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Registered number: 02391001
Exit Hairdressing Limited
Unaudited Financial Statements
For The Year Ended 31 December 2024
Contents
Page
Company Information 1
Accountant's Report 2
Balance Sheet 3—4
Notes to the Financial Statements 5—8
Page 1
Company Information
Directors Mr R M Webb
Mr B A Fahey
Company Number 02391001
Registered Office 98 Bold Street
Liverpool
Merseyside
L1 4HY
Accountants ERC Accountants & Business Advisers Limited
Chartered Accountants
Hanover Buildings, 11-13 Hanover Street
Liverpool
Merseyside
L1 3DN
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Accountant's Report
Chartered Accountant's report to the directors on the preparation of the unaudited statutory accounts of Exit Hairdressing Limited for the year ended 31 December 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the accounts of Exit Hairdressing Limited for the year ended 31 December 2024 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
As a practising member 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/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Exit Hairdressing Limited , as a body, in accordance with the terms of our engagement letter dated 11 December 2024. Our work has been undertaken solely to prepare for your approval the accounts of Exit Hairdressing Limited and state those matters that we have agreed to state to the directors of Exit Hairdressing 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 Exit Hairdressing Limited and its directors, as a body, for our work or for this report.
It is your duty to ensure that Exit Hairdressing 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 or loss of Exit Hairdressing Limited . You consider that Exit Hairdressing Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Exit Hairdressing 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 financial statements.
Signed
ERC Accountants and Business Advisors
11 June 2025
ERC Accountants & Business Advisers Limited
Chartered Accountants
Hanover Buildings, 11-13 Hanover Street
Liverpool
Merseyside
L1 3DN
Page 2
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Balance Sheet
Registered number: 02391001
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 19,832 32,862
19,832 32,862
CURRENT ASSETS
Stocks 5 35,023 28,194
Debtors 6 372,754 373,810
Cash at bank and in hand 86,800 94,640
494,577 496,644
Creditors: Amounts Falling Due Within One Year 7 (316,570 ) (346,017 )
NET CURRENT ASSETS (LIABILITIES) 178,007 150,627
TOTAL ASSETS LESS CURRENT LIABILITIES 197,839 183,489
Creditors: Amounts Falling Due After More Than One Year 8 (27,242 ) (33,750 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (6,914 ) (7,433 )
NET ASSETS 163,683 142,306
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 163,583 142,206
SHAREHOLDERS' FUNDS 163,683 142,306
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For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr R M Webb
Director
11 June 2025
The notes on pages 5 to 8 form part of these financial statements.
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Page 5
Notes to the Financial Statements
1. General Information
Exit Hairdressing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 02391001 . The registered office is 98 Bold Street, Liverpool, Merseyside, L1 4HY.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
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.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
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.
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:
Fixtures and fittings 15% reducing balance
2.4. Stocks and Work in Progress
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.
2.5. 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.
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
2.6. Taxation
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
2.7. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
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2.8. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.9. Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. 
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
2.10. 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. Average Number of Employees
Average number of employees, including directors, during the year was: 31 (2023: 32)
31 32
4. Tangible Assets
Fixtures and fittings
£
Cost
As at 1 January 2024 513,119
Additions 2,389
Disposals (88,167 )
As at 31 December 2024 427,341
Depreciation
As at 1 January 2024 480,257
Provided during the period 5,030
Disposals (77,778 )
As at 31 December 2024 407,509
Net Book Value
As at 31 December 2024 19,832
As at 1 January 2024 32,862
5. Stocks
2024 2023
£ £
Stock 35,023 28,194
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6. Debtors
2024 2023
£ £
Due within one year
Other debtors 372,754 373,810
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 21,174 23,181
Bank loans and overdrafts 5,000 5,000
Other creditors 219,409 254,893
Taxation and social security 70,987 62,943
316,570 346,017
The loan above was obtained under the government bounceback loan scheme and is therefore 100% secured by the government with no charge over the assets of the company.
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 27,242 33,750
The loan above was obtained under the government bounceback loan scheme and is therefore 100% secured by the government with no charge over the assets of the company.
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2024 2023
£ £
Bank loans 8,750 13,750
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 48,735 48,735
Later than one year and not later than five years 96,000 144,000
144,735 192,735
11. Directors Advances, Credits and Guarantees
No director received advances, credits or guarantees during the current or previous accounting periods.
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12. Related Party Transactions
The following related party transactions were undertaken during the year: 
A company under common control received advances totalling £510 (2023: £3,161) and repaid amounts totalling £Nil (2023: £nil). At the balance sheet date the amount receivable from the company was £362,559 (2023: £362,049). 
The directors, withdrew amounts totalling £nil (2023: £33,912) and introduced amounts totalling £2,482 (2023: £41,912). At the balance sheet date the amount payable to the directors was £93,845 (2023: £91,363). 
Dividends were paid to the directors in respect of their shareholdings totalling £36,310 (2023: £3,250).
The aggregate remuneration paid to key management personnel for the year was £10,202 (2023: £11,416). 
No further transactions with related parties were undertaken, other than those under normal market conditions, such as are required to be disclosed in accordance with FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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