Shrewsbury (T) Hairdressing Limited - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 03468525 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2017

for

Shrewsbury (T) Hairdressing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

G M Pulham

REGISTERED OFFICE:

Innovia House Marish Wharf

St Marys Road

Middlegreen

Slough

SL3 6DA

REGISTERED NUMBER:

03468525 (England and Wales)

ACCOUNTANTS:

Styles & Associates Limited

Berkeley House

Amery Street

Alton

Hampshire

GU34 1HN

FIXED ASSETS

Intangible assets

4

5,068

7,096

Tangible assets

5

7,628

9,329

12,696

16,425

CURRENT ASSETS

Stocks

3,936

3,744

Debtors

6

117,240

118,557

Cash at bank and in hand

8,570

9,278

129,746

131,579

CREDITORS

Amounts falling due within one year

7

100,976

102,134

NET CURRENT ASSETS

28,770

29,445

TOTAL ASSETS LESS CURRENT LIABILITIES

41,466

45,870

CREDITORS

Amounts falling due after more than one year

8

(6,000

)

(12,000

)

PROVISIONS FOR LIABILITIES

(184

)

-

NET ASSETS

35,282

33,870

CAPITAL AND RESERVES

Called up share capital

11

15,200

15,200

Other reserves

12

4,800

4,800

Retained earnings

12

15,282

13,870

SHAREHOLDERS' FUNDS

35,282

33,870

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2017 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director on 27 December 2017 and were signed by:

G M Pulham - Director

1.	STATUTORY INFORMATION

Shrewsbury (T) 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.

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.

First time adoption of FRS 102

These financial statements are the first financial statements of Shrewsbury (T) Hairdressing Limited prepared in

accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and

Republic of Ireland' (FRS 102). The financial statements of Shrewsbury (T) Hairdressing Limited for the year

ended 31 August 2016 were prepared in accordance with previous UK GAAP.

Some of the FRS 102 recognition, measurement, presentation and disclosure requirements and accounting policy

choices differ from previous UK GAAP. Consequently, the directors have amended certain accounting policies

to comply with FRS 102. The directors have also taken advantage of certain exemptions from the requirements

of FRS 102 permitted by FRS 102 Chapter 35 'Transition to this FRS'.

Monetary amounts in these financial statements are rounded to the nearest whole £1, except where otherwise

indicated.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

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.

Leasehold 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.

Short leasehold

-

20% on cost

Fixtures and fittings

-

20% on cost

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 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 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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 .

4.	INTANGIBLE FIXED ASSETS

Franchise

Leasehold

Costs

Costs

Totals

£

£

£

COST

At 1 September 2016

and 31 August 2017

8,348

1,788

10,136

AMORTISATION

At 1 September 2016

2,504

536

3,040

Amortisation for year

1,670

358

2,028

At 31 August 2017

4,174

894

5,068

NET BOOK VALUE

At 31 August 2017

4,174

894

5,068

At 31 August 2016

5,844

1,252

7,096

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

and

leasehold

fittings

Totals

£

£

£

COST

At 1 September 2016

55,412

69,989

125,401

Additions

-

1,522

1,522

At 31 August 2017

55,412

71,511

126,923

DEPRECIATION

At 1 September 2016

55,412

60,660

116,072

Charge for year

-

3,223

3,223

At 31 August 2017

55,412

63,883

119,295

NET BOOK VALUE

At 31 August 2017

-

7,628

7,628

At 31 August 2016

-

9,329

9,329

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade debtors

5,781

-

Other debtors

111,459

118,557

117,240

118,557

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Bank loans and overdrafts

6,000

13,996

Trade creditors

31,644

26,757

Taxation and social security

16,992

19,517

Other creditors

46,340

41,864

100,976

102,134

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.17

31.8.16

£

£

Bank loans

6,000

12,000

9.	LEASING AGREEMENTS

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

31.8.17

31.8.16

£

£

Within one year

25,508

24,258

Between one and five years

90,000

90,000

In more than five years

168,750

191,250

284,258

305,508

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.17

31.8.16

£

£

Bank overdraft

-

7,996

Bank loans

12,000

18,000

12,000

25,996

G M Pulham, director and shareholder, has provided the bank with a limited personal guarantee, secured on a life

policy.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.17

31.8.16

value:

£

£

NIL

"A" Ordinary

£1

-

5,200

NIL

"B" Ordinary

£1

-

10,000

15,200

Ordinary

£1

15,200

-

15,200

15,200

12.

RESERVES

Retained

Other

earnings

reserves

Totals

£

£

£

At 1 September 2016

13,870

4,800

18,670

Profit for the year

9,012

9,012

Dividends

(7,600

)

(7,600

)

At 31 August 2017

15,282

4,800

20,082

13.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 August 2017 and

31 August 2016:

31.8.17

31.8.16

£

£

G M Pulham

Balance outstanding at start of year

72,209

72,209

Amounts advanced

722

-

Amounts repaid

(5,000

)

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

67,931

72,209

14.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party is G M Pulham.

15.	FIRST YEAR ADOPTION

The company transitioned to FRS 102 from previously extant UK GAAP as at 1 September 2016.

There has been no impact on the equity of the company or the profit previously reported as a result of the

transition.