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Registration number: 07442417

PMPA Hairdressers Ltd

trading as Unique Hairdressers

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

PMPA Hairdressers Ltd

trading as Unique Hairdressers

Contents

Company Information

1

Statement of Directors' Responsibilities

2

Balance Sheet

3 to 4

Notes to the Unaudited Financial Statements

5 to 11

 

PMPA Hairdressers Ltd

trading as Unique Hairdressers

Company Information

Directors

Anna Pelosi

Michele Pelosi

Registered office

5 Ducketts Wharf
South Street
Bishops Stortford
Essex
CM23 3AR

Accountants

Mansell & Co
Chartered Certified Accountants5 Ducketts Wharf
South Street
Bishop Stortford
Hertfordshire
CM23 3AR

 

PMPA Hairdressers Ltd

trading as Unique Hairdressers

Statement of Directors' Responsibilities

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

PMPA Hairdressers Ltd

trading as Unique Hairdressers

(Registration number: 07442417)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

20,610

23,610

Tangible assets

5

48,580

61,606

 

69,190

85,216

Current assets

 

Stocks

6

1,975

2,368

Debtors

7

135,191

97,235

Cash at bank and in hand

 

-

1,963

 

137,166

101,566

Creditors: Amounts falling due within one year

8

(147,853)

(132,561)

Net current liabilities

 

(10,687)

(30,995)

Total assets less current liabilities

 

58,503

54,221

Creditors: Amounts falling due after more than one year

8

(59,082)

(59,573)

Net liabilities

 

(579)

(5,352)

Capital and reserves

 

Called up share capital

9

200

200

Retained earnings

(779)

(5,552)

Shareholders' deficit

 

(579)

(5,352)

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 27 February 2025 and signed on its behalf by:
 

 

PMPA Hairdressers Ltd

trading as Unique Hairdressers

(Registration number: 07442417)
Balance Sheet as at 31 May 2024

.........................................
Anna Pelosi
Director

.........................................
Michele Pelosi
Director

 

PMPA Hairdressers Ltd

trading as Unique Hairdressers

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
5 Ducketts Wharf
South Street
Bishops Stortford
Essex
CM23 3AR
United Kingdom

These financial statements were authorised for issue by the Board on 27 February 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

PMPA Hairdressers Ltd

trading as Unique Hairdressers

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

20% reducing balance basis

Office equipment

25% reducing balance basis

Motor vehicles

25% reducing balance basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight-line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

PMPA Hairdressers Ltd

trading as Unique Hairdressers

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

PMPA Hairdressers Ltd

trading as Unique Hairdressers

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2023 - 5).

 

PMPA Hairdressers Ltd

trading as Unique Hairdressers

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 June 2023

60,000

60,000

At 31 May 2024

60,000

60,000

Amortisation

At 1 June 2023

36,390

36,390

Amortisation charge

3,000

3,000

At 31 May 2024

39,390

39,390

Carrying amount

At 31 May 2024

20,610

20,610

At 31 May 2023

23,610

23,610

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 June 2023

114,386

5,035

49,590

169,011

Additions

1,216

-

-

1,216

At 31 May 2024

115,602

5,035

49,590

170,227

Depreciation

At 1 June 2023

86,312

3,241

17,852

107,405

Charge for the year

5,858

449

7,935

14,242

At 31 May 2024

92,170

3,690

25,787

121,647

Carrying amount

At 31 May 2024

23,432

1,345

23,803

48,580

At 31 May 2023

28,074

1,794

31,738

61,606

6

Stocks

2024
£

2023
£

Other inventories

1,975

2,368

 

PMPA Hairdressers Ltd

trading as Unique Hairdressers

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

7

Debtors

Current

2024
£

2023
£

Trade debtors

5,090

3,832

Prepayments

79

79

Other debtors

130,022

93,324

 

135,191

97,235

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

32,487

25,839

Trade creditors

 

50,509

65,498

Taxation and social security

 

49,280

37,982

Accruals and deferred income

 

2,000

721

Other creditors

 

13,577

2,521

 

147,853

132,561

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

59,082

59,573

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

200

200

200

200

       
 

PMPA Hairdressers Ltd

trading as Unique Hairdressers

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

40,376

54,143

Hire purchase contracts

18,706

5,430

59,082

59,573

Current loans and borrowings

2024
£

2023
£

Bank borrowings

22,685

18,078

Bank overdrafts

922

-

Hire purchase contracts

8,880

7,761

32,487

25,839