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REGISTERED NUMBER: 05605934 (England and Wales)










Unaudited Financial Statements for the Year Ended 31 October 2023

for

V I P HAIR LIMITED

V I P HAIR LIMITED (REGISTERED NUMBER: 05605934)

Contents of the Financial Statements
for the Year Ended 31 October 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3

Chartered Accountants' Report 6

V I P HAIR LIMITED

Company Information
for the Year Ended 31 October 2023







DIRECTORS: P G Horrocks
Mrs V Horrocks





SECRETARY:





REGISTERED OFFICE: Telegraph House
59 Wolverhampton Road
Stafford
ST17 4AW





REGISTERED NUMBER: 05605934 (England and Wales)





ACCOUNTANTS: CHEADLES
Chartered Accountants
Telegraph House
59 Wolverhampton Road
Stafford
Staffordshire
ST17 4AW

V I P HAIR LIMITED (REGISTERED NUMBER: 05605934)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 3,500 5,250
Tangible assets 5 2,373 2,375
5,873 7,625

CURRENT ASSETS
Stocks 8,750 8,750
Debtors 6 81,438 68,473
Cash at bank and in hand 21 7,875
90,209 85,098
CREDITORS
Amounts falling due within one year 7 58,974 52,240
NET CURRENT ASSETS 31,235 32,858
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,108

40,483

CREDITORS
Amounts falling due after more than one year 8 (38,788 ) (44,256 )

PROVISIONS FOR LIABILITIES (451 ) (451 )
NET LIABILITIES (2,131 ) (4,224 )

CAPITAL AND RESERVES
Called up share capital 150 150
Retained earnings (2,281 ) (4,374 )
SHAREHOLDERS' FUNDS (2,131 ) (4,224 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 April 2024 and were signed on its behalf by:



P G Horrocks - Director


V I P HAIR LIMITED (REGISTERED NUMBER: 05605934)

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


1. STATUTORY INFORMATION

V I P Hair Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates
Preparation of the financial statements requires management to make significant judgements, estimates and assumptions that affect the amounts reported for the assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year.

The directors review stock held at the balance sheet date to ensure that only those goods deemed fit for future sales are included.

Turnover
Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of twenty years.

Following a review of the economic useful life of the goodwill, it was decided that goodwill will be amortised over 20 years instead of 10 years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

V I P HAIR LIMITED (REGISTERED NUMBER: 05605934)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 November 2022
and 31 October 2023 47,500
AMORTISATION
At 1 November 2022 42,250
Charge for year 1,750
At 31 October 2023 44,000
NET BOOK VALUE
At 31 October 2023 3,500
At 31 October 2022 5,250

5. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 November 2022 9,817 26,658 2,871 39,346
Additions 431 217 - 648
At 31 October 2023 10,248 26,875 2,871 39,994
DEPRECIATION
At 1 November 2022 9,106 25,440 2,425 36,971
Charge for year 229 309 112 650
At 31 October 2023 9,335 25,749 2,537 37,621
NET BOOK VALUE
At 31 October 2023 913 1,126 334 2,373
At 31 October 2022 711 1,218 446 2,375

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Other debtors 81,438 68,473

V I P HAIR LIMITED (REGISTERED NUMBER: 05605934)

Notes to the Financial Statements - continued
for the Year Ended 31 October 2023


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 25,545 23,667
Trade creditors 9,681 9,077
Taxation and social security 20,228 16,587
Other creditors 3,520 2,909
58,974 52,240

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans 38,788 44,256

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
P G Horrocks
Balance outstanding at start of year 25,442 15,949
Amounts advanced 4,720 9,493
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 30,162 25,442

Mrs V Horrocks
Balance outstanding at start of year 25,442 15,950
Amounts advanced 4,720 9,492
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 30,162 25,442

10. ULTIMATE CONTROLLING PARTY

The Company is under the control of P G Horrocks and V Horrocks who own 53.3% and 46.7% of the share capital respectively.

11. EMPLOYEE BENEFITS

Under previous UK GAAP, the company was not required to make adjustment for short-term benefits earned but not provided by the year end. Under FRS 102 the company is required to accrue for such amounts. A review of holidays not taken at the year end has been conducted, it was concluded that the effect was immaterial and therefore has not been provided for. The review will be carried out annually and a provision made accordingly if the result is considered material to give a true and fair view.

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
V I P Hair Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of V I P Hair Limited for the year ended 31 October 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of V I P Hair Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of V I P Hair Limited and state those matters that we have agreed to state to the Board of Directors of V I P Hair Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than V I P Hair Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that V I P Hair Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of V I P Hair Limited. You consider that V I P Hair Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of V I P Hair Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






CHEADLES
Chartered Accountants
Telegraph House
59 Wolverhampton Road
Stafford
Staffordshire
ST17 4AW


3 April 2024