Registered number
SC582949
Glamorous Hair & Beauty Glasgow
173 Albert Drive
Glasgow
Filleted Accounts
for the year ended 31 December 2023
Yousaf & Co Ltd
Chartered Certified Accountants
Registered Auditors
298-300 Maxwell Road
Glasgow
G41 1PJ
Ref: G128/SA
Glamorous Hair & Beauty Glasgow
Registered number: SC582949
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,050 11,167
Current assets
Stocks 2,676 2,478
Debtors 4 11,115 11,115
Cash at bank and in hand 8,900 898
22,691 14,491
Creditors: amounts falling due within one year 5 (17,716) (7,612)
Net current assets 4,975 6,879
Total assets less current liabilities 15,025 18,046
Creditors: amounts falling due after more than one year 6 (8,890) (13,143)
Net assets 6,135 4,903
Capital and reserves
Called up share capital 100 100
Profit and loss account 6,035 4,803
Shareholders' funds 6,135 4,903
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs Kalsoom Anwar
Director
Approved by the board on 26 August 2024
Glamorous Hair & Beauty Glasgow
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 10% Reducing Balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 4
3 Tangible fixed assets
Fixtures & fittings
£
Cost
At 1 January 2023 18,511
At 31 December 2023 18,511
Depreciation
At 1 January 2023 7,344
Charge for the year 1,117
At 31 December 2023 8,461
Net book value
At 31 December 2023 10,050
At 31 December 2022 11,167
4 Debtors 2023 2022
£ £
Other debtors 11,115 11,115
5 Creditors: amounts falling due within one year 2023 2022
£ £
Corporation Tax 2,533 4,120
Other creditors 15,183 3,492
17,716 7,612
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bounce back loan 8,466 12,305
Bank loans - 798
Director's loan account 424 40
8,890 13,143
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