Registered number
07854701
Gershwins Hairdressing Ltd
Unaudited Filleted Accounts
30 June 2024
Gershwins Hairdressing Ltd
Registered number: 07854701
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 52,996 56,865
Current assets
Stocks 22,499 14,273
Debtors 5 1,221 4,857
Cash at bank and in hand 32,835 57,811
56,555 76,941
Creditors: amounts falling due within one year 6 (86,893) (74,614)
Net current (liabilities)/assets (30,338) 2,327
Total assets less current liabilities 22,658 59,192
Provisions for liabilities (9,641) (10,289)
Net assets 13,017 48,903
Capital and reserves
Called up share capital 100 100
Profit and loss account 12,917 48,803
Shareholders' funds 13,017 48,903
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
David Cayless
Director
Approved by the board on 26 November 2024
Gershwins Hairdressing Ltd
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). The financial statements are presented in sterling which is the functional currency of the company and are rounded to the nearest £.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery reducing balance 10% to 33%
Land and buildings 10% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at the transaction price. Any losses from impairment are recognised in the profit and loss account in other administrative expenses.
Grants
Grants are accounted for under the accruals model. Grants relating to revenue are recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 21 22
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2023 260,000
At 30 June 2024 260,000
Amortisation
At 1 July 2023 260,000
At 30 June 2024 260,000
Net book value
At 30 June 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2023 21,000 107,025 128,025
Additions 2,975 1,332 4,307
At 30 June 2024 23,975 108,357 132,332
Depreciation
At 1 July 2023 3,154 68,006 71,160
Charge for the year 2,398 5,778 8,176
At 30 June 2024 5,552 73,784 79,336
Net book value
At 30 June 2024 18,423 34,573 52,996
At 30 June 2023 17,846 39,019 56,865
5 Debtors 2024 2023
£ £
Other debtors 1,221 4,857
6 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 5,609 7,105
Taxation and social security costs 20,266 17,320
Other creditors 61,018 50,189
86,893 74,614
7 Other information
Gershwins Hairdressing Ltd is a private company limited by shares and incorporated in England. Its registered office is:
5 Providence Court
Pynes Hill
Exeter
Devon
EX2 5JL
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