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COMPANY REGISTRATION NUMBER: 12551277
Duce Hairdressing Ltd
Filleted Unaudited Financial Statements
31 July 2022
Duce Hairdressing Ltd
Financial Statements
Year ended 31 July 2022
Contents
Page
Chartered accountant's report to the director on the preparation of the unaudited statutory financial statements
1
Statement of financial position
2
Notes to the financial statements
4
Duce Hairdressing Ltd
Chartered Accountant's Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Duce Hairdressing Ltd
Year ended 31 July 2022
As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 31 July 2022, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
HARPER SHELDON LIMITED Chartered accountants
Midway House Staverton Technology Park Herrick Way, Staverton Cheltenham, Glos. GL51 6TQ
25 October 2023
Duce Hairdressing Ltd
Statement of Financial Position
31 July 2022
2022
2021
Note
£
£
Fixed assets
Tangible assets
4
11,466
12,063
Current assets
Stocks
2,500
2,500
Debtors
5
1,120
1,164
Cash at bank and in hand
22,397
35,277
--------
--------
26,017
38,941
Creditors: amounts falling due within one year
6
( 25,086)
( 35,729)
--------
--------
Net current assets
931
3,212
--------
--------
Total assets less current liabilities
12,397
15,275
Provisions
Taxation including deferred tax
( 1,708)
( 1,719)
--------
--------
Net assets
10,689
13,556
--------
--------
Duce Hairdressing Ltd
Statement of Financial Position (continued)
31 July 2022
2022
2021
Note
£
£
Capital and reserves
Called up share capital
1
1
Profit and loss account
10,688
13,555
--------
--------
Shareholder funds
10,689
13,556
--------
--------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
For the year ending 31 July 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 25 October 2023 , and are signed on behalf of the board by:
L.J. Duce
Director
Company registration number: 12551277
Duce Hairdressing Ltd
Notes to the Financial Statements
Year ended 31 July 2022
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Midway House, Staverton Technology Park, Herrick Way, Staverton, Cheltenham, Glos, GL51 6TQ.
2. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. 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. Deferred tax is measured using the 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at cost.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension costs charge represents contributions payable for the period by the company to the fund.
3. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2021: 6 ).
4. Tangible assets
Fixtures, fittings and equipment
£
Cost
At 1 August 2021
13,797
Additions
1,291
--------
At 31 July 2022
15,088
--------
Depreciation
At 1 August 2021
1,734
Charge for the year
1,888
--------
At 31 July 2022
3,622
--------
Carrying amount
At 31 July 2022
11,466
--------
At 31 July 2021
12,063
--------
5. Debtors
2022
2021
£
£
Other debtors
1,120
1,164
-------
-------
6. Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
1,746
2,715
Corporation tax
6,284
6,414
Social security and other taxes
4,047
375
Other creditors
13,009
26,225
--------
--------
25,086
35,729
--------
--------