David Thomas Hair Limited 03727770 false 2022-08-01 2023-07-31 2023-07-31 The principal activity of the company is hairdressing and other beauty treatment. Digita Accounts Production Advanced 6.30.9574.0 true 03727770 2022-08-01 2023-07-31 03727770 2023-07-31 03727770 core:CurrentFinancialInstruments 2023-07-31 03727770 core:CurrentFinancialInstruments core:WithinOneYear 2023-07-31 03727770 core:Non-currentFinancialInstruments core:AfterOneYear 2023-07-31 03727770 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-07-31 03727770 bus:SmallEntities 2022-08-01 2023-07-31 03727770 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 03727770 bus:AbridgedAccounts 2022-08-01 2023-07-31 03727770 bus:SmallCompaniesRegimeForAccounts 2022-08-01 2023-07-31 03727770 bus:RegisteredOffice 2022-08-01 2023-07-31 03727770 bus:CompanySecretaryDirector1 2022-08-01 2023-07-31 03727770 bus:Director1 2022-08-01 2023-07-31 03727770 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 03727770 core:ComputerEquipment 2022-08-01 2023-07-31 03727770 core:LeaseholdImprovements 2022-08-01 2023-07-31 03727770 core:PlantMachinery 2022-08-01 2023-07-31 03727770 core:KeyManagementPersonnel 2022-08-01 2023-07-31 03727770 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-08-01 2023-07-31 03727770 countries:EnglandWales 2022-08-01 2023-07-31 03727770 2022-07-31 03727770 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-07-31 03727770 2021-08-01 2022-07-31 03727770 2022-07-31 03727770 core:CurrentFinancialInstruments 2022-07-31 03727770 core:CurrentFinancialInstruments core:WithinOneYear 2022-07-31 03727770 core:Non-currentFinancialInstruments core:AfterOneYear 2022-07-31 03727770 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-07-31 03727770 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-08-01 2022-07-31 03727770 core:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-07-31 iso4217:GBP xbrli:pure

Registration number: 03727770

David Thomas Hair Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 July 2023

Pages for filing with Registrar

 

David Thomas Hair Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 10

 

David Thomas Hair Limited

Company Information

Directors

Mrs P Thomas

Mr D E Thomas

Company secretary

Mr D E Thomas

Registered office

Thomas House Meadowcroft Busines Park
Pope Lane
Whitestake
Preston
Lancashire
PR4 4AZ

 

David Thomas Hair Limited

(Registration number: 03727770)
Abridged Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

76,867

64,196

Current assets

 

Stocks

4,100

4,000

Debtors

5

61,915

28,624

Cash at bank and in hand

 

25,156

48,223

 

91,171

80,847

Prepayments and accrued income

 

361

861

Creditors: Amounts falling due within one year

(76,576)

(67,548)

Net current assets

 

14,956

14,160

Total assets less current liabilities

 

91,823

78,356

Creditors: Amounts falling due after more than one year

(57,877)

(54,376)

Provisions for liabilities

(12,124)

(11,949)

Accruals and deferred income

 

(1,289)

-

Net assets

 

20,533

12,031

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

19,533

11,031

Shareholders' funds

 

20,533

12,031

 

David Thomas Hair Limited

(Registration number: 03727770)
Abridged Balance Sheet as at 31 July 2023 (continued)

For the financial 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.

Directors' 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 directors acknowledge their 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 April 2024 and signed on its behalf by:
 

.........................................
Mr D E Thomas
Company secretary and director

 

David Thomas Hair Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023

1

General information

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

The address of its registered office is:
Thomas House Meadowcroft Busines Park
Pope Lane
Whitestake
Preston
Lancashire
PR4 4AZ
England

The principal place of business is:
12 Liverpool Road
Penwortham
Preston
PR1 0AD

These financial statements were authorised for issue by the Board on 23 April 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 abridged 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 abridged 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.

The financial statements are prepared in Sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

 

David Thomas Hair Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

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.

Government grants

The company recognises government grants on the accruals model under FRS102.

Grants that compensate the company for expenses incurred are recognised in profit or loss on a systematic basis in the periods in which the expenses are recognised.

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.

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

Property improvements

5% reducing balance

 

David Thomas Hair Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Plant and machinery

20% reducing balance

Computer equipment

33% 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.

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.

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.

 

David Thomas Hair Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

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.

 

David Thomas Hair Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Company’s statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

 

David Thomas Hair Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023 (continued)

4

Tangible assets

Total
£

Cost or valuation

At 1 August 2022

176,669

Additions

17,273

At 31 July 2023

193,942

Depreciation

At 1 August 2022

112,472

Charge for the year

4,603

At 31 July 2023

117,075

Carrying amount

At 31 July 2023

76,867

At 31 July 2022

64,196

5

Debtors

Debtors includes £16,500 (2022 - £Nil) due after more than one year.

6

Related party transactions

Loans to related parties

2023

Key management
£

At start of period

26,066

Advances and repayments

17,899

Interest at 2.25%

824

At end of period

44,789

2022

Key management
£

At start of period

50,451

Advances and repayments

(25,648)

Interest at 2.00%

1,263

At end of period

26,066

 

David Thomas Hair Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 31 July 2023 (continued)

6

Related party transactions (continued)

Terms of loans to related parties

Loans owed by key management are repayable on demand.