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BARNETTS HAIR ASSOCIATES LIMITED
Unaudited Financial Statements
For The Year Ended 31 December 2024
Teale Accountants Ltd
1 Industrial Street
Bingley
West Yorkshire
BD16 4JG
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 6009724
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 442 589
442 589
CURRENT ASSETS
Stocks 5 2,250 2,250
Debtors 6 22,238 6,370
Cash at bank and in hand - 27,150
24,488 35,770
Creditors: Amounts Falling Due Within One Year 7 (21,380 ) (24,406 )
NET CURRENT ASSETS (LIABILITIES) 3,108 11,364
TOTAL ASSETS LESS CURRENT LIABILITIES 3,550 11,953
Creditors: Amounts Falling Due After More Than One Year 8 (2,941 ) (9,994 )
NET ASSETS 609 1,959
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 607 1,957
SHAREHOLDERS' FUNDS 609 1,959
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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 member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Mrs Karen Daines
Director
26/06/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
BARNETTS HAIR ASSOCIATES LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 6009724 . The registered office is 4 Victoria Square, Skipton, West Yorkshire, BD23 1JF.
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 comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. 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:
Leasehold 10% Straight Line
Fixtures & Fittings 25% Reducing Balance
Computer Equipment 30% Straight Line
2.4. 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.
2.5. 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 year 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.
...CONTINUED
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2.5. Taxation - continued
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 asset reflects 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 or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also 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: 9 (2023: 8)
9 8
4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 January 2024 8,036 41,155 1,872 51,063
As at 31 December 2024 8,036 41,155 1,872 51,063
Depreciation
As at 1 January 2024 8,036 40,566 1,872 50,474
Provided during the period - 147 - 147
As at 31 December 2024 8,036 40,713 1,872 50,621
Net Book Value
As at 31 December 2024 - 442 - 442
As at 1 January 2024 - 589 - 589
5. Stocks
2024 2023
£ £
Stock 2,250 2,250
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6. Debtors
2024 2023
£ £
Due within one year
Prepayments and accrued income 2,500 2,500
Other debtors 19,738 1,223
Director's loan account - 2,647
22,238 6,370
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 1,850 2,503
Bank loans and overdrafts 11,116 7,454
Corporation tax 1,125 6,829
Other taxes and social security 2,072 2,005
VAT 3,717 4,115
Accruals and deferred income 1,500 1,500
21,380 24,406
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 2,941 9,994
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
10. Dividends
2024 2023
£ £
On equity shares:
Interim dividend paid 6,000 15,000
11. Ultimate Controlling Party
The company's ultimate controlling party are the directors by virtue of their combined ownership of 100% of the issued share capital in the company.
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