Turning Heads Hairdressers Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 04708213 (England and Wales)

TURNING HEADS HAIRDRESSERS LTD

T/A

JAM HAIRDRESSING

Financial Statements for the Year Ended 31 March 2022

Page

Balance Sheet

1

Notes to the Financial Statements

2

to

4

FIXED ASSETS

Tangible assets

4

6,577

7,307

CURRENT ASSETS

Stocks

800

1,200

Debtors

5

14,563

12,632

Cash at bank and in hand

15,225

11,751

30,588

25,583

CREDITORS

Amounts falling due within one year

6

27,000

19,462

NET CURRENT ASSETS

3,588

6,121

TOTAL ASSETS LESS CURRENT LIABILITIES

10,165

13,428

CREDITORS

Amounts falling due after more than one year

7

(9,492

)

(12,600

)

PROVISIONS FOR LIABILITIES

(1,230

)

(1,365

)

NET LIABILITIES

(557

)

(537

)

CAPITAL AND RESERVES

Called up share capital

8

3

3

Retained earnings

(560

)

(540

)

SHAREHOLDERS' FUNDS

(557

)

(537

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 15 December 2022 and were signed on its behalf by:

Mrs J Polton - Director

1.	STATUTORY INFORMATION

Turning Heads Hairdressers Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

04708213

Registered office:

48 Bathurst Walk

Iver

Buckinghamshire

SL0 9BH

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 represents net invoiced sales of goods and services, excluding value added tax.

Tangible fixed assets

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

Leasehold improvements

-

20% on cost

Fixtures and fittings

-

10% on reducing balance

Computer equipment

-

25% 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 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.

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.

Going concern

The company has, again, traded profitably during the financial year. However, due to the fact that dividends were voted in excess of retained profits in the past (see note 5) the Balance Sheet shows a slightly insolvent position at the Balance Sheet date. The Directors believe that it is, nevertheless, correct to prepare these Accounts on a going concern basis as they have confirmed that they will support the company if needed.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2021 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Leasehold

Plant and

and

Computer

improvements

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 April 2021

and 31 March 2022

2,443

8,160

31,365

98

42,066

DEPRECIATION

At 1 April 2021

2,442

8,159

24,060

98

34,759

Charge for year

-

-

730

-

730

At 31 March 2022

2,442

8,159

24,790

98

35,489

NET BOOK VALUE

At 31 March 2022

1

1

6,575

-

6,577

At 31 March 2021

1

1

7,305

-

7,307

5.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Trade debtors

1,093

-

Other debtors

10,703

9,865

11,796

9,865

Amounts falling due after more than one year:

Other debtors

2,767

2,767

Aggregate amounts

14,563

12,632

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

3,070

2,400

Trade creditors

2,643

269

Taxation and social security

14,371

11,408

Other creditors

6,916

5,385

27,000

19,462

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

9,492

12,600

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2022

2021

value:

£

£

3

Ordinary

£1

3

3

9.	OTHER FINANCIAL COMMITMENTS

At 31 March 2022 the company had a financial commitment of £13,748 ( 2021 - £27,496 ) in respect of future rent due.

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2022 and 31 March 2021:

2022

2021

£

£

Mrs M J Arnold

Balance outstanding at start of year

3,779

(1,437

)

Amounts advanced

-

5,216

Amounts repaid

(920

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,859

3,779

Mrs J Polton

Balance outstanding at start of year

4,737

(479

)

Amounts advanced

-

5,216

Amounts repaid

(330

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,407

4,737