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Registration number: 04895258

Pure Hair Salon Limited

Annual Report and Unaudited Financial Statements- Companies house filing

for the Year Ended 31 December 2023

 

Pure Hair Salon Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Pure Hair Salon Limited

(Registration number: 04895258)
Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,157

1,099

Current assets

 

Stocks

6

6,000

8,000

Debtors

7

24,951

19,375

Cash at bank and in hand

 

32,262

48,869

 

63,213

76,244

Creditors: Amounts falling due within one year

8

(51,467)

(57,259)

Net current assets

 

11,746

18,985

Total assets less current liabilities

 

12,903

20,084

Creditors: Amounts falling due after more than one year

8

(12,750)

(20,550)

Net assets/(liabilities)

 

153

(466)

Capital and reserves

 

Called up share capital

2

2

Profit and loss account

151

(468)

Shareholders' funds/(deficit)

 

153

(466)

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income Statement.

 

Pure Hair Salon Limited

(Registration number: 04895258)
Statement of Financial Position as at 31 December 2023

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

.........................................
V M Hunt
Director

 

Pure Hair Salon Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is: 4-5 The Square, Lightwater, Surrey, GU18 5SS.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Government grants

Grants are accounted for under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in “other income” within profit or loss in the same period as the related expenditure.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Pure Hair Salon Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% reducing balance

Fixtures and fittings

10% straight line

Goodwill

Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to the profit and loss account over its estimated economic life of 20 years with no charge in the first ten years followed by a 10% straight line charge.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life.

Stocks

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

Trade debtors

Short term debtors are measured at transaction price, less any impairment.

Cash and cash equivalents

Cash is represented by cash in hand and bank deposits.

Trade creditors

Short term creditors are measured at the transaction price.

 

Pure Hair Salon Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the income statement over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Employee benefits

Short-term employee benefits are recognised as an expense in the period which they are incurred.

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 11).

 

Pure Hair Salon Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2023

102,781

102,781

At 31 December 2023

102,781

102,781

Amortisation

At 1 January 2023

102,781

102,781

At 31 December 2023

102,781

102,781

Carrying amount

At 31 December 2023

-

-

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 January 2023

189

11,398

11,587

Additions

199

245

444

At 31 December 2023

388

11,643

12,031

Depreciation

At 1 January 2023

132

10,356

10,488

Charge for the year

64

322

386

At 31 December 2023

196

10,678

10,874

Carrying amount

At 31 December 2023

192

965

1,157

At 31 December 2022

57

1,042

1,099

6

Stocks

2023
£

2022
£

Other inventories

6,000

8,000

 

Pure Hair Salon Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Debtors

2023
£

2022
£

Other debtors

24,951

19,375

24,951

19,375

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Bank loans and overdrafts

9

9,000

10,200

Trade creditors

 

294

-

Taxation and social security

 

38,754

36,877

Accruals and deferred income

 

2,272

2,200

Other creditors

 

1,147

7,982

 

51,467

57,259

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

9

12,750

20,550

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

12,750

20,550

Current loans and borrowings

2023
£

2022
£

Bank borrowings

9,000

10,200

 

Pure Hair Salon Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

Transactions with directors

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

B P Hunt

9,100

2,671

-

11,771

9,100

2,671

-

11,771

V M Hunt

6,780

2,139

-

8,919

6,780

2,139

-

8,919

2022

At 1 January 2022
£

Advances to director
£

At 31 December 2022
£

B P Hunt

-

9,100

9,100

 

-

9,100

9,100

     

V M Hunt

-

6,780

6,780

 

-

6,780

6,780