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Registered Number: 08622880
England and Wales

 

 

 

SMITIN HAIR DESIGN LIMITED


Financial Statements
 


Period of accounts

Start date: 01 August 2022

End date: 31 July 2023
Director Andrea Natalie Smit
Registered Number 08622880
Registered Office 55 Town Street
Farsley
Leeds
West Yorkshire
LS28 5HX
Accountants UWM Accountants
UWM House
6 Fusion Court
Leeds
West Yorkshire
LS25 2GH
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Intangible fixed assets 3   1,500 
Tangible fixed assets 4 457    609 
457    2,109 
Current assets      
Stocks 5 1,275    1,200 
Cash at bank and in hand 3,758    14,352 
5,033    15,552 
Creditors: amount falling due within one year 6 (5,232)   (9,680)
Net current liabilities (199)   5,872 
 
Total assets less current liabilities 258    7,981 
Provisions for liabilities 7 (87)   (116)
Net assets 171    7,865 
 

Capital and reserves
     
Called up share capital 1    1 
Profit and loss account 170    7,864 
Shareholder's funds 171    7,865 
 


For the year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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 companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 28 September 2023 and were signed on its behalf by:


-------------------------------
Andrea Natalie Smit
Director
2
General Information
Smitin Hair Design Limited is a private company, limited by shares, registered in England and Wales, registration number 08622880, registration address 55 Town Street, Farsley, Leeds, West Yorkshire, LS28 5HX.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of 10 years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and machinery etc 25% reducing balance
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees


Average number of employees during the year was 3 (2022 : 4).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 August 2022 15,000    15,000 
Additions  
Disposals  
At 31 July 2023 15,000    15,000 
Amortisation
At 01 August 2022 13,500    13,500 
Charge for year 1,500    1,500 
On disposals  
At 31 July 2023 15,000    15,000 
Net book values
At 31 July 2023  
At 31 July 2022 1,500    1,500 


4.

Tangible fixed assets

Cost or valuation Plant and machinery etc   Total
  £   £
At 01 August 2022 4,196    4,196 
Additions  
Disposals  
At 31 July 2023 4,196    4,196 
Depreciation
At 01 August 2022 3,587    3,587 
Charge for year 152    152 
On disposals  
At 31 July 2023 3,739    3,739 
Net book values
Closing balance as at 31 July 2023 457    457 
Opening balance as at 01 August 2022 609    609 


5.

Stocks

2023
£
  2022
£
Stocks 1,275    1,200 
1,275    1,200 

6.

Creditors: amount falling due within one year

2023
£
  2022
£
Taxation and Social Security 3,426    5,014 
Other Creditors 1,806    4,666 
5,232    9,680 

7.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 87    116 
87    116 

3