships) with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to limited liability partnerships subject to the small limited liability partnerships regime.

The financial statements were approved by the members and authorised for issue on 13 September 2022 and are signed on their behalf by:
13 September 2022
Mrs D Hart
Mr MPY Malie
Designated member
Designated Member
Limited Liability Partnership Registration No. OC401897
THE HAIR CLUB LONDON LLP
RECONCILIATION OF MEMBERS' INTERESTS
For the year ended 31 March 2022
- 3 -
Current financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2022
£
£
£
£
Amounts due to members
26,710
Members' interests at 1 April 2021
-
26,710
26,710
26,710
Profit for the financial year available for discretionary division among members
8,368
-
-
8,368
Members' interests after profit for the year
8,368
26,710
26,710
35,078
Allocation of profit for the financial year
(8,368)
8,368
8,368
-
Introduced by members
-
685
685
685
Members' interests at 31 March 2022
-
35,763
35,763
35,763
Prior financial year
EQUITY
DEBT
TOTAL
Members' other interests
Loans and other debts due to members less any amounts due from members in debtors
MEMBERS'
INTERESTS
Other reserves
Other amounts
Total
Total
2021
£
£
£
£
Amounts due to members
8,180
Members' interests at 1 April 2020
-
8,180
8,180
8,180
Profit for the financial year available for discretionary division among members
17,963
-
-
17,963
Members' interests after profit for the year
17,963
8,180
8,180
26,143
Allocation of profit for the financial year
(17,963)
17,963
17,963
-
Introduced by members
-
567
567
567
Members' interests at 31 March 2021
-
26,710
26,710
26,710
THE HAIR CLUB LONDON LLP
NOTES TO THE  FINANCIAL STATEMENTS
For the year ended 31 March 2022
- 4 -
1
Accounting policies
1.1
Accounting convention

These financial statements have been prepared in accordance with the Statement of Recommended Practice "Accounting by Limited Liability Partnerships" issued in December 2018, together 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 have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents the amounts recoverable for the services provided to clients, excluding value added tax, under contractual obligations which are performed gradually over time.

1.3
Members' participating interests

Members' participation rights are the rights of a member against the LLP that arise under the members' agreement (for example, in respect of amounts subscribed or otherwise contributed remuneration and profits).

 

All amounts due to members that are classified as liabilities are presented within 'Loans and other debts due to members' and, where such an amount relates to current year profits, they are recognised within ‘Members' remuneration charged as an expense’ in arriving at the relevant year’s result. Undivided amounts that are classified as equity are shown within ‘Members' other interests’. Amounts recoverable from members are presented as debtors and shown as amounts due from members within members’ interests.

 

 

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% straight line
Computers
25% straight line

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 recognised in the profit and loss account.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.6
Financial instruments
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

THE HAIR CLUB LONDON LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2022
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

1.7
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Judgements and key sources of estimation uncertainty

In the application of the limited liability partnership’s accounting policies, the members are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average number of persons (excluding members) employed by the partnership during the year was:

2022
2021
Number
Number
Total
1
1
THE HAIR CLUB LONDON LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2022
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021
18,493
Additions
5,964
At 31 March 2022
24,457
Depreciation and impairment
At 1 April 2021
15,126
Depreciation charged in the year
2,768
At 31 March 2022
17,894
Carrying amount
At 31 March 2022
6,563
At 31 March 2021
3,367
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
651
-
Other debtors
15,452
18,088
16,103
18,088
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans and overdrafts
4,922
4,354
Trade creditors
18,181
13,681
Taxation and social security
3,581
-
Other creditors
4,324
1,736
31,008
19,771
THE HAIR CLUB LONDON LLP
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
For the year ended 31 March 2022
- 7 -
7
Creditors: amounts falling due after more than one year
2022
2021
£
£
Bank loans and overdrafts
16,194
21,047

 

8
Loans and other debts due to members

In the event of a winding up the amounts included in "Loans and other debts due to members" will rank equally with unsecured creditors.

9
Operating lease commitments

At the reporting end date the limited liability partnership had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
27,500
55,000
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