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Unaudited Financial Statements for the Year Ended 30 April 2020 |
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Gerard Hairdressing Limited |
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Unaudited Financial Statements for the Year Ended 30 April 2020 |
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for |
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Gerard Hairdressing Limited |
Gerard Hairdressing Limited (Registered number: 04712512) |
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Contents of the Financial Statements |
for the Year Ended 30 April 2020 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Gerard Hairdressing Limited |
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Company Information |
for the Year Ended 30 April 2020 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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1 Pinnacle Way |
Pride Park |
Derby |
Derbyshire |
DE24 8ZS |
Gerard Hairdressing Limited (Registered number: 04712512) |
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Balance Sheet |
30 April 2020 |
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2020 | 2019 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
8 |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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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. |
Gerard Hairdressing Limited (Registered number: 04712512) |
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Balance Sheet - continued |
30 April 2020 |
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In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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Gerard Hairdressing Limited (Registered number: 04712512) |
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Notes to the Financial Statements |
for the Year Ended 30 April 2020 |
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1. | STATUTORY INFORMATION |
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Gerard Hairdressing Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Goodwill |
The directors have changed the accounting policy in respect of amortisation of goodwill and are no longer providing for any further amortisation as, in their opinion, the goodwill value presented in the accounts is lower than the residual value. |
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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. |
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Tangible fixed assets |
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Improvements to property | - |
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Fixtures and fittings | - |
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Office equipment | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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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. |
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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. |
Gerard Hairdressing Limited (Registered number: 04712512) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2020 |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
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COST |
At 1 May 2019 |
and 30 April 2020 |
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AMORTISATION |
At 1 May 2019 |
and 30 April 2020 |
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NET BOOK VALUE |
At 30 April 2020 |
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At 30 April 2019 |
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5. | TANGIBLE FIXED ASSETS |
Improvements | Fixtures |
to | and | Office |
property | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 May 2019 |
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Additions |
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At 30 April 2020 |
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DEPRECIATION |
At 1 May 2019 |
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Charge for year |
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At 30 April 2020 |
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NET BOOK VALUE |
At 30 April 2020 |
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At 30 April 2019 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Directors' current accounts | 15,804 | 25,555 |
Prepayments and accrued income |
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Gerard Hairdressing Limited (Registered number: 04712512) |
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Notes to the Financial Statements - continued |
for the Year Ended 30 April 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2020 | 2019 |
£ | £ |
Bank loans and overdrafts |
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Other loans |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 9,144 | 16,795 |
Other creditors |
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Accruals and deferred income |
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8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2020 | 2019 |
£ | £ |
Other loans - 1-2 years |
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9. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2020 | 2019 |
value: | £ | £ |
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Ordinary | £1 | 100 | 100 |
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10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to directors subsisted during the years ended 30 April 2020 and 30 April 2019: |
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2020 | 2019 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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Interest was charged on the overdrawn director's loan account at HM Revenue & Customs official rate of interest during the year being 2.5%. The director's loan account was repaid within nine months of the year end |
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11. | GOING CONCERN |
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The financial statements have been prepared on the going concern basis as the directors believe the company to be a going concern, despite the ongoing COVID-19 pandemic. This is based on swift actions taken by management at the outset of the pandemic and the utilisation of various government support schemes available for business. The COVID-19 pandemic does give rise to some uncertainty however the directors do not believe this to be material or would cast significant doubt over the company's ability to trade as a going concern. |