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Registered number: 06473545
Simply Wigs Limited
Financial Statements
For The Year Ended 31 January 2025
Trevelyan & Company Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06473545
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 122,616 116,270
Tangible Assets 5 20,496 24,519
143,112 140,789
CURRENT ASSETS
Stocks 6 37,964 42,238
Debtors 7 7,107 6,310
Cash at bank and in hand 366,972 388,121
412,043 436,669
Creditors: Amounts Falling Due Within One Year 8 (418,501 ) (321,716 )
NET CURRENT ASSETS (LIABILITIES) (6,458 ) 114,953
TOTAL ASSETS LESS CURRENT LIABILITIES 136,654 255,742
PROVISIONS FOR LIABILITIES
Deferred Taxation (3,894 ) (4,659 )
NET ASSETS 132,760 251,083
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 132,758 251,081
SHAREHOLDERS' FUNDS 132,760 251,083
Page 1
Page 2
For the year ending 31 January 2025 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 Stuart Garrard
Director
09/07/2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Simply Wigs Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06473545 . The registered office is Unit 2a/2b Spa Field Ind Estate, Slaithwaite, Huddersfield, HD7 5BB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets relate to development of a bespoke sales platform. Amortisation is charged to the profit and loss account over a period of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% on NBV
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 19 (2024: 18)
19 18
Page 3
Page 4
4. Intangible Assets
Other
£
Cost
As at 1 February 2024 116,270
Additions 10,574
As at 31 January 2025 126,844
Amortisation
As at 1 February 2024 -
Provided during the period 4,228
As at 31 January 2025 4,228
Net Book Value
As at 31 January 2025 122,616
As at 1 February 2024 116,270
5. Tangible Assets
Plant & Machinery
£
Cost
As at 1 February 2024 73,300
Additions 1,087
As at 31 January 2025 74,387
Depreciation
As at 1 February 2024 48,781
Provided during the period 5,110
As at 31 January 2025 53,891
Net Book Value
As at 31 January 2025 20,496
As at 1 February 2024 24,519
6. Stocks
2025 2024
£ £
Stock 37,964 42,238
7. Debtors
2025 2024
£ £
Due within one year
Trade debtors 3,882 4,651
Prepayments and accrued income 2,746 1,659
VAT 479 -
7,107 6,310
Page 4
Page 5
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 219,753 203,932
Corporation tax 41,599 30,533
Other taxes and social security 6,093 6,625
VAT - 5,263
Other creditors 50,827 30,637
Accruals and deferred income 2,566 38,180
Directors' loan accounts 97,663 6,546
418,501 321,716
9. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 2 2
Page 5