Bromley's Barbers Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07703335 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2020

for

Bromley's Barbers Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

Director:

P R Bromley

Registered office:

114 - 120 Northgate Street

Chester

CH1 2HT

Registered number:

07703335 (England and Wales)

Accountants:

Ellis & Co

Chartered Accountants

114-120 Northgate Street

Chester

CH1 2HT

Fixed assets

Tangible assets

4

698

330

Current assets

Stocks

100

150

Debtors

5

4,637

1,183

Cash at bank and in hand

19,132

5,798

23,869

7,131

Creditors

Amounts falling due within one year

6

14,962

10,006

Net current assets/(liabilities)

8,907

(2,875

)

Total assets less current liabilities

9,605

(2,545

)

Creditors

Amounts falling due after more than one year

7

(9,667

)

-

Provisions for liabilities

(38

)

(63

)

Net liabilities

(100

)

(2,608

)

Capital and reserves

Called up share capital

3

3

Retained earnings

(103

)

(2,611

)

(100

)

(2,608

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2020 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the director and authorised for issue on 28 April 2021 and were signed by:

P R Bromley - Director

1.	Statutory information

Bromley's Barbers Ltd is a private company, limited by shares , registered in England and Wales. 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.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Tangible fixed assets

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

Fixtures, fittings and equipment

-

20% 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 Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Operating leases

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

3.	Employees and directors

The average number of employees during the year was 2 (2019 - 2 ) .

4.	Tangible fixed assets

Fixtures,

fittings

and

equipment

£

Cost

At 1 August 2019

8,470

Additions

822

At 31 July 2020

9,292

Depreciation

At 1 August 2019

8,140

Charge for year

454

At 31 July 2020

8,594

Net book value

At 31 July 2020

698

At 31 July 2019

330

5.

Debtors: amounts falling due within one year

2020

2019

£

£

Other debtors

4,637

1,183

6.

Creditors: amounts falling due within one year

2020

2019

£

£

Bank loans and overdrafts

333

-

Taxation and social security

12,775

7,426

Other creditors

1,854

2,580

14,962

10,006

7.

Creditors: amounts falling due after more than one year

2020

2019

£

£

Bank loans

9,667

-

8.	Leasing commitments

At 31 July 2020 the company had commitments under non-cancellable operating leases over the remaining life of these leases of £67,375 (2019 - £77,875). The amount payable within one year in respect of these leases was £10,500 (2019 - £10,500).

9.	Director's advances, credits and guarantees

The following advances and credits to a director subsisted during the years ended 31 July 2020 and 31 July 2019:

2020

2019

£

£

P R Bromley

Balance outstanding at start of year

-

-

Amounts advanced

2,871

-

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,871

-

Advances to directors are unsecured and repayable on demand. The maximum amount outstanding during the year was £2,871.