Company registration number 03115652 (England and Wales)
Hair Tools Limited
Unaudited
financial statements
for the year ended 31 December 2023
PAGES FOR FILING WITH REGISTRAR
Hair Tools Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Hair Tools Limited
Statement of financial position
as at 31 December 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
545,803
559,304
Current assets
Stocks
1,712,863
1,986,235
Debtors
1,634,371
1,178,428
Cash at bank and in hand
8,133,696
8,689,666
11,480,930
11,854,329
Creditors: amounts falling due within one year
(2,024,315)
(3,205,068)
Net current assets
9,456,615
8,649,261
Net assets
10,002,418
9,208,565
Capital and reserves
Called up share capital
4
40,000
40,000
Capital redemption reserve
2,000
2,000
Profit and loss reserves
9,960,418
9,166,565
Total equity
10,002,418
9,208,565

In accordance with section 444 of the Companies Act 2006, all of the members of the company have consented to the preparation of abridged financial statements pursuant to paragraph 1A of Schedule 1 to the Small Companies and Groups (Accounts and Directors’ Report) Regulations (SI 2008/409)(b).

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 December 2023 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.

Hair Tools Limited
Statement of financial position (continued)
as at 31 December 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 9 September 2024 and are signed on its behalf by:
D N Brunton
Director
Company registration number 03115652 (England and Wales)
Hair Tools Limited
Notes to the financial statements
for the year ended 31 December 2023
- 3 -
1
Accounting policies
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.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

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.

 

Turnover is recognised on the despatch of goods to the customer.

Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings
No depreciation
Plant and equipment
15% reducing balance
Fixtures and fittings
33% reducing balance

Depreciation has not been provided on the freehold properties. The directors believe the current market value to be in line with original cost and as such believe that depreciation should not be provided in order for the financial statements to show a true and fair view.

Stocks

Stocks are stated at the lower of cost and net realisable value.

Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

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 represent accumulated differences between the company's taxable profit and its financial profit arise primarily from the differences between the accelerated capital allowances and depreciation.

Hair Tools Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
1
Accounting policies
(continued)
- 4 -
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
13
16
3
Tangible fixed assets
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Total
£
£
£
£
Cost
At 1 January 2023
478,669
305,404
195,360
979,433
Additions
-
0
-
0
3,478
3,478
At 31 December 2023
478,669
305,404
198,838
982,911
Depreciation and impairment
At 1 January 2023
-
0
245,796
174,333
420,129
Depreciation charged in the year
-
0
8,941
8,038
16,979
At 31 December 2023
-
0
254,737
182,371
437,108
Carrying amount
At 31 December 2023
478,669
50,667
16,467
545,803
At 31 December 2022
478,669
59,608
21,027
559,304
Hair Tools Limited
Notes to the financial statements (continued)
for the year ended 31 December 2023
- 5 -
4
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
36,000
36,000
36,000
36,000
Ordinary A shares of £1 each
2,000
2,000
2,000
2,000
Ordinary B shares of £1 each
2,000
2,000
2,000
2,000
40,000
40,000
40,000
40,000
5
Company information

Hair Tools Limited is a private company limited by shares incorporated in England and Wales. The registered office is Head Jog House, Netherfield Road, Ravensthorpe, Dewsbury, West Yorkshire, WF13 3JY.

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