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Spirit Hair & Beauty Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Capital & Co (Accountants) Ltd
Capital House
1A Ewell By Pass
Epsom
Surrey
KT17 2PZ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 10671023
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 10,000 10,000
Tangible Assets 5 50,573 56,573
60,573 66,573
CURRENT ASSETS
Stocks 6 5,220 7,540
Debtors 7 11,083 9,719
Cash at bank and in hand 2,378 14,252
18,681 31,511
Creditors: Amounts Falling Due Within One Year 8 (16,175 ) (18,803 )
NET CURRENT ASSETS (LIABILITIES) 2,506 12,708
TOTAL ASSETS LESS CURRENT LIABILITIES 63,079 79,281
Creditors: Amounts Falling Due After More Than One Year 9 (76,222 ) (86,385 )
NET LIABILITIES (13,143 ) (7,104 )
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account (13,243 ) (7,204 )
SHAREHOLDERS' FUNDS (13,143) (7,104)
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Ian Fox
Director
09/12/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Spirit Hair & Beauty Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10671023 . The registered office is 1a Ewell By Pass, Epsom, Surrey, KT17 2PZ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery Reducing Balance Basis
Fixtures & Fittings Reducing Balance Basis
Computer Equipment Reducing Balance Basis
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 8)
8 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 10,000
As at 31 March 2024 10,000
Net Book Value
As at 31 March 2024 10,000
As at 1 April 2023 10,000
Page 3
Page 4
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 April 2023 16,573 37,082 31,287 1,843 86,785
Additions - 752 - - 752
As at 31 March 2024 16,573 37,834 31,287 1,843 87,537
Depreciation
As at 1 April 2023 - 14,082 14,287 1,843 30,212
Provided during the period - 3,752 3,000 - 6,752
As at 31 March 2024 - 17,834 17,287 1,843 36,964
Net Book Value
As at 31 March 2024 16,573 20,000 14,000 - 50,573
As at 1 April 2023 16,573 23,000 17,000 - 56,573
6. Stocks
2024 2023
£ £
Stock - materials 5,220 7,540
7. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 11,083 9,719
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 3,191 2,809
Bank loans and overdrafts 10,468 10,468
Other taxes and social security 2,516 5,526
16,175 18,803
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 11,246 21,894
Directors loan account 64,976 64,491
76,222 86,385
Page 4
Page 5
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5