Leaf Hairdressing Limited - Accounts

LEAF HAIRDRESSING LIMITED - Company Information

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	Registered number
	04966812

	Leaf Hairdressing Limited
	Unaudited Accounts
	for the year ended
	31 August 2020

Leaf Hairdressing Limited Balance Sheet as at 31 August 2020
	Notes		2020 £		2019 £
Fixed assets
Tangible assets	3		17,056		17,713
			17,056		17,713

Current assets
Stocks		7,000		7,000
Debtors	4	6,624		3,592
Cash at bank and in hand		33,937		4,020
		47,561		14,612

Creditors: amounts falling due within one year	5	(22,221)		(16,710)

Net current assets / (liabilities)			25,340		(2,098)

Total assets less current liabilities			42,396		15,615

Creditors: amounts falling due after more than one year	6		(25,000)		(306)

Provisions for liabilities	7		(1,849)		(1,881)

Accruals and deferred income			(3,000)		(5,118)

Total net assets (liabilities)			12,547		8,310

Capital and reserves
Called up share capital	8		100		100
Profit and loss account			12,447		8,210
Shareholders' funds			12,547		8,310

These accounts have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

The directors have not delivered a copy of the company's Profit and Loss account as permitted by s444(5A) of the Companies Act 2006.

For the year ending 31 August 2020 the company was entitled to exemption 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

Signed on behalf of the board of directors

...............................

Mrs C Caisley

Director

Approved by the board on 29 January 2021

Company Number: 04966812 (a Private Company Limited by Shares registered in England and Wales)

Registered Office:

200a Heaton Road
Heaton
Newcastle Upon Tyne
NE6 5HP

1.	Accounting policies
	Basis of preparation of financial statements These financial statements have been prepared under the historic cost convention in accordance with the accounting policies set out below and with section 1A of FRS 102, the Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The presentation currency is sterling.

	Going concern basis
	The accounts have been prepared on the assumption that the company is able to carry on business as a going concern for the foreseeable future.

	Revenue recognition
	Revenue is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Tangible fixed assets depreciation policy

Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses. Depreciation is provided, after taking account of any grants receivable, at rates calculated to write off the cost of fixed assets, less the estimated residual value, over their estimated useful lives.

Fixtures & Fittings

20% Reducing Balance

	Stocks
	Stocks are valued at the lower of cost and net realisable value after taking into account costs of completion and sale. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. The amount of any write-down to net realisable value, and all losses of stock, are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down is recognised as a reduction in the amount of stock expensed in the period in which the reversal occurs.

Stocks

Stocks are valued at the lower of cost and net realisable value after taking into account costs of completion and sale. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads. The amount of any write-down to net realisable value, and all losses of stock, are recognised as an expense in the period in which the write-down or loss occurs. The amount of any reversal of any write-down is recognised as a reduction in the amount of stock expensed in the period in which the reversal occurs.

	Deferred taxation
	Taxation represents the sum of tax currently payable and deferred tax. Current tax is calculated using tax rates that have been enacted or substantially enacted at the end of the reporting period. 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 a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of part of the asset to be recovered.

Deferred taxation

Taxation represents the sum of tax currently payable and deferred tax. Current tax is calculated using tax rates that have been enacted or substantially enacted at the end of the reporting period. 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 a right to pay less) tax at a future date, at the tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of part of the asset to be recovered.

	Leases and hire purchase contracts
	Assets obtained under hire purchase contracts are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful economic lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are are included in creditors net of finance charges allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis over the lease term.

Leases and hire purchase contracts

Assets obtained under hire purchase contracts are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful economic lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are are included in creditors net of finance charges allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period. Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis over the lease term.

	Pensions
	The company operates a defined contribution pension scheme, with contributions charged to the profit and loss account for the year in which they are payable to the scheme.

	Government grants
	Government grants relating to tangible fixed assets are credited to the profit and loss account over the useful economic lives of the related assets. Grants relating to other expenditure are credit to the profit and loss account in the period the related expenditure is recognised.

	Financial instruments
	Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares that are measured at fair value. Derivative financial instruments are initially recorded at cost and thereafter at fair value. All changes in fair value are recognised in the profit or loss account in the period in which they occurred.

Employees
	2020	2019
Average number of employees during the period	6	6

Tangible fixed assets
	Fixtures & Fittings	Land & buildings	Total
Cost or valuation	£	£	£
At 1 September 2019	53,939	7,234	61,173
Additions	1,798	0	1,798
At 31 August 2020	55,737	7,234	62,971
Depreciation
At 1 September 2019	43,460	0	43,460
Charge for the period	2,455	0	2,455
At 31 August 2020	45,915	0	45,915
Net book value
At 31 August 2020	9,822	7,234	17,056
At 31 August 2019	10,479	7,234	17,713

Debtors
	2020	2019
	£	£
Trade debtors	4,675	0
Other debtors	1,949	3,592
	6,624	3,592

Creditors: amounts falling due within one year
	2020	2019
	£	£
Bank Loans & Overdrafts	0	1,075
Trade creditors	2,296	3,341
Taxation & social security	18,267	10,663
Other creditors	1,658	1,631
	22,221	16,710

Creditors: amounts falling due after one year
	2020	2019
	£	£
Bank Loans & overdrafts	25,000	306
	25,000	306

Provisions
	2020	2019
	£	£
Deferred tax	1,849	1,881
	1,849	1,881

Share capital
	2020	2019
	£	£
Allotted, called up and fully paid:
100 (2019: 100) Ordinary shares of £1.00 each	100	100

	100	100