Company Registration No. 04484848 (England and Wales)
Arc Hairdressing Limited
Unaudited accounts
for the year ended 31 July 2023
Arc Hairdressing Limited
Unaudited accounts
Contents
Arc Hairdressing Limited
Company Information
for the year ended 31 July 2023
Directors
Mr P Robbins
Mr I Butler-Clack
Company Number
04484848 (England and Wales)
Registered Office
6 CHURCH STREET
BASINGSTOKE
HAMPSHIRE
RG21 7QE
Accountants
M A Accountancy Group
Wolfe Mead
Farnham Road
Bordon
Hampshire
GU35 0NH
Arc Hairdressing Limited
Statement of financial position
as at 31 July 2023
Tangible assets
72,189
8,586
Cash at bank and in hand
54,146
7,588
Creditors: amounts falling due within one year
(69,319)
(52,553)
Net current assets
22,362
43,475
Total assets less current liabilities
94,551
52,061
Creditors: amounts falling due after more than one year
(80,169)
(50,541)
Provisions for liabilities
Deferred tax
(4,793)
(1,323)
Called up share capital
101
101
Profit and loss account
9,488
96
Shareholders' funds
9,589
197
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 members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2024 and were signed on its behalf by
Mr P Robbins
Director
Company Registration No. 04484848
Arc Hairdressing Limited
Notes to the Accounts
for the year ended 31 July 2023
Arc Hairdressing Limited is a private company, limited by shares, registered in England and Wales, registration number 04484848. The registered office is 6 CHURCH STREET, BASINGSTOKE, HAMPSHIRE, RG21 7QE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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.
Intangible fixed assets - Goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life of fifteen years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
20% straight line
Motor vehicles
20% straight line
Fixtures & fittings
20% straight line
Computer equipment
20% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Arc Hairdressing Limited
Notes to the Accounts
for the year ended 31 July 2023
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
4
Intangible fixed assets
Goodwill
5
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At 1 August 2022
26,440
59,625
41,284
6,626
133,975
Additions
-
69,451
1,140
-
70,591
Disposals
-
(59,625)
-
-
(59,625)
At 31 July 2023
26,440
69,451
42,424
6,626
144,941
At 1 August 2022
24,876
57,625
37,302
5,586
125,389
Charge for the year
636
2,241
1,516
595
4,988
Surplus on revaluation
-
(57,625)
-
-
(57,625)
At 31 July 2023
25,512
2,241
38,818
6,181
72,752
At 31 July 2023
928
67,210
3,606
445
72,189
At 31 July 2022
1,564
2,000
3,982
1,040
8,586
Arc Hairdressing Limited
Notes to the Accounts
for the year ended 31 July 2023
Amounts falling due within one year
Accrued income and prepayments
4,704
3,384
Other debtors
4,549
59,109
7
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
20,365
9,665
Obligations under finance leases and hire purchase contracts
4,917
5,821
Trade creditors
9,928
11,653
Taxes and social security
11,009
21,019
Loans from directors
5,047
-
8
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
45,812
5,104
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
The above loans have been provided interest free, with no fixed terms for repayment.
10
Average number of employees
During the year the average number of employees was 14 (2022: 14).