Bury (T2) Hairdressing Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 10010518 (England and Wales)

Unaudited Financial Statements

for the Period 17 February 2016 to 31 August 2016

for

Bury (T2) Hairdressing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

D L Clegg

C M Parr

REGISTERED OFFICE:

58-60 Stamford Street

London

SE19LX

REGISTERED NUMBER:

10010518 (England and Wales)

ACCOUNTANTS:

Styles & Associates Limited

Berkeley House

Amery Street

Alton

Hampshire

GU34 1HN

FIXED ASSETS

Intangible assets

4

56,694

Tangible assets

5

46,667

103,361

CURRENT ASSETS

Stocks

1,683

Debtors

6

17,004

Cash at bank and in hand

14,181

32,868

CREDITORS

Amounts falling due within one year

7

78,732

NET CURRENT LIABILITIES

(45,864

)

TOTAL ASSETS LESS CURRENT LIABILITIES

57,497

CREDITORS

Amounts falling due after more than one year

8

80,000

NET LIABILITIES

(22,503

)

CAPITAL AND RESERVES

Called up share capital

10

100

Retained earnings

11

(22,603

)

SHAREHOLDERS' FUNDS

(22,503

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 August 2016.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 August 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

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

The financial statements were approved by the Board of Directors on 11 October 2017 and were signed on its behalf by:

C M Parr - Director

D L Clegg - Director

1.	STATUTORY INFORMATION

Bury (T2) Hairdressing 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Financial Reporting Standard 102 - Reduced Disclosure Exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements,

as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

- the requirements of Section 7 Statement of Cash Flows - Presentation of a Statement of Cash Flow and related

notes and disclosures;

- the requirements of Section 11 'Basic Financial Instruments' & Section 12 'Other Financial Instrument Issues' -

Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis

of determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair value

changes recognised in the profit or loss and in other comprehensive income.

- Section 33 'Related Party Disclosures' - Compensation for key management personnel.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

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 five 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.

Franchise Costs are being amortised evenly over their estimated useful life of five years.

Lease Costs are being amortised evenly over their estimated useful life of five years.

Tangible fixed assets

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

Fixtures and fittings

-

20% on reducing balance

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 period comprises current and deferred tax. Tax is recognised in the Income Statement, 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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Going concern

The company meets its day to day working capital requirements through group funding and Mascolo Limited, the

immediate parent company, who also provide ongoing support for the company in the form of extended supplier

credits. The directors consider that it is appropriate to prepare the financial statements on a going concern basis

as they expect the company to be able to continue to trade within the facilities made available.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 12 .

4.	INTANGIBLE FIXED ASSETS

Franchise

Lease

Goodwill

Costs

Costs

Totals

£

£

£

£

COST

Additions

48,000

11,500

1,244

60,744

At 31 August 2016

48,000

11,500

1,244

60,744

AMORTISATION

Amortisation for period

3,200

767

83

4,050

At 31 August 2016

3,200

767

83

4,050

NET BOOK VALUE

At 31 August 2016

44,800

10,733

1,161

56,694

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

Additions

50,000

At 31 August 2016

50,000

DEPRECIATION

Charge for period

3,333

At 31 August 2016

3,333

NET BOOK VALUE

At 31 August 2016

46,667

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Other debtors

17,004

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

£

Trade creditors

37,793

Taxation and social security

4,870

Other creditors

36,069

78,732

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

£

Other creditors

80,000

9.	LEASING AGREEMENTS

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

£

Within one year

27,500

Between one and five years

110,000

In more than five years

128,700

266,200

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

value:

£

100

Ordinary

£1

100

100 Ordinary shares of £1 were issued during the period for cash of £ 100 .

11.

RESERVES

Retained

earnings

£

Deficit for the period

(22,603

)

At 31 August 2016

(22,603

)

12.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.