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Registered number: 06942491
The Lounge Nail & Beauty Limited
Financial Statements
For The Year Ended 31 March 2025
G Brown & Co Ltd
Accountants & Taxation Consultants
Lauren House, 37a Wakefield Road
Tandem
Huddersfield
West Yorkshire
HD5 0AN
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 06942491
2025 2024
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 649 812
649 812
CURRENT ASSETS
Stocks 5 1,200 1,000
Cash at bank and in hand 16,970 20,921
18,170 21,921
Creditors: Amounts Falling Due Within One Year 6 (7,459 ) (7,478 )
NET CURRENT ASSETS (LIABILITIES) 10,711 14,443
TOTAL ASSETS LESS CURRENT LIABILITIES 11,360 15,255
Creditors: Amounts Falling Due After More Than One Year 7 (3,500 ) (6,500 )
NET ASSETS 7,860 8,755
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 7,859 8,754
SHAREHOLDERS' FUNDS 7,860 8,755
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For the year ending 31 March 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
Miss Jodie Woodhead
Director
Miss Jodie Woodhead
Director
03/11/2025
The notes on pages 3 to 4 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
The Lounge Nail & Beauty Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06942491 . The registered office is Lauren House 37a Wakefield Road, Tandem, Huddersfield, HD5 0AN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
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:
Fixtures & Fittings 20% Reducing Balance
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.
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: 2 (2024: 2)
2 2
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4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 April 2024 7,127
As at 31 March 2025 7,127
Depreciation
As at 1 April 2024 6,315
Provided during the period 163
As at 31 March 2025 6,478
Net Book Value
As at 31 March 2025 649
As at 1 April 2024 812
5. Stocks
2025 2024
£ £
Stock 1,200 1,000
6. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Bank loans and overdrafts 1,941 2,219
Corporation tax 3,087 2,495
Other creditors 984 1,972
Accruals and deferred income 1,158 -
Directors' loan accounts 289 792
7,459 7,478
7. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans 3,500 6,500
8. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 1 1
9. Directors Advances, Credits and Guarantees
Dividends paid to directors
10. Ultimate Controlling Party
The company's ultimate controlling party is Jodie Woodhead by virtue of his ownership of 100% of the issued share capital in the company.
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