Company Registration No. 09070574 (England and Wales)
BEEVER HAIRCARE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
PAGES FOR FILING WITH REGISTRAR
BEEVER HAIRCARE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
BEEVER HAIRCARE LIMITED
BALANCE SHEET
AS AT
31 JULY 2017
31 July 2017
1
2017
2016
as restated
Notes
£
£
£
£
Current assets
Stocks
46,393
9,400
Debtors
3
42,970
14,872
Cash at bank and in hand
585
2,789
89,948
27,061
Creditors: amounts falling due within one year
4
(89,121)
(37,723)
Net current assets/(liabilities)
827
(10,662)
Capital and reserves
Called up share capital
5
100
100
Profit and loss reserves
727
(10,762)
Total equity
827
(10,662)

The director of the company has elected not to include a copy of the profit and loss account within the financial statements. true

For the financial year ended 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 .

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

The financial statements were approved and signed by the director and authorised for issue on 30 April 2018
Mr S C Beever
Director
Company Registration No. 09070574
BEEVER HAIRCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
2
1
Accounting policies
Company information

Beever Haircare Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4A Josephs Well, Hanover Walk, Leeds, LS3 1AB.

 

The principal activity of the company continued to be that of the sale and development of hair products.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling , which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 July 2017 are the first financial statements of Beever Haircare Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 August 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

1.3
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

BEEVER HAIRCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
1
Accounting policies
(Continued)
3
1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future paymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

BEEVER HAIRCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
1
Accounting policies
(Continued)
4
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was 4 (2016 - 3).

3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
42,970
14,872
4
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
20,891
11,495
Corporation tax
690
623
Other taxation and social security
1,003
6,040
Other creditors
66,537
19,565
89,121
37,723
BEEVER HAIRCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
5
5
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
100 Ordinary shares of £1 each
100
100
100
100
6
Related party transactions

The following amounts were outstanding at the reporting end date, the amounts were interest free and repayable upon demand:

2017
2016
Amounts owed to related parties
£
£
Key management personnel
32,001
2,198
Other related parties
28,283
8,717

The following amounts were outstanding at the reporting end date, the amounts were interest free and repayable upon demand:

2017
Balance
Amounts owed by related parties
£
Other related parties
37,493
2016
Balance
Amounts owed in previous period
£
Other related parties
6,872
BEEVER HAIRCARE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
6
7
Prior period adjustment

Accounts to 31/07/16 were prepared based on initial information provided in the company's accountancy software which included information up to 30/06/16. As a result the financial information for the month of July 2016 was not included within the prior year's accounts, hence these accounts have been restated.

Changes to the balance sheet
At 31 July 2016
As previously reported
Adjustment
As restated
£
£
£
Current assets
Bank and cash
381
2,408
2,789
Creditors due within one year
Loans and overdrafts
(2,198)
(7,650)
(9,848)
Taxation
(4,569)
(2,094)
(6,663)
Other creditors
(15,894)
(5,318)
(21,212)
Net assets
1,992
(12,654)
(10,662)
Capital and reserves
Profit and loss
1,892
(12,654)
(10,762)
Changes to the profit and loss account
Period ended 31 July 2016
As previously reported
Adjustment
As restated
£
£
£
Turnover
42,763
5,593
48,356
Cost of sales
(26,195)
(8,923)
(35,118)
Administrative expenses
(49,053)
(9,324)
(58,377)
Profit/(loss) for the financial period
1,892
(12,654)
(10,762)
2017-07-31 2016-08-01 false CCH Software CCH Accounts Production 2018.100 No description of principal activity 30 April 2018 Mr S C Beever Mr P M Hammond 09070574 2016-08-01 2017-07-31 09070574 2017-07-31 09070574 2016-07-31 09070574 core:CurrentFinancialInstruments 2017-07-31 09070574 core:CurrentFinancialInstruments 2016-07-31 09070574 core:ShareCapital 2017-07-31 09070574 core:ShareCapital 2016-07-31 09070574 core:RetainedEarningsAccumulatedLosses 2017-07-31 09070574 core:RetainedEarningsAccumulatedLosses 2016-07-31 09070574 core:ShareCapitalOrdinaryShares 2017-07-31 09070574 core:ShareCapitalOrdinaryShares 2016-07-31 09070574 bus:Director1 2016-08-01 2017-07-31 09070574 bus:OrdinaryShareClass1 2016-08-01 2017-07-31 09070574 bus:OrdinaryShareClass1 2017-07-31 09070574 bus:PrivateLimitedCompanyLtd 2016-08-01 2017-07-31 09070574 bus:FRS102 2016-08-01 2017-07-31 09070574 bus:AuditExemptWithAccountantsReport 2016-08-01 2017-07-31 09070574 bus:SmallCompaniesRegimeForAccounts 2016-08-01 2017-07-31 09070574 bus:CompanySecretary1 2016-08-01 2017-07-31 09070574 bus:FullAccounts 2016-08-01 2017-07-31 xbrli:pure xbrli:shares iso4217:GBP