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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
Page
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HAIR ORNAMENTS UK LIMITED Company Information for the year ended 31 July 2023
Director
Abdul Majeed
Secretary
Mr Abdul Majeed
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
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HAIR ORNAMENTS UK LIMITED Statement of financial position as at 31 July 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
170,380 
37,912 
Current assets
Inventories
800,000 
600,000 
Debtors
1,258,075 
1,203,359 
Cash at bank and in hand
1,229,389 
891,593 
3,287,464 
2,694,952 
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 
Capital and reserves
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
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HAIR ORNAMENTS UK LIMITED Notes to the Accounts for the year ended 31 July 2023
1
Statutory information
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
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
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.
Foreign currencies
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 taxation
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.
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HAIR ORNAMENTS UK LIMITED Notes to the Accounts for the year ended 31 July 2023
Leased assets
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.
Pension costs
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 
Depreciation
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 
Net book value
At 31 July 2023
97,855 
7,450 
65,075 
170,380 
At 31 July 2022
- 
13,553 
24,359 
37,912 
2023 
2022 
Carrying values included above held under finance leases and hire purchase contracts:
£ 
£ 
- Motor vehicles
50,107 
4,400 
5
Inventories
2023 
2022 
£ 
£ 
Finished goods
800,000 
600,000 
800,000 
600,000 
6
Debtors
2023 
2022 
£ 
£ 
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 
1,258,075 
1,203,359 
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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 
£ 
£ 
VAT
113,963 
- 
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 
Accruals
93,606 
88,923 
1,140,030 
994,488 
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 
42,168 
20,050 
9
Deferred taxation
2023 
2022 
£ 
£ 
Accelerated capital allowances
17,078 
491 
2023 
2022 
£ 
£ 
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.
10
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100 
100 
11
Pension commitments
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.
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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).
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