Company registration number 09602902 (England and Wales)
SPACE HAIR & BEAUTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
SPACE HAIR & BEAUTY LTD
COMPANY INFORMATION
Directors
Mrs C Boardman
Mr S Boardman
Company number
09602902
Registered office
2 Barnfield Crescent
Exeter
England
EX1 1QT
Accountants
Streets Bush Limited
2 Barnfield Crescent
Exeter
EX1 1QT
SPACE HAIR & BEAUTY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
SPACE HAIR & BEAUTY LTD
BALANCE SHEET
AS AT
31 AUGUST 2024
31 August 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
3
9,185
18,367
Tangible assets
4
11,334
11,858
20,519
30,225
Current assets
Stocks
7,514
12,649
Debtors
5
6,042
19,136
Cash at bank and in hand
88,207
57,671
101,763
89,456
Creditors: amounts falling due within one year
6
(51,061)
(65,170)
Net current assets
50,702
24,286
Total assets less current liabilities
71,221
54,511
Provisions for liabilities
(2,549)
(2,253)
Net assets
68,672
52,258
Capital and reserves
Called up share capital
100
100
Retained earnings
68,572
52,158
Total equity
68,672
52,258
SPACE HAIR & BEAUTY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2024
31 August 2024
- 2 -

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

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

The directors acknowledge their 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 by the board of directors and authorised for issue on 18 February 2025 and are signed on its behalf by:
Mrs C Boardman
Mr S Boardman
Director
Director
Company Registration No. 09602902
SPACE HAIR & BEAUTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
- 3 -
1
Accounting policies
Company information

Space Hair & Beauty Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2 Barnfield Crescent, Exeter, England, EX1 1QT.

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 are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. 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 for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

1.3
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is ten years.

 

1.4
Intangible fixed assets other than goodwill

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.

 

Amortisation 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:

Software
3 years on cost
SPACE HAIR & BEAUTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

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:

Plant and equipment
20% Reducing balance
Fixtures and fittings
20% on cost
Computers
3 years on cost

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

1.6
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

Basic financial instruments are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts/payments discounted at a market rate of interest. Financial instruments classified as receivable or payable within one year are not amortised.

 

1.8
Taxation

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

SPACE HAIR & BEAUTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
1
Accounting policies
(Continued)
- 5 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets 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 income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee 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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

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

2024
2023
Number
Number
Total
11
10
SPACE HAIR & BEAUTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 6 -
3
Intangible fixed assets
Goodwill
Software
Total
£
£
£
Cost
At 1 September 2023 and 31 August 2024
91,821
690
92,511
Amortisation and impairment
At 1 September 2023
73,455
689
74,144
Amortisation charged for the year
9,182
-
0
9,182
At 31 August 2024
82,637
689
83,326
Carrying amount
At 31 August 2024
9,184
1
9,185
At 31 August 2023
18,366
1
18,367
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2023
36,416
Additions
4,648
Disposals
(3,039)
At 31 August 2024
38,025
Depreciation and impairment
At 1 September 2023
24,558
Depreciation charged in the year
4,609
Eliminated in respect of disposals
(2,476)
At 31 August 2024
26,691
Carrying amount
At 31 August 2024
11,334
At 31 August 2023
11,858
SPACE HAIR & BEAUTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
6,042
19,136
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
4,412
2,527
Taxation and social security
31,287
19,678
Other creditors
15,362
42,965
51,061
65,170
7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
16,860
31,328
2024-08-312023-09-01false18 February 2025CCH SoftwareCCH Accounts Production 2024.210The principal activity of the company in the year under review was that of a hairdressers and beauty salon.
Mrs C BoardmanMr S Boardmanfalsefalse
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