CHICHESTER_(T)_HAIRDRESSI - Accounts

CHICHESTER (T) HAIRDRESSING LIMITED - Company Information

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Company Registration No. 03078075 (England and Wales)

CHICHESTER (T) HAIRDRESSING LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2016

CHICHESTER (T) HAIRDRESSING LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 5

CHICHESTER (T) HAIRDRESSING LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 AUGUST 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

3,678

Tangible assets

10,617

18,503

10,617

22,181

Current assets

Stocks

4,836

5,544

Debtors

51,573

53,117

Cash at bank and in hand

903

12,611

57,312

71,272

Creditors: amounts falling due within one year

(71,694)

(72,230)

Net current liabilities

(14,382)

(958)

Total assets less current liabilities

(3,765)

21,223

Creditors: amounts falling due after more than one year

(4,007)

(3,765)

17,216

Capital and reserves

Called up share capital

15,000

Profit and loss account

(18,765)

2,216

Shareholders' funds

(3,765)

17,216

CHICHESTER (T) HAIRDRESSING LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 AUGUST 2016

- 2 -

For the financial year ended 31 August 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 18 April 2017

A Weaver

Director

Company Registration No. 03078075

CHICHESTER (T) HAIRDRESSING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 AUGUST 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

The company has taken advantage of the exemption to produce a cash flow statement on the grounds that it is a small company.

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.4

Franchise costs

Franchise costs are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives.

1.5

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over the franchise period.

Land and buildings Leasehold

20%striaght line per annum

Fixtures, fittings & equipment

20% straight line per annum

1.6

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.7

Stock

Stock is valued at the lower of cost and net realisable value and is based on directors' estimate.

1.8

Deferred taxation

Deferred taxation is provided in full in respect of taxation deferred by timing differences between the treatment of certain items for taxation and accounting purposes. The deferred tax balance has not been discounted. A deferred tax asset is recognised when material and future recoverability is anticipated.

CHICHESTER (T) HAIRDRESSING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2016

- 4 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 September 2015

6,500

162,060

168,560

Additions

2,440

Disposals

(1,010)

(111,648)

(112,658)

At 31 August 2016

5,490

52,852

58,342

Depreciation

At 1 September 2015

2,822

143,557

146,379

On disposals

(1,010)

(111,648)

(112,658)

Charge for the year

3,678

10,326

14,004

At 31 August 2016

5,490

42,235

47,725

Net book value

At 31 August 2016

10,617

At 31 August 2015

3,678

18,503

22,181

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £4,507 (2015 - £6,000).

Creditors: amounts falling due after more than one year

The aggregate amount of creditors for which security has been given amounted to £0 (2015 - £4,007).

Share capital

2016

2015

Allotted, called up and fully paid

7,350 Ordinary 'A' Shares of £1 each

7,350

7,650 Ordinary 'B' Shares of £1 each

7,650

15,000

CHICHESTER (T) HAIRDRESSING LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 AUGUST 2016

- 5 -

Related party relationships and transactions

Loans to directors

The following directors had interest free loans during the year. The movement on these loans are as follows:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

A Weaver - Loan

5,524

J Benneyworth - Loan

2,517

2,167

350

5,524

2,517

2,167

5,874

The maximum amount outstanding during the year for A Weaver was £5,524 (2015: £14,203) and J Benneyworth was £2,517 (2015: £nil).