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Registered number: 01105855














HAIR COLOUR CONSULTANTS LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
HAIR COLOUR CONSULTANTS LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 10


 
HAIR COLOUR CONSULTANTS LIMITED
REGISTERED NUMBER:01105855

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
54,170
55,875

Current assets
  

Stocks
 6 
98,393
111,600

Debtors: amounts falling due within one year
 7 
1,128,135
1,161,406

Cash at bank and in hand
 8 
1,860,129
1,786,028

  
3,086,657
3,059,034

Creditors: amounts falling due within one year
 9 
(623,517)
(647,085)

Net current assets
  
 
 
2,463,140
 
 
2,411,949

Total assets less current liabilities
  
2,517,310
2,467,824

Provisions for liabilities
  

Deferred tax
 10 
(6,344)
(5,326)

  
 
 
(6,344)
 
 
(5,326)

Net assets
  
2,510,966
2,462,498


Capital and reserves
  

Called up share capital 
 11 
100
100

Profit and loss account
  
2,510,866
2,462,398

  
2,510,966
2,462,498


1

 
HAIR COLOUR CONSULTANTS LIMITED
REGISTERED NUMBER:01105855
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D W J Galvin
Director

Date: 15 August 2024

The notes on pages 3 to 10 form part of these financial statements.

2

 
HAIR COLOUR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Hair Colour Consultants Limited is a private company, limited by shares, registered in England and Wales, registration number 01105855. The registered office address is Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE and the trading address is 58 to 60 George Street, London, W1U 7ET.
 
The principal activity of the company has continued to be that of operating a hair dressing salon, specialising in hair colour and tinting as well as advising, consultancy and researching hair and colour. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 company's functional and presentational currency is pound sterling.

The following principal accounting policies have been applied:

 
2.2

Turnover

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, in respect of operating a hair dressing salon specialising hair colour and tinting as well as advising, consultancy and researching hair and colour,concession management and consultancy, exclusive of value added tax. The following criteria must also be met before turnover is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

3

 
HAIR COLOUR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Profit and loss account in the same period as the related expenditure.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

4

 
HAIR COLOUR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short term leasehold property
-
8 - 15 years straight line
Fixtures and fittings
-
15% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

5

 
HAIR COLOUR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

 Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.11

 Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.12

  Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 

 
2.13

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

 Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties.

 
2.15

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 60 (2022 - 68).

6

 
HAIR COLOUR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
59,772
94,900


Total current tax
59,772
94,900

Deferred tax


Origination and reversal of timing differences
1,018
(1,137)

Total deferred tax
1,018
(1,137)


Tax on profit
60,790
93,763

Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax

252,413
490,912


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
59,369
93,273

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
1,396
845

Capital allowances for year in excess of depreciation
(24)
(82)

Other timing differences leading to an increase (decrease) in taxation
49
(273)

Total tax charge for the year
60,790
93,763

7

 
HAIR COLOUR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

5.


Tangible fixed assets





Short term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2023
1,845,089
446,457
2,291,546


Additions
-
7,855
7,855



At 31 December 2023

1,845,089
454,312
2,299,401



Depreciation


At 1 January 2023
1,845,089
390,582
2,235,671


Charge for the year
-
9,560
9,560



At 31 December 2023

1,845,089
400,142
2,245,231



Net book value



At 31 December 2023
-
54,170
54,170



At 31 December 2022
-
55,875
55,875


6.


Stocks

2023
2022
£
£

Goods for resale
98,393
111,600



7.


Debtors

2023
2022
£
£


Trade debtors
17,404
16,365

Other debtors
992,476
1,020,042

Prepayments and accrued income
118,255
124,999

1,128,135
1,161,406


8

 
HAIR COLOUR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,860,129
1,786,028



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
131,457
151,534

Corporation tax
59,784
94,912

Other taxation and social security
203,494
185,874

Other creditors
146,816
135,144

Accruals
81,966
79,621

623,517
647,085



10.


Deferred taxation




2023


£






At beginning of year
(5,326)


Charged to profit or loss
(1,018)



At end of year
(6,344)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(6,344)
(5,892)

Pension surplus
-
566

(6,344)
(5,326)


11.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 Ordinary shares of £1.00 each
100
100


9

 
HAIR COLOUR CONSULTANTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Pension commitments

The company operates a defined contribution pension scheme. The assets of the scheme are held seperately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £32,305 (2022 -£33,054). Contributions totalling £Nil (2022 - £5,283) were payable to the fund at the balance sheet date and are included in creditors.


13.


Commitments under operating leases

At 31 December 2023 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
325,000
325,000

Later than 1 year and not later than 5 years
975,000
1,300,000

1,300,000
1,625,000


14.


Related party transactions

As at the year end, the company owed £27,798 (2022 - £26,876) to the directors. The loans were interest free and were repayable on demand.

 
10