Luke Anthony Hair & Beauty Salon Limited Filleted accounts for Companies House (small and micro)

LUKE ANTHONY HAIR & BEAUTY SALON LTD - Company Information

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COMPANY REGISTRATION NUMBER: 09523519

Luke Anthony Hair & Beauty Salon Limited

Filleted Unaudited Financial Statements

30 April 2022

Luke Anthony Hair & Beauty Salon Limited

Financial Statements

Year ended 30 April 2022

Contents	Page

Chartered certified accountants report to the director on the preparation of the unaudited statutory financial statements	1

Statement of financial position	2

Notes to the financial statements	4

Luke Anthony Hair & Beauty Salon Limited

Chartered Certified Accountants Report to the Director on the Preparation of the Unaudited Statutory Financial Statements of Luke Anthony Hair & Beauty Salon Limited

Year ended 30 April 2022

As described on the statement of financial position, the director of the company is responsible for the preparation of the financial statements for the year ended 30 April 2022, which comprise the statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

VAGHELA & CO. (SERVICES) LTD. Chartered Certified Accountants

P.O. Box 10901 Birmingham B1 1ZQ

11 April 2023

Luke Anthony Hair & Beauty Salon Limited

Statement of Financial Position

30 April 2022

	2022		2021
Note	£	£	£	£

Fixed assets

Intangible assets	6	29,014	34,850
Tangible assets	7	9,393	13,811
		--------	--------
		38,407	48,661

Current assets

Stocks	8	12,146	15,147
Debtors	9	12,028	13,248
Cash at bank and in hand		81,665	59,863
		---------	--------
		105,839	88,258

Creditors: amounts falling due within one year	10	118,881		114,037
		---------		---------
Net current liabilities			13,042		25,779
			--------		--------
Total assets less current liabilities			25,365		22,882

Creditors: amounts falling due after more than one year	11		23,611		30,000

Provisions	951	1,607
	--------	--------
Net assets/(liabilities)	803	( 8,725)
	--------	--------

Capital and reserves

Called up share capital	13	1,000	1,000
Profit and loss account		( 197)	( 9,725)
		-------	-------
Shareholders funds/(deficit)		803	( 8,725)
		-------	-------

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 Section 1A of 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 30 April 2022 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 .

Luke Anthony Hair & Beauty Salon Limited

Statement of Financial Position (continued)

30 April 2022

These financial statements were approved by the board of directors and authorised for issue on 11 April 2023 , and are signed on behalf of the board by:

Mrs B. Hamula
Director

Company registration number: 09523519

Luke Anthony Hair & Beauty Salon Limited

Notes to the Financial Statements

Year ended 30 April 2022

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 67 Raddlebarn Road, Selly Oak, Birmingham, B29 6HQ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, '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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Disclosure exemptions

The entity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under paragraph 1.12 of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. 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 it is probable the expenses recognised will be recovered.

Income tax

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.

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 ten 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	-	10% straight line

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:

Fixtures and fittings	-	15% straight line
Equipment	-	25% straight line

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.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2021: 3 ).

5. Tax on profit/(loss)

Major components of tax expense

	2022	2021
	£	£

Current tax:

UK current tax expense	4,261	1,748

Deferred tax:

Origination and reversal of timing differences	( 656)	1,607
	-------	-------
Tax on profit/(loss)	3,605	3,355
	-------	-------

Reconciliation of tax expense

The tax assessed on the profit/(loss) on ordinary activities for the year is higher than (2021: higher than) the standard rate of corporation tax in the UK of 19 % (2021: 19 %).

	2022	2021
	£	£
Profit/(loss) on ordinary activities before taxation	13,133	( 2,929)
	--------	-------
Profit/(loss) on ordinary activities by rate of tax	2,495	( 557)
Effect of expenses not deductible for tax purposes	453	4,310
Effect of capital allowances and depreciation	657	( 398)
	--------	-------
Tax on profit/(loss)	3,605	3,355
	--------	-------

6. Intangible assets

	Goodwill
	£
Cost
At 1 May 2021 and 30 April 2022	58,357
	--------
Amortisation
At 1 May 2021	23,507
Charge for the year	5,836
	--------
At 30 April 2022	29,343
	--------
Carrying amount
At 30 April 2022	29,014
	--------
At 30 April 2021	34,850
	--------

7. Tangible assets

	Fixtures and fittings	Equipment	Total
	£	£	£
Cost
At 1 May 2021	52,238	2,207	54,445
Additions	3,224	1,638	4,862
	--------	-------	--------
At 30 April 2022	55,462	3,845	59,307
	--------	-------	--------
Depreciation
At 1 May 2021	38,825	1,809	40,634
Charge for the year	8,319	961	9,280
	--------	-------	--------
At 30 April 2022	47,144	2,770	49,914
	--------	-------	--------
Carrying amount
At 30 April 2022	8,318	1,075	9,393
	--------	-------	--------
At 30 April 2021	13,413	398	13,811
	--------	-------	--------

8. Stocks

	2022	2021
	£	£
Raw materials and consumables	12,146	15,147
	--------	--------

9. Debtors

	2022	2021
	£	£
Trade debtors	2,528	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	3,100
Other debtors	9,500	10,148
	--------	--------
	12,028	13,248
	--------	--------

10. Creditors: amounts falling due within one year

	2022	2021
	£	£
Bank loans and overdrafts	3,333	–
Trade creditors	217	20
Amounts owed to group undertakings and undertakings in which the company has a participating interest	1,222	–
Corporation tax	4,261	1,740
Social security and other taxes	6,411	6,751
Other creditors	103,437	105,526
	---------	---------
	118,881	114,037
	---------	---------

11. Creditors: amounts falling due after more than one year

	2022	2021
	£	£
Bank loans and overdrafts	23,611	30,000
	--------	--------

12. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2022	2021
	£	£
Included in provisions	951	1,607
	----	-------

The deferred tax account consists of the tax effect of timing differences in respect of:

	2022	2021
	£	£
Accelerated capital allowances	951	1,607
	----	-------

13. Called up share capital

Issued, called up and fully paid

	2022		2021
	No.	£	No.	£
Ordinary shares of £ 1 each	1,000	1,000	1,000	1,000
	-------	-------	-------	-------

14. Director's advances, credits and guarantees

At 30th April 2022, other creditors include the following amounts due to the director:- Mrs B. Hamula £99,723 (2021 - £101,249) The loans are for an indefinite period, interest free and repayable on demand

15. Related party transactions

Included within creditors is an amount due of £1,222 (2021 - £3,100dr) to LA Birmingham Beauty Ltd, an associated Company, the directors are close family. The loan is interest free and for an indefinite period of time, however it is repayable on demand.