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REGISTERED NUMBER: 01927648 (England and Wales)












UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2024

FOR

PHILIPS HAIR SALONS LIMITED

PHILIPS HAIR SALONS LIMITED (REGISTERED NUMBER: 01927648)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


PHILIPS HAIR SALONS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 APRIL 2024







DIRECTORS: Mr P M Dickinson
Mr P D Dickinson





SECRETARY: Mr P M Dickinson





REGISTERED OFFICE: 7 Providence Street
Wakefield
West Yorkshire
WF1 3BG





REGISTERED NUMBER: 01927648 (England and Wales)





ACCOUNTANTS: Gibson Booth Limited
12 Victoria Road
Barnsley
South Yorkshire
S70 2BB

PHILIPS HAIR SALONS LIMITED (REGISTERED NUMBER: 01927648)

BALANCE SHEET
30 APRIL 2024

30.4.24 30.4.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 222,161 222,635
222,161 222,635

CURRENT ASSETS
Stocks 6 33,148 34,990
Debtors 7 8,092 7,978
Cash at bank and in hand 126,693 160,866
167,933 203,834
CREDITORS
Amounts falling due within one year 8 204,424 203,665
NET CURRENT (LIABILITIES)/ASSETS (36,491 ) 169
TOTAL ASSETS LESS CURRENT LIABILITIES 185,670 222,804

CREDITORS
Amounts falling due after more than
one year

9

(80,000

)

(110,000

)

PROVISIONS FOR LIABILITIES (1,748 ) (1,217 )
NET ASSETS 103,922 111,587

CAPITAL AND RESERVES
Called up share capital 11 10,000 10,000
Revaluation reserve 12 47,193 47,193
Retained earnings 46,729 54,394
SHAREHOLDERS' FUNDS 103,922 111,587

PHILIPS HAIR SALONS LIMITED (REGISTERED NUMBER: 01927648)

BALANCE SHEET - continued
30 APRIL 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

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 Income Statement has not been delivered.

The financial statements were approved the Board of Directors and authorised for issue on 4 November 2024 and were signed on its behalf by:





Mr P M Dickinson - Director


PHILIPS HAIR SALONS LIMITED (REGISTERED NUMBER: 01927648)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1. STATUTORY INFORMATION

Philips Hair Salons 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 (£).


The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest pound.

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 as modified by the revaluation of certain assets.

Significant judgements and estimates
No judgements have been made in the process of applying the below accounting policies that have had the most significant effect on amounts recognised in the financial statements.

There are no key assumptions concerning the future and other key sources of estimation uncertainty at the reporting date that have a significant risk of causing material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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

Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

Goodwill - 20% straight line

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

PHILIPS HAIR SALONS LIMITED (REGISTERED NUMBER: 01927648)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - 10% on cost
Fixtures and fittings - 20% on cost, 15% on cost and over the lease term

No depreciation is provided on freehold property, as estimated residual value is considered to be in excess of its current carrying value. In addition, expenditure is incurred annually in order to maintain the economic life of the company's buildings.

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Operating lease agreements
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.

PHILIPS HAIR SALONS LIMITED (REGISTERED NUMBER: 01927648)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Business support funding
Business support funding is receivable by the company in respect of refurbishment of salons. The income is treated as deferred income and is credited to the profit and loss account over the period of the agreement.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 55 (2023 - 56 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 215,000
AMORTISATION
At 1 May 2023
and 30 April 2024 215,000
NET BOOK VALUE
At 30 April 2024 -
At 30 April 2023 -

PHILIPS HAIR SALONS LIMITED (REGISTERED NUMBER: 01927648)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Long and
property leasehold fittings Totals
£    £    £    £   
COST OR VALUATION
At 1 May 2023 213,000 12,389 241,936 467,325
Additions - - 2,167 2,167
At 30 April 2024 213,000 12,389 244,103 469,492
DEPRECIATION
At 1 May 2023 - 12,158 232,532 244,690
Charge for year - 229 2,412 2,641
At 30 April 2024 - 12,387 234,944 247,331
NET BOOK VALUE
At 30 April 2024 213,000 2 9,159 222,161
At 30 April 2023 213,000 231 9,404 222,635

The Freehold property was revalued by the Directors at £213,000 based on the current market.

If the property had not been revalued it would have been included at the following historical cost:


30.04.24
£   
Cost165,807

6. STOCKS
30.4.24 30.4.23
£    £   
Goods for resale 33,148 34,990

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Prepayments 8,092 7,978

PHILIPS HAIR SALONS LIMITED (REGISTERED NUMBER: 01927648)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.4.24 30.4.23
£    £   
Trade creditors 32,771 31,140
Corporation tax 4,829 1,717
Social security and other taxes 7,231 5,010
VAT 39,789 34,603
Other creditors 30,000 42,375
Pension creditor - 2,264
Directors' current accounts 6,870 32,620
Accruals and deferred income 82,934 53,936
204,424 203,665

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.4.24 30.4.23
£    £   
Other creditors 80,000 110,000

10. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.4.24 30.4.23
£    £   
Within one year 67,474 67,474
Between one and five years 101,650 133,300
In more than five years - 14,000
169,124 214,774

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.4.24 30.4.23
value: £    £   
9,800 Ordinary A £1 9,800 9,800
100 Ordinary B £1 100 100
100 Ordinary C £1 100 100
10,000 10,000

PHILIPS HAIR SALONS LIMITED (REGISTERED NUMBER: 01927648)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 APRIL 2024

12. RESERVES
Revaluation
reserve
£   
At 1 May 2023
and 30 April 2024 47,193

13. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

No interest has been charged by the company in relation to this loan. The loan is deemed repayable on demand.