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

REGISTERED NUMBER: 03078075 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 August 2017

for

Chichester (T) Hairdressing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

J R Benneyworth

A V Weaver

REGISTERED OFFICE:

58-60 Stamford Street

London

SE1 9LX

REGISTERED NUMBER:

03078075 (England and Wales)

ACCOUNTANTS:

Styles & Associates Limited

Berkeley House

Amery Street

Alton

Hampshire

GU34 1HN

FIXED ASSETS

Intangible assets

4

4,573

2,196

Tangible assets

5

1,225

8,421

5,798

10,617

CURRENT ASSETS

Stocks

3,398

4,836

Debtors

6

38,921

35,299

Cash at bank and in hand

4,287

8,205

46,606

48,340

CREDITORS

Amounts falling due within one year

7

56,489

62,722

NET CURRENT LIABILITIES

(9,883

)

(14,382

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(4,085

)

(3,765

)

CAPITAL AND RESERVES

Called up share capital

10

15,000

15,000

Retained earnings

11

(19,085

)

(18,765

)

SHAREHOLDERS' FUNDS

(4,085

)

(3,765

)

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 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 12 January 2018 and were signed on its behalf by:

A V Weaver - Director

1.	STATUTORY INFORMATION

Chichester (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 Chichester (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 Chichester (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 Cost 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 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.

Going concern

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

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 year was 15 .

4.	INTANGIBLE FIXED ASSETS

Franchise

Leasehold

Costs

Cost

Totals

£

£

£

COST

At 1 September 2016

5,490

2,440

7,930

Additions

3,125

-

3,125

At 31 August 2017

8,615

2,440

11,055

AMORTISATION

At 1 September 2016

5,490

244

5,734

Amortisation for year

260

488

748

At 31 August 2017

5,750

732

6,482

NET BOOK VALUE

At 31 August 2017

2,865

1,708

4,573

At 31 August 2016

-

2,196

2,196

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 September 2016

and 31 August 2017

50,412

DEPRECIATION

At 1 September 2016

41,991

Charge for year

7,196

At 31 August 2017

49,187

NET BOOK VALUE

At 31 August 2017

1,225

At 31 August 2016

8,421

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Trade debtors

102

-

Other debtors

38,819

35,299

38,921

35,299

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.17

31.8.16

£

£

Bank loans and overdrafts

8,729

11,809

Trade creditors

35,771

12,541

Taxation and social security

957

13,906

Other creditors

11,032

24,466

56,489

62,722

8.	LEASING AGREEMENTS

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

31.8.17

31.8.16

£

£

Within one year

64,381

64,381

Between one and five years

250,000

250,000

In more than five years

257,500

320,000

571,881

634,381

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.17

31.8.16

£

£

Bank loans

-

4,507

Bank loans are secured by a debenture over the assets of the company and a personal guarantee provided by the

directors' of £75,000.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.17

31.8.16

value:

£

£

7,350

A Ordinary

£1

7,350

7,350

7,650

B Ordinary

£1

7,650

7,650

15,000

15,000

11.

RESERVES

Retained

earnings

£

At 1 September 2016

(18,765

)

Deficit for the year

(320

)

At 31 August 2017

(19,085

)

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

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

31 August 2016:

31.8.17

31.8.16

£

£

J R Benneyworth

Balance outstanding at start of year

350

-

Amounts advanced

-

2,517

Amounts repaid

-

(2,167

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

350

350

A V Weaver

Balance outstanding at start of year

5,524

5,524

Amounts repaid

-

-

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

5,524

5,524

13.	ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.

14.	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