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Registered number: 09073938
Acacia Hair Salon Limited
Financial Statements
For The Year Ended 30 June 2024
Nuvo Accountancy Limited
Chartered Certified Accountants
7 Faraday Court
First Avenue
Burton Upon Trent
Staffordshire
DE14 2WX
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 09073938
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 7,181 9,690
7,181 9,690
CURRENT ASSETS
Stocks 6 16,353 17,833
Debtors 7 12,399 11,507
Cash at bank and in hand 50,127 62,603
78,879 91,943
Creditors: Amounts Falling Due Within One Year 8 (42,784 ) (38,925 )
NET CURRENT ASSETS (LIABILITIES) 36,095 53,018
TOTAL ASSETS LESS CURRENT LIABILITIES 43,276 62,708
Creditors: Amounts Falling Due After More Than One Year 9 (7,379 ) (16,875 )
NET ASSETS 35,897 45,833
CAPITAL AND RESERVES
Called up share capital 10 100 100
Profit and Loss Account 35,797 45,733
SHAREHOLDERS' FUNDS 35,897 45,833
Page 1
Page 2
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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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
Miss L Gibson
Director
10 January 2025
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
Acacia Hair Salon Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09073938 . The registered office is Acacia Hair Salon The Hollows, Thurgurton, Nottingham, Nottinghamshire, NG14 7GS.
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 5 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:
Leasehold 8% Straight line
Plant & Machinery 25% Reducing Balance
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 25% Reducing Balance
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.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors.
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3. Average Number of Employees
Average number of employees, including directors, during the year was as follows:
2024 2023
7 8
7 8
4. Intangible Assets
Goodwill
£
Cost
As at 1 July 2023 10,000
As at 30 June 2024 10,000
Amortisation
As at 1 July 2023 10,000
As at 30 June 2024 10,000
Net Book Value
As at 30 June 2024 -
As at 1 July 2023 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 July 2023 10,025 5,996 15,006 2,121 33,148
As at 30 June 2024 10,025 5,996 15,006 2,121 33,148
Depreciation
As at 1 July 2023 7,151 1,593 13,762 952 23,458
Provided during the period 805 1,101 311 292 2,509
As at 30 June 2024 7,956 2,694 14,073 1,244 25,967
Net Book Value
As at 30 June 2024 2,069 3,302 933 877 7,181
As at 1 July 2023 2,874 4,403 1,244 1,169 9,690
6. Stocks
2024 2023
£ £
Stock 16,353 17,833
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7. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1,762 1,649
Prepayments and accrued income 1,089 1,001
Other debtors 9,548 8,857
12,399 11,507
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 5,609 8,356
Bank loans and overdrafts 9,495 9,261
Corporation tax 16,377 11,936
Other taxes and social security 371 24
VAT 8,982 7,651
Other creditors 420 423
Accruals and deferred income 1,530 1,274
42,784 38,925
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 7,379 16,875
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
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