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Registered number: 03868940









ADVANCED HAIR STUDIOS GROUP LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
ADVANCED HAIR STUDIOS GROUP LIMITED
REGISTERED NUMBER: 03868940

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Intangible assets
 4 
112,209
130,911

Tangible assets
 5 
46,181
62,695

Investments
 6 
700
700

  
159,090
194,306

Current assets
  

Stocks
  
22,499
48,391

Debtors: amounts falling due within one year
 7 
464,730
154,477

Cash at bank and in hand
  
85,262
141,904

  
572,491
344,772

Creditors: amounts falling due within one year
 8 
(13,229,115)
(11,618,587)

Net current liabilities
  
 
 
(12,656,624)
 
 
(11,273,815)

Total assets less current liabilities
  
(12,497,534)
(11,079,509)

  

Net liabilities
  
(12,497,534)
(11,079,509)


Capital and reserves
  

Called up share capital 
  
910
910

Other reserves
  
(444,342)
(444,342)

Profit and loss account
  
(12,054,102)
(10,636,077)

  
(12,497,534)
(11,079,509)


Page 1

 
ADVANCED HAIR STUDIOS GROUP LIMITED
REGISTERED NUMBER: 03868940
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
C Howell
Director

Date: 23 September 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
ADVANCED HAIR STUDIOS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

Advanced Hair Studios Group Limited is a private company limited by shares and incorporated in England and Wales. The registered office is 101 New Cavendish Street,1st Floor South London, W1W 6XH. The principal activity of the company continued to be that of the provision of hair replacement services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

 
2.3

Going concern

The financial statements have been drawn up on the going concern basis. The group is dependent upon the continuing support of a related company. The directors are confident that this support will continue. On this basis the directors consider it appropriate to prepare the financial statements on the going concern basis. If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of the company's assets to their recoverable amounts, to provide for any further liabilities which may arise and to reclassify fixed asses as current assets and long term liabilities as current liabilities.

Page 3

 
ADVANCED HAIR STUDIOS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.8

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 4

 
ADVANCED HAIR STUDIOS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.9

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of Comprehensive Income over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
straight line over the lease
Fixtures and fittings
-
20%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Page 5

 
ADVANCED HAIR STUDIOS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.


3.


Employees

The average monthly number of employees, including directors, during the year was 29 (2021 - 42).

Page 6

 
ADVANCED HAIR STUDIOS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

4.


Intangible assets




Trademarks
Goodwill
Total

£
£
£



Cost


At 1 January 2022
460,000
700,712
1,160,712



At 31 December 2022

460,000
700,712
1,160,712



Amortisation


At 1 January 2022
460,000
569,801
1,029,801


Charge for the year on owned assets
-
18,702
18,702



At 31 December 2022

460,000
588,503
1,048,503



Net book value



At 31 December 2022
-
112,209
112,209



At 31 December 2021
-
130,911
130,911

During the year under review, impairment charge was £Nil. 



Page 7

 
ADVANCED HAIR STUDIOS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Tangible fixed assets





Long-term leasehold property
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 January 2022
206,119
857,021
1,063,140


Additions
-
1,713
1,713



At 31 December 2022

206,119
858,734
1,064,853



Depreciation


At 1 January 2022
159,417
841,028
1,000,445


Charge for the year on owned assets
7,730
10,497
18,227



At 31 December 2022

167,147
851,525
1,018,672



Net book value



At 31 December 2022
38,972
7,209
46,181



At 31 December 2021
46,702
15,993
62,695

Page 8

 
ADVANCED HAIR STUDIOS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

6.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2022
700



At 31 December 2022
700





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Class of shares

Holding

Advanced Hair Studios (Stockholm) Limited
Ordinary
100%

The aggregate of the share capital and reserves as at 31 December 2022 and the profit or loss for the year ended on that date for the subsidiary undertaking was as follows:

Name

Advanced Hair Studios (Stockholm) Limited

Page 9

 
ADVANCED HAIR STUDIOS GROUP LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
217,786
41,959

Other debtors
201,162
68,655

Prepayments and accrued income
45,782
43,863

464,730
154,477



8.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
3,365,941
2,245,534

Amounts owed to group undertakings
45,000
41,959

Other creditors
9,243,878
8,421,708

Accruals and deferred income
539,503
864,951

Other loans
34,793
44,435

13,229,115
11,618,587



9.


Related party transactions

During the year £105,913 (2021: £118,819) was charged for royalties and franchisor fees by a company under common control.

 
Page 10