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Registered number: 05076408
Sisu Hairdressing Ltd
Financial Statements
For The Year Ended 31 July 2023
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 05076408
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 6,361 8,012
6,361 8,012
CURRENT ASSETS
Stocks 5 8,166 8,863
Debtors 6 16,933 9,683
Cash at bank and in hand 14,394 21,428
39,493 39,974
Creditors: Amounts Falling Due Within One Year 7 (14,262 ) (27,793 )
NET CURRENT ASSETS (LIABILITIES) 25,231 12,181
TOTAL ASSETS LESS CURRENT LIABILITIES 31,592 20,193
PROVISIONS FOR LIABILITIES
Deferred Taxation (327 ) (590 )
NET ASSETS 31,265 19,603
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 31,263 19,601
SHAREHOLDERS' FUNDS 31,265 19,603
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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 member has 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Simon Johnson
Director
12 April 2024
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Sisu Hairdressing Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05076408 . The registered office is 138 Whiteladies Road, Bristol, BS8 2RS.
The presentation currency of the financial statements is the Pound Sterling (£)
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover represents the fair value of the consideration received and receivable in respect of the provision of services and the sale of goods, net of value added tax.
Turnover is recognised when the services have been provided and the goods delivered and all obligations to the customer have been fulfilled.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less accumulated depreciation and any accumulated impairment losses
Depreciation is provided at following annual rates in order to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Improvements to property 10% on cost
Plant & Machinery 25% on cost
Fixtures & Fittings 20% on cost
Computer Equipment 25% on cost
2.4. Leasing and Hire Purchase Contracts
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter with a full charge on the year of acquisition.
The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability.
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.
2.5. Stocks and Work in Progress
Stocks are valued at the lower of cost and net realisable value, after making due allowance for absolete and slow moving items.
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2.6. Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income.
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 that have been enacted or substantively enacted by the balance sheet date.
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.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.8. Registrar Filing Requirements
The company has taken advantage of Companies Act 2006 section 444(1) and opted not to file the profit and loss account, directors report, and notes to the financial statements relating to the profit and loss account.
3. Average Number of Employees
The average number of employees, including directors, during the year was 3 (2022: 3)
3 3
4. Tangible Assets
Land & Property
Improvements to property Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 August 2022 15,223 11,285 24,980 2,046 53,534
As at 31 July 2023 15,223 11,285 24,980 2,046 53,534
Depreciation
As at 1 August 2022 7,517 11,130 24,980 1,895 45,522
Provided during the period 1,523 52 - 76 1,651
As at 31 July 2023 9,040 11,182 24,980 1,971 47,173
Net Book Value
As at 31 July 2023 6,183 103 - 75 6,361
As at 1 August 2022 7,706 155 - 151 8,012
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5. Stocks
2023 2022
£ £
Stocks 8,166 8,863
6. Debtors
2023 2022
£ £
Due within one year
Trade debtors 2,045 3,057
Other debtors 14,888 6,626
16,933 9,683
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Other creditors 2,474 20,497
Taxation and social security 11,788 7,296
14,262 27,793
8. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 August 2022 590 590
Deferred taxation (263 ) (263 )
Balance at 31 July 2023 327 327
The provision for deferred taxation is made up of accelerated capital allowances.
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 2 2
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10. Other Commitments
Minimum lease payments under non-cancellable operating leases falls due as follows:
2023 2022
£ £
Not later than one year 18,500 18,500
18,500 18,500
11. Directors Advances, Credits and Guarantees
The following advances and credits to directors subsisted during the financial year were as follows:
As at 1 August 2022 Amounts advanced Amounts repaid Amounts written off As at 31 July 2023
£ £ £ £ £
Mr Simon Johnson (12,430 ) 37,093 (15,312 ) - 9,352
Other than movements on the directors' loan accounts with the company, there were no other advances, credits and guarantees with the directors during the accounting period.
These loans are unsecured, interest free and repayable on demand.
The above directors' loans were repaid on 8th April 2024.
12. Related Party Transactions
During the year, total dividends of £15,000 (2022: £40,000) were paid to the director.
The company traded with Mr S Johnson during the period generating sales transactions of £14,453 (2022: £13,137), net of value added tax.
All transactions were undertaken on an arms length basis and at market value.
The company's overdraft is personally guaranteed by the director.
Mr S Johnson has ultimate control of the company by virtue of his shareholding.
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