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Company Registration No. 07535417 (England and Wales)
Platinum Hair Limited Unaudited accounts for the year ended 31 October 2023
Platinum Hair Limited Unaudited accounts Contents
Page
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Platinum Hair Limited Company Information for the year ended 31 October 2023
Director
Mr M Sheriff
Company Number
07535417 (England and Wales)
Registered Office
27 Strathmore Avenue Hull East Yorkshire HU6 7HJ
Accountants
Kendall Accountancy Services Limited 2 Exeter Street New Village Road Cottingham East Yorkshire HU16 4LU
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Platinum Hair Limited Statement of financial position as at 31 October 2023
2023 
2022 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,130 
1,951 
Current assets
Debtors
3,769 
3,769 
Cash at bank and in hand
10,099 
8,613 
13,868 
12,382 
Creditors: amounts falling due within one year
(6,515)
(3,197)
Net current assets
7,353 
9,185 
Total assets less current liabilities
8,483 
11,136 
Creditors: amounts falling due after more than one year
(5,400)
(7,800)
Provisions for liabilities
Deferred tax
(215)
(371)
Net assets
2,868 
2,965 
Capital and reserves
Called up share capital
1 
1 
Profit and loss account
2,867 
2,964 
Shareholders' funds
2,868 
2,965 
For the year ending 31 October 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 director acknowledges his 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 and authorised for issue on 16 July 2024 and were signed on its behalf by
Mr M Sheriff Director Company Registration No. 07535417
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Platinum Hair Limited Notes to the Accounts for the year ended 31 October 2023
1
Statutory information
Platinum Hair Limited is a private company, limited by shares, registered in England and Wales, registration number 07535417. The registered office is 27 Strathmore Avenue, Hull, East Yorkshire, HU6 7HJ.
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.
3
Accounting policies
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.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
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:
Fixtures & fittings
25% cost
Computer equipment
25% cost
Turnover
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.
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Pension costs
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.
Inventories
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.
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Platinum Hair Limited Notes to the Accounts for the year ended 31 October 2023
Deferred taxation
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.
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 November 2022
3,128 
152 
3,280 
At 31 October 2023
3,128 
152 
3,280 
Depreciation
At 1 November 2022
1,281 
48 
1,329 
Charge for the year
783 
38 
821 
At 31 October 2023
2,064 
86 
2,150 
Net book value
At 31 October 2023
1,064 
66 
1,130 
At 31 October 2022
1,847 
104 
1,951 
5
Debtors
2023 
2022 
£ 
£ 
Amounts falling due within one year
Other debtors
3,769 
3,769 
6
Creditors: amounts falling due within one year
2023 
2022 
£ 
£ 
Bank loans and overdrafts
2,400 
2,400 
Taxes and social security
2,255 
762 
Other creditors
433 
35 
Loans from directors
1,427 
- 
6,515 
3,197 
7
Creditors: amounts falling due after more than one year
2023 
2022 
£ 
£ 
Bank loans
5,400 
7,800 
8
Share capital
2023 
2022 
£ 
£ 
Allotted, called up and fully paid:
1 Ordinary shares of £1 each
1 
1 
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Platinum Hair Limited Notes to the Accounts for the year ended 31 October 2023
9
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Mr M Sheriff
Money taken out of business
- 
10,480 
- 
10,480 
- 
10,480 
- 
10,480 
10
Transactions with related parties
Platinum Hair Limited has paid Platinum Beauty (Hull) Limited £1054.36 during the year.
11
Average number of employees
During the year the average number of employees was 4 (2022: 4).
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