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Registered number: 08803780
Revive Beauty And Hair Design Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08803780
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 8,750 11,120
8,750 11,120
CURRENT ASSETS
Stocks 5 5,500 4,000
Debtors 6 2,995 2,728
Cash at bank and in hand 10,233 12,058
18,728 18,786
Creditors: Amounts Falling Due Within One Year 7 (19,767 ) (18,807 )
NET CURRENT ASSETS (LIABILITIES) (1,039 ) (21 )
TOTAL ASSETS LESS CURRENT LIABILITIES 7,711 11,099
Creditors: Amounts Falling Due After More Than One Year 8 (6,000 ) (9,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (1,323 ) (1,725 )
NET ASSETS 388 374
CAPITAL AND RESERVES
Called up share capital 9 1 1
Profit and Loss Account 387 373
SHAREHOLDERS' FUNDS 388 374
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For the year ending 31 December 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 her 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
Mrs Helen Coles
Director
30 March 2024
The notes on pages 3 to 5 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Revive Beauty And Hair Design Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08803780 . The registered office is 138 High Street, Crediton, Devon, EX17 3DX. The principal place of business is 136 High Street, Crediton, Devon, EX17 3DU.
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 is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% Straight Line
Plant & Machinery 20% Straight Line
Fixtures & Fittings 20% Straight Line
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Financial Instruments
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at the market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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. Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
2.9. 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
Average number of employees, including directors, during the year was:
2023 2022
All staff 5 4
5 4
4. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 January 2023 4,721 12,795 3,702 21,218
Additions - 559 - 559
As at 31 December 2023 4,721 13,354 3,702 21,777
Depreciation
As at 1 January 2023 796 8,112 1,190 10,098
Provided during the period 472 1,717 740 2,929
As at 31 December 2023 1,268 9,829 1,930 13,027
Net Book Value
As at 31 December 2023 3,453 3,525 1,772 8,750
As at 1 January 2023 3,925 4,683 2,512 11,120
5. Stocks
2023 2022
£ £
Stock 5,500 4,000
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6. Debtors
2023 2022
£ £
Due within one year
Prepayments and accrued income 688 -
Other debtors - 2,728
Director's loan account 2,307 -
2,995 2,728
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Bank loans and overdrafts 2,554 941
Corporation tax 4,687 3,973
Other taxes and social security 270 -
VAT 5,857 4,676
Other creditors 2,200 1,167
Bank Loans <1year 3,000 3,000
Accruals and deferred income 1,199 1,099
Director's loan account - 3,951
19,767 18,807
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 6,000 9,000
6,000 9,000
9. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mrs Helen Coles - 20,307 18,000 - 2,307
The above loan is unsecured, interest free and repayable on demand. The loan was repaid within nine months of the year end.
11. Related Party Transactions
At the year end, 31 Decemeber 2023, the company owed the director £nil (2022: £3,951) in respect of a loan held with the company. This amount is interest free and repayable on demand.
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