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COMPANY REGISTRATION NUMBER: 12911627
Cheshire Hair Salons Ltd
Unaudited Financial Statements
31 December 2023
Cheshire Hair Salons Ltd
Financial Statements
Year ended 31 December 2023
Contents
Page
Directors' report
1
Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements
2
Statement of comprehensive income (including profit and loss account)
3
Balance sheet
4
Notes to the financial statements
5
Cheshire Hair Salons Ltd
Directors' Report
Year ended 31 December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
Mr D Lewis
Mr R R McKeating
Mr G T J McKeating
(Resigned 1 November 2023)
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 2 September 2024 and signed on behalf of the board by:
Mr R R McKeating
Director
Registered office:
1 (Safety at Height) Pennine View
Marple
Stockport
Cheshire
SK6 7JW
Cheshire Hair Salons Ltd
Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Cheshire Hair Salons Ltd
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Cheshire Hair Salons Ltd for the year ended 31 December 2023, which comprise the statement of comprehensive income (including 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Cheshire Hair Salons Ltd, as a body, in accordance with the terms of our engagement letter dated 25 April 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Cheshire Hair Salons Ltd and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Cheshire Hair Salons Ltd and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that Cheshire Hair Salons 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 loss of Cheshire Hair Salons Ltd. You consider that Cheshire Hair Salons 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 Cheshire Hair Salons 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.
DED ACCOUNTANCY SERVICES LTD Chartered Accountants
Cors Afanen Eryrys Road Mynydd Du Denbighshire CH7 4BR
2 September 2024
Cheshire Hair Salons Ltd
Statement of Comprehensive Income (Including Profit and Loss Account)
Year ended 31 December 2023
2023
2022
Note
£
£
Turnover
302,731
318,415
Cost of sales
202,776
212,614
---------
---------
Gross profit
99,955
105,801
Distribution costs
33,294
32,842
Administrative expenses
66,775
65,369
Other operating income
( 770)
( 217)
--------
---------
Operating (loss)/profit
( 884)
7,373
Other interest receivable and similar income
121
22
Interest payable and similar expenses
1
1
--------
---------
(Loss)/profit before taxation
5
( 764)
7,394
Tax on (loss)/profit
1,129
2,062
-------
-------
(Loss)/profit for the financial year and total comprehensive income
( 1,893)
5,332
-------
-------
Retained earnings at the start of the year
31,346
26,014
--------
--------
Retained earnings at the end of the year
29,453
31,346
--------
--------
All the activities of the company are from continuing operations.
Cheshire Hair Salons Ltd
Balance Sheet
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
6
13,203
19,909
Current assets
Stocks
2,674
2,714
Debtors
7
8,250
9,718
Cash at bank and in hand
59,165
57,631
--------
--------
70,089
70,063
Creditors: amounts falling due within one year
8
53,834
58,621
--------
--------
Net current assets
16,255
11,442
--------
--------
Total assets less current liabilities
29,458
31,351
--------
--------
Net assets
29,458
31,351
--------
--------
Capital and reserves
Called up share capital
5
5
Profit and loss account
29,453
31,346
--------
--------
Shareholders funds
29,458
31,351
--------
--------
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 2 September 2024 , and are signed on behalf of the board by:
Mr R R McKeating
Director
Company registration number: 12911627
Cheshire Hair Salons Ltd
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 (Safety at Height) Pennine View, Marple, Stockport, Cheshire, SK6 7JW.
2. 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. Accounting policies
Basis of preparation
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.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There were no material judgements, estimates or assumptions.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Income tax
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.
Tangible assets
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
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
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
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.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 10 (2022: 10 ).
5. Profit before taxation
Profit before taxation is stated after charging:
2023
2022
£
£
Depreciation of tangible assets
6,706
6,723
-------
-------
6. Tangible assets
Fixtures and fittings
£
Cost
At 1 January 2023 and 31 December 2023
33,173
--------
Depreciation
At 1 January 2023
13,264
Charge for the year
6,706
--------
At 31 December 2023
19,970
--------
Carrying amount
At 31 December 2023
13,203
--------
At 31 December 2022
19,909
--------
7. Debtors
2023
2022
£
£
Other debtors
8,250
9,718
-------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
8,764
9,515
Corporation tax
1,030
2,062
Social security and other taxes
23,399
26,493
Other creditors
20,641
20,551
--------
--------
53,834
58,621
--------
--------
9. Directors' advances, credits and guarantees
During the year, further advances totalling £20 were made to the directors in respect of their loans to the company. As at 31 December 2023 £19,368 (2022 £19,348) was outstanding and will be repaid before 31 December 2024.