37 false false false false false false false false false false true false false false false true false No description of principal activity 2023-07-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 10215759 2023-07-01 2024-06-30 10215759 2024-06-30 10215759 2023-06-30 10215759 2022-07-01 2023-06-30 10215759 2023-06-30 10215759 2022-06-30 10215759 core:PlantMachinery 2023-07-01 2024-06-30 10215759 core:FurnitureFittings 2023-07-01 2024-06-30 10215759 core:MotorVehicles 2023-07-01 2024-06-30 10215759 bus:Director1 2023-07-01 2024-06-30 10215759 core:PlantMachinery 2023-06-30 10215759 core:FurnitureFittings 2023-06-30 10215759 core:MotorVehicles 2023-06-30 10215759 core:PlantMachinery 2024-06-30 10215759 core:FurnitureFittings 2024-06-30 10215759 core:MotorVehicles 2024-06-30 10215759 core:WithinOneYear 2024-06-30 10215759 core:WithinOneYear 2023-06-30 10215759 core:AfterOneYear 2024-06-30 10215759 core:AfterOneYear 2023-06-30 10215759 core:ShareCapital 2024-06-30 10215759 core:ShareCapital 2023-06-30 10215759 core:RetainedEarningsAccumulatedLosses 2024-06-30 10215759 core:RetainedEarningsAccumulatedLosses 2023-06-30 10215759 core:PlantMachinery 2023-06-30 10215759 core:FurnitureFittings 2023-06-30 10215759 core:MotorVehicles 2023-06-30 10215759 bus:Director1 2023-06-30 10215759 bus:Director1 2024-06-30 10215759 bus:Director1 2022-06-30 10215759 bus:Director1 2023-06-30 10215759 bus:Director1 2022-07-01 2023-06-30 10215759 bus:SmallEntities 2023-07-01 2024-06-30 10215759 bus:AuditExemptWithAccountantsReport 2023-07-01 2024-06-30 10215759 bus:SmallCompaniesRegimeForAccounts 2023-07-01 2024-06-30 10215759 bus:PrivateLimitedCompanyLtd 2023-07-01 2024-06-30 10215759 bus:FullAccounts 2023-07-01 2024-06-30 10215759 core:ComputerEquipment 2023-07-01 2024-06-30 10215759 core:ComputerEquipment 2023-06-30 10215759 core:ComputerEquipment 2024-06-30
COMPANY REGISTRATION NUMBER: 10215759
HAIR DRESSING SUPPLIES LINCOLN LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 June 2024
HAIR DRESSING SUPPLIES LINCOLN LTD
STATEMENT OF FINANCIAL POSITION
30 June 2024
2024
2023
Note
£
£
£
FIXED ASSETS
Tangible assets
5
76,786
93,629
CURRENT ASSETS
Stocks
1,056,658
939,783
Debtors
6
258,132
200,853
Cash at bank and in hand
6,053
57,396
--------------
--------------
1,320,843
1,198,032
CREDITORS: amounts falling due within one year
7
1,117,835
920,496
--------------
--------------
NET CURRENT ASSETS
203,008
277,536
-----------
-----------
TOTAL ASSETS LESS CURRENT LIABILITIES
279,794
371,165
CREDITORS: amounts falling due after more than one year
8
124,881
269,345
PROVISIONS
18,874
23,754
-----------
-----------
NET ASSETS
136,039
78,066
-----------
-----------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
135,939
77,966
-----------
---------
SHAREHOLDER FUNDS
136,039
78,066
-----------
---------
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 income and retained earnings has not been delivered.
For the year ending 30 June 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
HAIR DRESSING SUPPLIES LINCOLN LTD
STATEMENT OF FINANCIAL POSITION (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr M Jones
Director
Company registration number: 10215759
HAIR DRESSING SUPPLIES LINCOLN LTD
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 JUNE 2024
1. General Information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 12 Unit 12 Electric Avenue, Witham St Hughs, Lincoln, Lincolnshire, LN6 9BJ, England.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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.
Disclosure Exemptions
The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) Disclosures in respect of each class of share capital have not been presented. (b) No cash flow statement has been presented for the company. (c) Disclosures in respect of financial instruments have not been presented. (d) Disclosures in respect of share-based payments have not been presented. (e) No disclosure has been given for the aggregate remuneration of key management personnel.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods 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.
Income Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
33% reducing balance
Equipment
-
25% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 37 (2023: 23 ).
5. Tangible Assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 July 2023
6,972
154,185
17,089
63,607
241,853
Additions
2,526
674
3,200
--------
-----------
---------
---------
-----------
At 30 June 2024
6,972
156,711
17,089
64,281
245,053
--------
-----------
---------
---------
-----------
Depreciation
At 1 July 2023
2,874
68,363
13,879
63,108
148,224
Charge for the year
1,440
17,292
1,059
252
20,043
--------
-----------
---------
---------
-----------
At 30 June 2024
4,314
85,655
14,938
63,360
168,267
--------
-----------
---------
---------
-----------
Carrying amount
At 30 June 2024
2,658
71,056
2,151
921
76,786
--------
-----------
---------
---------
-----------
At 30 June 2023
4,098
85,822
3,210
499
93,629
--------
-----------
---------
---------
-----------
6. Debtors
2024
2023
£
£
Trade debtors
54,380
59,679
Other debtors
203,752
141,174
-----------
-----------
258,132
200,853
-----------
-----------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
379,028
287,038
Trade creditors
474,465
429,014
Social security and other taxes
111,498
79,182
Other creditors
152,844
125,262
--------------
-----------
1,117,835
920,496
--------------
-----------
The bank loan is secured by a charge over the company's assets.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
124,881
269,345
-----------
-----------
The bank loan is secured by a charge over the company's assets.
9. Director's 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 outstanding
£
£
£
Mr M Jones
( 40,064)
( 44,586)
( 84,650)
---------
---------
---------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr M Jones
( 29,788)
( 10,276)
( 40,064)
---------
---------
---------