Company registration number 09472598 (England and Wales)
STORM HAIR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
STORM HAIR LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
STORM HAIR LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
690
1,034
Tangible assets
5
1,039
388
Current assets
Stocks
3,041
1,006
Debtors
6
278
22,111
Cash at bank and in hand
20,668
4,200
23,987
27,317
Creditors: amounts falling due within one year
7
(13,398)
(10,195)
Net current assets
10,589
17,122
Total assets less current liabilities
12,318
18,544
Creditors: amounts falling due after more than one year
8
(14,863)
(18,286)
Provisions for liabilities
(197)
(74)
Net (liabilities)/assets
(2,742)
184
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(2,842)
84
Total equity
(2,742)
184
STORM HAIR LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 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 member has 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 3 October 2023 and are signed on its behalf by:
Mr S M Rae
Director
Company Registration No. 09472598
STORM HAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Storm Hair Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 5 Phoenix Industrial Estate, Chickenhall Lane, Eastleigh, Hampshire, SO50 6PQ.

1.1
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. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
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.

 

Revenue from hair dressing services is recognised at the point of completion of the service.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Amortisation 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:

Software
20% Straight Line
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% Reducing Balance
Computers
20% Reducing Balance

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.

STORM HAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets. A provision is made for any impairment loss and taken to the profit and loss account.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company only enters into Basic financial instrument transactions.

 

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.

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.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 payments discounted at a market rate of interest.

1.9
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

STORM HAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.

Deferred tax

Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in the tax assessments.

 

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

 

The company's liability for current and deferred tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
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.

1.14
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.

STORM HAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors 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 monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
5
3
4
Intangible fixed assets
Software
£
Cost
At 1 April 2022 and 31 March 2023
1,722
Amortisation and impairment
At 1 April 2022
688
Amortisation charged for the year
344
At 31 March 2023
1,032
Carrying amount
At 31 March 2023
690
At 31 March 2022
1,034
STORM HAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
5
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2022
2,068
-
0
2,068
Additions
132
838
970
At 31 March 2023
2,200
838
3,038
Depreciation and impairment
At 1 April 2022
1,680
-
0
1,680
Depreciation charged in the year
119
200
319
At 31 March 2023
1,799
200
1,999
Carrying amount
At 31 March 2023
401
638
1,039
At 31 March 2022
388
-
0
388
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
-
0
21,900
Prepayments and accrued income
278
211
278
22,111
7
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
2,967
2,239
Trade creditors
2,261
3,094
Amounts owed to group undertakings
13
-
0
Taxation and social security
6,652
3,902
Other creditors
268
-
0
Accruals and deferred income
1,237
960
13,398
10,195
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,863
18,286
2023-03-312022-04-01false04 October 2023CCH SoftwareCCH Accounts Production 2023.200No description of principal activityMrs G M E RaeMr S M RaeMr S M Rae094725982022-04-012023-03-31094725982023-03-31094725982022-03-3109472598core:ComputerSoftware2023-03-3109472598core:ComputerSoftware2022-03-3109472598core:FurnitureFittings2023-03-3109472598core:ComputerEquipment2023-03-3109472598core:FurnitureFittings2022-03-3109472598core:ComputerEquipment2022-03-3109472598core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3109472598core:CurrentFinancialInstrumentscore:WithinOneYear2022-03-3109472598core:CurrentFinancialInstruments2023-03-3109472598core:CurrentFinancialInstruments2022-03-3109472598core:Non-currentFinancialInstruments2023-03-3109472598core:Non-currentFinancialInstruments2022-03-3109472598core:ShareCapital2023-03-3109472598core:ShareCapital2022-03-3109472598core:RetainedEarningsAccumulatedLosses2023-03-3109472598core:RetainedEarningsAccumulatedLosses2022-03-3109472598bus:CompanySecretaryDirector12022-04-012023-03-3109472598core:IntangibleAssetsOtherThanGoodwill2022-04-012023-03-3109472598core:ComputerSoftware2022-04-012023-03-3109472598core:FurnitureFittings2022-04-012023-03-3109472598core:ComputerEquipment2022-04-012023-03-31094725982021-04-012022-03-3109472598core:ComputerSoftware2022-03-3109472598core:FurnitureFittings2022-03-3109472598core:ComputerEquipment2022-03-31094725982022-03-3109472598bus:PrivateLimitedCompanyLtd2022-04-012023-03-3109472598bus:SmallCompaniesRegimeForAccounts2022-04-012023-03-3109472598bus:FRS1022022-04-012023-03-3109472598bus:AuditExemptWithAccountantsReport2022-04-012023-03-3109472598bus:Director12022-04-012023-03-3109472598bus:Director22022-04-012023-03-3109472598bus:CompanySecretary12022-04-012023-03-3109472598bus:FullAccounts2022-04-012023-03-31xbrli:purexbrli:sharesiso4217:GBP