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Registered number: 02391001
Exit Hairdressing Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 02391001
2023 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 32,862 38,665
32,862 38,665
CURRENT ASSETS
Stocks 5 28,194 27,924
Debtors 6 373,810 361,277
Cash at bank and in hand 94,640 86,889
496,644 476,090
Creditors: Amounts Falling Due Within One Year 7 (346,017 ) (360,961 )
NET CURRENT ASSETS (LIABILITIES) 150,627 115,129
TOTAL ASSETS LESS CURRENT LIABILITIES 183,489 153,794
Creditors: Amounts Falling Due After More Than One Year 8 (33,750 ) (36,667 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (7,433 ) (6,622 )
NET ASSETS 142,306 110,505
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 142,206 110,405
SHAREHOLDERS' FUNDS 142,306 110,505
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Page 2
For the year ending 31 December 2023 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 R M Webb
Director
5 August 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Exit Hairdressing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02391001 . The registered office is 98 Bold Street, Liverpool, Merseyside, L1 4HY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. 
The financial statements are prepared in sterling, which is the functional currency of the entity.
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.
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. Tangible Fixed Assets and Depreciation
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings 15% reducing balance
2.4. Stocks and Work in Progress
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
2.5. Financial Instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2.6. Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.9. Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. 
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
2.10. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 32 (2022: 33)
32 33
4. Tangible Assets
Fixtures and fittings
£
Cost
As at 1 January 2023 513,119
As at 31 December 2023 513,119
Depreciation
As at 1 January 2023 474,454
Provided during the period 5,803
As at 31 December 2023 480,257
Net Book Value
As at 31 December 2023 32,862
As at 1 January 2023 38,665
5. Stocks
2023 2022
£ £
Stock 28,194 27,924
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6. Debtors
2023 2022
£ £
Due within one year
Other debtors 373,810 361,277
7. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Trade creditors 23,181 14,231
Bank loans and overdrafts 5,000 5,000
Other creditors 254,893 222,929
Taxation and social security 62,943 118,801
346,017 360,961
8. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans 33,750 36,667
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2023 2022
£ £
Bank loans 13,750 16,667
9. Secured Creditors
Of the creditors falling due within and after more than one year the following amounts are secured.
The loans held are 100% secured via the government-backed bounce back loan scheme.
2023 2022
£ £
Bank loans and overdrafts 38,750 41,667
10. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 100 100
11. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2023 2022
£ £
Not later than one year 48,735 735
Later than one year and not later than five years 144,000 -
192,735 735
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12. Directors Advances, Credits and Guarantees
No director received advances, credits or guarantees during the current or previous accounting periods.
13. Related Party Transactions
The following related party transactions were undertaken during the year: 
A company under common control received advances totalling £3,161 (2022: £57,250) and repaid amounts totalling £Nil (2022: £6,500). At the balance sheet date the amount receivable from the company was £362,049 (2022: £358,888). 
The directors, withdrew amounts totalling £33,912 (2022: £157,894) and introduced amounts totalling £41,912 (2022: £130,893). At the balance sheet date the amount payable was £91,363 (2022: £83,363). 
Dividends were paid to the directors in respect of their shareholdings totalling £3,250 (2022: £65,700).
The aggregate remuneration paid to key management personnel for the year was £11,416 (2022: £8,970). 
No further transactions with related parties were undertaken, other than those under normal market conditions, such as are required to be disclosed in accordance with FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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