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REGISTERED NUMBER: SC407987















DAVID CORBETT HAIRDRESSING & BEAUTY LTD

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023






DAVID CORBETT HAIRDRESSING & BEAUTY LTD (REGISTERED NUMBER: SC407987)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023




Page

Balance Sheet 1

Notes to the Financial Statements 3


DAVID CORBETT HAIRDRESSING & BEAUTY LTD (REGISTERED NUMBER: SC407987)

BALANCE SHEET
31 MARCH 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 393,262 394,699
393,262 394,699

CURRENT ASSETS
Stocks 15,500 16,500
Cash at bank and in hand 95,870 121,987
111,370 138,487
CREDITORS
Amounts falling due within one year 6 134,011 151,746
NET CURRENT LIABILITIES (22,641 ) (13,259 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

370,621

381,440

CREDITORS
Amounts falling due after more than one
year

7

234,766

273,956
NET ASSETS 135,855 107,484

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings 135,854 107,483
SHAREHOLDERS' FUNDS 135,855 107,484

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

DAVID CORBETT HAIRDRESSING & BEAUTY LTD (REGISTERED NUMBER: SC407987)

BALANCE SHEET - continued
31 MARCH 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 7 November 2023 and were signed by:





D Corbett - Director


DAVID CORBETT HAIRDRESSING & BEAUTY LTD (REGISTERED NUMBER: SC407987)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023

1. STATUTORY INFORMATION

David Corbett Hairdressing & Beauty Ltd is a private company, limited by shares, registered in Scotland. The registered office is 52 Main Street, Bothwell, Lanarkshire, G71 8EX.

The financial statements are presented in Sterling (£).

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and the Republic of Ireland" and the Companies Act 2006. There were no material departures from the standard. The financial statements have been prepared under the historical cost convention.

Judgements
The company considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. The director considers that there are no such significant judgements.

Turnover
Turnover represents invoiced sales of goods and services, excluding value added tax. The company's policy is to recognise a sale when substantively all the risks and rewards in connection with the goods and services have been passed to the customer.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is capitalised and is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - 2% on cost
Plant and machinery etc - 33% on cost and 15% on reducing balance

Fixed assets are included at cost less accumulated depreciation and accumulated impairment losses. The estimated residual value at the balance sheet date is considered to be equivalent to cost, no depreciation is charged.

Impairment of non-financial assets
At each reporting date non-financial assets not carried at fair value, like plant, property and equipment, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss.

Stocks
Stocks are valued at the lower of cost and estimated selling price less cost to sell.


DAVID CORBETT HAIRDRESSING & BEAUTY LTD (REGISTERED NUMBER: SC407987)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. However, deferred tax assets are recognised only to the extent that the director considers that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred taxation is measured on a non-discounted basis at the average tax rates that would apply when the timing differences are expected to reverse, based on tax rates and laws that have been enacted by the balance sheet date.

With the exception of changes arising on the initial recognition of a business combination, the tax expense is presented either in profit or loss, other comprehensive income or statement of changes in equity depending on the transaction that resulted in the tax expense.

Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties.

Debt instruments like loans and other accounts receivable and payable are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and trade creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received.

Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.

Pension costs and other post-retirement benefits
The company operates a defined contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Leasing commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Provisions
Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

DAVID CORBETT HAIRDRESSING & BEAUTY LTD (REGISTERED NUMBER: SC407987)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

2. ACCOUNTING POLICIES - continued

Government grants
Government grants relating to revenue expenditure are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that become 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 shall be recognised in the income in the period in which it becomes receivable.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 236,750
AMORTISATION
At 1 April 2022
and 31 March 2023 236,750
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022
and 31 March 2023 390,000 16,715 406,715
DEPRECIATION
At 1 April 2022 - 12,016 12,016
Charge for year - 1,437 1,437
At 31 March 2023 - 13,453 13,453
NET BOOK VALUE
At 31 March 2023 390,000 3,262 393,262
At 31 March 2022 390,000 4,699 394,699

DAVID CORBETT HAIRDRESSING & BEAUTY LTD (REGISTERED NUMBER: SC407987)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 32,382 27,698
Trade creditors 4,933 7,221
Taxation and social security 37,182 33,414
Other creditors 59,514 83,413
134,011 151,746

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 100,125 141,789
Other creditors 134,641 132,167
234,766 273,956

Amounts falling due in more than five years:

Repayable by instalments
Bank loans 10,771 20,987
Other loans 62,641 25,651
73,412 46,638

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Other loans 152,641 164,701

The other loan is secured over the company's heritable property.

9. COMMITMENTS

At the year end, the company had £7,909 (2022: £12,903) in operating lease commitments.

10. RELATED PARTY DISCLOSURES

Included in creditors is an amount due to the director of £73 (2022 - £315). This loan is interest free, unsecured and no repayment terms have been established.