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The Hair Movement Ltd

Financial Statements for the Year Ended 31 December 2023






The Hair Movement Ltd

Company Information
for the Year Ended 31 December 2023







DIRECTORS: J D Shipman
B L Shipman
M J Shipman





REGISTERED OFFICE: Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA





REGISTERED NUMBER: 02271484 (England and Wales)





ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
The Hair Movement Ltd


The following reproduces the text of the report prepared for the directors 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 Directors 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 The Hair Movement Ltd for the year ended 31 December 2023 which comprise the Profit and Loss Account, 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 Board of Directors of The Hair Movement Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of The Hair Movement Ltd and state those matters that we have agreed to state to the Board of Directors of The Hair Movement Ltd, as a body, 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 The Hair Movement Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that The Hair Movement 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 profit of The Hair Movement Ltd. You consider that The Hair Movement 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 The Hair Movement 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.






BPU Limited
Chartered Accountants


9 August 2024

The Hair Movement Ltd (Registered number: 02271484)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 32,389 38,499
Tangible assets 4 2,922 57,432
35,311 95,931

CURRENT ASSETS
Stocks 65,000 65,000
Debtors 5 194,924 281,697
Cash at bank 395 2,798
260,319 349,495
CREDITORS
Amounts falling due within one year 6 344,248 493,554
NET CURRENT LIABILITIES (83,929 ) (144,059 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(48,618

)

(48,128

)

CREDITORS
Amounts falling due after more than
one year

7

101,580

106,325
NET LIABILITIES (150,198 ) (154,453 )

CAPITAL AND RESERVES
Called up share capital 12 12
Retained earnings (150,210 ) (154,465 )
(150,198 ) (154,453 )

The Hair Movement Ltd (Registered number: 02271484)

Balance Sheet - continued
31 December 2023


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

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

The directors acknowledge their 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 August 2024 and were signed on its behalf by:





J D Shipman - Director


The Hair Movement Ltd (Registered number: 02271484)

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


1. 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.

The accounts have been prepared on a going concern basis which is considered appropriate due to the continuing support of the directors, shareholder and creditors.

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

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.

Formula rights are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% straight line
Fixtures, fittings & equipment - 33% straight line, 20% straight line and 10% straight line

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 Profit and Loss Account, 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.


The Hair Movement Ltd (Registered number: 02271484)

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


1. ACCOUNTING POLICIES - continued
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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs
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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 16 ) .

3. INTANGIBLE FIXED ASSETS
Formula
rights
£   
COST
At 1 January 2023
and 31 December 2023 61,100
AMORTISATION
At 1 January 2023 22,601
Amortisation for year 6,110
At 31 December 2023 28,711
NET BOOK VALUE
At 31 December 2023 32,389
At 31 December 2022 38,499

The Hair Movement Ltd (Registered number: 02271484)

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


4. TANGIBLE FIXED ASSETS
Improvements Fixtures,
to fittings
property & equipment Totals
£    £    £   
COST
At 1 January 2023 90,458 67,194 157,652
Disposals (90,458 ) (1 ) (90,459 )
At 31 December 2023 - 67,193 67,193
DEPRECIATION
At 1 January 2023 40,706 59,514 100,220
Charge for year 9,046 4,757 13,803
Eliminated on disposal (49,752 ) - (49,752 )
At 31 December 2023 - 64,271 64,271
NET BOOK VALUE
At 31 December 2023 - 2,922 2,922
At 31 December 2022 49,752 7,680 57,432

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 20,472 23,420
Amounts owed by group undertakings 129,722 162,372
Other debtors & prepayments 44,730 95,905
194,924 281,697

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 3,488 -
Trade creditors 25,328 63,913
Amounts owed to group undertakings 271,156 362,846
Taxes & social security costs 35,268 40,364
Other creditors & accruals 9,008 26,431
344,248 493,554

The Hair Movement Ltd (Registered number: 02271484)

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


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2023 2022
£    £   
Other creditors 101,580 106,325