Company Registration No. 06571243 (England and Wales)
HAIR ORNAMENTS UK LIMITED
Unaudited accounts
for the year ended 31 July 2023
HAIR ORNAMENTS UK LIMITED
Unaudited accounts
Contents
HAIR ORNAMENTS UK LIMITED
Company Information
for the year ended 31 July 2023
Company Number
06571243 (England and Wales)
Registered Office
126 Levett Garden
Ilford
Essex
IG3 9BX
Accountants
Warrenwood Insystems Ltd
Suite 8, Claremont Business Centre
6 Claremont Road
Surbiton
Surrey
KT6 4RA
HAIR ORNAMENTS UK LIMITED
Statement of financial position
as at 31 July 2023
Tangible assets
170,380
37,912
Inventories
800,000
600,000
Debtors
1,258,075
1,203,359
Cash at bank and in hand
1,229,389
891,593
Creditors: amounts falling due within one year
(1,140,030)
(994,488)
Net current assets
2,147,434
1,700,464
Total assets less current liabilities
2,317,814
1,738,376
Creditors: amounts falling due after more than one year
(42,168)
(20,050)
Provisions for liabilities
Deferred tax
(17,078)
(491)
Net assets
2,258,568
1,717,835
Called up share capital
100
100
Profit and loss account
2,258,468
1,717,735
Shareholders' funds
2,258,568
1,717,835
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts 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 FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 29 November 2023 and were signed on its behalf by
Abdul Majeed
Director
Company Registration No. 06571243
HAIR ORNAMENTS UK LIMITED
Notes to the Accounts
for the year ended 31 July 2023
HAIR ORNAMENTS UK LIMITED is a private company, limited by shares, registered in England and Wales, registration number 06571243. The registered office is 126 Levett Garden, Ilford, Essex, IG3 9BX. The principal place of business is 10 Thames Road, Barking, Essex, IG11 0HZ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover represents the value, net of VAT and discounts, of goods provided to customers.
Tangible fixed assets and depreciation
Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% Straight line
Motor vehicles
20% Straight line
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
HAIR ORNAMENTS UK LIMITED
Notes to the Accounts
for the year ended 31 July 2023
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Total
Cost or valuation
At cost
At cost
At cost
At 1 August 2022
-
37,801
68,950
106,751
Additions
97,855
-
62,633
160,488
Disposals
-
-
(44,000)
(44,000)
At 31 July 2023
97,855
37,801
87,583
223,239
At 1 August 2022
-
24,248
44,591
68,839
Charge for the year
-
6,103
17,517
23,620
On disposals
-
-
(39,600)
(39,600)
At 31 July 2023
-
30,351
22,508
52,859
At 31 July 2023
97,855
7,450
65,075
170,380
At 31 July 2022
-
13,553
24,359
37,912
Carrying values included above held under finance leases and hire purchase contracts:
£
£
- Motor vehicles
50,107
4,400
Finished goods
800,000
600,000
Amounts falling due within one year
Trade debtors
1,208,400
1,141,742
Accrued income and prepayments
2,591
4,023
Other debtors
47,084
57,594
HAIR ORNAMENTS UK LIMITED
Notes to the Accounts
for the year ended 31 July 2023
7
Creditors: amounts falling due within one year
2023
2022
Obligations under finance leases and hire purchase contracts
9,347
5,063
Trade creditors
622,859
537,073
Taxes and social security
167,404
226,874
Proposed dividends
65,532
69,593
Other creditors
32,987
32,987
Loans from directors
34,332
33,975
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
22,118
-
Other creditors
20,050
20,050
9
Deferred taxation
2023
2022
Accelerated capital allowances
17,078
491
Provision at start of year
491
(1,795)
Charged to the profit and loss account
16,587
2,286
Provision at end of year
17,078
491
The amount of £17,078 deferred tax provision computed. Under FRS 102 the provision should be calculated at the rates ruling when the timing difference will reverse. These will be be reverse over the next four years as the assets are depreciated on a straight-line basis.
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contribution payable by the company to the fund and amounted to £22,774.
HAIR ORNAMENTS UK LIMITED
Notes to the Accounts
for the year ended 31 July 2023
12
Operating lease commitments
2023
2022
At 31 July 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
60,000
120,000
13
Transactions with related parties
The Company was under the control of Mr. Abdul Majeed throughout the period because of his 66.66% of shareholding. At the balance sheet date The Company owed £54,382 (2022 £54,025) to Mr. A Majeed. During the year the director's current Accounts was not overdrawn.
14
Average number of employees
During the year the average number of employees was 10 (2022: 10).