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Registered number: 11232321
Vital Hair Ltd
Unaudited Financial Statements
For The Year Ended 31 March 2024
Cooper Associates Accountants Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 11232321
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 91,623 107,343
91,623 107,343
CURRENT ASSETS
Stocks 6 10,254 10,512
Debtors 7 820 1,464
Cash at bank and in hand 152,831 94,473
163,905 106,449
Creditors: Amounts Falling Due Within One Year 8 (97,605 ) (65,733 )
NET CURRENT ASSETS (LIABILITIES) 66,300 40,716
TOTAL ASSETS LESS CURRENT LIABILITIES 157,923 148,059
Creditors: Amounts Falling Due After More Than One Year 9 (54,514 ) (67,448 )
NET ASSETS 103,409 80,611
CAPITAL AND RESERVES
Called up share capital 11 100 1
Profit and Loss Account 103,309 80,610
SHAREHOLDERS' FUNDS 103,409 80,611
Page 1
Page 2
For the year ending 31 March 2024 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 directors acknowledge their 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.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr N Martin
Director
2nd August 2024
The notes on pages 3 to 7 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Vital Hair Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11232321 . The registered office is 5 Corporation Street, Taunton, TA1 4AJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. Intangible fixed assets have been fully amortised to £nil.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold 10% reducing balance
Motor Vehicles 25% reducing balance
Fixtures & Fittings 10% reducing balance
Office equipment 33% reducing balance
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 6)
8 6
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 11,700
As at 31 March 2024 11,700
Amortisation
As at 1 April 2023 11,700
As at 31 March 2024 11,700
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 -
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5. Tangible Assets
Land & Property
Freehold Motor Vehicles Fixtures & Fittings Office equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 25,653 60,917 70,838 - 157,408
Additions - - 842 1,656 2,498
As at 31 March 2024 25,653 60,917 71,680 1,656 159,906
Depreciation
As at 1 April 2023 9,704 15,229 25,132 - 50,065
Provided during the period 1,595 11,422 4,654 547 18,218
As at 31 March 2024 11,299 26,651 29,786 547 68,283
Net Book Value
As at 31 March 2024 14,354 34,266 41,894 1,109 91,623
As at 1 April 2023 15,949 45,688 45,706 - 107,343
6. Stocks
2024 2023
£ £
Stock 10,254 10,512
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 820 1,400
Directors' loan accounts - 64
820 1,464
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,949 5,949
Trade creditors 3,215 4,210
Bank loans and overdrafts 8,345 8,270
Other loans 2,500 4,000
Corporation tax 32,739 26,284
Other taxes and social security 2,969 503
VAT 17,948 14,362
Other creditors 104 925
Accruals and deferred income 1,540 1,230
Other grants 19,000 -
Directors' loan accounts 3,296 -
97,605 65,733
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 41,751 44,766
Bank loans 10,263 18,682
Other loans 2,500 4,000
54,514 67,448
10. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,949 5,949
Later than one year and not later than five years 41,751 44,766
47,700 50,715
47,700 50,715
11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 1
During the year 89 A and 10 B shares were allotted for an aggregate consideration of £99 to leave 90 A and 10 B shares at the year-end.
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12. Pension Commitments
The company operates a defined contribution pension scheme for Employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date unpaid contributions of £110.83 (£133.59) were due to the fund. They are included in Other Creditors.
13. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mr Nicholas Martin (64 ) - 64 - -
The above loan is unsecured, interest free and repayable on demand.
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