Registration number:
Wonderful Hair Shop Limited
for the Year Ended 30 November 2024
Wonderful Hair Shop Limited
Contents
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Company Information |
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Accountants' Report |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Wonderful Hair Shop Limited
Company Information
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Directors |
S J Denton MG Eaton |
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Registered office |
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Accountants |
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Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Wonderful Hair Shop Limited
for the Year Ended 30 November 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Wonderful Hair Shop Limited for the year ended 30 November 2024 as set out on pages 3 to 11 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
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Wonderful Hair Shop Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Wonderful Hair Shop Limited and state those matters that we have agreed to state to the Board of Directors of Wonderful Hair Shop Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Wonderful Hair Shop Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Wonderful Hair Shop Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Wonderful Hair Shop Limited. You consider that Wonderful Hair Shop 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 accounts of Wonderful Hair Shop 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 accounts.
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Chartered Accountants
204 London Road
Waterlooville
Hampshire
PO7 7AN
Wonderful Hair Shop Limited
(Registration number: 04100278)
Balance Sheet as at 30 November 2024
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Note |
2024 |
2023 |
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Fixed assets |
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Tangible assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Total assets less current liabilities |
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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Revaluation reserve |
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Retained earnings |
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Shareholders' funds |
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Wonderful Hair Shop Limited
(Registration number: 04100278)
Balance Sheet as at 30 November 2024
For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been 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
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Wonderful Hair Shop Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales .
The address of its registered office is:
England
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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.
All figures are presented in British Sterling, which is the functional currency of the company, and are rounded to the nearest £1.
Going concern
The financial statements have been prepared on a going concern basis.
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.
Wonderful Hair Shop Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
Tax
The tax expense for the period comprises current and deferred 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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
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:
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Asset class |
Depreciation method and rate |
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Investment property |
nil depreciation |
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Furniture and fittings |
20% reducing balance |
Investment property
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.
Wonderful Hair Shop Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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.
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.
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.
Dividends
Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Wonderful Hair Shop Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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Tangible assets |
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Land and buildings |
Furniture, fittings and equipment |
Motor vehicles |
Total |
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Cost or valuation |
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At 1 December 2023 |
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Additions |
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At 30 November 2024 |
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Depreciation |
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At 1 December 2023 |
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- |
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Charge for the year |
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At 30 November 2024 |
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Carrying amount |
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At 30 November 2024 |
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At 30 November 2023 |
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Included within the net book value of land and buildings above is £700,000 (2023 - £Nil) in respect of freehold land and buildings.
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Investment properties |
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2024 |
There has been no valuation of investment property by an independent valuer.
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Debtors |
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Current |
2024 |
2023 |
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Trade debtors |
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Prepayments |
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Other debtors |
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Wonderful Hair Shop Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
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2024 |
2023 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
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52 |
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52 |
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1 |
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1 |
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Wonderful Hair Shop Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
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Related party transactions |
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Transactions with directors |
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2024 |
At 1 December 2023 |
Other payments made to company by director |
At 30 November 2024 |
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MG Eaton |
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Included within other creditors is the directors loan account which is undated, unsecured, interest free and repayable on demand. |
( |
(1,181) |
( |
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2023 |
At 1 December 2022 |
Advances to director |
At 30 November 2023 |
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MG Eaton |
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Included within other creditors is the directors loan account which is undated, unsecured, interest free and repayable on demand. |
( |
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( |
Wonderful Hair Shop Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 November 2024
Summary of transactions with other related parties
Wonderful Hairshop.com Partnership
(The directors of Wonderful Hair Shop Limited Mr M Eaton and Mrs S J Denton also partners in Wonderful Hairshop.com Partnership.)
During the year the company made sales to Wonderful Hairshop.com of £0 (2023- £1,424) and received management charges of £0 (2023 -£3,000). At the balance sheet date the amount due from Wonderful Hairshop.com Partnership was £6,917 (2023- £13,834).
Martin Eaton Limited
(The director Mr M. Eaton is also a director in Martin Eaton Limited.)
At the balance sheet date the amount due from Martin Eaton Limited was £0 (2023- £20,000)
Wonderful Brands Limited
(The director Mr M. Eaton is also a director in Wonderful Brands Limited.)
During the year the company received rental income from Wonderful Brands of £37,000 (2023-£39,000).
At the balance sheet date the amount due from Wonderful Brands Limited was £10,000 (2023- £22,000).
Yellow Hair Products Limited
(The director Mr M. Eaton is also a director in Yellow Hair Products Limited.)
During the year the company received rental income from Yellow Hair Products of £0 (2023-£0).