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Registration number: 07831771

Plus Two Hairdressing Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Plus Two Hairdressing Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 9

 

Plus Two Hairdressing Limited

Company Information

Director

Mr Gordon Kenyon

Registered office

Suite 3
Waterside Business Centre
Canal Street
Leigh
WN7 4DB

Accountants

Harrison Salmon Associates
Chartered Accountants
Suite 3
Waterside Business Centre
Canal Street
Leigh
WN7 4DB

 

Plus Two Hairdressing Limited

Director's Report for the Year Ended 30 November 2023

The director presents his report and the financial statements for the year ended 30 November 2023.

Director of the company

The director who held office during the year was as follows:

Mr Gordon Kenyon

Principal activity

The principal activity of the company is hairdressers

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 28 November 2024
 

.........................................
Mr Gordon Kenyon
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Plus Two Hairdressing Limited
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Plus Two Hairdressing Limited for the year ended 30 November 2023 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Plus Two Hairdressing Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Plus Two Hairdressing Limited and state those matters that we have agreed to state to the Board of Directors of Plus Two Hairdressing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Plus Two Hairdressing Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Plus Two Hairdressing Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Plus Two Hairdressing Limited. You consider that Plus Two Hairdressing Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Plus Two Hairdressing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Harrison Salmon Associates
Chartered Accountants
Suite 3
Waterside Business Centre
Canal Street
Leigh
WN7 4DB

28 November 2024

 

Plus Two Hairdressing Limited

(Registration number: 07831771)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

732

943

Current assets

 

Stocks

6

950

1,200

Debtors

7

481

481

Cash at bank and in hand

 

437

369

 

1,868

2,050

Creditors: Amounts falling due within one year

8

2,961

3,050

Net current assets

 

4,829

5,100

Total assets less current liabilities

 

5,561

6,043

Creditors: Amounts falling due after more than one year

8

(3,000)

(3,600)

Net assets

 

2,561

2,443

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

2,461

2,343

Shareholders' funds

 

2,561

2,443

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 28 November 2024
 

.........................................
Mr Gordon Kenyon
Director

 

Plus Two Hairdressing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Suite 3
Waterside Business Centre
Canal Street
Leigh
WN7 4DB

The principal place of business is:
33 Abbey Street
Accrington
Lancs
BB5 1EN
England

These financial statements were authorised for issue by the director on 28 November 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Government grants relating to the support provided for the Covid-19 pandemic are recognised when there is reasonable assurance that the grant is receivable and are subsequently accounted for under the accrual model, on a systemic basis over the period in which the related costs are recognised.

 

Plus Two Hairdressing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings, tools and equipment

25 % reducing balance basis

Amortisation

Asset class

Amortisation method and rate

Goodwill

5 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Plus Two Hairdressing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 4 (2022 - 5).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

211

273

 

Plus Two Hairdressing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

2,914

2,914

At 30 November 2023

2,914

2,914

Depreciation

At 1 December 2022

1,971

1,971

Charge for the year

211

211

At 30 November 2023

2,182

2,182

Carrying amount

At 30 November 2023

732

732

At 30 November 2022

943

943

6

Stocks

2023
£

2022
£

Other inventories

950

1,200

7

Debtors

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

(8,723)

(8,030)

Taxation and social security

 

1,829

877

Accruals and deferred income

 

960

960

Other creditors

 

2,973

3,143

 

(2,961)

(3,050)

Creditors: amounts falling due after more than one year

 

Plus Two Hairdressing Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

3,000

3,600

9

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

10

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

3,000

3,600

Current loans and borrowings

2023
£

2022
£

Bank borrowings

1,200

1,200

Bank overdrafts

2,687

2,180

Other borrowings

(12,610)

(11,410)

(8,723)

(8,030)

Bank borrowings

Bounceback Loan is denominated in £ with a nominal interest rate of 2.5%, and the final instalment is due on 19 May 2026. The carrying amount at year end is £42,000 (2022 - £4,800).

The loan is provided to assist with the effects of the Covid-19 pandemic, received in May 2020. It is repayable over 5 years and interest is charged at 2.5% per annum for the duration of the loan.