MHR (Medical Hair Restoration) Clinic Manchester/Cheshire Limited 09824504 false 2022-11-01 2023-10-31 2023-10-31 The principal activity of the company is hair restoration. Digita Accounts Production Advanced 6.30.9574.0 true true 09824504 2022-11-01 2023-10-31 09824504 2023-10-31 09824504 bus:Director1 1 2023-10-31 09824504 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-10-31 09824504 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-10-31 09824504 core:CurrentFinancialInstruments 2023-10-31 09824504 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 09824504 core:Non-currentFinancialInstruments 2023-10-31 09824504 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 09824504 core:FurnitureFittings 2023-10-31 09824504 core:MotorVehicles 2023-10-31 09824504 core:PlantMachinery 2023-10-31 09824504 bus:SmallEntities 2022-11-01 2023-10-31 09824504 bus:AuditExemptWithAccountantsReport 2022-11-01 2023-10-31 09824504 bus:FullAccounts 2022-11-01 2023-10-31 09824504 bus:SmallCompaniesRegimeForAccounts 2022-11-01 2023-10-31 09824504 bus:RegisteredOffice 2022-11-01 2023-10-31 09824504 bus:Director1 2022-11-01 2023-10-31 09824504 bus:Director1 1 2022-11-01 2023-10-31 09824504 bus:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 09824504 core:FurnitureFittings 2022-11-01 2023-10-31 09824504 core:MotorVehicles 2022-11-01 2023-10-31 09824504 core:PlantMachinery 2022-11-01 2023-10-31 09824504 countries:England 2022-11-01 2023-10-31 09824504 2022-10-31 09824504 bus:Director1 1 2022-10-31 09824504 core:FurnitureFittings 2022-10-31 09824504 core:MotorVehicles 2022-10-31 09824504 core:PlantMachinery 2022-10-31 09824504 2021-11-01 2022-10-31 09824504 2022-10-31 09824504 bus:Director1 1 2022-10-31 09824504 core:HirePurchaseContracts core:CurrentFinancialInstruments 2022-10-31 09824504 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2022-10-31 09824504 core:CurrentFinancialInstruments 2022-10-31 09824504 core:CurrentFinancialInstruments core:WithinOneYear 2022-10-31 09824504 core:CurrentFinancialInstruments core:WithinOneYear core:RestatedAmount 2022-10-31 09824504 core:CurrentFinancialInstruments core:RestatedAmount 2022-10-31 09824504 core:Non-currentFinancialInstruments 2022-10-31 09824504 core:Non-currentFinancialInstruments core:AfterOneYear 2022-10-31 09824504 core:FurnitureFittings 2022-10-31 09824504 core:MotorVehicles 2022-10-31 09824504 core:PlantMachinery 2022-10-31 09824504 core:RestatedAmount 2022-10-31 09824504 bus:Director1 1 2021-11-01 2022-10-31 09824504 bus:Director1 1 2021-10-31 iso4217:GBP xbrli:pure

Registration number: 09824504

MHR (Medical Hair Restoration) Clinic Manchester/Cheshire Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

MHR (Medical Hair Restoration) Clinic Manchester/Cheshire Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

MHR (Medical Hair Restoration) Clinic Manchester/Cheshire Limited

Company Information

Director

CM Henton

Registered office

Victoria Court
Huddersfield Road
Holmfirth
West Yorkshire
HD9 3JA

 

MHR (Medical Hair Restoration) Clinic Manchester/Cheshire Limited

(Registration number: 09824504)
Balance Sheet as at 31 October 2023

Note

2023
£

(As restated)

2022
£

Fixed assets

 

Tangible assets

4

250,267

110,315

Current assets

 

Stocks

5

17,562

14,853

Debtors

6

201,689

346,198

Cash at bank and in hand

 

285,431

186,853

 

504,682

547,904

Creditors: Amounts falling due within one year

7

(388,781)

(437,602)

Net current assets

 

115,901

110,302

Total assets less current liabilities

 

366,168

220,617

Creditors: Amounts falling due after more than one year

7

(199,925)

(107,143)

Provisions for liabilities

(62,567)

-

Net assets

 

103,676

113,474

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

99,960

99,960

Retained earnings

3,616

13,414

Shareholders' funds

 

103,676

113,474

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

MHR (Medical Hair Restoration) Clinic Manchester/Cheshire Limited

(Registration number: 09824504)
Balance Sheet as at 31 October 2023

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 February 2024
 

.........................................
CM Henton
Director

 

MHR (Medical Hair Restoration) Clinic Manchester/Cheshire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Victoria Court
Huddersfield Road
Holmfirth
West Yorkshire
HD9 3JA
England

These financial statements were authorised for issue by the director on 1 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

MHR (Medical Hair Restoration) Clinic Manchester/Cheshire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & Machinery

25% reducing balance

Fixtures & Fittings

33% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

MHR (Medical Hair Restoration) Clinic Manchester/Cheshire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

MHR (Medical Hair Restoration) Clinic Manchester/Cheshire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 6 (2022 - 7).

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 November 2022

39,980

43,086

114,438

197,504

Additions

9,210

-

159,335

168,545

At 31 October 2023

49,190

43,086

273,773

366,049

Depreciation

At 1 November 2022

37,302

21,321

28,566

87,189

Charge for the year

1,684

5,441

21,468

28,593

At 31 October 2023

38,986

26,762

50,034

115,782

Carrying amount

At 31 October 2023

10,204

16,324

223,739

250,267

At 31 October 2022

2,678

21,765

85,872

110,315

5

Stocks

2023
£

2022
£

Other inventories

17,562

14,853

 

MHR (Medical Hair Restoration) Clinic Manchester/Cheshire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

6

Debtors

Current

2023
£

(As restated)

2022
£

Trade debtors

128,415

98,690

Prepayments

8,896

5,553

Other debtors

64,378

241,955

 

201,689

346,198

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

(As restated)

2022
£

Due within one year

 

Loans and borrowings

8

40,042

26,654

Trade creditors

 

24,002

37,461

Taxation and social security

 

132,128

68,009

Accruals and deferred income

 

121,189

299,266

Other creditors

 

71,420

6,212

 

388,781

437,602

Creditors include bank loans which are secured of £10,000 (2022 - £10,020).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

199,925

107,143

Creditors include bank loans which are secured of £17,500 (2022 - £28,021).

 

MHR (Medical Hair Restoration) Clinic Manchester/Cheshire Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

17,500

28,021

Hire purchase contracts

182,425

79,122

199,925

107,143

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,020

Hire purchase contracts

30,042

16,634

40,042

26,654

9

Related party transactions

Transactions with the director

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

CM Henton

Interest has been charged @ 2.00%. There are no conditions attached to this loan

132,074

57,391

(134,000)

55,465

         
       

 

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

CM Henton

Interest has been charged @ 2.00%. There are no conditions attached to this loan

99,263

79,058

(46,247)

132,074