Company Registration No. 13846026 (England and Wales)
Grace Hill Hair & Beauty Limited
Annual report and unaudited financial statements
For the year ended 31 January 2024
Grace Hill Hair & Beauty Limited
Contents
Page
Director's report
1
Balance sheet
2
Notes to the financial statements
3 - 6
Grace Hill Hair & Beauty Limited
Director's report
For the year ended 31 January 2024
- 1 -

The director presents his annual report and financial statements for the year ended 31 January 2024.

Principal activities

The principal activity of the company is that of a hairdressing and beauty salon.

 

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

P J Walker
Small companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

On behalf of the board
P J Walker
Director
27 January 2025
Grace Hill Hair & Beauty Limited
Balance sheet
As at 31 January 2024
31 January 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
4,100
6,151
Current assets
Stocks
250
250
Debtors
4
1,011
167
Cash at bank and in hand
105
373
1,366
790
Creditors: amounts falling due within one year
5
(4,498)
(4,544)
Net current liabilities
(3,132)
(3,754)
Total assets less current liabilities
968
2,397
Provisions for liabilities
(779)
(1,169)
Net assets
189
1,228
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
8
187
1,226
Total equity
189
1,228

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 27 January 2025
P J Walker
Director
Company Registration No. 13846026
Grace Hill Hair & Beauty Limited
Notes to the financial statements
For the year ended 31 January 2024
- 3 -
1
Accounting policies
Company information

Grace Hill Hair & Beauty Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ellington, Cowgate Lane, Hawkinge, Folkestone, Kent, CT18 7AR.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable net of discounts.

1.3
Tangible fixed assets

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% straight line basis

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the net book value of the asset, and is credited or charged to profit or loss.

1.4
Stocks

Stock is valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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 reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account.

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Grace Hill Hair & Beauty Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
- 4 -
2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 February 2023 and 31 January 2024
8,202
Depreciation
At 1 February 2023
2,051
Charged for the year
2,051
At 31 January 2024
4,102
Net book value
At 31 January 2024
4,100
At 31 January 2023
6,151
4
Debtors: amounts falling due within one year
2024
2023
£
£
Other debtors
1,011
-
0
Prepayments and accrued income
-
0
167
1,011
167
5
Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
465
-
0
Other taxation and social security
1,136
249
Other creditors
197
2,945
Accruals and deferred income
2,700
1,350
4,498
4,544
Grace Hill Hair & Beauty Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
- 5 -
6
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
779
1,169
2024
Movements in the year:
£
Liability at 1 February 2023
1,169
Credit to profit or loss
(390)
Liability at 31 January 2024
779
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
Grace Hill Hair & Beauty Limited
Notes to the financial statements (continued)
For the year ended 31 January 2024
- 6 -
8
Profit and loss reserves
2024
2023
£
£
At the beginning of the year
1,226
-
0
Profit for the year
2,461
5,226
Dividends declared and paid in the year
(3,500)
(4,000)
At the end of the year
187
1,226
9
Related party transactions

The company paid rent to the director, P J Walker and his wife Mrs G T Walker, amounting to £12,000 (2023: £12,000) in respect of the company premises. At the balance sheet date there was no amount of rent outstanding (2023: £ Nil).

10
Directors' transactions

Dividends totalling £1,750 (2023 - £2,000) were paid in the year in respect of shares held by the company's directors.

Loans to directors

 

Transactions in relation to loans with the director during the year are outlined in the table below:

Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
P J Walker - Directors loan
-
(2,851)
22,182
(18,320)
1,011
(2,851)
22,182
(18,320)
1,011

During the year the company made loans to the director on interest free terms. The loan was repayable on demand.

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