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Registration number: 11369667

MHR (Medical Hair Restoration) Clinic Harrogate/Leeds Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

MHR (Medical Hair Restoration) Clinic Harrogate/Leeds Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

MHR (Medical Hair Restoration) Clinic Harrogate/Leeds Limited

Company Information

Director

CM Henton

Registered office

Victoria Court,
91 Huddersfield Road
Holmfirth
West Yorkshire
HD9 3JA

 

MHR (Medical Hair Restoration) Clinic Harrogate/Leeds Limited

(Registration number: 11369667)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,842

14,458

Current assets

 

Stocks

5

10,064

2,711

Debtors

6

118,257

101,198

Cash at bank and in hand

 

124,613

81,131

 

252,934

185,040

Creditors: Amounts falling due within one year

7

(142,022)

(66,906)

Net current assets

 

110,912

118,134

Total assets less current liabilities

 

121,754

132,592

Creditors: Amounts falling due after more than one year

7

(18,333)

(28,631)

Provisions for liabilities

(2,711)

(2,747)

Net assets

 

100,710

101,214

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

99,960

99,960

Retained earnings

650

1,154

Shareholders' funds

 

100,710

101,214

 

MHR (Medical Hair Restoration) Clinic Harrogate/Leeds Limited

(Registration number: 11369667)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 1 February 2024
 

.........................................
CM Henton
Director

 

MHR (Medical Hair Restoration) Clinic Harrogate/Leeds Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Victoria Court,
91 Huddersfield Road
Holmfirth
West Yorkshire
HD9 3JA

These financial statements were authorised for issue by the director on 1 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

MHR (Medical Hair Restoration) Clinic Harrogate/Leeds Limited

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

25% reducing balance

Plant & Machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

MHR (Medical Hair Restoration) Clinic Harrogate/Leeds Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

MHR (Medical Hair Restoration) Clinic Harrogate/Leeds Limited

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

Defined benefit pension obligation

Typically defined benefit plans define an amount of pension benefit that an employee will receive on retirement, usually dependent on one or more factors such as age, years of service and compensation.

The liability recognised in the balance sheet in respect of defined benefit pension plans is the present value of the defined benefit obligation at the reporting date minus the fair value of plan assets. The defined benefit obligation is measured using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future payments by reference to market yields at the reporting date on high-quality corporate bonds that are denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating to the terms of the related pension liability.

Actuarial gains and losses are charged or credited to other comprehensive income in the period in which they arise.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 4).

 

MHR (Medical Hair Restoration) Clinic Harrogate/Leeds Limited

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

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2022

27,561

14,691

42,252

At 31 October 2023

27,561

14,691

42,252

Depreciation

At 1 November 2022

17,852

9,942

27,794

Charge for the year

2,428

1,188

3,616

At 31 October 2023

20,280

11,130

31,410

Carrying amount

At 31 October 2023

7,281

3,561

10,842

At 31 October 2022

9,709

4,749

14,458

5

Stocks

2023
£

2022
£

Other inventories

10,064

2,711

6

Debtors

Current

2023
£

2022
£

Trade debtors

73,360

43,509

Prepayments

1,859

1,685

Other debtors

43,038

56,004

 

118,257

101,198

 

MHR (Medical Hair Restoration) Clinic Harrogate/Leeds Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10,000

10,000

Trade creditors

 

5,181

6,683

Taxation and social security

 

61,436

46,794

Accruals and deferred income

 

51,435

2,043

Other creditors

 

13,970

1,386

 

142,022

66,906

Creditors include bank loans which are secured of £10,000 (2022 - £10,000).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

18,333

28,631

Creditors include bank loans which are secured of £18,333 (2022 - £28,631).

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

18,333

28,631

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,000

10,000

 

MHR (Medical Hair Restoration) Clinic Harrogate/Leeds Limited

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

9

Related party transactions

Transactions with the director

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

CM Henton

Interest has been charged @ 2.00%. There are no conditions attached to this loan.

50,480

29,341

(51,000)

28,821

         
       

 

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

CM Henton

Interest has been charged @ 2.00%. There are no conditions attached to this loan.

20,292

47,472

(17,284)

50,480