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REGISTERED NUMBER: 04712512 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

Gerard Hairdressing Limited

Gerard Hairdressing Limited (Registered number: 04712512)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Gerard Hairdressing Limited

Company Information
for the Year Ended 30 April 2024







DIRECTORS: Mrs C Corston
Mr A Corston





REGISTERED OFFICE: 3 North Street
Grantham
Lincolnshire
NG31 6NU





REGISTERED NUMBER: 04712512 (England and Wales)





ACCOUNTANTS: Franklins
1 Pinnacle Way
Pride Park
Derby
Derbyshire
DE24 8ZS

Gerard Hairdressing Limited (Registered number: 04712512)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 24,000 24,000
Tangible assets 5 16,911 18,384
40,911 42,384

CURRENT ASSETS
Stocks 35,842 37,703
Debtors 6 25,205 35,120
Cash at bank and in hand 2,718 2,620
63,765 75,443
CREDITORS
Amounts falling due within one year 7 74,111 68,541
NET CURRENT (LIABILITIES)/ASSETS (10,346 ) 6,902
TOTAL ASSETS LESS CURRENT
LIABILITIES

30,565

49,286

CREDITORS
Amounts falling due after more than one
year

8

(13,333

)

(23,333

)

PROVISIONS FOR LIABILITIES (2,653 ) (2,750 )
NET ASSETS 14,579 23,203

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 14,479 23,103
SHAREHOLDERS' FUNDS 14,579 23,203

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Gerard Hairdressing Limited (Registered number: 04712512)

Balance Sheet - continued
30 April 2024


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 24 January 2025 and were signed on its behalf by:




Mrs C Corston - Director



Mr A Corston - Director


Gerard Hairdressing Limited (Registered number: 04712512)

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

1. STATUTORY INFORMATION

Gerard Hairdressing Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. These financial statements have been prepared under the historical cost convention.

The company has complied with all aspects of Financial Reporting Standard 102 including the provisions of Section 1A, except for the policy adopted for goodwill amortisation. The company has not amortised goodwill as the directors believe that, in their opinion, the goodwill value presented in the accounts is lower than the residual value.

Despite this being a departure from the standard, the directors believe that this is appropriate in order to present a true and fair view of the state of affairs of the company at the end of the financial year.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
The directors have previously changed the accounting policy in respect to the amortisation of goodwill and are no longer providing for any further amortisation as, in their opinion, the goodwill value presented in the accounts is lower than the residual value.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Fixtures and fittings - 15% on reducing balance
Office equipment - 15% on reducing balance

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

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Gerard Hairdressing Limited (Registered number: 04712512)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 23 (2023 - 24 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 May 2023
and 30 April 2024 60,000
AMORTISATION
At 1 May 2023
and 30 April 2024 36,000
NET BOOK VALUE
At 30 April 2024 24,000
At 30 April 2023 24,000

Gerard Hairdressing Limited (Registered number: 04712512)

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

5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and Office
property fittings equipment Totals
£    £    £    £   
COST
At 1 May 2023 60,010 46,595 38,354 144,959
Additions - 765 806 1,571
At 30 April 2024 60,010 47,360 39,160 146,530
DEPRECIATION
At 1 May 2023 57,820 38,412 30,343 126,575
Charge for year 380 1,342 1,322 3,044
At 30 April 2024 58,200 39,754 31,665 129,619
NET BOOK VALUE
At 30 April 2024 1,810 7,606 7,495 16,911
At 30 April 2023 2,190 8,183 8,011 18,384

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 727 -
Directors' current accounts 22,879 32,064
Prepayments and accrued income 1,599 3,056
25,205 35,120

Other than stated above, no other amounts directly / indirectly relate to director / shareholder.

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 26,284 17,917
Trade creditors 12,130 15,936
Tax 8,142 11,441
Social security and other taxes 5,050 1,506
VAT 17,774 15,601
Other creditors 2,096 3,398
Accruals and deferred income 2,635 2,742
74,111 68,541

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 3,333 13,333
13,333 23,333

Gerard Hairdressing Limited (Registered number: 04712512)

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

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
100 Ordinary £1 100 100

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
Mrs C Corston and Mr A Corston
Balance outstanding at start of year 32,064 37,334
Amounts advanced 23,630 38,962
Amounts repaid (32,815 ) (44,232 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 22,879 32,064

The director's loan account was repaid within nine months of the year end. Interest was charged on the overdrawn director's loan account at HM Revenue & Customs official rate of interest during the year being 2.25% per annum.