Registered number
05685158
Haz Afro Cosmetics Limited
Filleted Accounts
31 January 2024
Haz Afro Cosmetics Limited
Registered number: 05685158
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 12,600 14,000
Tangible assets 4 489,694 492,810
502,294 506,810
Current assets
Stocks 1,067,898 869,668
Debtors 5 659,487 626,109
Cash at bank and in hand 1,877,364 1,399,110
3,604,749 2,894,887
Creditors: amounts falling due within one year 6 (897,472) (543,244)
Net current assets 2,707,277 2,351,643
Total assets less current liabilities 3,209,571 2,858,453
Creditors: amounts falling due after more than one year 7 (248,781) (261,442)
Net assets 2,960,790 2,597,011
Capital and reserves
Called up share capital 100 100
Profit and loss account 2,960,690 2,596,911
Shareholders' funds 2,960,790 2,597,011
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr Hussain M Teja
Director
Approved by the board on 8 October 2024
Haz Afro Cosmetics Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% written down value
Plant and machinery 25% written down value
Fixtures, fittings, tools and equipment 25% written down value
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 16 15
3 Intangible fixed assets £
Goodwill:
Cost
At 1 February 2023 35,000
At 31 January 2024 35,000
Amortisation
At 1 February 2023 21,000
Provided during the year 1,400
At 31 January 2024 22,400
Net book value
At 31 January 2024 12,600
At 31 January 2023 14,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 25 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 469,552 92,327 14,916 576,795
Additions - 3,598 - 3,598
At 31 January 2024 469,552 95,925 14,916 580,393
Depreciation
At 1 February 2023 - 69,518 14,467 83,985
Charge for the year - 6,602 112 6,714
At 31 January 2024 - 76,120 14,579 90,699
Net book value
At 31 January 2024 469,552 19,805 337 489,694
At 31 January 2023 469,552 22,809 449 492,810
5 Debtors 2024 2023
£ £
Trade debtors 647,987 625,987
Other debtors 11,500 122
659,487 626,109
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 32,227 31,200
Trade creditors 283,417 191,072
Taxation and social security costs 458,484 234,259
Other creditors 123,344 86,713
897,472 543,244
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 248,781 261,442
8 Other information
Haz Afro Cosmetics Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5B Garnett Close
Greycaines Industrial Estate
Watford
WD24 7GN
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