Lloyds Barbers Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09440474 (England and Wales)

Unaudited Financial Statements

for the Period 1 April 2019 to 30 September 2019

for

LLOYDS BARBERS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S O Lloyd

C Lloyd

J S Lloyd

REGISTERED OFFICE:

c/o Brayne, Williams & Barnard Limited

Rosemount House

Rosemount Avenue

West Byfleet

Surrey

KT14 6LB

REGISTERED NUMBER:

09440474 (England and Wales)

ACCOUNTANTS:

Brayne, Williams & Barnard Limited

Rosemount House

Rosemount Avenue

West Byfleet

Surrey

KT14 6LB

FIXED ASSETS

Intangible assets

5

-

23,600

Tangible assets

6

-

-

-

23,600

CURRENT ASSETS

Debtors

7

29,847

16,578

Cash at bank and in hand

6,747

5,940

36,594

22,518

CREDITORS

Amounts falling due within one year

8

23,031

44,880

NET CURRENT ASSETS/(LIABILITIES)

13,563

(22,362

)

TOTAL ASSETS LESS CURRENT LIABILITIES

13,563

1,238

CREDITORS

Amounts falling due after more than one year

9

29,190

-

NET (LIABILITIES)/ASSETS

(15,627

)

1,238

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

(15,727

)

1,138

SHAREHOLDERS' FUNDS

(15,627

)

1,238

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 30 September 2019.

The members have not required the company to obtain an audit of its financial statements for the period ended 30 September 2019 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 financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 13 March 2020 and were signed on its behalf by:

S O Lloyd - Director

1.	STATUTORY INFORMATION

Lloyds Barbers Limited is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address can be found on the Company Information

page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of services, excluding VAT.

Revenue is recognised when services are performed.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2016, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at

cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment

-

33% on cost

Taxation

Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income

and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive

income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all material timing differences that have originated but not

reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured using

tax rates and laws that have been enacted or substantively enacted by the period end and that are

expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable

that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's

pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Debt instruments, other than those wholly repayable within one year, are initially measured at transaction

price including transaction costs and subsequently at amortised cost using the effective interest rate

method.

Going concern

The company made a loss in the period and has net liabilities due to the early termination of its franchise

agreements, which have resulted in one-off early exit fees of £15,000 and impairment charge of £21,975

to write off the balance of the 10 year franchise fees capitalised as an intangible fixed asset. Going forward

the company is expected to trade profitably and the directors are satisfied that the company has

adequate resources to meet its liabilities as they fall due for the foreseeable future.Accordingly, the

accounts have been prepared on the going concern basis.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was NIL (2019 - 6 ).

5.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 30 September 2019

39,000

AMORTISATION

At 1 April 2019

15,400

Amortisation for period

1,625

Impairments

21,975

At 30 September 2019

39,000

NET BOOK VALUE

At 30 September 2019

-

At 31 March 2019

23,600

The balance of the goodwill in relation to the 10 year franchise agreement has been impaired in full

following termination of the franchise agreement.

6.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 April 2019

and 30 September 2019

150

DEPRECIATION

At 1 April 2019

and 30 September 2019

150

NET BOOK VALUE

At 30 September 2019

-

At 31 March 2019

-

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

31.3.19

£

£

Other debtors

29,847

16,578

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.19

31.3.19

£

£

Trade creditors

254

-

Taxation and social security

15,700

18,694

Other creditors

7,077

26,186

23,031

44,880

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.19

31.3.19

£

£

Other creditors

29,190

-

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.19

31.3.19

value:

£

£

100

Ordinary

£1

100

100

11.	FINANCIAL COMMITMENTS

The company had total operating lease commitments of £11,809 (31 March 2019 - £39,531) over the

remaining term of the property leases.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the period ended 30 September 2019

and the year ended 31 March 2019:

30.9.19

31.3.19

£

£

S O Lloyd

Balance outstanding at start of period

6,803

8,302

Amounts advanced

15,409

24,259

Amounts repaid

(9,134

)

(25,758

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

13,078

6,803

C Lloyd

Balance outstanding at start of period

3,846

2,524

Amounts advanced

15,697

27,081

Amounts repaid

(9,134

)

(25,759

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of period

10,409

3,846

Interest is charged on the loans to directors at the HMRC beneficial loans rate. The loans are interest free

and repayable on demand.