Company Registration No. 10088963 (England and Wales)
Only Curls Limited
Unaudited financial statements
for the year ended 31 March 2025
Pages for filing with the registrar
Only Curls Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Only Curls Limited
Statement of financial position
As at 31 March 2025
1
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
-
0
371
Tangible assets
5
237,057
44,474
237,057
44,845
Current assets
Stocks
1,245,936
1,085,825
Debtors
6
332,341
304,008
Cash at bank and in hand
300,793
222,674
1,879,070
1,612,507
Creditors: amounts falling due within one year
7
(1,386,467)
(1,276,333)
Net current assets
492,603
336,174
Total assets less current liabilities
729,660
381,019
Provisions for liabilities
(8,280)
(11,118)
Net assets
721,380
369,901
Capital and reserves
Called up share capital
4
4
Profit and loss reserves
721,376
369,897
Total equity
721,380
369,901

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

Only Curls Limited
Statement of financial position (continued)
As at 31 March 2025
2
The financial statements were approved by the board of directors and authorised for issue on 2 December 2025 and are signed on its behalf by:
2025-12-02
Elizabeth Carter
Director
Company Registration No. 10088963
Only Curls Limited
Notes to the financial statements
For the year ended 31 March 2025
3
1
Accounting policies
Company information

Only Curls Limited is a private company limited by shares incorporated in England and Wales. The registered office is 68 White Hart Lane, London, England, SW13 0PZ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

1.3
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Intellectual Property
10 years
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
25% straight line
Plant and equipment
25% straight line
Fixture & Fittings
25% straight line
Computer Equipment
25% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Only Curls Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
4
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to net realisable value.

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.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Only Curls Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
1
Accounting policies (continued)
5
1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Where items recognised in other comprehensive income or equity are chargeable to or deductible for tax purposes, the resulting current or deferred tax expense or income is presented in the same component of comprehensive income or equity as the transaction or other event that resulted in the tax expense or income. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

Only Curls Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
6
2
Critical accounting judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There are no critical accounting judgements or key estimates within these financial statements.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
16
12
4
Intangible fixed assets
Intellectual Property
£
Cost
At 1 April 2024 and 31 March 2025
7,277
Amortisation and impairment
At 1 April 2024
6,906
Amortisation charged for the year
371
At 31 March 2025
7,277
Carrying amount
At 31 March 2025
-
0
At 31 March 2024
371
Only Curls Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
7
5
Tangible fixed assets
Leasehold improvements
Plant and machinery etc
Fixture & Fittings
Computer Equipment
Total
£
£
£
£
£
Cost
At 1 April 2024
-
0
1,241
37,723
38,796
77,760
Additions
215,729
1,231
-
0
9,059
226,019
At 31 March 2025
215,729
2,472
37,723
47,855
303,779
Depreciation and impairment
At 1 April 2024
-
0
774
16,708
15,804
33,286
Depreciation charged in the year
13,123
316
9,431
10,566
33,436
At 31 March 2025
13,123
1,090
26,139
26,370
66,722
Carrying amount
At 31 March 2025
202,606
1,382
11,584
21,485
237,057
At 31 March 2024
-
0
467
21,015
22,992
44,474
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
299,809
249,314
Other debtors
32,532
54,694
332,341
304,008
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
272,729
433,695
Trade creditors
609,810
296,921
Corporation tax
225,503
132,905
Other taxation and social security
222,530
277,307
Other creditors
55,895
135,505
1,386,467
1,276,333
Only Curls Limited
Notes to the financial statements (continued)
For the year ended 31 March 2025
8
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Within one year
25,500
-
0
Between two and five years
102,000
-
0
In over five years
55,250
-
0
182,750
-
0
9
Directors' transactions

At the balance sheet date, an amount of £2,294 (2024: £3,253) was owed to the director s of the company.

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