General Information
Evolve Hair Professionals Ltd is a private company, limited by shares , registered in England and Wales , registration number 06770779 , registration address 21 Foxhayes Lane, Blackfield, Southampton, Hampshire, SO45 1XX.
| 1. |
Accounting policies
Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Going concern basis
The Directors recognise that the current Covid-19 pandemic means that there is material uncertainty over future revenues and ability to trade. The directors acknowledge the uncertainty arising from the potential effects on their business of current public health restrictions both domestic and abroad, and how things may evolve during the pandemic. The directors believe that the company is well positioned to deal with the short-term consequences of the pandemic over the next 12 months from the date that the financial statements are authorised for issue, and therefore they have been prepared on the Going Concern basis.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
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.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Goodwill
Acquired goodwill is stated at cost less amortisation. Amortisation is calculated on a straight line basis over the estimated expected useful economic life of the goodwill of years.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
| Plant and Machinery |
12.5% Reducing Balance
|
| Fixtures and Fittings |
25% Reducing Balance
|
Stocks
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 items.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
|
| 2. |
Intangible fixed assets
| Cost |
Goodwill |
|
Total |
| |
£ |
|
£ |
| At 01 April 2019 |
1,000 |
|
1,000 |
| Additions |
- |
|
- |
| Disposals |
- |
|
- |
| At 31 March 2020 |
1,000 |
|
1,000 |
| Amortisation |
| At 01 April 2019 |
1,000 |
|
1,000 |
| Charge for year |
- |
|
- |
| On disposals |
- |
|
- |
| At 31 March 2020 |
1,000 |
|
1,000 |
| Net book values |
| At 31 March 2020 |
- |
|
- |
| At 31 March 2019 |
- |
|
- |
|
| 3. |
Tangible fixed assets
| Cost or valuation |
Plant and Machinery |
|
Fixtures and Fittings |
|
Total |
| |
£ |
|
£ |
|
£ |
| At 01 April 2019 |
5,074 |
|
- |
|
5,074 |
| Additions |
- |
|
4,046 |
|
4,046 |
| Disposals |
- |
|
- |
|
- |
| At 31 March 2020 |
5,074 |
|
4,046 |
|
9,120 |
| Depreciation |
| At 01 April 2019 |
5,074 |
|
- |
|
5,074 |
| Charge for year |
- |
|
374 |
|
374 |
| On disposals |
- |
|
- |
|
- |
| At 31 March 2020 |
5,074 |
|
374 |
|
5,448 |
| Net book values |
| Closing balance as at 31 March 2020 |
- |
|
3,672 |
|
3,672 |
| Opening balance as at 01 April 2019 |
- |
|
- |
|
- |
|
| 4. |
Stocks
|
2020
£ |
|
2019
£ |
| Stocks |
4,300 |
|
3,982 |
|
4,300 |
|
3,982 |
|
| 5. |
Debtors: amounts falling due within one year
|
2020
£ |
|
2019
£ |
| Other Debtors |
3,960 |
|
3,960 |
| S455 tax |
6,756 |
|
5,840 |
| Directors' Current Accounts |
20,790 |
|
48,971 |
|
31,506 |
|
58,771 |
|
| 6. |
Creditors: amount falling due within one year
|
2020
£ |
|
2019
£ |
| Trade Creditors |
- |
|
794 |
| Corporation Tax |
23,255 |
|
24,041 |
| PAYE & Social Security |
323 |
|
246 |
| Credit Card |
353 |
|
- |
| VAT |
3,501 |
|
3,874 |
|
27,432 |
|
28,955 |
|
| 7. |
Creditors: amount falling due after more than one year
|
2020
£ |
|
2019
£ |
| Other Creditors |
8,611 |
|
- |
|
8,611 |
|
- |
|
| 8. |
Provisions for liabilities
|
2020
£ |
|
2019
£ |
| Pension Provisions |
93 |
|
58 |
|
93 |
|
58 |
|
| 9. |
Share Capital
Allotted
|
2020
£ |
|
2019
£ |
|
100
Ordinary shares of £1.00 each |
100 |
|
100 |
|
100 |
|
100 |
|
| 10. |
Average No of Employees
The average monthly number of employees, including directors, during the year was 2 (2019 : 2)
|
3
|
