Hair Associates (Colne) Ltd 04867027 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is hairdressing. Digita Accounts Production Advanced 6.30.9574.0 true 04867027 2022-04-01 2023-03-31 04867027 2023-03-31 04867027 bus:Director2 1 2023-03-31 04867027 core:RetainedEarningsAccumulatedLosses 2023-03-31 04867027 core:ShareCapital 2023-03-31 04867027 core:CurrentFinancialInstruments 2023-03-31 04867027 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 04867027 core:Non-currentFinancialInstruments 2023-03-31 04867027 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 04867027 core:Goodwill 2023-03-31 04867027 core:FurnitureFittingsToolsEquipment 2023-03-31 04867027 bus:SmallEntities 2022-04-01 2023-03-31 04867027 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 04867027 bus:FullAccounts 2022-04-01 2023-03-31 04867027 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 04867027 bus:RegisteredOffice 2022-04-01 2023-03-31 04867027 bus:CompanySecretary1 2022-04-01 2023-03-31 04867027 bus:Director2 2022-04-01 2023-03-31 04867027 bus:Director2 1 2022-04-01 2023-03-31 04867027 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 04867027 bus:Agent1 2022-04-01 2023-03-31 04867027 core:Goodwill 2022-04-01 2023-03-31 04867027 core:FurnitureFittings 2022-04-01 2023-03-31 04867027 core:OfficeEquipment 2022-04-01 2023-03-31 04867027 countries:AllCountries 2022-04-01 2023-03-31 04867027 2022-03-31 04867027 bus:Director2 1 2022-03-31 04867027 core:Goodwill 2022-03-31 04867027 core:FurnitureFittingsToolsEquipment 2022-03-31 04867027 2021-04-01 2022-03-31 04867027 2022-03-31 04867027 bus:Director2 1 2022-03-31 04867027 core:RetainedEarningsAccumulatedLosses 2022-03-31 04867027 core:ShareCapital 2022-03-31 04867027 core:CurrentFinancialInstruments 2022-03-31 04867027 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 04867027 core:Non-currentFinancialInstruments 2022-03-31 04867027 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 04867027 bus:Director2 1 2021-04-01 2022-03-31 04867027 bus:Director2 1 2021-03-31 iso4217:GBP xbrli:pure

Registration number: 04867027

Hair Associates (Colne) Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Hair Associates (Colne) Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Hair Associates (Colne) Ltd

Company Information

Director

Mr J Edmondson

Company secretary

Mrs H Edmondson

Registered office

9 Snell Grove
Colne
Lancashire
BB8 0QS

Accountants

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Hair Associates (Colne) Ltd
for the Year Ended 31 March 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Hair Associates (Colne) Ltd for the year ended 31 March 2023 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Hair Associates (Colne) Ltd, as a body. Our work has been undertaken solely to prepare for your approval the accounts of Hair Associates (Colne) Ltd and state those matters that we have agreed to state to the Board of Directors of Hair Associates (Colne) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Hair Associates (Colne) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Hair Associates (Colne) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Hair Associates (Colne) Ltd. You consider that Hair Associates (Colne) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Hair Associates (Colne) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Hargreaves Brown & Benson
Chartered Accountants
1 Bond Street
Colne
Lancashire
BB8 9DG

9 October 2023

 

Hair Associates (Colne) Ltd

(Registration number: 04867027)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Current assets

 

Stocks

6

-

1,079

Debtors

7

6,770

7,640

Cash at bank and in hand

 

489

1,087

 

7,259

9,806

Creditors: Amounts falling due within one year

8

(3,320)

(3,633)

Total assets less current liabilities

 

3,939

6,173

Creditors: Amounts falling due after more than one year

8

(3,745)

(5,472)

Net assets

 

194

701

Capital and reserves

 

Called up share capital

100

100

Retained earnings

94

601

Shareholders' funds

 

194

701

For the financial year ending 31 March 2023 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 his 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 9 October 2023
 

.........................................
Mr J Edmondson
Director

 

Hair Associates (Colne) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
9 Snell Grove
Colne
Lancashire
BB8 0QS

These financial statements were authorised for issue by the director on 9 October 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

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

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

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

Fixtures and fittings

15% straight line

Office equipment

15% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Hair Associates (Colne) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

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.

 

Hair Associates (Colne) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year was 1 (2022 - 1).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

40,000

40,000

At 31 March 2023

40,000

40,000

Amortisation

At 1 April 2022

40,000

40,000

At 31 March 2023

40,000

40,000

Carrying amount

At 31 March 2023

-

-

 

Hair Associates (Colne) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

21,844

21,844

At 31 March 2023

21,844

21,844

Depreciation

At 1 April 2022

21,844

21,844

At 31 March 2023

21,844

21,844

Carrying amount

At 31 March 2023

-

-

6

Stocks

2023
£

2022
£

Other inventories

-

1,079

7

Debtors

2023
£

2022
£

Other debtors

6,770

7,640

6,770

7,640

 

Hair Associates (Colne) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

1,810

1,680

Taxation and social security

 

950

1,816

Accruals and deferred income

 

560

137

 

3,320

3,633

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

3,745

5,472

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

3,745

5,472

2023
£

2022
£

Current loans and borrowings

Bank borrowings

1,810

1,680

 

Hair Associates (Colne) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

10

Related party transactions

Transactions with the director

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr J Edmondson

Repayable on demand

7,640

6,967

(7,837)

6,770

         
       

 

2022

At 1 April 2021
£

Advances to director
£

Repayments by director
£

At 31 March 2022
£

Mr J Edmondson

Repayable on demand

5,337

20,268

(17,965)

7,640