Registered number: 10133689
Younghair AB Ltd
Unaudited
Financial statements
Information for filing with the registrar
For the year ended 30 April 2024
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Younghair AB Ltd
Chartered accountants' report to the director on the preparation of the unaudited statutory financial statements of Younghair AB Ltd for the year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Younghair AB Ltd for the year ended 30 April 2024 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the director of Younghair AB Ltd in accordance with the terms of our engagement letter dated 26 September 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Younghair AB Ltd and state those matters that we have agreed to state to the director of Younghair AB Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Younghair AB Ltd and its director for our work or for this report.
It is your duty to ensure that Younghair AB Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Younghair AB Ltd. You consider that Younghair AB Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or review of the financial statements of Younghair AB Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kreston Reeves LLP
Chartered Accountants
Plus X Innovation Hub
Lewes Road
Brighton
East Sussex
BN2 4GL
30 January 2025
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Younghair AB Ltd
Registered number: 10133689
Balance sheet
As at 30 April 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Page 2
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Younghair AB Ltd
Registered number: 10133689
Balance sheet (continued)
As at 30 April 2024
The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
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Mr G A Young
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The notes on pages 4 to 7 form part of these financial statements.
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Younghair AB Ltd
Notes to the financial statements
For the year ended 30 April 2024
The company is a private company limited by share capital, incorporated in England and Wales. The address of the registered office is: 20-22 Wenlock Road, London, England, N1 7GU.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
The accounts have been prepared on a going concern basis.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding value added tax. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation.
The estimated useful lives range as follows:
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Younghair AB Ltd
Notes to the financial statements
For the year ended 30 April 2024
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.
Short-term debtors are measured at transaction price.
Short-term creditors are measured at the transaction price.
Interest income is recognised in profit or loss using the effective interest method.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
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The average monthly number of employees, including directors, during the year was 1 (2023 - 1).
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Page 5
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Younghair AB Ltd
Notes to the financial statements
For the year ended 30 April 2024
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Charge for the year on owned assets
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Page 6
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Younghair AB Ltd
Notes to the financial statements
For the year ended 30 April 2024
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Finished goods and goods for resale
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Amounts owed by related party
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Related party transactions
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Da Dude AB
(A company under common control)
During the year Da Dude AB provided marketing management and design consultancy services to Younghair AB Limited amounting to £Nil (2023: £176,683), at normal market value. At the balance sheet date, the amount due from Da Dude AB was £31,386 (2023: £31,386).
Mr G A Young
(Director)
During the year the director provided the company with an interest free unsecured loan. At the balance sheet date the amount due to the director was £22,642 (2023: £27,659).
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Page 7
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