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Registration number: 05261547

Milton Hair Fashions Ltd

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Milton Hair Fashions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Milton Hair Fashions Ltd

Company Information

Directors

DB Poulsom

S K Shilton

Company secretary

S K Shilton

Registered office

144 Milton Road
Weston-super-Mare
Somerset
BS23 2US

Accountants

Four Fifty Partnership
Chartered Accountants
34 Boulevard
Weston-super-Mare
Somerset
BS23 1NF

 

Milton Hair Fashions Ltd

(Registration number: 05261547)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

474

213

Current assets

 

Stocks

6

1,960

1,844

Debtors

7

1,274

2,152

Cash at bank and in hand

 

1,265

4,304

 

4,499

8,300

Creditors: Amounts falling due within one year

8

(58,477)

(42,871)

Net current liabilities

 

(53,978)

(34,571)

Net liabilities

 

(53,504)

(34,358)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(53,604)

(34,458)

Shareholders' deficit

 

(53,504)

(34,358)

For the financial 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.

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 special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

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 Profit and Loss Account.

 

Milton Hair Fashions Ltd

(Registration number: 05261547)
Balance Sheet as at 31 March 2024

Approved and authorised by the Board on 21 October 2024 and signed on its behalf by:
 

.........................................

S K Shilton
Company secretary and director

 

Milton Hair Fashions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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:
144 Milton Road
Weston-super-Mare
Somerset
BS23 2US
England

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

 

Milton Hair Fashions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Going concern

As at 31 March 2024, the company had net current liabilities of £53,890 (2023: £34,571) and a net liabilities position of £53,333 (2023: £34,358). Current liabilities includes a directors loan balance of £55,827 (2023: £39,518), the director will not seek repayment of this loan until such times as the company has sufficient cash to repay this amount.

The directors have considered the position of the company with respect to its future obligations to ensure the business can continue in operational existence for the foreseeable future, and confirm their approval to adopt the going concern basis for preparing the accounts.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

Tangible assets

Tangible assets are stated in the balance sheet 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% on reducing balance

Computer equipment

33% on cost

 

Milton Hair Fashions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Milton Hair Fashions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

2

Accounting policies (continued)

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 7).

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

158

71

 

Milton Hair Fashions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Tangible assets

Computer equipment
 £

Plant and machinery
 £

Total
£

Cost or valuation

At 1 April 2023

582

9,512

10,094

Additions

-

419

419

At 31 March 2024

582

9,931

10,513

Depreciation

At 1 April 2023

582

9,299

9,881

Charge for the year

-

158

158

At 31 March 2024

582

9,457

10,039

Carrying amount

At 31 March 2024

-

474

474

At 31 March 2023

-

213

213

6

Stocks

2024
£

2023
£

Other inventories

1,960

1,844

7

Debtors

2024
£

2023
£

Prepayments

1,274

1,143

Other debtors

-

1,009

1,274

2,152

 

Milton Hair Fashions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

330

-

Accruals and deferred income

2,447

2,503

Other creditors

55,700

40,368

58,477

42,871

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100