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Registration number: 05968927

BoHo Hairdressing Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

BoHo Hairdressing Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

BoHo Hairdressing Ltd

Company Information

Director

Mrs Tamsin Bowman

Registered office

13a Ilsham Road
Torquay
Devon
TQ1 2JG

Accountants

Neil Wilson Accountancy Limited Bank Chambers
260-262 Union Street
Torquay
Devon
TQ2 5QU

 

BoHo Hairdressing Ltd

(Registration number: 05968927)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

14,420

16,222

Tangible assets

5

26,036

26,592

 

40,456

42,814

Current assets

 

Debtors

6

10,079

3,995

Cash at bank and in hand

 

1,271

26,139

 

11,350

30,134

Creditors: Amounts falling due within one year

7

(20,742)

(44,298)

Net current liabilities

 

(9,392)

(14,164)

Net assets

 

31,064

28,650

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

30,964

28,550

Shareholders' funds

 

31,064

28,650

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

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 4 March 2025
 

.........................................
Mrs Tamsin Bowman
Director

 

BoHo Hairdressing Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 October 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:
13a Ilsham Road
Torquay
Devon
TQ1 2JG

These financial statements were authorised for issue by the director on 4 March 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.

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.

 

BoHo Hairdressing Ltd

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

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

25% reducing balance

Office equipment

25% reducing balance

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

4% straight line

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.

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

 

BoHo Hairdressing Ltd

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

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 in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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 the director) during the year, was 3 (2023 - 3).

 

BoHo Hairdressing Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 November 2023

45,054

45,054

At 31 October 2024

45,054

45,054

Amortisation

At 1 November 2023

28,832

28,832

Amortisation charge

1,802

1,802

At 31 October 2024

30,634

30,634

Carrying amount

At 31 October 2024

14,420

14,420

At 31 October 2023

16,222

16,222

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 November 2023

23,779

53,906

77,685

Additions

-

196

196

At 31 October 2024

23,779

54,102

77,881

Depreciation

At 1 November 2023

-

51,093

51,093

Charge for the year

-

752

752

At 31 October 2024

-

51,845

51,845

Carrying amount

At 31 October 2024

23,779

2,257

26,036

At 31 October 2023

23,779

2,813

26,592

Included within the net book value of land and buildings above is £23,779 (2023 - £23,779) in respect of freehold land and buildings.
 

 

BoHo Hairdressing Ltd

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

6

Debtors

Current

2024
£

2023
£

Other debtors

10,079

3,995

 

10,079

3,995

 

BoHo Hairdressing Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

15,200

32,418

Taxation and social security

 

3,729

1,088

Accruals and deferred income

 

1,075

1,250

Other creditors

 

738

9,542

 

20,742

44,298

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordianry of £1 each

100

100

100

100

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

14,073

24,138

Bank overdrafts

1,127

8,280

15,200

32,418

10

Dividends

2024

2023

£

£

Interim dividend of £60.00 (2023 - £57.50) per ordinary share

6,000

5,750

 

 
 

BoHo Hairdressing Ltd

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

11

Related party transactions

Transactions with the director

2024

At 1 November 2023
£

Advances to director
£

Repayments by director
£

At 31 October 2024
£

Mrs Tamsin Bowman

Loan from Director

(8,831)

21,892

(6,000)

7,061

2023

At 1 November 2022
£

Repayments by director
£

At 31 October 2023
£

Mrs Tamsin Bowman

Loan from Director

(4,070)

(4,761)

(8,831)

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

12,570

12,075

Contributions paid to money purchase schemes

377

377

12,947

12,452

Dividends paid to the director

2024
£

2023
£

Mrs Tamsin Bowman

Interim Dividend

-

5,750