Silverfin false 31/03/2023 01/04/2022 31/03/2023 Mrs A M Canning 16/11/2012 30 January 2024 The principal activity of the company during the financial year continued to be that of hairdressing. SC437057 2023-03-31 SC437057 bus:Director1 2023-03-31 SC437057 2022-03-31 SC437057 core:CurrentFinancialInstruments 2023-03-31 SC437057 core:CurrentFinancialInstruments 2022-03-31 SC437057 core:ShareCapital 2023-03-31 SC437057 core:ShareCapital 2022-03-31 SC437057 core:RetainedEarningsAccumulatedLosses 2023-03-31 SC437057 core:RetainedEarningsAccumulatedLosses 2022-03-31 SC437057 core:Goodwill 2022-03-31 SC437057 core:Goodwill 2023-03-31 SC437057 core:OtherPropertyPlantEquipment 2022-03-31 SC437057 core:OtherPropertyPlantEquipment 2023-03-31 SC437057 bus:OrdinaryShareClass1 2023-03-31 SC437057 2022-04-01 2023-03-31 SC437057 bus:FullAccounts 2022-04-01 2023-03-31 SC437057 bus:SmallEntities 2022-04-01 2023-03-31 SC437057 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 SC437057 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 SC437057 bus:Director1 2022-04-01 2023-03-31 SC437057 core:Goodwill core:TopRangeValue 2022-04-01 2023-03-31 SC437057 core:Goodwill 2022-04-01 2023-03-31 SC437057 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-04-01 2023-03-31 SC437057 2021-04-01 2022-03-31 SC437057 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31 SC437057 core:CurrentFinancialInstruments 2022-04-01 2023-03-31 SC437057 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 SC437057 bus:OrdinaryShareClass1 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC437057 (Scotland)

MOKHA LADIES HAIR DESIGN LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH THE REGISTRAR

MOKHA LADIES HAIR DESIGN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023

Contents

MOKHA LADIES HAIR DESIGN LIMITED

BALANCE SHEET

AS AT 31 MARCH 2023
MOKHA LADIES HAIR DESIGN LIMITED

BALANCE SHEET (continued)

AS AT 31 MARCH 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 0 130
0 130
Current assets
Stocks 525 525
Debtors 5 17,090 37,908
Cash at bank and in hand 25,776 38,193
43,391 76,626
Creditors: amounts falling due within one year 6 ( 42,309) ( 49,817)
Net current assets 1,082 26,809
Total assets less current liabilities 1,082 26,939
Net assets 1,082 26,939
Capital and reserves
Called-up share capital 7 1 1
Profit and loss account 1,081 26,938
Total shareholder's funds 1,082 26,939

For the financial year ending 31 March 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 financial statements of Mokha Ladies Hair Design Limited (registered number: SC437057) were approved and authorised for issue by the Director on 30 January 2024. They were signed on its behalf by:

Mrs A M Canning
Director
MOKHA LADIES HAIR DESIGN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
MOKHA LADIES HAIR DESIGN LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Mokha Ladies Hair Design Limited (the company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the company's registered office is Unit 4 Murray Court, Hillhouse Industrial Estate, Hamilton, ML3 9SL, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The director has assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Goodwill

Goodwill arises on business combination and represents any excess of consideration given over the fair value of the identifiable assets and liabilities acquired. Goodwill is initially recognised as an intangible asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight line basis over its useful economic life, which is 10 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery etc. 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the company during the year, including the director 11 10

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 April 2022 70,000 70,000
At 31 March 2023 70,000 70,000
Accumulated amortisation
At 01 April 2022 70,000 70,000
At 31 March 2023 70,000 70,000
Net book value
At 31 March 2023 0 0
At 31 March 2022 0 0

4. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 April 2022 3,933 3,933
At 31 March 2023 3,933 3,933
Accumulated depreciation
At 01 April 2022 3,803 3,803
Charge for the financial year 130 130
At 31 March 2023 3,933 3,933
Net book value
At 31 March 2023 0 0
At 31 March 2022 130 130

5. Debtors

2023 2022
£ £
Corporation tax 9,192 0
Other debtors 7,898 37,908
17,090 37,908

6. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 0 4,676
Trade creditors 10,137 9,137
Corporation tax 17,617 7,243
Other taxation and social security 12,277 26,578
Other creditors 2,278 2,183
42,309 49,817

There are no amounts included above in respect of which any security has been given by the small entity.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

8. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts due from Key Management Personnel 7,898 3,158

Interest is charged at a rate of 2% on director's loan facilities which exceed £10,000 throughout the financial year.