Registered number
05685158
Haz Afro Cosmetics Limited
Filleted Accounts
31 January 2023
Haz Afro Cosmetics Limited
Registered number: 05685158
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 14,000 15,400
Tangible assets 4 492,810 22,450
506,810 37,850
Current assets
Stocks 869,668 558,688
Debtors 5 626,109 748,590
Cash at bank and in hand 1,399,110 1,395,122
2,894,887 2,702,400
Creditors: amounts falling due within one year 6 (543,244) (435,129)
Net current assets 2,351,643 2,267,271
Total assets less current liabilities 2,858,453 2,305,121
Creditors: amounts falling due after more than one year 7 (261,442) -
Net assets 2,597,011 2,305,121
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,596,911 2,305,021
Shareholders' funds 2,597,011 2,305,121
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Hussain M Teja
Director
Approved by the board on 3 October 2023
Haz Afro Cosmetics Limited
Notes to the Accounts
for the year ended 31 January 2023
1 Accounting policies
Basis of preparation
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% written down value
Plant and machinery 25% written down value
Fixtures, fittings, tools and equipment 25% written down value
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2022 35,000
At 31 January 2023 35,000
Amortisation
At 1 February 2022 19,600
Provided during the year 1,400
At 31 January 2023 21,000
Net book value
At 31 January 2023 14,000
At 31 January 2022 15,400
Goodwill is being written off in equal annual instalments over its estimated economic life of 25 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2022 - 83,767 14,916 98,683
Additions 469,552 8,560 - 478,112
At 31 January 2023 469,552 92,327 14,916 576,795
Depreciation
At 1 February 2022 - 61,915 14,318 76,233
Charge for the year - 7,603 149 7,752
At 31 January 2023 - 69,518 14,467 83,985
Net book value
At 31 January 2023 469,552 22,809 449 492,810
At 31 January 2022 - 21,852 598 22,450
5 Debtors 2023 2022
£ £
Trade debtors 625,987 748,590
Other debtors 122 -
626,109 748,590
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 31,200 -
Trade creditors 191,072 91,525
Corporation tax 89,562 98,549
Other taxes and social security costs 144,697 161,283
Other creditors 86,713 83,772
543,244 435,129
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 261,442 -
8 Related party transactions
There was no related party transaction apart from salary and dividend paid to the directors during the year.
9 Other information
Haz Afro Cosmetics Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5B Garnett Close
Greycaines Industrial Estate
Watford
WD24 7GN
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