Registered number
10981908
Colman & Colman Hairdressers Limited
Unaudited Filleted Accounts
For the year ended
29 February 2024
Colman & Colman Hairdressers Limited
Registered number: 10981908
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 51,454 56,850
Current assets
Stocks 6,950 5,750
Debtors 4 1,382 531
Cash at bank and in hand 20,023 19,829
28,355 26,110
Creditors: amounts falling due within one year 5 (59,061) (46,799)
Net current liabilities (30,706) (20,689)
Total assets less current liabilities 20,748 36,161
Creditors: amounts falling due after more than one year 6 (12,500) (22,500)
Provisions for liabilities (8,156) (9,023)
Net assets 92 4,638
Capital and reserves
Called up share capital 2 2
Profit and loss account 90 4,636
Shareholders' funds 92 4,638
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.
R Colman
Director
Approved by the board on 17 September 2024
Colman & Colman Hairdressers Limited
Notes to the Accounts
for the year ended 29 February 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:
Leasehold land and buildings over 10 years
Plant and machinery 20% reducing balance
Fixtures & fittings 10% reducing balance
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.
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 15 11
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 March 2023 24,229 69,453 93,682
Additions - 800 800
At 29 February 2024 24,229 70,253 94,482
Depreciation
At 1 March 2023 9,924 26,908 36,832
Charge for the year 1,431 4,765 6,196
At 29 February 2024 11,355 31,673 43,028
Net book value
At 29 February 2024 12,874 38,580 51,454
At 28 February 2023 14,305 42,545 56,850
4 Debtors 2024 2023
£ £
Other debtors 1,382 531
Included within other debtors is a loan to the directors totalling £795. No interest is payable on the balance and the loan will be repaid within 9 months of the year end.
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 5,331 5,411
Taxation and social security costs 25,986 19,492
Other creditors 17,744 11,896
59,061 46,799
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 12,500 22,500
7 Pension commitments
The Company contributes to a defined contribution pension scheme. The assets of the scheme are administered by an independent pensions provider. Contributions totalling £846
(2023 - £700) were payable at the balance sheet date.
8 Other information
Colman & Colman Hairdressers Limited is a private company limited by shares and incorporated in England. Its registered office is:
Lynn Garth
Gillinggate
Kendal
Cumbria
LA9 4JB
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