Registered number: 04675023
Claire Davies Hairdressing Limited
Unaudited
Financial statements
Information for filing with the registrar
For the Year Ended 31 March 2023
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Claire Davies Hairdressing Limited
Chartered Accountants' Report to the Director on the preparation of the Unaudited Statutory Financial Statements of Claire Davies Hairdressing Limited 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 financial statements of Claire Davies Hairdressing Limited for the year ended 31 March 2023 which comprise the Balance Sheet and the related notes 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 https://www.icaew.com /regulation.
This report is made solely to the director of Claire Davies Hairdressing Limited in accordance with the terms of our engagement letter dated 16 June 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Claire Davies Hairdressing Limited and state those matters that we have agreed to state to the director of Claire Davies Hairdressing Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Claire Davies Hairdressing Limited and its director for our work or for this report.
It is your duty to ensure that Claire Davies Hairdressing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Claire Davies Hairdressing Limited. You consider that Claire Davies Hairdressing Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Claire Davies Hairdressing Limited. 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 financial statements.
Kreston Reeves LLP
Chartered Accountants
Plus X Innovation Hub
Lewes Road
Brighton
East Sussex
BN2 4GL
25 October 2023
Page 1
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Claire Davies Hairdressing Limited
Registered number: 04675023
Balance Sheet
As at 31 March 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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Page 2
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Claire Davies Hairdressing Limited
Registered number: 04675023
Balance Sheet (continued)
As at 31 March 2023
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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C Davies
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The notes on pages 4 to 8 form part of these financial statements.
Page 3
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Claire Davies Hairdressing Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
The company is a private company limited by share capital incorporated in England & Wales. The address of it's registered office is: 9 Bell Walk, Uckfield, East Sussex, TN22 5DQ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The accounts are prepared on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received, excluding value added tax and other sale taxes.
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation.
Depreciation is provided on tangible fixed assets so as to write off the cost over their expected useful economic life as follows:
Depreciation is provided on the following basis:
Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty
on notice of not more than 24 hours.
Short term creditors are measured at the transaction price.
Page 4
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Claire Davies Hairdressing Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
2.Accounting policies (continued)
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.
Interest income is recognised in profit or loss using the effective interest method.
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Current and deferred taxation
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The tax expense for the period comprises current and deferred tax. Tax is recognised in the Profit and loss account.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the United Kingdom.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date.
Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted
by the balance sheet date.
Grants of a revenue nature are recognised in the Statement of Income and Retained Earnings in the same period as the related expenditure.
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The average monthly number of employees, including directors, during the year was 17 (2022 - 17).
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Page 5
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Claire Davies Hairdressing Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
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Charge for the year on owned assets
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Page 6
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Claire Davies Hairdressing Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
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Prepayments and accrued income
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Page 7
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Claire Davies Hairdressing Limited
Notes to the Financial Statements
For the Year Ended 31 March 2023
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £4,736 (2022 - £5,064). Contributions totalling £851 (2022: £998) were payable to the fund at the balance sheet date and are included in creditors.
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Related party transactions
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C Davies
(Director)
During the year the company provided the director with an interest free loan repayable on demand. At the balance sheet date the amount due from/(to) the director was £2,196 (2022 - (£75)).
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Page 8
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