The Hair Lounge Rossett Limited Company Accounts

The Hair Lounge Rossett Limited Company Accounts

THE HAIR LOUNGE ROSSETT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07581376
The Hair Lounge Rossett Limited
Filleted Unaudited Financial Statements
31 March 2019
The Hair Lounge Rossett Limited
Financial Statements
Year ended 31 March 2019
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
The following pages do not form part of the financial statements
Chartered accountants and business advisers report to the board of directors on the preparation of the unaudited statutory financial statements
8
The Hair Lounge Rossett Limited
Statement of Financial Position
31 March 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
5
6,345
6,431
Current assets
Stocks
10,000
10,000
Debtors
6
774
687
Cash at bank and in hand
30,436
29,599
--------
--------
41,210
40,286
Creditors: amounts falling due within one year
7
31,281
27,697
--------
--------
Net current assets
9,929
12,589
--------
--------
Total assets less current liabilities
16,274
19,020
--------
--------
Net assets
16,274
19,020
--------
--------
Capital and reserves
Called up share capital
3
3
Profit and loss account
16,271
19,017
--------
--------
Members funds
16,274
19,020
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
The Hair Lounge Rossett Limited
Statement of Financial Position (continued)
31 March 2019
These financial statements were approved by the board of directors and authorised for issue on 4 October 2019 , and are signed on behalf of the board by:
D V Wilson
F E Cupit
Director
Director
K F Castell
Director
Company registration number: 07581376
The Hair Lounge Rossett Limited
Notes to the Financial Statements
Year ended 31 March 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Beechfield House, Station Road, Rossett, Wrexham, LL12 0HE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
The turnover shown in the profit and loss account represents the amounts due for the work completed during the year and excludes VAT.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and Machinery
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
The following assets and liabilities within the accounts are classified as financial instruments - trade debtors, trade creditors and directors loans. Directors loans (being repayable upon demand), trade debtors and trade creditors, are measured at the undiscounted amount of cash or other consideration expected to be paid or received. Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found, an impairment loss is recognised in the statement of Income and Retained Earnings.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2018: 9 ).
5. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2018
17,810
17,810
Additions
2,030
2,030
--------
--------
At 31 March 2019
19,840
19,840
--------
--------
Depreciation
At 1 April 2018
11,379
11,379
Charge for the year
2,116
2,116
--------
--------
At 31 March 2019
13,495
13,495
--------
--------
Carrying amount
At 31 March 2019
6,345
6,345
--------
--------
At 31 March 2018
6,431
6,431
--------
--------
6. Debtors
2019
2018
£
£
Other debtors
774
687
----
----
7. Creditors: amounts falling due within one year
2019
2018
£
£
Social security and other taxes
25,342
22,704
Other creditors
5,939
4,993
--------
--------
31,281
27,697
--------
--------
8. Directors' advances, credits and guarantees
The director operates a current account within the company. The balance of the directors loan account the year is as follows:
31st March 2019
£
Opening Balance 2,388
Movements in year 1,098
-------
Closing Balance 3,486
-------
9. Related party transactions
The directors who are also shareholders, own a property that was rented to the company in the year. The total amount of rent paid by the company to the directors for the property in the year was £19,025. The amount outstanding to the directors at the year end was £nil. No further transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 102 section 33 other than the operation of a directors loan account.
The Hair Lounge Rossett Limited
Management Information
Year ended 31 March 2019
The following pages do not form part of the financial statements.
The Hair Lounge Rossett Limited
Chartered Accountants and Business Advisers Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of The Hair Lounge Rossett Limited
Year ended 31 March 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Hair Lounge Rossett Limited for the year ended 31 March 2019, which comprise the statement of financial position and the related notes from the company's accounting records and from information and explanations you have given us. As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of The Hair Lounge Rossett Limited, as a body, in accordance with the terms of our engagement letter dated 28 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of The Hair Lounge Rossett Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Hair Lounge Rossett Limited and its Board of Directors, as a body, for our work or for this report.
It is your duty to ensure that The Hair Lounge Rossett Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of The Hair Lounge Rossett Limited. You consider that The Hair Lounge Rossett Limited is exempt from the statutory audit requirement for the year. We have not been instructed to carry out an audit or a review of the financial statements of The Hair Lounge Rossett Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
BRUCE ROBERTS & CO LIMITED Chartered Accountants and Business Advisers
Unit 10, Edison Court Ellice Way Wrexham Technology Park Wrexham LL13 7YT
4 October 2019