Company Registration No. 04171001 (England and Wales)
Hair Flair Limited
Unaudited accounts
for the year ended 31 December 2020
Hair Flair Limited
Unaudited accounts
Contents
Hair Flair Limited
Company Information
for the year ended 31 December 2020
Director
Mrs Alexandra Victoria Henrietta Malet
Company Number
04171001 (England and Wales)
Registered Office
c/o AccuntsCo
1 Purley Place
London
N1 1QA
Accountants
AccountsCo
1 Purley Place
London
N1 1QA
Hair Flair Limited
Statement of financial position
as at
31 December 2020
Intangible assets
69,350
83,896
Tangible assets
6,449
6,478
Inventories
195,552
338,798
Cash at bank and in hand
439,567
744,359
Creditors: amounts falling due within one year
(126,990)
(168,854)
Net current assets
973,409
1,250,028
Total assets less current liabilities
1,049,208
1,340,402
Provisions for liabilities
Net assets
1,048,337
1,339,808
Called up share capital
251
251
Profit and loss account
1,048,086
1,339,557
Shareholders' funds
1,048,337
1,339,808
For the year ending 31 December 2020 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 her 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.
The financial statements were approved by the Board and authorised for issue on 25 August 2021 and were signed on its behalf by
Mrs Alexandra Victoria Henrietta Malet
Director
Company Registration No. 04171001
Hair Flair Limited
Notes to the Accounts
for the year ended 31 December 2020
Hair Flair Limited is a private company, limited by shares, registered in England and Wales, registration number 04171001. The registered office is c/o AccuntsCo, 1 Purley Place, London, N1 1QA.
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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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
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: 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
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.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.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
Hair Flair Limited
Notes to the Accounts
for the year ended 31 December 2020
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.
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 ssets 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.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
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.
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Intangible fixed assets
Other
At 1 January 2020
233,024
At 31 December 2020
248,303
At 1 January 2020
149,128
Charge for the year
29,825
At 31 December 2020
178,953
At 31 December 2020
69,350
At 31 December 2019
83,896
Hair Flair Limited
Notes to the Accounts
for the year ended 31 December 2020
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Tangible fixed assets
Computer equipment
Cost or valuation
At cost
At 31 December 2020
14,050
Charge for the year
3,703
At 31 December 2020
7,601
At 31 December 2020
6,449
At 31 December 2019
6,478
Raw materials
195,552
338,798
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Debtors: amounts falling due within one year
2020
2019
Trade debtors
337,365
220,075
Other debtors
127,915
115,650
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Creditors: amounts falling due within one year
2020
2019
Trade creditors
177,445
139,755
Taxes and social security
(56,876)
13,675
Other creditors
6,421
15,424
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Deferred taxation
2020
2019
Accelerated capital allowances
871
594
Provision at start of year
594
2,118
Charged/(credited) to the profit and loss account
277
(1,524)
Provision at end of year
871
594
Hair Flair Limited
Notes to the Accounts
for the year ended 31 December 2020
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Share capital
2020
2019
Allotted, called up and fully paid:
151 Ordinary of £1 each
151
151
100 A Ordinary of £1 each
100
100
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Average number of employees
During the year the average number of employees was 7 (2019: 7).