My Hair and Beauty Shop Ltd 07942027 false 2022-01-01 2022-12-31 2022-12-31 The principal activity of the company is Retail sale of cosmetic and toilet articles in specialised stores Digita Accounts Production Advanced 6.30.9574.0 true true 07942027 2022-01-01 2022-12-31 07942027 2022-12-31 07942027 core:CurrentFinancialInstruments 2022-12-31 07942027 core:CurrentFinancialInstruments core:WithinOneYear 2022-12-31 07942027 core:Non-currentFinancialInstruments 2022-12-31 07942027 core:Non-currentFinancialInstruments core:AfterOneYear 2022-12-31 07942027 core:FurnitureFittingsToolsEquipment 2022-12-31 07942027 bus:SmallEntities 2022-01-01 2022-12-31 07942027 bus:AuditExemptWithAccountantsReport 2022-01-01 2022-12-31 07942027 bus:FullAccounts 2022-01-01 2022-12-31 07942027 bus:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 07942027 bus:RegisteredOffice 2022-01-01 2022-12-31 07942027 bus:Director1 2022-01-01 2022-12-31 07942027 bus:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 07942027 core:FurnitureFittingsToolsEquipment 2022-01-01 2022-12-31 07942027 core:OfficeEquipment 2022-01-01 2022-12-31 07942027 countries:EnglandWales 2022-01-01 2022-12-31 07942027 2021-12-31 07942027 core:FurnitureFittingsToolsEquipment 2021-12-31 07942027 2021-01-01 2021-12-31 07942027 2021-12-31 07942027 core:CurrentFinancialInstruments 2021-12-31 07942027 core:CurrentFinancialInstruments core:WithinOneYear 2021-12-31 07942027 core:Non-currentFinancialInstruments 2021-12-31 07942027 core:Non-currentFinancialInstruments core:AfterOneYear 2021-12-31 07942027 core:FurnitureFittingsToolsEquipment 2021-12-31 iso4217:GBP xbrli:pure

Registration number: 07942027

My Hair and Beauty Shop Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

My Hair and Beauty Shop Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 6

 

My Hair and Beauty Shop Ltd

(Registration number: 07942027)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

1,578

708

Current assets

 

Stocks

5

50,000

50,000

Debtors

6

61,695

91,079

Cash at bank and in hand

 

16,467

1,461

 

128,162

142,540

Creditors: Amounts falling due within one year

7

(111,129)

(93,591)

Net current assets

 

17,033

48,949

Total assets less current liabilities

 

18,611

49,657

Creditors: Amounts falling due after more than one year

7

(48,074)

(49,899)

Net liabilities

 

(29,463)

(242)

Capital and reserves

 

Called up share capital

20

20

Retained earnings

(29,483)

(262)

Shareholders' deficit

 

(29,463)

(242)

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

The director acknowledges her 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 28 September 2023
 

.........................................
Mrs C Novak
Director

 

My Hair and Beauty Shop Ltd

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

1

General information

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

The address of its registered office is:
Station House New Hall Hey Road
Rawtenstall
Rossendale
BB4 6AJ
England

These financial statements were authorised for issue by the director on 28 September 2023.

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

The financial statements have been prepared under the historical cost convention and in accordance with FRS 105 'The Financial Reporting Standard applicable to the Micro-entities Regime'.

Basis of preparation

These financial statements have been prepared in sterling (£) using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

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.

Government grants

Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to the profit and loss.

Tax

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.

 

My Hair and Beauty Shop Ltd

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

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

Office equipment

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

My Hair and Beauty Shop Ltd

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2021 - 4).

 

My Hair and Beauty Shop Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 January 2022

708

708

Additions

1,396

1,396

At 31 December 2022

2,104

2,104

Depreciation

Charge for the year

526

526

At 31 December 2022

526

526

Carrying amount

At 31 December 2022

1,578

1,578

At 31 December 2021

708

708

5

Stocks

2022
£

2021
£

Other inventories

50,000

50,000

6

Debtors

Current

2022
£

2021
£

Trade debtors

16,624

19,796

Other debtors

45,071

71,283

 

61,695

91,079

 

My Hair and Beauty Shop Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

8

33,043

38,850

Trade creditors

 

13,159

15,638

Taxation and social security

 

30,247

28,184

Accruals and deferred income

 

6,614

2,000

Other creditors

 

28,066

8,919

 

111,129

93,591

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

48,074

49,899

8

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

48,074

49,899

2022
£

2021
£

Current loans and borrowings

Bank overdrafts

19,536

17,468

Other borrowings

13,507

21,382

33,043

38,850