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Registration number: 07640385

The Barber Shop At Plus Two Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2023

 

The Barber Shop At Plus Two Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

The Barber Shop At Plus Two Limited

Company Information

Director

Mr Gordon Kenyon

Registered office

Suite 3
Waterside Business Centre
Canal Street
Leigh
Lancashire
WN7 4DB

Accountants

Harrison Salmon Associates
Chartered Accountants
Suite 3
Waterside Business Centre
Canal Street
Leigh
WN7 4DB

 

The Barber Shop At Plus Two Limited

(Registration number: 07640385)
Balance Sheet as at 31 May 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

7,628

7,898

Cash at bank and in hand

 

18

73

 

7,646

7,971

Creditors: Amounts falling due within one year

5

(14,594)

(13,046)

Total assets less current liabilities

 

(6,948)

(5,075)

Creditors: Amounts falling due after more than one year

5

(2,273)

(3,409)

Net liabilities

 

(9,221)

(8,484)

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

(9,321)

(8,584)

Shareholders' deficit

 

(9,221)

(8,484)

For the financial year ending 31 May 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 29 February 2024
 

.........................................
Mr Gordon Kenyon
Director

 

The Barber Shop At Plus Two Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Suite 3
Waterside Business Centre
Canal Street
Leigh
Lancashire
WN7 4DB
United Kingdom

The principal place of business is:
33 Abbey Street
Accrington
Lancs
BB5 1EN
England

These financial statements were authorised for issue by the director on 29 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 company ceaed trading in the prior year. The financial statements have been prepared on a basis other than that of a going concern. Due to the nature of the assets and liabilities held by the company no adjustments have been necessary to the balances previously held to take this into account. The financial statements do not include any provision for the future costs of terminating the business of the company except to the extent that such costs were committed at the balance sheet date.

Government grants

Government grants relating to the support provided for the Covid-19 pandemic are recognised when there is reasonable assurance that the grant is receivable and are subsequently accounted for under the accrual model, on a systemic basis over the period in which the related costs are recognised.

Depreciation

Asset class

Depreciation method and rate

Fixtures and fittings

15% Reducing Balance

 

The Barber Shop At Plus Two Limited

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

Amortisation

Asset class

Amortisation method and rate

Goodwill

5 Years Straight Line

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.

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.

 

The Barber Shop At Plus Two Limited

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 2).

4

Debtors

Current

2023
£

2022
£

Other debtors

7,628

7,898

 

The Barber Shop At Plus Two Limited

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

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

1,136

758

Trade creditors

 

1,053

513

Accruals and deferred income

 

540

540

Other creditors

 

11,865

11,235

 

14,594

13,046

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

2,273

3,409

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

7

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

2,273

3,409

2023
£

2022
£

Current loans and borrowings

Bank borrowings

1,136

758

Bank borrowings

 

The Barber Shop At Plus Two Limited

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

The loan is a Bounce Back Loan provided to assist with the effects of the Covid-19 pandemic, received in May 2020; it is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 5 May 2026. The carrying amount at year end is £3,409 (2022 - £4,167).

No capital repayments are due in the first 12 months of the loan and the government is paying the first 12 months of the interest due under this loan, as a Business Interruption Payment.

8

Related party transactions

Summary of transactions with other related parties

During the year the company operated a loan account with it's Director. During the year the Director repaid funds of £270. At the balance sheet date the director owed the company £4,412 (2022: £4,682), this amount is included within other debtors. This loan is interest free and is repayable on demand.