Company Registration No. 04171001 (England and Wales)
HAIR FLAIR LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
HAIR FLAIR LTD
CONTENTS
Page
Balance sheet
2 - 3
Notes to the financial statements
5 - 9
HAIR FLAIR LTD
DIRECTOR'S REPORT
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 1 -
The director presents her annual report and financial statements for the Period ended 31 December 2017.
Principal activities
The principal activity of the company continued to be that of selling hair beauty products.
Director
The director who held office during the Period and up to the date of signature of the financial statements was as follows:
Mrs A V H Malet
Changes in presentation of the financial statements
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mrs A V H Malet
Director
16 August 2018
HAIR FLAIR LTD
BALANCE SHEET
AS AT
31 DECEMBER 2017
31 December 2017
- 2 -
2017
2016
Notes
£
£
£
£
Fixed assets
Intangible assets
4
87,642
74,109
Tangible assets
5
1,992
4,326
Current assets
Stocks
764,023
166,354
Debtors
6
108,722
242,823
Cash at bank and in hand
1,375,339
1,254,669
2,248,084
1,663,846
Creditors: amounts falling due within one year
7
(638,256)
(618,425)
Net current assets
1,609,828
1,045,421
Total assets less current liabilities
1,699,462
1,123,856
Provisions for liabilities
(1,343)
-
Net assets
1,698,119
1,123,856
Capital and reserves
Called up share capital
9
251
251
Profit and loss reserves
1,697,868
1,123,605
Total equity
1,698,119
1,123,856
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial Period ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he member has not required the company to obtain an audit of its financial statements for the Period in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
HAIR FLAIR LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
- 3 -
The financial statements were approved and signed by the director and authorised for issue on 16 August 2018
Mrs A V H Malet
Director
Company Registration No. 04171001
HAIR FLAIR LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 4 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 December 2015
251
443,134
443,385
Period ended 30 November 2016:
Profit and total comprehensive income for the period
-
980,471
980,471
Dividends
3
-
(300,000)
(300,000)
Balance at 30 November 2016
251
1,123,605
1,123,856
Period ended 31 December 2017:
Profit and total comprehensive income for the period
-
874,263
874,263
Dividends
3
-
(300,000)
(300,000)
Balance at 31 December 2017
251
1,697,868
1,698,119
HAIR FLAIR LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 5 -
1
Accounting policies
Company information
Hair Flair Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
c/o AccountsCo, 1 Purley Place, London, United Kingdom, N1 1QA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Reporting period
The company changed the end of its accounting period from 30 November to 31 December. Consequently, these
financial statements are presented for a
thirteen month period.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date
where
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the cost or value of the asset can be measured reliably.
Intangible assets comprise patents and trademarks. In the previous financial statements these assets were amortised on a straight line basis over 20 years. The director has reviewed the estimated useful economic life of these intangible assets and revised the amortisation policy so that they will be fully amortised by 31 December 2025 or the expiry of the patent if this is earlier. The director believes this represents a better reflection of the assets' useful economic life.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
In the previous financial statements tangible fixed assets were depreciated at 25% per year on a reducing balance basis. The director has reviewed this policy and revised the depreciation policy so that assets are depreciated on a straight line basis over 3 years. The director believes this represents a better reflection of the assets useful economic life. In addition, certain assets have been fully depreciated in the year.
HAIR FLAIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 6 -
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks
.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade creditors are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
HAIR FLAIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
- 7 -
Deferred tax
Deferred tax has been recognised for the first time in these financial statements.
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
2
Employees
The average monthly number of persons (including directors) employed by the company during the Period was 3 (2016 - 3).
3
Dividends
2017
2016
£
£
Final paid
300,000
300,000
HAIR FLAIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 8 -
4
Intangible fixed assets
Patents & licences
Trademark
Total
£
£
£
Cost
At 1 December 2016
95,503
23,876
119,379
Additions
26,513
3,073
29,586
At 31 December 2017
122,016
26,949
148,965
Amortisation and impairment
At 1 December 2016
36,216
9,054
45,270
Amortisation charged for the Period
14,289
1,764
16,053
At 31 December 2017
50,505
10,818
61,323
Carrying amount
At 31 December 2017
71,511
16,131
87,642
At 30 November 2016
59,287
14,822
74,109
5
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2016
66,521
Additions
2,353
At 31 December 2017
68,874
Depreciation and impairment
At 1 December 2016
62,195
Depreciation charged in the Period
4,687
At 31 December 2017
66,882
Carrying amount
At 31 December 2017
1,992
At 30 November 2016
4,326
HAIR FLAIR LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2017
- 9 -
6
Debtors
2017
2016
Amounts falling due within one year:
£
£
Trade debtors
93,033
238,922
Other debtors
15,689
3,901
108,722
242,823
7
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
149,817
162,204
Corporation tax
161,895
121,693
Other taxation and social security
12,354
-
Other creditors
314,190
334,528
638,256
618,425
8
Provisions for liabilities
2017
2016
£
£
Deferred tax liabilities
1,343
-
9
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
151 Ordinary of £1 each
151
151
100 A Ordinary of £1 each
100
100
251
251