Broadway Hair Studio Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 12158283

Broadway Hair Studio Limited

Filleted Unaudited Financial Statements

31 August 2024

Broadway Hair Studio Limited

Financial Statements

Year ended 31 August 2024

Contents	Pages

Chartered accountants report to the board of directors on the preparation of the unaudited statutory financial statements	1

Balance sheet	2 to 3

Notes to the financial statements	4 to 7

Broadway Hair Studio Limited

Chartered Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Broadway Hair Studio Limited

Year ended 31 August 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 Broadway Hair Studio Limited for the year ended 31 August 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 www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Broadway Hair Studio Limited, as a body, in accordance with the terms of our engagement letter dated 1 June 2023. Our work has been undertaken solely to prepare for your approval the financial statements of Broadway Hair Studio Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Broadway Hair Studio Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Broadway Hair Studio Limited 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 Broadway Hair Studio Limited. You consider that Broadway Hair Studio Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of Broadway Hair Studio Limited. 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.

MILLER DAVIES LLP Chartered Accountants

A3 Broomsleigh Business Park Worsley Bridge Road London SE26 5BN

31 March 2025

Broadway Hair Studio Limited

Balance Sheet

31 August 2024

	2024	2023
Note	£	£

Fixed assets

Tangible assets	5	715	1,206

Current assets

Stocks		4,629	4,856
Debtors	6	10	10
Cash at bank and in hand		2,245	2,448
		-------	-------
		6,884	7,314

Creditors: amounts falling due within one year	7	33,843	42,771
		--------	--------
Net current liabilities		26,959	35,457
		--------	--------
Total assets less current liabilities		( 26,244)	( 34,251)
		--------	--------
Net liabilities		( 26,244)	( 34,251)
		--------	--------

Capital and reserves

Called up share capital	2	2
Profit and loss account	( 26,246)	( 34,253)
	--------	--------
Shareholders deficit	( 26,244)	( 34,251)
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;

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

Broadway Hair Studio Limited

Balance Sheet (continued)

31 August 2024

These financial statements were approved by the board of directors and authorised for issue on 31 March 2025 , and are signed on behalf of the board by:

Mr J Hooley

Director

Company registration number: 12158283

Broadway Hair Studio Limited

Notes to the Financial Statements

Year ended 31 August 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A3 Broomsleigh Business Park, Worsley Bridge Road, London, SE26 5BN.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	25% straight line
Fixtures and fittings	-	25% straight line
Computer equipment	-	50% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 5 (2023: 5 ).

5. Tangible assets

	Plant and machinery	Fixtures and fittings	Computer equipment	Total
	£	£	£	£
Cost
At 1 September 2023	768	5,382	950	7,100
Additions	944	–	–	944
Disposals	( 768)	–	–	( 768)
	----	-------	----	-------
At 31 August 2024	944	5,382	950	7,276
	----	-------	----	-------
Depreciation
At 1 September 2023	444	4,500	950	5,894
Charge for the year	236	875	–	1,111
Disposals	( 444)	–	–	( 444)
	----	-------	----	-------
At 31 August 2024	236	5,375	950	6,561
	----	-------	----	-------
Carrying amount
At 31 August 2024	708	7	–	715
	----	-------	----	-------
At 31 August 2023	324	882	–	1,206
	----	-------	----	-------

6. Debtors

	2024	2023
	£	£
Other debtors	10	10
	----	----

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Trade creditors	2,228	2,432
Social security and other taxes	4,626	15,716
Other creditors	26,989	24,623
	--------	--------
	33,843	42,771
	--------	--------

8. Financial instruments

The carrying amount for each category of financial instrument is as follows:

	2024	2023
	£	£

Financial assets measured at fair value through profit or loss

Financial assets measured at fair value through profit or loss	2,245	2,448
	-------	-------

Financial liabilities measured at fair value through profit or loss

Financial liabilities measured at fair value through profit or loss	29,219	27,056
	--------	--------

9. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2024
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr J Hooley	( 11,428)	( 1,166)	( 12,594)
Ms D Jerrom	( 11,428)	( 1,167)	( 12,595)
	--------	-------	--------
	( 22,856)	( 2,333)	( 25,189)
	--------	-------	--------

	2023
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr J Hooley	( 8,408)	( 3,020)	( 11,428)
Ms D Jerrom	( 8,408)	( 3,020)	( 11,428)
	--------	-------	--------
	( 16,816)	( 6,040)	( 22,856)
	--------	-------	--------