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REGISTERED NUMBER: 08579316 (England and Wales)




































FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH JUNE 2024

FOR

HONESTY HAIR DESIGN LIMITED

HONESTY HAIR DESIGN LIMITED (REGISTERED NUMBER: 08579316)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


HONESTY HAIR DESIGN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30TH JUNE 2024







DIRECTOR: Ms K M Flewin





REGISTERED OFFICE: 12 South Street
Titchfield
Fareham
Hampshire
PO14 4DJ





REGISTERED NUMBER: 08579316 (England and Wales)





ACCOUNTANTS: Compass Accountants Limited
Chartered Accountants
Venture House
The Tanneries
East Street
Titchfield
Hampshire
PO14 4AR

HONESTY HAIR DESIGN LIMITED (REGISTERED NUMBER: 08579316)

BALANCE SHEET
30TH JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 1,770 2,373
1,770 2,373

CURRENT ASSETS
Stocks 16,500 10,500
Debtors 6 4,834 16,977
Cash at bank and in hand 7,918 5,657
29,252 33,134
CREDITORS
Amounts falling due within one year 7 21,158 23,924
NET CURRENT ASSETS 8,094 9,210
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,864

11,583

CREDITORS
Amounts falling due after more than one
year

8

(32,379

)

(34,760

)

PROVISIONS FOR LIABILITIES (443 ) -
NET LIABILITIES (22,958 ) (23,177 )

CAPITAL AND RESERVES
Called up share capital 9 10 10
Retained earnings (22,968 ) (23,187 )
SHAREHOLDERS' FUNDS (22,958 ) (23,177 )

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

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

HONESTY HAIR DESIGN LIMITED (REGISTERED NUMBER: 08579316)

BALANCE SHEET - continued
30TH JUNE 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 25th November 2024 and were signed by:





Ms K M Flewin - Director


HONESTY HAIR DESIGN LIMITED (REGISTERED NUMBER: 08579316)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30TH JUNE 2024


1. STATUTORY INFORMATION

Honesty Hair Design 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.

Turnover
Revenue for the provision of services is recognised when it is probable that an economic benefit will flow to the entity and the revenue and associated costs can be reliable measured. For continuing services, revenue is recognised when the stage of completion can be reliably measured.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2013, is being amortised evenly over its estimated useful life of five years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
Fixtures and fittings - 25% on reducing balance

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 Statement of Income and Retained Earnings, 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.

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.

HONESTY HAIR DESIGN LIMITED (REGISTERED NUMBER: 08579316)

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


2. ACCOUNTING POLICIES - continued

Basic financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, where there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

The company's financial assets and liabilities consist of cash and cash equivalents, short term investments, trade and other debtors, trade and other creditor, and accrued expenses. The fair value of these items approximates their carrying value due to their short term value. Unless otherwise noted, the company is not exposed to significant interest, foreign exchange or credit risks arising from these instruments.

Going concern
The financial statements for the year ended 30th June 2024 have been prepared on a going concern basis. In making this going concern assessment, all available information about the foreseeable future has been taken into account.

Despite net liabilities exceeding net assets for the period ending 30th June 2023, the directors feel that the company has achieved sufficient sales post year end.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 6 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1st July 2023
and 30th June 2024 60,667
AMORTISATION
At 1st July 2023
and 30th June 2024 60,667
NET BOOK VALUE
At 30th June 2024 -
At 30th June 2023 -

HONESTY HAIR DESIGN LIMITED (REGISTERED NUMBER: 08579316)

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


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings Totals
£    £    £    £   
COST
At 1st July 2023 3,130 1,234 5,488 9,852
Additions - - 122 122
At 30th June 2024 3,130 1,234 5,610 9,974
DEPRECIATION
At 1st July 2023 3,130 667 3,682 7,479
Charge for year - 283 442 725
At 30th June 2024 3,130 950 4,124 8,204
NET BOOK VALUE
At 30th June 2024 - 284 1,486 1,770
At 30th June 2023 - 567 1,806 2,373

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 4,834 16,977

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,869 5,875
Trade creditors - 4,224
Taxation and social security 5,377 7,979
Other creditors 9,912 5,846
21,158 23,924

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 32,379 34,760

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
10 Ordinary £1 10 10

HONESTY HAIR DESIGN LIMITED (REGISTERED NUMBER: 08579316)

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


10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30th June 2024 and 30th June 2023:

2024 2023
£    £   
Ms K M Flewin
Balance outstanding at start of year 3,500 32,881
Amounts advanced 2,218 2,410
Amounts repaid (3,312 ) (31,791 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 2,406 3,500