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Registered Number: 06770779
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 March 2023

for

EVOLVE HAIR PROFESSIONALS LTD

Director Mrs A J McNulty
Registered Number 06770779
Registered Office Mountbatten House
Grosvenor Square
Southampton
SO15 2JU
Accountants Numeric Accounting Limited
Chartered Certified Accountants
Suite 1, The Portway Centre,
1 Old Sarum Park,
Old Sarum,
SP4 6EB
Secretary D McNulty
1
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 4 22,429    29,906 
22,429    29,906 
Current assets      
Stocks 5 4,235    3,850 
Debtors: amounts falling due within one year 6 5,716    9,657 
Debtors: amounts falling due after one year 7 8,485    8,485 
Cash at bank and in hand 13,571    17,474 
32,007    39,466 
Creditors: amount falling due within one year 8 (22,809)   (28,615)
Net current assets 9,198    10,851 
 
Total assets less current liabilities 31,627    40,757 
Creditors: amount falling due after more than one year 9 (30,793)   (40,300)
Provisions for liabilities 10   (491)
Net assets 834    (34)
 

Capital and reserves
     
Called up share capital 11 100    100 
Profit and loss account 734    (134)
Shareholder's funds 834    (34)
 


For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
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 the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 06 November 2023 and were signed on its behalf by:


-------------------------------
Mrs A J McNulty
Director
2
General Information
Evolve Hair Professionals Ltd is a private company, limited by shares, registered in England and Wales, registration number 06770779, registration address Mountbatten House, Grosvenor Square, Southampton, SO15 2JU.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Cost of sales
The cost of sales is the accumulated total of all costs used to create a product or service, which has been sold.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 25% Reducing Balance
Plant and Machinery 12.5% Reducing Balance
Fixtures and Fittings 25% Reducing Balance
Assets on finance lease and hire purchase
Assets held under finance lease or hire purchase contracts i.e. those contracts where substantially all the risks and rewards of ownership have passed to the company, are included in the appropriate category of tangible fixed assets and depreciated over the shorter of the lease term and their estimated expected useful lives.
Future obligations under such contracts are included in creditors net of the finance charge allocated to future periods.
Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.
Financial instruments
A financial instrument is a contract that gives rise to a financial asset of one entity and a financial liability or equity instrument of another entity.

When a financial asset or financial liability is recognised initially, the entity shall measure it at the transaction price unless the arrangement constitutes, in effect, a financing transaction. An arrangement constitutes a financing transaction if payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

At the end of each reporting period, an entity shall measure all financial instruments which constitute a financing arrangement at fair value and recognise changes in fair value in profit or loss.
2.

Average number of employees


Average number of employees during the year was 2 (2022 : 2).
3.

Intangible fixed assets

Cost Goodwill   Total
  £   £
At 01 April 2022 1,000    1,000 
Additions  
Disposals  
At 31 March 2023 1,000    1,000 
Amortisation
At 01 April 2022 1,000    1,000 
Charge for year  
On disposals  
At 31 March 2023 1,000    1,000 
Net book values
At 31 March 2023  
At 31 March 2022  


4.

Tangible fixed assets

Cost or valuation Plant and Machinery   Fixtures and Fittings   Motor Vehicles   Total
  £   £   £   £
At 01 April 2022 5,074    5,486    28,760    39,320 
Additions      
Disposals      
At 31 March 2023 5,074    5,486    28,760    39,320 
Depreciation
At 01 April 2022 5,074    2,543    1,797    9,414 
Charge for year   736    6,741    7,477 
On disposals      
At 31 March 2023 5,074    3,279    8,538    16,891 
Net book values
Closing balance as at 31 March 2023   2,207    20,222    22,429 
Opening balance as at 01 April 2022   2,943    26,963    29,906 

The net book value of Motor Vehicles includes £ 20,222 (2022 £26,963) in respect of assets leased under finance leases or hire purchase contracts.

5.

Stocks

2023
£
  2022
£
Stocks 4,235    3,850 
4,235    3,850 

6.

Debtors: amounts falling due within one year

2023
£
  2022
£
Other Debtors 3,960    3,960 
Directors' Current Accounts 1,756    5,697 
5,716    9,657 

7.

Debtors: amounts falling due after one year

2023
£
  2022
£
Other Debtors 8,485    8,485 
8,485    8,485 

8.

Creditors: amount falling due within one year

2023
£
  2022
£
Bank Loans & Overdrafts 6,123    5,579 
Corporation Tax 9,178    14,772 
PAYE & Social Security 81    92 
Credit Card 268    733 
Pensions Payable 54    54 
Obligations under HP/Financial Leases 3,124    3,124 
VAT 3,981    4,261 
22,809    28,615 

9.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 12,511    18,634 
Obligations Under HP/Financial Leases 18,282    21,666 
30,793    40,300 

10.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax   491 
  491 

11.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
100 Ordinary shares of £1.00 each 100    100 
100    100 

12.

Related parties

During the year the company entered into the following transactions with related parties:
Transaction value - income/(expenses) Balance owed by/(owed to)
2023
£
 2022
£
 2023
£
 2022
£
A McNulty1,756 5,697 

The loan is interest free with no fixed date of repayment. Fees of £200 (2022: £2,300) were paid to D McNulty, an officer of the company and husband of the director during the year.
13.

Dividend

During the year, total dividends of £22,800 (2022 - £32,000) were paid to the directors.
14.

Loan

There is an outstanding unsecured loan liability of £18,634 repayable over 38 months. Interest is charged at 2.5% per annum.
Amounts due for repayment:
Less than 1 year: £6,123 (2022 - £5,579)
More than 1 year and less than 5 years: £12,511 (2022 - £18,634)
15.

Hire Purchase

There is an outstanding finance lease of £21,406 (2022 - £24,790) repayable over 35 months. Interest is charged at 6.67% per annum on the full amount of the finance lease.
Amounts due for repayment:
Less than 1 year: £3,124 (2022 - £3,124)
More than 1 year: £18,282 (2022 - £21,666)
3