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REGISTERED NUMBER: 10187877 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31 May 2024

for

72 HAIR LIMITED

72 HAIR LIMITED (REGISTERED NUMBER: 10187877)

Contents of the Financial Statements
for the year ended 31 May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


72 HAIR LIMITED

Company Information
for the year ended 31 May 2024







Directors: Mr G M Green
Mr G G A Dionisi
Mr M J Green
Mr N L Green





Registered office: 3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ





Registered number: 10187877 (England and Wales)





Accountants: Duncan & Toplis Limited
3rd Floor, Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

72 HAIR LIMITED (REGISTERED NUMBER: 10187877)

Balance Sheet
31 May 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 4 - 122

Current assets
Stocks 5 86,784 92,345
Debtors 6 173,932 176,330
Cash at bank 8,564 7,338
269,280 276,013
Creditors
Amounts falling due within one year 7 182,710 210,432
Net current assets 86,570 65,581
Total assets less current liabilities 86,570 65,703

Creditors
Amounts falling due after more than one year 8 85,150 64,401
Net assets 1,420 1,302

Capital and reserves
Called up share capital 9 300 300
Retained earnings 1,120 1,002
Shareholders' funds 1,420 1,302

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

72 HAIR LIMITED (REGISTERED NUMBER: 10187877)

Balance Sheet - continued
31 May 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2024 and were signed on its behalf by:





Mr G G A Dionisi - Director


72 HAIR LIMITED (REGISTERED NUMBER: 10187877)

Notes to the Financial Statements
for the year ended 31 May 2024


1. Statutory information

72 Hair Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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


2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating bad debt provisions. A full line by line review of trade debtors is carried out at the end of each month. Whilst every attempt is made to ensure that the bad debt provisions are as accurate as possible, there remains a risk that the provisions do not match the level of debts which ultimately prove to be uncollectable.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

72 HAIR LIMITED (REGISTERED NUMBER: 10187877)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


2. Accounting policies - continued

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade debtors and creditor are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts which are integral part of the company’s cash management.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

3. Employees and directors

The average number of employees during the year was 5 (2023 - 5 ) .

4. Tangible fixed assets
Computer
equipment
£
Cost
At 1 June 2023
and 31 May 2024 358
Depreciation
At 1 June 2023 236
Charge for year 122
At 31 May 2024 358
Net book value
At 31 May 2024 -
At 31 May 2023 122

5. Stocks
2024 2023
£ £
Stocks 86,784 92,345

72 HAIR LIMITED (REGISTERED NUMBER: 10187877)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


6. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 19,294 27,531
Other debtors 154,638 148,799
173,932 176,330

7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 20,933 18,333
Trade creditors 340 5,514
Taxation and social security 17,624 32,691
Other creditors 143,813 153,894
182,710 210,432

8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans 85,150 64,401

9. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
300 Ordinary £1 300 300

10. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the year ended 31 May 2024 and the period ended 31 May 2023:

20242023
£   £   
Directors Current Account
Balance outstanding at start of year39,54650,956
Amounts advanced27,39842,590
Amounts repaid(32,000)(54,000)
Amounts written off
Amounts waived
Balance outstanding at end of year34,94439,546

11. Related party disclosures

Included above in other creditors is an amount of £32,051 (2023 - £39,871) owed to a related limited company.

The transactions were carried out on an arms length basis.

The companies are related by virtue of having common directors and shareholders.

72 HAIR LIMITED (REGISTERED NUMBER: 10187877)

Notes to the Financial Statements - continued
for the year ended 31 May 2024


12. Secured loans

Loans to the company are secured by way of fixed and floating charges over the assets of the company.