Company Registration No. 08030070 (England and Wales)
STRANDS HAIRDRESSING LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
STRANDS HAIRDRESSING LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
STRANDS HAIRDRESSING LTD
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
20,000
20,000
Tangible assets
4
2,476
2,482
22,476
22,482
Current assets
Stocks
13,000
13,000
Debtors
5
12,762
7,705
Cash at bank and in hand
98,975
166,754
124,737
187,459
Creditors: amounts falling due within one year
6
(61,580)
(123,153)
Net current assets
63,157
64,306
Net assets
85,633
86,788
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
85,631
86,786
Total equity
85,633
86,788
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 13 June 2024 and are signed on its behalf by:
Mrs P Howe
Director
Company registration number 08030070 (England and Wales)
STRANDS HAIRDRESSING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 2 -
1
Accounting policies
Company information
Strands Hairdressing Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 27 Vicarage Lane, Stubbington, Fareham, Hants, PO14 2LA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention . The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
25% reducing balance
Salon equipment
25% reducing balance
Flat Fixtures and fittings
25% reducing balance
Office equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Current tax
STRANDS HAIRDRESSING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 3 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
13
24
3
Intangible fixed assets
Goodwill
£
Cost
At 1 May 2023 and 30 April 2024
20,000
Amortisation and impairment
At 1 May 2023 and 30 April 2024
Carrying amount
At 30 April 2024
20,000
At 30 April 2023
20,000
4
Tangible fixed assets
Leasehold land and buildings
Salon equipment
Flat Fixtures and fittings
Office equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
7,324
17,098
857
6,089
31,368
Additions
117
702
819
At 30 April 2024
7,324
17,215
857
6,791
32,187
Depreciation and impairment
At 1 May 2023
7,015
15,632
779
5,460
28,886
Depreciation charged in the year
77
396
19
333
825
At 30 April 2024
7,092
16,028
798
5,793
29,711
Carrying amount
At 30 April 2024
232
1,187
59
998
2,476
At 30 April 2023
309
1,466
78
629
2,482
STRANDS HAIRDRESSING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
9,220
3,393
Other debtors
3,542
4,312
12,762
7,705
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
21,142
31,116
Trade creditors
1,105
2,038
Corporation tax
3,217
18,958
Other taxation and social security
21,317
42,095
Other creditors
14,799
28,946
61,580
123,153