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COMPANY REGISTRATION NUMBER: 07391555
OHANAHAIR LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 May 2024
OHANAHAIR LIMITED
STATEMENT OF FINANCIAL POSITION
31 May 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
7
3,878
4,174
CURRENT ASSETS
Stocks
3,200
2,644
Debtors
8
13,991
6,575
Cash at bank and in hand
7,749
15,365
--------
--------
24,940
24,584
CREDITORS: amounts falling due within one year
9
( 24,674)
( 23,499)
--------
--------
NET CURRENT ASSETS
266
1,085
-------
-------
TOTAL ASSETS LESS CURRENT LIABILITIES
4,144
5,259
CREDITORS: amounts falling due after more than one year
10
( 2,167)
( 4,167)
PROVISIONS
Taxation including deferred tax
( 737)
( 318)
-------
-------
NET ASSETS
1,240
774
-------
-------
CAPITAL AND RESERVES
Called up share capital
100
100
Profit and loss account
1,140
674
-------
----
SHAREHOLDERS FUNDS
1,240
774
-------
----
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 31 May 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 members have 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 .
OHANAHAIR LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 12 January 2025 , and are signed on behalf of the board by:
J Ohana
Director
Company registration number: 07391555
OHANAHAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MAY 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 120 Bolling Road, Ilkley, LS29 8PN.
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. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover comprises revenue recognised by the company in respect of services supplied, exclusive of Value Added Tax.
Income tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
10% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Fixtures & Fittings
-
15% reducing balance
Computer Equipment
-
33% 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.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. TAX ON PROFIT
Major components of tax expense
2024
2023
£
£
Current tax:
UK current tax expense
9,745
9,309
Adjustments in respect of prior periods
( 12)
-------
-------
Total current tax
9,745
9,297
-------
-------
Deferred tax:
Origination and reversal of timing differences
419
( 56)
--------
-------
Tax on profit
10,164
9,241
--------
-------
6. INTANGIBLE ASSETS
Goodwill
£
Cost
At 1 June 2023 and 31 May 2024
3,000
-------
Amortisation
At 1 June 2023 and 31 May 2024
3,000
-------
Carrying amount
At 31 May 2024
-------
At 31 May 2023
-------
7. TANGIBLE ASSETS
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 June 2023 and 31 May 2024
15,515
833
16,348
--------
----
--------
Depreciation
At 1 June 2023
11,341
833
12,174
Charge for the year
296
296
--------
----
--------
At 31 May 2024
11,637
833
12,470
--------
----
--------
Carrying amount
At 31 May 2024
3,878
3,878
--------
----
--------
At 31 May 2023
4,174
4,174
--------
----
--------
8. DEBTORS
2024
2023
£
£
Other debtors
13,991
6,575
--------
-------
9. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
2,000
2,000
Trade creditors
2,147
4,392
Corporation tax
12,054
9,309
Social security and other taxes
5,508
5,598
Other creditors
2,965
2,200
--------
--------
24,674
23,499
--------
--------
10. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
2,167
4,167
-------
-------