Nikki's Hair Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05885577 (England and Wales)

REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2021

FOR

NIKKI'S HAIR LIMITED

Page

Company Information

1

Report of the Director

2

Balance Sheet

3

to

4

Notes to the Financial Statements

5

to

7

DIRECTOR:

Mrs N Campion

SECRETARY:

Mr M Campion

REGISTERED OFFICE:

Britannic House

657 Liverpool Road

Irlam

Manchester

Lancashire

M44 5XD

BUSINESS ADDRESS:

1 Cob Kiln Lane

Urmston

Manchester

Greater Manchester

M41 9JT

REGISTERED NUMBER:

05885577 (England and Wales)

ACCOUNTANTS:

Cadishead Accountancy Services Limited

Britannic House

657 Liverpool Road

Irlam

Manchester

Lancashire

M44 5XD

The director presents her report with the financial statements of the company for the year ended 31 July 2021.

DIRECTOR

Mrs N Campion held office during the whole of the period from 1 August 2020 to the date of this report.

Her beneficial interest in the shares of the company, according to the register of directors' interests, was as follows:

31.7.21

1.8.20

Ordinary shares of £1 each

90

90

She did not hold any non-beneficial interests in the shares of the company.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

Mrs N Campion - Director

4 April 2022

FIXED ASSETS

Tangible assets

4

3,045

4,058

CURRENT ASSETS

Stocks

3,885

6,035

Debtors

5

4,705

523

Cash at bank and in hand

14,860

28,369

23,450

34,927

CREDITORS

Amounts falling due within one year

6

(8,169

)

(14,406

)

NET CURRENT ASSETS

15,281

20,521

TOTAL ASSETS LESS CURRENT LIABILITIES

18,326

24,579

CREDITORS

Amounts falling due after more than one year

7

(14,766

)

(19,333

)

PROVISIONS FOR LIABILITIES

(538

)

(721

)

NET ASSETS

3,022

4,525

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

2,922

4,425

SHAREHOLDERS' FUNDS

3,022

4,525

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 director and authorised for issue on 4 April 2022 and were signed by:

Mrs N Campion - Director

1.	STATUTORY INFORMATION

Nikki's Hair 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Computer equipment

-

25% on reducing balance

Government grants

During the period the company benefited from government grants in the form of the Coronavirus Job Retention Scheme and the Coronavirus Business Rates Support Scheme. In accordance with our accounting policy this credit is included in other income within the Income Statement over the same period as the staff costs for which it compensates.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year 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 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 year 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2020 - 3 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

£

£

£

COST

At 1 August 2020

and 31 July 2021

20,541

258

5,884

26,683

DEPRECIATION

At 1 August 2020

18,195

149

4,281

22,625

Charge for year

586

27

400

1,013

At 31 July 2021

18,781

176

4,681

23,638

NET BOOK VALUE

At 31 July 2021

1,760

82

1,203

3,045

At 31 July 2020

2,346

109

1,603

4,058

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Other debtors

4,705

523

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.7.21

31.7.20

£

£

Bank loans and overdrafts

4,485

667

Taxation and social security

3,684

2,913

Other creditors

-

10,826

8,169

14,406

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.7.21

31.7.20

£

£

Bank loans

14,766

19,333

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.7.21

31.7.20

£

£

Within one year

3,010

14,389

Between one and five years

-

3,010

3,010

17,399

9.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2021 and 31 July 2020:

31.7.21

31.7.20

£

£

Mrs N Campion

Balance outstanding at start of year

-

-

Amounts advanced

14,205

-

Amounts repaid

(9,500

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,705

-

10.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs N Campion.