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| 2. |
Summary of Significant Accounting Policies |
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The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
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Statement of compliance |
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The financial statements of the company for the year ended 31 December 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. |
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Basis of preparation |
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The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for assets. |
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Consolidated accounts |
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The company is entitled to the exemption in Section 399 of the Companies Act 2006 from the obligation to prepare group accounts. |
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Revenue |
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Revenue is recognised to the extent that the company obtains the right to consideration in exchange for its performance. Revenue comprises the fair value of consideration received and receivable exclusive of value added tax and after discounts and rebates.
Where the consideration receivable in cash or cash equivalents is deferred, and the arrangement constitutes a financing transaction, the fair value of the consideration is measured as the present value of all future receipts using the imputed rate of interest.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on dispatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Revenue from the provision of services is recognised in the accounting period in which the services are rendered and the outcome of the contract can be estimated reliably. The company uses the percentage of completion method based on the actual service performed as a percentage of the total services to be provided. |
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Financial assets |
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Investments held as fixed assets are stated at cost less provision for any permanent diminution in value. Income from other investments together with any related tax credit is recognised in the Income Statement in the year in which it is receivable. |
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Trade and other receivables |
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Trade and other receivables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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Cash and cash equivalents |
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Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the Abridged Statement of Financial Position bank overdrafts are shown within Payables. |
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Trade and other payables |
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Trade and other payables are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
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Related parties |
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For the purposes of these financial statements a party is considered to be related to the company if: |
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the party has the ability, directly or indirectly, through one or more intermediaries to control the company or exercise significant influence over the company in making financial and operating policy decisions or has joint control over the company; |
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the company and the party are subject to common control; |
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the party is an associate of the company or forms part of a joint venture with the company; |
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the party is a member of key management personnel of the company or the company's parent, or a close family member of such as an individual, or is an entity under the control, joint control or significant influence of such individuals; |
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the party is a close family member of a party referred to above or is an entity under the control or significant influence of such individuals; or |
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the party is a post-employment benefit plan which is for the benefit of employees of the company or of any entity that is a related party of the company. |
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Close family members of an individual are those family members who may be expected to influence, or be influenced by, that individual in their dealings with the company. |
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Employee benefits |
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The company provides a range of benefits to employees, including paid holiday arrangements and defined contribution pension plans.
(i) Short term benefits
Short term benefits, including holiday pay and other similar non-monetary benefits, are recognised as an expense in the period in which the service is received.
(ii)Pension
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. Annual contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate. |
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Taxation and deferred taxation |
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Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Statement of Financial Position date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Statement of Financial Position date. |
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Ordinary share capital |
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The ordinary share capital of the company is presented as equity. |
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| 4.1. |
Holdings in related undertakings |
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The company holds 20% or more of the share capital of the following companies: |
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Country |
Nature |
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Details |
Proportion |
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of |
of |
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of |
held by |
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Name |
incorporation and address of Registered Office |
business |
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investment |
company |
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Subsidiary undertaking |
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Haringtons Payroll Limited |
13 High Street
Marlow
Buckinghamshire
United Kingdom |
Hairdressing |
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Ordinary shares |
100% |
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Scott & Chase Hair and Beauty Limited |
13 High Street
Marlow
Buckinghamshire
United Kingdom |
Hairdressing |
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Ordinary |
100% |
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The aggregate amount of capital and reserves and the results of these undertakings for the last relevant financial year were as follows: |
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Year ended |
Capital and |
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Profit for |
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reserves |
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the year |
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£ |
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£ |
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Haringtons Payroll Limited |
31 December 2024 |
(4,045,388) |
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(520,666) |
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Scott & Chase Hair and Beauty Limited |
31 December 2024 |
(228,041) |
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(122,584) |
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In the opinion of the directors, the value to thecompany of the unlisted investments is not materially less than the book amount shown above. |