Andrea Kirkham Hairdressing Limited Company Accounts

Andrea Kirkham Hairdressing Limited Company Accounts

ANDREA KIRKHAM HAIRDRESSING LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 08644331
Andrea Kirkham Hairdressing Limited
Filleted Unaudited Financial Statements
31 August 2019
Andrea Kirkham Hairdressing Limited
Financial Statements
Year ended 31 August 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 director on the preparation of the unaudited statutory financial statements
8
Andrea Kirkham Hairdressing Limited
Statement of Financial Position
31 August 2019
2019
2018
Note
£
£
£
Fixed assets
Tangible assets
6
3,426
2,701
Current assets
Stocks
550
470
Debtors
7
507
1,319
Cash at bank and in hand
2,377
18,366
-------
--------
3,434
20,155
Creditors: amounts falling due within one year
8
4,200
12,549
-------
--------
Net current (liabilities)/assets
( 766)
7,606
-------
--------
Total assets less current liabilities
2,660
10,307
-------
--------
Net assets
2,660
10,307
-------
--------
Capital and reserves
Called up share capital
100
100
Profit and loss account
2,560
10,207
-------
--------
Members funds
2,660
10,307
-------
--------
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 August 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Andrea Kirkham Hairdressing Limited
Statement of Financial Position (continued)
31 August 2019
These financial statements were approved by the board of directors and authorised for issue on 18 January 2020 , and are signed on behalf of the board by:
Miss A M Kirkham
Director
Company registration number: 08644331
Andrea Kirkham Hairdressing Limited
Notes to the Financial Statements
Year ended 31 August 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 6 Ruabon Road, Wrexham, LL13 7PB.
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 amounts charged during the year for providing hair and beauty treatments.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed five years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill
-
straightline over three years
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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
Fixtures and fittings
-
25% reducing balance
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. Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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 5 (2018: 4 ).
5. Intangible assets
Goodwill
£
Cost
At 1 September 2018 and 31 August 2019
8,500
-------
Amortisation
At 1 September 2018 and 31 August 2019
8,500
-------
Carrying amount
At 31 August 2019
–
-------
6. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 September 2018
1,625
4,494
6,119
Additions
–
1,955
1,955
Disposals
( 100)
–
( 100)
-------
-------
-------
At 31 August 2019
1,525
6,449
7,974
-------
-------
-------
Depreciation
At 1 September 2018
831
2,587
3,418
Charge for the year
179
976
1,155
Disposals
( 25)
–
( 25)
-------
-------
-------
At 31 August 2019
985
3,563
4,548
-------
-------
-------
Carrying amount
At 31 August 2019
540
2,886
3,426
-------
-------
-------
At 31 August 2018
794
1,907
2,701
-------
-------
-------
7. Debtors
2019
2018
£
£
Trade debtors
242
1,051
Other debtors
265
268
----
-------
507
1,319
----
-------
8. Creditors: amounts falling due within one year
2019
2018
£
£
Social security and other taxes
3,197
9,925
Other creditors
1,003
2,624
-------
--------
4,200
12,549
-------
--------
9. Director's advances, credits and guarantees
Dividends were paid to directors who are also shareholders amounting to £20,000 in the period. The director operated a loan account with the company, the opening balance of which was £1,699 in credit and the closing balance of which was £51 in credit.
10. Related party transactions
No transactions with related parties were undertaken such as are required to be disclosed.
Andrea Kirkham Hairdressing Limited
Management Information
Year ended 31 August 2019
The following pages do not form part of the financial statements.
Andrea Kirkham Hairdressing Limited
Chartered Accountants and Business Advisers Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Andrea Kirkham Hairdressing Limited
Year ended 31 August 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 Andrea Kirkham Hairdressing Limited for the year ended 31 August 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 director of Andrea Kirkham Hairdressing Limited in accordance with the terms of our engagement letter dated 8 August 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Andrea Kirkham Hairdressing Limited and state those matters that we have agreed to state to you 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 Andrea Kirkham Hairdressing Limited and its director for our work or for this report.
It is your duty to ensure that Andrea Kirkham Hairdressing 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 Andrea Kirkham Hairdressing Limited. You consider that Andrea Kirkham Hairdressing 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 Andrea Kirkham Hairdressing 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
20 January 2020