Company registration number 06618980 (England and Wales)
GET AHEAD HAIR LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
GET AHEAD HAIR LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
GET AHEAD HAIR LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,443
6,712
Current assets
Stocks
4,500
3,000
Debtors
5
437
1,047
Cash at bank and in hand
13,245
10,051
18,182
14,098
Creditors: amounts falling due within one year
6
(112,506)
(112,880)
Net current liabilities
(94,324)
(98,782)
Net liabilities
(88,881)
(92,070)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(88,981)
(92,170)
Total equity
(88,881)
(92,070)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 June 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 March 2025 and are signed on its behalf by:
Ms R Clegg
Director
Company registration number 06618980 (England and Wales)
GET AHEAD HAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 2 -
1
Accounting policies
Company information
Get Ahead Hair Limited is a private company limited by shares incorporated in England and Wales. The registered office is Green Hollins, Dowbiggin, Sedbergh, Cumbria, LA10 5LR.
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
Going concern
The company is dependent on the financial support of its director. At the balance sheet date amounts due to the director totalled £110.969 (2022 £110,696) and would normally be repayable on demand. The director, however, has indicated that repayment will not be demanded until such time that the company's profitability and liquidity has improved. On this basis the director feels it is appropriate to continue to prepare the accounts on a going concern basis.
1.3
Turnover
Turnover represents the value of monies received in respect of both services and materials provided.
Due to the nature of the business turnover is recognised at the date of the transaction.
1.4
Intangible fixed assets - goodwill
Intangible assets are initially measured at cost After initial recognition, intangible assets are measured at cost less accumulated amortisation and accumulated impairment losses.
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:
Leasehold improvements
15% Straight Line
Fixtures and fittings
15% Reducing Balance
Computers
33.3% Straight Line
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 net realisable value, after making due allowance for obsolete and slow moving items.
GET AHEAD HAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments
Debt instruments that are payable or receivable within one year, typically bank accounts, accruals etc. are measured initially and subsequently at the undiscounted amount of the cash that is expected to be paid or received,
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.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Intangible fixed assets
Goodwill
£
Cost
At 1 July 2023 and 30 June 2024
5,000
Amortisation and impairment
At 1 July 2023 and 30 June 2024
5,000
Carrying amount
At 30 June 2024
At 30 June 2023
GET AHEAD HAIR LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 4 -
4
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
2,913
16,160
759
19,832
Depreciation and impairment
At 1 July 2023
1,748
10,613
759
13,120
Depreciation charged in the year
437
832
1,269
At 30 June 2024
2,185
11,445
759
14,389
Carrying amount
At 30 June 2024
728
4,715
5,443
At 30 June 2023
1,165
5,547
6,712
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
437
1,047
6
Creditors: amounts falling due within one year
2024
2023
£
£
Taxation and social security
490
534
Other creditors
112,016
112,346
112,506
112,880
7
Directors' transactions
Dividends totalling £0 (2023 - £0) were paid in the year in respect of shares held by the company's directors.
At the Balance Sheet date the company owed the director £110,696 (2023 - £110,696), this amount is interest free and repayable on demand.
GET AHEAD HAIR LIMITED
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 30 JUNE 2024