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REGISTERED NUMBER: 07132002 (England and Wales)















MG Hair & Beauty Ltd

Unaudited Financial Statements

for the year ended

31 July 2023






MG Hair & Beauty Ltd (Registered number: 07132002)

Contents of the Financial Statements
for the year ended 31 July 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 4

Chartered Accountants' Report 5

MG Hair & Beauty Ltd

Company Information
for the year ended 31 July 2023







DIRECTOR: M Giammello





REGISTERED OFFICE: 122 Ber Street
Norwich
Norfolk
NR1 3ES





REGISTERED NUMBER: 07132002 (England and Wales)





ACCOUNTANTS: Haines Watts
Chartered Accountants
Yare House
62-64 Thorpe Road
Norwich
Norfolk
NR1 1RY

MG Hair & Beauty Ltd (Registered number: 07132002)

Balance Sheet
31 July 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 295,020 295,851

CURRENT ASSETS
Cash at bank 520 2,190

CREDITORS
Amounts falling due within one year 5 (139,119 ) (114,620 )
NET CURRENT LIABILITIES (138,599 ) (112,430 )
TOTAL ASSETS LESS CURRENT LIABILITIES 156,421 183,421

CREDITORS
Amounts falling due after more than one year 6 (158,019 ) (171,238 )

PROVISIONS FOR LIABILITIES - (994 )
NET (LIABILITIES)/ASSETS (1,598 ) 11,189

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (1,599 ) 11,188
SHAREHOLDERS' FUNDS (1,598 ) 11,189

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

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

The director acknowledges his 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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 July 2024 and were signed by:





M Giammello - Director


MG Hair & Beauty Ltd (Registered number: 07132002)

Notes to the Financial Statements
for the year ended 31 July 2023


1. STATUTORY INFORMATION

MG Hair & Beauty 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - Not depreciated
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

MG Hair & Beauty Ltd (Registered number: 07132002)

Notes to the Financial Statements - continued
for the year ended 31 July 2023


4. TANGIBLE FIXED ASSETS
Improvements Fixtures
Freehold to Plant and and
property leasehold machinery fittings Totals
£    £    £    £    £   
COST
At 1 August 2022
and 31 July 2023 209,979 80,641 5,984 18,291 314,895
DEPRECIATION
At 1 August 2022 - - 5,055 13,989 19,044
Charge for year - - 186 645 831
At 31 July 2023 - - 5,241 14,634 19,875
NET BOOK VALUE
At 31 July 2023 209,979 80,641 743 3,657 295,020
At 31 July 2022 209,979 80,641 929 4,302 295,851

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 16,500 10,000
Taxation and social security 3,560 12,124
Other creditors 119,059 92,496
139,119 114,620

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 158,019 171,238

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 96,865 133,738

7. RELATED PARTY DISCLOSURES

At the year end the company owed the director £111,478 (2022: £86,856). No interest is being charged and there are no fixed repayment terms.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
MG Hair & Beauty Ltd


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of MG Hair & Beauty Ltd for the year ended 31 July 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of MG Hair & Beauty Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of MG Hair & Beauty Ltd and state those matters that we have agreed to state to the director of MG Hair & Beauty Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than MG Hair & Beauty Ltd and its director for our work or for this report.

It is your duty to ensure that MG Hair & Beauty Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of MG Hair & Beauty Ltd. You consider that MG Hair & Beauty Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of MG Hair & Beauty Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Haines Watts
Chartered Accountants
Yare House
62-64 Thorpe Road
Norwich
Norfolk
NR1 1RY


30 July 2024