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REGISTERED NUMBER: SC415542 (Scotland)















Unaudited Financial Statements for the Year Ended 31 January 2024

for

FM Hairdressers Ltd

FM Hairdressers Ltd (Registered number: SC415542)






Contents of the Financial Statements
for the Year Ended 31 January 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

FM Hairdressers Ltd

Company Information
for the Year Ended 31 January 2024







DIRECTOR: B MacMillan





REGISTERED OFFICE: 29-31 Cross Arthurlie Street
Barrhead
East Renfrewshire
G78 1QY





REGISTERED NUMBER: SC415542 (Scotland)





ACCOUNTANTS: Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA

FM Hairdressers Ltd (Registered number: SC415542)

Balance Sheet
31 January 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 24,238 29,398

CURRENT ASSETS
Stocks 16,500 25,379
Debtors 6 35,876 26,806
Cash at bank and in hand 22,120 33,913
74,496 86,098
CREDITORS
Amounts falling due within one year 7 81,752 87,392
NET CURRENT LIABILITIES (7,256 ) (1,294 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

16,982

28,104

CREDITORS
Amounts falling due after more than one year 8 (13,126 ) (23,375 )

PROVISIONS FOR LIABILITIES (3,837 ) (4,656 )
NET ASSETS 19 73

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 17 71
SHAREHOLDERS' FUNDS 19 73

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

FM Hairdressers Ltd (Registered number: SC415542)

Balance Sheet - continued
31 January 2024


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

In accordance with Section 444 of the Companies Act 2006, the Profit & Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 September 2024 and were signed by:





B MacMillan - Director


FM Hairdressers Ltd (Registered number: SC415542)

Notes to the Financial Statements
for the Year Ended 31 January 2024

1. STATUTORY INFORMATION

FM Hairdressers Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. There were no material departures from that standard.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is derived from hairdressing services supplied by the company.

Turnover is measured at the fair value of hairdressing services supplied, net of discounts and excluding value added tax, and is recognised at the point that the company obtains the right to consideration.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on cost

Tangible fixed assets held for the companies own use are stated at cost less accumulated depreciation and accumulated impairment loss.

At each balance sheet date, the company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the income statement in the period it is incurred.

FM Hairdressers Ltd (Registered number: SC415542)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

3. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell (net realisable value). Costs, which comprise direct production costs, are based on the method appropriate to the type of inventory class, but usually on a first-in-first-out basis. Overheads are charged to the income statement as incurred. Net realisable value is based on the estimated selling price less any estimated completion or selling costs.

When stocks are sold, the carrying amount of those stocks is recognised as an expense in the period in which the related revenue is recognised. The amount of any write-down of stocks to net realisable value and all losses of stocks are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down of stocks is recognised as a reduction in the amounts of stocks recognised as an expense in the period in which the reversal occurs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

FM Hairdressers Ltd (Registered number: SC415542)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 February 2023 105,242
Additions 1,419
At 31 January 2024 106,661
DEPRECIATION
At 1 February 2023 75,844
Charge for year 6,579
At 31 January 2024 82,423
NET BOOK VALUE
At 31 January 2024 24,238
At 31 January 2023 29,398

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 35,876 26,806

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,314 10,062
Trade creditors 19,227 15,960
Taxation and social security 25,273 20,731
Other creditors 26,938 40,639
81,752 87,392

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 13,126 23,375

FM Hairdressers Ltd (Registered number: SC415542)

Notes to the Financial Statements - continued
for the Year Ended 31 January 2024

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 23,440 33,437

The bank loan is supported by a 100% guarantee from the UK Government.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

B MacMillan
Director

During the year, the company repaid £4,950 from the director. At the year end, the balance due to the director was £12,247 (2023 - £17,197).

There are no fixed repayment terms and no interest was charged on the loan.

11. RELATED PARTY DISCLOSURES

Creative Headspace Ltd
A company in which B MacMillan is a director and shareholder.

During the year, the company advanced £9,000 to Creative Headspace Ltd. At the year end, the balance due from Creative Headspace Ltd was £33,992 (2023: £24,992).

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
FM Hairdressers Ltd

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of FM Hairdressers Ltd for the year ended 31 January 2024 which comprise the Profit & Loss Account, Balance Sheet, Statement of Changes in Equity 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the director of FM Hairdressers Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of FM Hairdressers Ltd and state those matters that we have agreed to state to the director of FM Hairdressers Ltd in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its director for our work or for this report.

It is your duty to ensure that FM Hairdressers 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 profit of FM Hairdressers Ltd. You consider that FM Hairdressers 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 FM Hairdressers 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.






Sharles Ltd
Chartered Accountants
29 Brandon Street
Hamilton
ML3 6DA


13 September 2024