Registered number
07209842
POLLYANNA HAIR FASHIONS LIMITED
Filleted Accounts
31 July 2023
POLLYANNA HAIR FASHIONS LIMITED
Registered number: 07209842
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 26,303 28,182
Tangible assets 4 74,004 73,403
100,307 101,585
Current assets
Stocks 1,100 1,100
Cash at bank and in hand 20,356 25,882
21,456 26,982
Creditors: amounts falling due within one year 5 (114,880) (117,738)
Net current liabilities (93,424) (90,756)
Net assets 6,883 10,829
Capital and reserves
Called up share capital 100 100
Share premium 8,939 8,939
Profit and loss account (2,156) 1,790
Shareholders' funds 6,883 10,829
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs A. Pratt
Director
Approved by the board on 28 March 2024
POLLYANNA HAIR FASHIONS LIMITED
Notes to the Accounts
for the year ended 31 July 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 7 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 August 2022 75,145
At 31 July 2023 75,145
Amortisation
At 1 August 2022 46,963
Provided during the year 1,879
At 31 July 2023 48,842
Net book value
At 31 July 2023 26,303
At 31 July 2022 28,182
Goodwill is being written off in equal annual instalments over its estimated economic life of 20 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 August 2022 70,000 6,195 76,195
Additions - 1,307 1,307
At 31 July 2023 70,000 7,502 77,502
Depreciation
At 1 August 2022 - 2,792 2,792
Charge for the year - 706 706
At 31 July 2023 - 3,498 3,498
Net book value
At 31 July 2023 70,000 4,004 74,004
At 31 July 2022 70,000 3,403 73,403
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 15,556 17,776
Trade creditors - 1,400
Directors loan account 96,799 98,019
Corporation Tax (319) 543
Taxation and social security costs 2,844 -
114,880 117,738
6 Other information
POLLYANNA HAIR FASHIONS LIMITED is a private company limited by shares and incorporated in England.
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