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Registered number: 11893511
Marzipan Hair Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Hive Accountancy Ltd
The Innovation Centre
Treliske
Truro
Cornwall
TR1 3FF
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11893511
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 29,946 31,921
Tangible Assets 5 8,799 5,662
38,745 37,583
CURRENT ASSETS
Stocks 6 9,250 9,100
Debtors 7 40,835 41,118
Cash at bank and in hand 38,865 42,730
88,950 92,948
Creditors: Amounts Falling Due Within One Year 8 (42,222 ) (32,872 )
NET CURRENT ASSETS (LIABILITIES) 46,728 60,076
TOTAL ASSETS LESS CURRENT LIABILITIES 85,473 97,659
PROVISIONS FOR LIABILITIES
Deferred Taxation (133 ) (484 )
NET ASSETS 85,340 97,175
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 85,240 97,075
SHAREHOLDERS' FUNDS 85,340 97,175
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs H Fine
Director
30 September 2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Marzipan Hair Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11893511 . The registered office is 13 Frances Street, Truro, Cornwall, TR1 3DN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
Marzipan Hair Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11893511 . The registered office is 13 Frances Street, Truro, Cornwall, TR1 3DN.
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006
2.2. Turnover
Turnover represents the total invoice value, excluding value added tax, of sales made during the period.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of twenty years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 15 year straight line
Plant & Machinery 5 year straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Financial Instruments
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. 
Debt instruments that are payable and receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of trade debt deferred beyond the normal business terms or financed at a rate of interest that is not a market rate or in the case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Financial assets that are measured at cost and amortised costs are assessed at the end of each reporting period for the objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
For financial assets measured at amortised cost, the impairment loss is measured at the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.10. 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.
Cash and cash equivalents are shown net of bank overdrafts that are repayable on demand.
3. Average Number of Employees
Average number of employees during the year was as follows: 14 (2023: 14)
14 14
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4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 39,500
As at 31 March 2024 39,500
Amortisation
As at 1 April 2023 7,579
Provided during the period 1,975
As at 31 March 2024 9,554
Net Book Value
As at 31 March 2024 29,946
As at 1 April 2023 31,921
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Total
£ £ £
Cost
As at 1 April 2023 4,060 9,234 13,294
Additions 5,630 - 5,630
As at 31 March 2024 9,690 9,234 18,924
Depreciation
As at 1 April 2023 947 6,685 7,632
Provided during the period 646 1,847 2,493
As at 31 March 2024 1,593 8,532 10,125
Net Book Value
As at 31 March 2024 8,097 702 8,799
As at 1 April 2023 3,113 2,549 5,662
6. Stocks
2024 2023
£ £
Finished goods 9,250 9,100
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 627 1,012
Director's loan account 40,208 40,106
40,835 41,118
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8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 4,896 1,995
Corporation tax 18,190 10,992
Other taxes and social security 3,702 3,590
VAT 14,759 15,444
Accruals and deferred income 675 851
42,222 32,872
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 April 2023 Amounts advanced Amounts repaid Amounts written off As at 31 March 2024
£ £ £ £ £
Mrs Hannah Fine 40,106 77,102 (77,000 ) - 40,208
Interest is charged on loan balances above £10,000 at the HMRC approved interest rate of 2.0%.
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