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REGISTERED NUMBER: 11496084 (England and Wales)















Report of the Director and

Financial Statements for the Year Ended 31 August 2023

for

Prides Hairdressing Formby Ltd

Prides Hairdressing Formby Ltd (Registered number: 11496084)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Report of the Director 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


Prides Hairdressing Formby Ltd

Company Information
for the Year Ended 31 August 2023







DIRECTOR: Mrs J Travers





REGISTERED OFFICE: 35 Chapel Lane
Formby
Liverpool
L37 4DL





REGISTERED NUMBER: 11496084 (England and Wales)





ACCOUNTANTS: M P Greaves Limited
Chartered Certified Accountants
74 Marmot Road
Liverpool
Merseyside
L37 6GB

Prides Hairdressing Formby Ltd (Registered number: 11496084)

Report of the Director
for the Year Ended 31 August 2023

The director presents her report with the financial statements of the company for the year ended 31 August 2023.

DIRECTOR
Mrs J Travers held office during the whole of the period from 1 September 2022 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mrs J Travers - Director


24 April 2024

Prides Hairdressing Formby Ltd (Registered number: 11496084)

Income Statement
for the Year Ended 31 August 2023

31.8.23 31.8.22
Notes £    £   

TURNOVER 158,889 153,088

Cost of sales 16,183 15,871
GROSS PROFIT 142,706 137,217

Administrative expenses 127,575 135,225
OPERATING PROFIT 4 15,131 1,992

Interest receivable and similar income 46 1
15,177 1,993

Interest payable and similar expenses 2,720 3,007
PROFIT/(LOSS) BEFORE TAXATION 12,457 (1,014 )

Tax on profit/(loss) 4,458 1,982
PROFIT/(LOSS) FOR THE FINANCIAL
YEAR

7,999

(2,996

)

Prides Hairdressing Formby Ltd (Registered number: 11496084)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 11,233 22,465
Tangible assets 6 868 643
12,101 23,108

CURRENT ASSETS
Stocks 8,250 8,000
Debtors 7 18,991 9,558
Cash at bank and in hand 11,462 9,927
38,703 27,485
CREDITORS
Amounts falling due within one year 8 21,776 16,203
NET CURRENT ASSETS 16,927 11,282
TOTAL ASSETS LESS CURRENT
LIABILITIES

29,028

34,390

CREDITORS
Amounts falling due after more than one
year

9

28,926

38,832
NET ASSETS/(LIABILITIES) 102 (4,442 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 2 (4,542 )
102 (4,442 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Prides Hairdressing Formby Ltd (Registered number: 11496084)

Balance Sheet - continued
31 August 2023


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 24 April 2024 and were signed by:





Mrs J Travers - Director


Prides Hairdressing Formby Ltd (Registered number: 11496084)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Prides Hairdressing Formby Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Prides Hairdressing Formby Ltd (Registered number: 11496084)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 7 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

31.8.23 31.8.22
£    £   
Depreciation - owned assets 290 214
Goodwill amortisation 11,232 11,232

5. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 56,161
AMORTISATION
At 1 September 2022 33,696
Charge for year 11,232
At 31 August 2023 44,928
NET BOOK VALUE
At 31 August 2023 11,233
At 31 August 2022 22,465

6. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 September 2022 1,340
Additions 515
At 31 August 2023 1,855
DEPRECIATION
At 1 September 2022 697
Charge for year 290
At 31 August 2023 987
NET BOOK VALUE
At 31 August 2023 868
At 31 August 2022 643

Prides Hairdressing Formby Ltd (Registered number: 11496084)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Other debtors 18,991 9,558

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Bank loans and overdrafts 9,452 8,962
Trade creditors (1 ) -
Taxation and social security 11,250 6,191
Other creditors 1,075 1,050
21,776 16,203

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Bank loans 28,926 38,832

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal - 5,029

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2023 and 31 August 2022:

31.8.23 31.8.22
£    £   
Mrs J Travers
Balance outstanding at start of year 9,558 -
Amounts advanced 18,991 9,558
Amounts repaid (9,558 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 18,991 9,558