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Registration number: 06145496

Q Hair & Beauty (Chichester) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Q Hair & Beauty (Chichester) Ltd

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 9

 

Q Hair & Beauty (Chichester) Ltd

Company Information

Directors

D Lawrence

A Barnes-Smith

Company secretary

D Lawrence

Registered office

Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

Accountants

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Q Hair & Beauty (Chichester) Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Q Hair & Beauty (Chichester) Ltd for the year ended 31 March 2024 as set out on pages 3 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Q Hair & Beauty (Chichester) Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Q Hair & Beauty (Chichester) Ltd and state those matters that we have agreed to state to the Board of Directors of Q Hair & Beauty (Chichester) Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Q Hair & Beauty (Chichester) Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Q Hair & Beauty (Chichester) Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Q Hair & Beauty (Chichester) Ltd. You consider that Q Hair & Beauty (Chichester) Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Q Hair & Beauty (Chichester) Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Blue Spire Limited
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

11 October 2024

 

Q Hair & Beauty (Chichester) Ltd

(Registration number: 06145496)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1

1

Tangible assets

5

71,245

72,775

 

71,246

72,776

Current assets

 

Stocks

6

42,519

41,713

Debtors

7

97,005

111,518

Cash at bank and in hand

 

60,655

73,994

 

200,179

227,225

Creditors: Amounts falling due within one year

8

(239,113)

(239,062)

Net current liabilities

 

(38,934)

(11,837)

Total assets less current liabilities

 

32,312

60,939

Creditors: Amounts falling due after more than one year

8

(29,474)

(45,084)

Net assets

 

2,838

15,855

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

2,837

15,854

Shareholders' funds

 

2,838

15,855

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.

Approved and authorised by the Board on 11 October 2024 and signed on its behalf by:
 

.........................................
D Lawrence
Company secretary and director

 

Q Hair & Beauty (Chichester) 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.

The address of its registered office is:
Cawley Priory
South Pallant
Chichester
West Sussex
PO19 1SY

These financial statements were authorised for issue by the Board on 11 October 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

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 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.

Tax

The tax expense for the period comprises tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

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.

 

Q Hair & Beauty (Chichester) Ltd

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

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

Computer equipment

25% reducing balance

Furniture and fixtures

15% reducing balance

Motor vehicles

25% reducing balance

Land and buildings

10 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

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.

 

Q Hair & Beauty (Chichester) Ltd

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Q Hair & Beauty (Chichester) Ltd

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 48 (2023 - 46).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

41,000

41,000

At 31 March 2024

41,000

41,000

Amortisation

At 1 April 2023

40,999

40,999

At 31 March 2024

40,999

40,999

Carrying amount

At 31 March 2024

1

1

At 31 March 2023

1

1

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

28,012

166,906

37,785

232,703

Additions

10,834

1,288

-

12,122

At 31 March 2024

38,846

168,194

37,785

244,825

Depreciation

At 1 April 2023

22,840

120,557

16,531

159,928

Charge for the year

541

7,798

5,313

13,652

At 31 March 2024

23,381

128,355

21,844

173,580

Carrying amount

At 31 March 2024

15,465

39,839

15,941

71,245

At 31 March 2023

5,172

46,349

21,254

72,775

Included within the net book value of land and buildings above is £15,465 (2023 - £5,172) in respect of long leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

42,519

41,713

 

Q Hair & Beauty (Chichester) Ltd

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

7

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

9,054

4,571

Amounts owed by related parties

12

73,003

96,818

Prepayments

 

14,427

9,869

Other debtors

 

521

260

   

97,005

111,518

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

15,607

19,984

Trade creditors

 

33,851

15,861

Amounts owed to group undertakings and undertakings in which the company has a participating interest

12

31,798

5,137

Taxation and social security

 

14,658

67,511

Accruals and deferred income

 

14,167

2,113

Other creditors

 

129,032

128,456

 

239,113

239,062

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

29,474

45,084

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

       
 

Q Hair & Beauty (Chichester) Ltd

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

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

12,473

22,455

Hire purchase contracts

17,001

22,629

29,474

45,084

Current loans and borrowings

2024
£

2023
£

Bank borrowings

9,980

9,999

Hire purchase contracts

5,627

5,527

Other borrowings

-

4,458

15,607

19,984

11

Dividends

2024

2023

£

£

Interim dividend of £30,000.00 (2023 - £16,600.00) per ordinary share

30,000

16,600

 

 

12

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

A Barnes-Smith

Balance owed (to)/from director

(90,055)

9

-

(90,046)

D Lawrence

Balance owed (to)/from director

(1)

25,840

(25,839)

-

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

A Barnes-Smith

Balance owed (to)/from director

(90,055)

-

-

(90,055)

D Lawrence

Balance owed (to)/from director

(1,750)

15,749

(14,000)

(1)