Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Fixed assets | ||||
| Tangible assets | 3 |
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| 203,859 | 216,464 | |||
| Current assets | ||||
| Stocks |
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| Debtors | 4 |
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| Cash at bank and in hand |
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| 106,429 | 75,534 | |||
| Creditors: amounts falling due within one year | 5 | (
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| Net current assets | 72,785 | 57,402 | ||
| Total assets less current liabilities | 276,644 | 273,866 | ||
| Creditors: amounts falling due after more than one year | 6 | (
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| Provision for liabilities | 7 | (
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| Net assets |
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| Capital and reserves | ||||
| Called-up share capital | 8 |
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| Revaluation reserve | 10 |
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| Profit and loss account |
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| Total shareholder's funds |
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Director's responsibilities:
The financial statements of Hair Jungle Ltd (registered number:
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Emily Piotrowski
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Hair Jungle Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 192 Plymstock Road Oreston, Plymouth, PL9 7LN, United Kingdom. The principal place of business is 44 Ebrington St, Plymouth, PL4 9AD.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
| Land and buildings | not depreciated |
| Vehicles |
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| Fixtures and fittings |
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| Computer equipment |
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Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
| 2024 | 2023 | ||
| Number | Number | ||
| Monthly average number of persons employed by the Company during the year, including the director |
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| Land and buildings | Vehicles | Fixtures and fittings | Computer equipment | Total | |||||
| £ | £ | £ | £ | £ | |||||
| Cost/Valuation | |||||||||
| At 01 January 2024 |
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| At 31 December 2024 |
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| Accumulated depreciation | |||||||||
| At 01 January 2024 |
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| Charge for the financial year |
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| At 31 December 2024 |
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| Net book value | |||||||||
| At 31 December 2024 | 159,500 | 30,556 | 11,177 | 2,626 | 203,859 | ||||
| At 31 December 2023 | 159,500 | 42,015 | 11,477 | 3,472 | 216,464 |
Revaluation of tangible assets
If the land and buildings had not been included at valuation they would have been included under the historical cost convention as follows:
| 2024 | 2023 | ||
| £ | £ | ||
| Historical cost | 155,662 | 155,662 | |
| Accumulated depreciation | (37,359) | (34,246) | |
| Carrying value |
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| Amounts owed by director |
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| Other debtors |
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| £ | £ | ||
| Trade creditors |
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| Amounts owed to director |
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| Accruals |
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| Taxation and social security |
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| Obligations under finance leases and hire purchase contracts (secured) |
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| Other creditors |
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| 2024 | 2023 | ||
| £ | £ | ||
| Obligations under finance leases and hire purchase contracts (secured) |
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| £ | £ | ||
| At the beginning of financial year | (
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| Credited/(charged) to the Statement of Income and Retained Earnings |
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| At the end of financial year | (
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| 2024 | 2023 | ||
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| Allotted, called-up and fully-paid | |||
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| 129 | 129 |
Transactions with the entity's director
| 2024 | 2023 | ||
| £ | £ | ||
| Amounts owed by/(to) directors | 36,764 | (27) |
Advances were made to the directors during the year totalling £42,055, repayments were made totalling £5,450. Interest has been charged at a rate of 2.25% totalling £186.
| 2024 | 2023 | ||
| £ | £ | ||
| Revaluation of freehold property | 3,838 | 3,838 |