Turning Heads Hairdressers Ltd - Abbreviated accounts 16.3

REGISTERED NUMBER: 04708213 (England and Wales)

TURNING HEADS HAIRDRESSERS LTD

T/A

JAM HAIRDRESSING

Abbreviated Accounts for the Year Ended 31 March 2016

Page

Abbreviated Balance Sheet

1

to

2

Notes to the Abbreviated Accounts

3

to

4

FIXED ASSETS

Tangible assets

2

13,352

15,215

CURRENT ASSETS

Stocks

5,000

4,500

Debtors

3

11,606

13,540

Cash at bank and in hand

8,592

5,054

25,198

23,094

CREDITORS

Amounts falling due within one year

30,148

24,713

NET CURRENT LIABILITIES

(4,950

)

(1,619

)

TOTAL ASSETS LESS CURRENT LIABILITIES

8,402

13,596

CREDITORS

Amounts falling due after more than one year

(6,340

)

(10,550

)

PROVISIONS FOR LIABILITIES

(2,407

)

(2,667

)

NET (LIABILITIES)/ASSETS

(345

)

379

CAPITAL AND RESERVES

Called up share capital

4

3

3

Profit and loss account

(348

)

376

SHAREHOLDERS' FUNDS

(345

)

379

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2016 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 6 December 2016 and were signed on its behalf by:

Mrs J Polton - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with

the Financial Reporting Standard for Smaller Entities (effective January 2015).

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.

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 the profit and loss account on a straight line basis over

the period of the lease.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 April 2015

and 31 March 2016

42,066

DEPRECIATION

At 1 April 2015

26,851

Charge for year

1,863

At 31 March 2016

28,714

NET BOOK VALUE

At 31 March 2016

13,352

At 31 March 2015

15,215

3.

DEBTORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

The aggregate total of debtors falling due after more than one year is £ 2,057 (2015 - £ 2,057 )

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

£

3

Ordinary

£1

3

3

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2016 and

31 March 2015:

2016

2015

£

£

Mrs M J Arnold

Balance outstanding at start of year

4,980

4,836

Amounts advanced

-

144

Amounts repaid

(843

)

-

Balance outstanding at end of year

4,137

4,980

Mrs J Polton

Balance outstanding at start of year

5,246

4,806

Amounts advanced

-

440

Amounts repaid

(875

)

-

Balance outstanding at end of year

4,371

5,246

No interest is payable on these amounts. Each director has repaid £1,000 by the date of approval of these

accounts.