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Registration number: 02883815

Headley Body Shop Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Headley Body Shop Limited

Contents

Balance Sheet

1 to 2

Notes to the Financial Statements

3 to 7

 

Headley Body Shop Limited

(Registration number: 02883815)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

431,643

208,254

Current assets

 

Stocks

5

12,000

8,000

Debtors

6

452,293

380,703

Cash at bank and in hand

 

873,175

443,118

 

1,337,468

831,821

Creditors: Amounts falling due within one year

7

(1,272,445)

(543,748)

Net current assets

 

65,023

288,073

Total assets less current liabilities

 

496,666

496,327

Creditors: Amounts falling due after more than one year

7

(13,091)

(23,274)

Provisions for liabilities

(38,985)

(38,951)

Net assets

 

444,590

434,102

Capital and reserves

 

Called up share capital

900

900

Retained earnings

443,690

433,202

Shareholders' funds

 

444,590

434,102

 

Headley Body Shop Limited

(Registration number: 02883815)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 14 January 2025 and signed on its behalf by:
 

.........................................
F Phipps
Company secretary and director

 

Headley Body Shop Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

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:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

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.

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.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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:

 

Headley Body Shop Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

Asset class

Depreciation method and rate

Motor vehicles

25% reducing balance basis

Plant and machinery

15% -25% reducing balance basis

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.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Borrowings

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

 

Headley Body Shop Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 17).

4

Tangible assets

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2023

432,012

169,333

601,345

Additions

41,655

261,906

303,561

Disposals

(4,498)

(2,300)

(6,798)

At 30 April 2024

469,169

428,939

898,108

Depreciation

At 1 May 2023

287,742

105,349

393,091

Charge for the year

25,250

51,467

76,717

Eliminated on disposal

(1,305)

(2,038)

(3,343)

At 30 April 2024

311,687

154,778

466,465

Carrying amount

At 30 April 2024

157,482

274,161

431,643

At 30 April 2023

144,270

63,984

208,254

5

Stocks

2024
£

2023
£

Other inventories

12,000

8,000

6

Debtors

Current

2024
£

2023
£

Trade debtors

177,536

336,665

Prepayments

28,015

26,972

Other debtors

246,742

17,066

 

452,293

380,703

 

Headley Body Shop Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

10,183

9,931

Trade creditors

 

177,576

128,368

Amounts owed to related parties

10

627,896

202,480

Taxation and social security

 

379,293

180,710

Other creditors

 

77,497

22,259

 

1,272,445

543,748

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

13,091

23,274

8

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,183

9,931

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

13,091

23,274

Bank borrowings

RBS Bounceback loan is denominated in pounds with a nominal interest rate of 2.5%, and the final instalment is due on 1 July 2026. The carrying amount at year end is £23,274 (2023 - £33,205).

The bounceback loan is a government backed lending scheme.

 

Headley Body Shop Limited

Notes to the Financial Statements for the Year Ended 30 April 2024

9

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £12,379 (2023 - £20,191).

10

Related party transactions

Summary of transactions with other related parties

During the year, Headley Body Shop Limited made a loan to a company in which F Phipps has a controlling interest. At the year end £237,312 (2023: nil) was owed from this company.

Expenditure with and payables to related parties

2024

Parent
£

Amounts payable to related party

627,896

2023

Parent
£

Amounts payable to related party

202,480

11

Parent and ultimate parent undertaking

The company's immediate parent is HBS Holdings Ltd, incorporated in England and Wales.