Company registration number 08089275 (England and Wales)
LEO BANCROFT SALONS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2022
PAGES FOR FILING WITH REGISTRAR
LEO BANCROFT SALONS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
LEO BANCROFT SALONS LTD
BALANCE SHEET
AS AT 29 SEPTEMBER 2022
29 September 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
34,982
34,148
Current assets
Stocks
17,833
22,392
Debtors
5
302,912
332,658
Cash at bank and in hand
228,185
214,897
548,930
569,947
Creditors: amounts falling due within one year
6
(344,661)
(340,993)
Net current assets
204,269
228,954
Net assets
239,251
263,102
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
239,249
263,100
Total equity
239,251
263,102

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

For the financial year ended 29 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The 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 by the board of directors and authorised for issue on 17 October 2023 and are signed on its behalf by:
L Bancroft
Director
Company Registration No. 08089275
LEO BANCROFT SALONS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 SEPTEMBER 2022
- 2 -
1
Accounting policies
Company information

Leo Bancroft Salons Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 116 Oatlands Drive, Weybridge, Surrey, KT13 9HL.

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 amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

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
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and machinery
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

LEO BANCROFT SALONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.5
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 cost and replacement cost, adjusted where applicable for any loss of service potential.

1.6
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.

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.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

LEO BANCROFT SALONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2022
- 4 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2022
2021
Number
Number
Total
33
33
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2021
89,321
Additions
14,048
Disposals
(6,899)
At 29 September 2022
96,470
Depreciation and impairment
At 1 October 2021
55,173
Depreciation charged in the year
11,689
Eliminated in respect of disposals
(5,374)
At 29 September 2022
61,488
Carrying amount
At 29 September 2022
34,982
At 30 September 2021
34,148
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
9,528
16,254
Amounts owed by group undertakings
288,538
307,158
Other debtors
4,846
9,246
302,912
332,658
LEO BANCROFT SALONS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 SEPTEMBER 2022
- 5 -
6
Creditors: amounts falling due within one year
2022
2021
£
£
Bank loans
38,118
47,694
Trade creditors
59,403
70,126
Amounts owed to group undertakings
33,494
33,494
Taxation and social security
136,417
97,957
Other creditors
77,229
91,722
344,661
340,993
7
Called up share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary share of £1 each
2
2
2
2
8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2022
2021
£
£
Operating lease between 2 to 5 years
14,810
14,810
9
Related party transactions

During the year the company paid rent amounting to £48,000 (2021 - £48,000) to Education In Hair Ltd which shares the ultimate controlling party of Leo Bancroft Salons Limited.

 

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