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COMPANY REGISTRATION NUMBER: 08884661
Barnets Hairco Limited
Filleted Unaudited Financial Statements
31 January 2023
Barnets Hairco Limited
Financial Statements
Year ended 31 January 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Barnets Hairco Limited
Statement of Financial Position
31 January 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
18,920
19,942
Investments
7
344,021
344,021
---------
---------
362,941
363,963
Current assets
Debtors
8
102,852
5,687
Cash at bank and in hand
30,999
73,264
---------
--------
133,851
78,951
Creditors: amounts falling due within one year
9
98,038
108,390
---------
---------
Net current assets/(liabilities)
35,813
( 29,439)
---------
---------
Total assets less current liabilities
398,754
334,524
Provisions
716
910
---------
---------
Net assets
398,038
333,614
---------
---------
Barnets Hairco Limited
Statement of Financial Position (continued)
31 January 2023
2023
2022
Note
£
£
£
Capital and reserves
Called up share capital
2
2
Profit and loss account
398,036
333,612
---------
---------
Shareholders funds
398,038
333,614
---------
---------
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 statement of income and retained earnings has not been delivered.
For the year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their 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:
Miss E L Cataldo
Director
Company registration number: 08884661
Barnets Hairco Limited
Notes to the Financial Statements
Year ended 31 January 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Kimbolton Road, Bedford, MK40 2NR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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 discounts and of Value Added Tax.
Deferred 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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
Over 2 years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
20% reducing balance
Computer equipment
-
30% reducing balance
Investments
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2022: 5 ).
5. Intangible assets
Goodwill
£
Cost
At 1 February 2022 and 31 January 2023
10,000
--------
Amortisation
At 1 February 2022 and 31 January 2023
10,000
--------
Carrying amount
At 31 January 2023
--------
At 31 January 2022
--------
6. Tangible assets
Long leasehold property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 February 2022
15,152
9,840
5,211
30,203
Additions
333
333
--------
-------
-------
--------
At 31 January 2023
15,152
9,840
5,544
30,536
--------
-------
-------
--------
Depreciation
At 1 February 2022
8,190
2,071
10,261
Charge for the year
330
1,025
1,355
--------
-------
-------
--------
At 31 January 2023
8,520
3,096
11,616
--------
-------
-------
--------
Carrying amount
At 31 January 2023
15,152
1,320
2,448
18,920
--------
-------
-------
--------
At 31 January 2022
15,152
1,650
3,140
19,942
--------
-------
-------
--------
7. Investments
Investment property
£
Cost
At 1 February 2022 and 31 January 2023
344,021
---------
Impairment
At 1 February 2022 and 31 January 2023
---------
Carrying amount
At 31 January 2023
344,021
---------
At 31 January 2022
344,021
---------
The directors do not consider the market value of the investment property to be materially different to the value shown in the accounts.
8. Debtors
2023
2022
£
£
Trade debtors
1,533
4,983
Other debtors
101,319
704
---------
-------
102,852
5,687
---------
-------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
3,092
1,624
Corporation tax
45,912
37,909
Social security and other taxes
38,647
37,021
Other creditors
10,387
31,836
--------
---------
98,038
108,390
--------
---------
10. Directors' advances, credits and guarantees
During the year the directors received advances totalling £288,241 and made repayments totalling £164,084. At the year end the joint directors loan account was overdrawn by £101,319. Interest was charged on this at the official rate of interest of 2% of £155 and the balance was repaid fully within nine months of the year end.