Registered number
NI625137
Gordon K Hairdressing Limited
Filleted Accounts
30 June 2023
Gordon K Hairdressing Limited
Registered number: NI625137
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 121,953 133,039
Tangible assets 4 3,088 3,389
125,041 136,428
Current assets
Stocks 4,326 3,968
Debtors 5 1,183 3,753
Cash at bank and in hand 35,212 52,352
40,721 60,073
Creditors: amounts falling due within one year 6 (74,590) (65,904)
Net current liabilities (33,869) (5,831)
Total assets less current liabilities 91,172 130,597
Creditors: amounts falling due after more than one year 7 (22,151) (30,572)
Provisions for liabilities (587) -
Net assets 68,434 100,025
Capital and reserves
Called up share capital 750 750
Capital redemption reserve 250 250
Profit and loss account 67,434 99,025
Shareholders' funds 68,434 100,025
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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 and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Gordon Keddle
Director
Approved by the board on 15 November 2023
Gordon K Hairdressing Limited
Notes to the Financial Statements
for the year ended 30 June 2023
1 Accounting policies
Basis of preparation
The financial statements 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 represents the value, net of value added tax and discounts, of goods provided to customers and work carried out in respect of services provided to customers.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 8 8
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 221,728
At 30 June 2023 221,728
Amortisation
At 1 July 2022 88,689
Provided during the year 11,086
At 30 June 2023 99,775
Net book value
At 30 June 2023 121,953
At 30 June 2022 133,039
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Plant and machinery
£
Cost
At 1 July 2022 20,463
Additions 1,101
At 30 June 2023 21,564
Depreciation
At 1 July 2022 17,074
Charge for the year 1,402
At 30 June 2023 18,476
Net book value
At 30 June 2023 3,088
At 30 June 2022 3,389
5 Debtors 2023 2022
£ £
Other debtors 1,183 3,753
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 9,994 10,986
Trade creditors 14,570 5,104
Corporation tax 28,803 27,014
Other taxes and social security costs 17,910 18,294
Other creditors 3,313 4,506
74,590 65,904
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 20,752 29,179
Other creditors 1,399 1,393
22,151 30,572
8 Capital Redemption reserve 2023 2022
£ £
At 30 June 2022 250 250
At 30 June 2023 250 250
The Capital Redemption reserve was set up as a result of the cancellation of £250 ordinary shares with a nominal value of £1 each on 31st January 2018.
9 Events after the reporting date
There were no events since the balance sheet date which would necessitate a change in the above figures.
10 Loans from directors
Loans from directors are included in the balance sheet under creditors amounts falling due after more than one year.
11 Related party transactions
There have been no related party transactions outside the normal course of business.
12 Controlling party
The company is controlled by the directors.
13 Other information
Gordon K Hairdressing Limited is a private company limited by shares and incorporated in Northern Ireland. Its registered office is:
Unit 2
Merchants Quay
Newry
Co. Down
BT35 8HF
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