Company registration number 07048424 (England and Wales)
LADYBIRDS HAIR CENTRE LIMITED
Unaudited Financial Statements
for the Year Ended 30 September 2023
LADYBIRDS HAIR CENTRE LIMITED
CONTENTS
Page
Company Information
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
LADYBIRDS HAIR CENTRE LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
68,151
69,369
Current assets
Stocks
350
400
Cash at bank and in hand
262
608
612
1,008
Creditors: amounts falling due within one year
4
(36,767)
(33,697)
Net current liabilities
(36,155)
(32,689)
Total assets less current liabilities
31,996
36,680
Creditors: amounts falling due after more than one year
5
(5,596)
(8,282)
Provisions for liabilities
(124)
(18)
Net assets
26,276
28,380
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
26,275
28,379
Total equity
26,276
28,380

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her 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.

LADYBIRDS HAIR CENTRE LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2023
30 September 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 25 September 2024
Mrs P M Crimmings
Director
Company registration number 07048424 (England and Wales)
LADYBIRDS HAIR CENTRE LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2023
- 3 -
1
Accounting policies
Company information

Ladybirds Hair Centre Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Business Park, Triangle Business Centre, Merthyr Tydfil, CF48 4TQ.

1.1
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. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

At the balance sheet date the company had net current liabilities of £36,155 (2022 £32,689) and Net Assets of £26,276(2022 £28,380). However creditors includes a loan from the director of £435 (2022 £1,631). In addition the director is aware of the turnover and margins that the company needs to achieve in order to keep the company in profit and they believe these targets can be met. The director reviews realistic objectives and regular intervals, based on this periodic review, the company's plans and the continued support of the director, the director considers it appropriate to prepare the financial statements on the going concern basis.true

1.3
Turnover

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 sales/value added tax, returns, rebates and discounts.

 

The company recognises Turnover when:

The amount of Turnover 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.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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

Freehold land and buildings
Straight line over 50 years
Fixtures and fittings
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

LADYBIRDS HAIR CENTRE LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2023
1
Accounting policies
- 4 -
1.5
Impairment of fixed assets

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

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

1.7
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised at transaction price.

LADYBIRDS HAIR CENTRE LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2023
1
Accounting policies
- 5 -
1.9
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 profit and loss account 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 liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Retirement benefits

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

1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Employees

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

2023
2022
Number
Number
Total
4
4
LADYBIRDS HAIR CENTRE LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2023
- 6 -
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 October 2022 and 30 September 2023
75,000
5,807
80,807
Depreciation and impairment
At 1 October 2022
6,500
4,938
11,438
Depreciation charged in the year
1,000
218
1,218
At 30 September 2023
7,500
5,156
12,656
Carrying amount
At 30 September 2023
67,500
651
68,151
At 30 September 2022
68,500
869
69,369
4
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
3,597
2,895
Trade creditors
3,657
2,634
Taxation and social security
26,478
13,301
Other creditors
3,035
14,867
36,767
33,697
5
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
5,596
8,282
LADYBIRDS HAIR CENTRE LIMITED
Notes to the Financial Statements
For the Year Ended 30 September 2023
- 7 -
6
Loans and overdrafts
2023
2022
£
£
Bank loans
8,228
11,177
Bank overdrafts
965
-
0
Other loans
364
11,017
9,557
22,194
Payable within one year
3,961
13,912
Payable after one year
5,596
8,282

Bank Borrowings

Bounce Back Loan is denominated in GBP with a nominal interest rate of 2.5% and the final instalment is due on 5 April 2026. The carrying amount at the year end is £8,227.60 (2022 £11,177).

The loan is not secured.

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