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Registration number: 13705053

Nine Barbers Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Nine Barbers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Nine Barbers Limited

Company Information

Director

Mr J Heathcote

Registered office

51 St. John Street
Ashbourne
Derbyshire
DE6 1GP

Accountants

Coates and Partners Limited
The Old Vicarage
51 St John Street
Ashbourne
Derbyshire
DE6 1GP

 

Nine Barbers Limited

(Registration number: 13705053)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,280

1,657

Current assets

 

Stocks

20

20

Debtors

5

3,507

5,146

Cash at bank and in hand

 

1,794

3,534

 

5,321

8,700

Creditors: Amounts falling due within one year

6

(6,430)

(9,957)

Net current liabilities

 

(1,109)

(1,257)

Net assets

 

171

400

Capital and reserves

 

Called up share capital

100

100

Retained earnings

71

300

Shareholders' funds

 

171

400

For the financial 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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Nine Barbers Limited

(Registration number: 13705053)
Balance Sheet as at 31 October 2023 (continued)

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 and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland'.

Approved and authorised by the director on 31 July 2024
 

.........................................
Mr J Heathcote
Director

   
     
 

Nine Barbers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital incorporated in England and Wales registration number: 13705053.

The address of its registered office is:
51 St. John Street
Ashbourne
Derbyshire
DE6 1GP
United Kingdom

These financial statements were authorised for issue by the director on 31 July 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 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 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 presentation currency is £ sterling.

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.

 

Nine Barbers Limited

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

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current 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.

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

Plant and machinery

15% reducing balance basis

Office equipment

33% straight line basis

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.

 

Nine Barbers Limited

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

2

Accounting policies (continued)

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.

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.

 

Nine Barbers Limited

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

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 2).

 

Nine Barbers Limited

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

4

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 November 2022

589

1,342

1,931

At 31 October 2023

589

1,342

1,931

Depreciation

At 1 November 2022

79

195

274

Charge for the year

197

180

377

At 31 October 2023

276

375

651

Carrying amount

At 31 October 2023

313

967

1,280

At 31 October 2022

510

1,147

1,657

5

Debtors

Current

2023
£

2022
£

Prepayments

396

517

Other debtors

3,111

4,629

 

3,507

5,146

 

Nine Barbers Limited

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

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

4,922

4,944

Accruals and deferred income

1,508

2,231

Other creditors

-

2,782

6,430

9,957

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £10,000 (2022 - £32,000).

 

Nine Barbers Limited

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

8

Related party transactions

During the period, there were loans between the company and the Director, in the ordinary course of business. There are no formal terms of repayment. The maximum outstanding balance owed by the Director during the period was £3,112 therefore interest has not been charged. At the balance sheet date the amount due from the Director was £3,112, which was fully repaid by dividends before 31 July 2024.

Transactions with the director

2023

At 1 November 2022
£

Advances to director
£

Repayments by director
£

At 31 October 2023
£

Mr A I Morley

4,629

11,311

(15,940)

-

Mr J Heathcote

(2,782)

32,968

(27,074)

3,112

2022

At 1 November 2021
£

Advances to director
£

Repayments by director
£

At 31 October 2022
£

Mr A I Morley

-

32,289

(27,660)

4,629