Company Registration No. 02565235 (England and Wales)
Headlines (Hair & Beauty Supplies) Limited
Unaudited accounts
for the year ended 31 December 2016
Headlines (Hair & Beauty Supplies) Limited
Unaudited accounts
Contents
Headlines (Hair & Beauty Supplies) Limited
Statement of financial position
as at
31 December 2016
Tangible assets
2,090,262
2,099,175
Inventories
332,924
189,206
Cash at bank and in hand
312,793
428,460
Creditors: amounts falling due within one year
(181,436)
(90,933)
Net current assets
590,777
580,267
Total assets less current liabilities
2,681,039
2,679,442
Provisions for liabilities
Deferred tax
(98,576)
(141,337)
Net assets
2,582,463
2,538,105
Called up share capital
100
100
Profit and loss account
2,582,363
2,538,005
Shareholders' funds
2,582,463
2,538,105
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 3 July 2017.
Mr David Stennett
Director
Company Registration No. 02565235
Headlines (Hair & Beauty Supplies) Limited
Notes to the Accounts
for the year ended 31 December 2016
Headlines (Hair & Beauty Supplies) Limited is a private company, limited by shares, registered in England and Wales, registration number 02565235. The registered office and principal place of business is Unit 4, Space Business Centre, Abbey Road, Park Royal, London, NW10 7SU, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended
31 December 2016 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 January 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note
12 below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Income is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
2% Straight Line Method
Plant & machinery
15% Reducing Balance Method
Motor vehicles
20% Straight Line Method
Fixtures & fittings
10% Straight Line Method
Computer equipment
10% Straight Line Method
Investment properties shall not be subject to periodic charges for depreciation except for properties held on lease, which shall be depreciated at least over the period when the unexpired term is 20 years or less.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Headlines (Hair & Beauty Supplies) Limited
Notes to the Accounts
for the year ended 31 December 2016
Expenditure on research and development is written off in the year in which it is incurred.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
4
Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 January 2016
2,240,944
6,000
13,615
21,289
13,054
2,294,902
Additions
-
-
-
-
4,730
4,730
At 31 December 2016
2,240,944
6,000
13,615
21,289
17,784
2,299,632
At 1 January 2016
142,776
4,996
13,614
21,288
13,053
195,727
Charge for the year
13,019
151
-
-
473
13,643
At 31 December 2016
155,795
5,147
13,614
21,288
13,526
209,370
At 31 December 2016
2,085,149
853
1
1
4,258
2,090,262
At 31 December 2015
2,098,168
1,004
1
1
1
2,099,175
Finished goods
332,924
189,206
Trade debtors
53,520
38,671
Accrued income and prepayments
14,933
14,863
Headlines (Hair & Beauty Supplies) Limited
Notes to the Accounts
for the year ended 31 December 2016
7
Creditors: amounts falling due within one year
2016
2015
Trade creditors
167,624
54,510
Taxes and social security
469
16,560
Other creditors
11,771
12,837
Loans from directors
1,572
7,026
8
Share capital
2016
2015
Allotted, called up and fully paid:
100 Ordinary shares of £1 each
100
100
9
Operating lease commitments
2016
2015
At 31 December 2016 the company has commitments under non-cancellable operating leases as follows:
Operating leases expiring:
Within one year
23,800
23,800
Within two to five years
95,200
95,200
10
Transactions with related parties
The company pays commercial rent on the 35% share of the warehouse premises which is owned by the company's pension fund. Rent payable by the company during the financial year ended 31 December 2016 was £23,800.
11
Average number of employees
During the year the average number of employees was 5 (2015: 5).
12
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 January 2015
31 December 2015
Capital and reserves (as previously stated)
-
1,972,755
Reallocation of revaluation reserve for investment properties
-
565,350
Capital and reserves (as restated)
-
2,538,105