Odyssey Hair Design (Aberdeen) Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC388926 (Scotland)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2018

FOR

ODYSSEY HAIR DESIGN (ABERDEEN) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

L P Evans

REGISTERED OFFICE:

58 Queens Road

Aberdeen

Aberdeenshire

AB15 4YE

REGISTERED NUMBER:

SC388926 (Scotland)

ACCOUNTANTS:

Fyfe Moir & Associates

58 Queens Road

Aberdeen

Grampian

AB15 4YE

FIXED ASSETS

Intangible assets

4

4,302

6,453

Tangible assets

5

-

-

4,302

6,453

CURRENT ASSETS

Stocks

950

1,150

Cash at bank and in hand

5,471

6,964

6,421

8,114

CREDITORS

Amounts falling due within one year

6

7,919

9,859

NET CURRENT LIABILITIES

(1,498

)

(1,745

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,804

4,708

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

8

2,704

4,608

SHAREHOLDERS' FUNDS

2,804

4,708

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 20 June 2019 and were signed by:

L P Evans - Director

1.	STATUTORY INFORMATION

Odyssey Hair Design (Aberdeen) Limited is a private company, limited by shares , registered in Scotland. The

company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2010, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they

will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 December 2017

and 30 November 2018

21,510

AMORTISATION

At 1 December 2017

15,057

Amortisation for year

2,151

At 30 November 2018

17,208

NET BOOK VALUE

At 30 November 2018

4,302

At 30 November 2017

6,453

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 December 2017

and 30 November 2018

270

DEPRECIATION

At 1 December 2017

and 30 November 2018

270

NET BOOK VALUE

At 30 November 2018

-

At 30 November 2017

-

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.11.18

30.11.17

£

£

Bank loans and overdrafts

1,738

2,726

Trade creditors

68

67

Tax

3,830

4,777

Other creditors

284

-

Directors' current accounts

499

789

Accrued expenses

1,500

1,500

7,919

9,859

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.11.18

30.11.17

value:

£

£

100

Ordinary

£1

100

100

8.

RESERVES

Retained

earnings

£

At 1 December 2017

4,608

Profit for the year

14,096

Dividends

(16,000

)

At 30 November 2018

2,704