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The Hair Loft (SW) Limited

Annual Report and Unaudited Financial Statements
Year Ended 30 November 2024

Registration number: 13750048

 

The Hair Loft (SW) Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

The Hair Loft (SW) Limited

Balance Sheet

30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

24,261

-

Current assets

 

Stocks

5

6,942

-

Debtors

6

1,302

-

Cash at bank and in hand

 

1,669

100

 

9,913

100

Creditors: Amounts falling due within one year

7

(35,432)

-

Net current (liabilities)/assets

 

(25,519)

100

Total assets less current liabilities

 

(1,258)

100

Provisions for liabilities

(6,065)

-

Net (liabilities)/assets

 

(7,323)

100

Capital and reserves

 

Called up share capital

8

100

100

Profit and loss account

(7,423)

-

Shareholders' (deficit)/funds

 

(7,323)

100

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.

For the financial year ending 30 November 2024 the company was entitled to exemption from audit under section 479A of the Companies Act 2006 relating to subsidiary companies.

Directors' 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 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 August 2025 and signed on its behalf by:
 

.........................................
L Genge
Director

Company Registration Number: 13750048

 

The Hair Loft (SW) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 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:
Unit 2a/2b Victoria Business Park
Roche
St Austell
Devon
PL26 8LX

The principal place of business is:
23A Church Street
Mevagissey
St Austell
Cornwall
PL26 6SP

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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.

Going concern

The financial statements have been prepared on a going concern basis. The directors acknowledge the net current liability position as at the year end of £25,519 (2023 - £nil). This is as a result of intercompany debt and the directors have satisfied themselves on the validity of applying the going concern basis of preparation as assurances have been given by its parent company, Ocean Holdings South West Ltd, that the amount owed to them will not be called upon for repayment should it impact the going concern of the company and that it will continue to provide financial support should it be required.

 

The Hair Loft (SW) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2024

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 value added tax, returns, rebates and discounts and after eliminating sales within the company.

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

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.

Deferred tax is recognised on all timing differences at the balance sheet date unless indicated below. Timing differences are differences between taxable profits and the results as stated in the profit and loss account and other comprehensive income. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

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.

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:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

20% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

The Hair Loft (SW) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2024

Financial instruments

Classification
The company holds the following financial instruments:

• Short term trade and other debtors and creditors; and
• Cash and bank balances.

All financial instruments are classified as basic.

 Recognition and measurement
The company has chosen to apply the recognition and measurement principles in FRS102.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.

Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.


 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 0).

4

Tangible assets

Furniture, fittings and equipment
 £

Cost or valuation

Additions

30,325

At 30 November 2024

30,325

Depreciation

Charge for the year

6,064

At 30 November 2024

6,064

Carrying amount

At 30 November 2024

24,261

 

The Hair Loft (SW) Limited

Notes to the Unaudited Financial Statements

Year Ended 30 November 2024

5

Stocks

2024
£

2023
£

Other inventories

6,942

-

6

Debtors

2024
£

2023
£

Trade debtors

220

-

Prepayments

1,082

-

1,302

-

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Trade creditors

 

1,654

-

Amounts owed to group undertakings

29,000

-

Taxation and social security

 

499

-

Other creditors

 

1,839

-

Accruals and deferred income

 

2,440

-

 

35,432

-

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Relationship between entity and parents

Relationship between entity and parents

The parent of the smallest group in which these financial statements are consolidated is Ocean Holdings South West Limited, incorporated in England and Wales.

The address of Ocean Holdings South West Limited is:
Units 2a/2b Victoria Business Park, Roche, St Austell, Cornwall, United Kingdom, PL26 8LX