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Company registration number: 13486935
J. Frog Barbers Ltd
Unaudited filleted financial statements
31 July 2024
J. Frog Barbers Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
J. Frog Barbers Ltd
Directors and other information
Director Mr Jack Froggatt
Company number 13486935
Registered office 83 Leng Road
Newton Heath
Manchester
M40 1NX
Accountant JP Gallagher & Co
106 Moston Lane East
Manchester
M40 3QL
J. Frog Barbers Ltd
Statement of financial position
31 July 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 6 15,000 15,000
_______ _______
15,000 15,000
Current assets
Cash at bank and in hand 1,642 351
_______ _______
1,642 351
Creditors: amounts falling due
within one year 7 ( 16,633) ( 15,307)
_______ _______
Net current liabilities ( 14,991) ( 14,956)
_______ _______
Total assets less current liabilities 9 44
_______ _______
Net assets 9 44
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 8 43
_______ _______
Shareholder funds 9 44
_______ _______
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 18 November 2024 , and are signed on behalf of the board by:
Mr Jack Froggatt
Director
Company registration number: 13486935
J. Frog Barbers Ltd
Notes to the financial statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 83 Leng Road, Newton Heath, Manchester, M40 1NX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
4. Staff costs
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
The aggregate payroll costs incurred during the year were:
2024 2023
£ £
Wages and salaries 12,570 10,084
_______ _______
5. Dividends
Equity dividends
2024 2023
£ £
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year) 6,000 7,000
_______ _______
6. Intangible assets
Goodwill Total
£ £
Cost
At 1 August 2023 and 31 July 2024 15,000 15,000
_______ _______
Amortisation
At 1 August 2023 and 31 July 2024 - -
_______ _______
Carrying amount
At 31 July 2024 15,000 15,000
_______ _______
At 31 July 2023 15,000 15,000
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Corporation tax 1,399 1,112
Other creditors 15,234 14,195
_______ _______
16,633 15,307
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Jack Froggatt ( 13,595) ( 1,039) ( 14,634)
_______ _______ _______
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Jack Froggatt ( 15,771) 2,176 ( 13,595)
_______ _______ _______