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Registration number: 07434301

Salon First Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 January 2023

 

Salon First Limited
(Registration number: 07434301)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Salon First Limited
(Registration number: 07434301)

Company Information

Director

Mrs Giselle Anne Kalirai

Registered office

Langley Lime Grove
West Clandon
Surrey
GU4 7UH

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Salon First Limited
(Registration number: 07434301)

Balance Sheet as at 31 January 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

13,108

15,941

Current assets

 

Stocks

5

3,500

7,000

Debtors

6

13,406

35,521

Cash at bank and in hand

 

56,522

49,290

 

73,428

91,811

Creditors: Amounts falling due within one year

7

(78,027)

(117,463)

Net current liabilities

 

(4,599)

(25,652)

Total assets less current liabilities

 

8,509

(9,711)

Creditors: Amounts falling due after more than one year

7

(11,382)

(16,260)

Net liabilities

 

(2,873)

(25,971)

Capital and reserves

 

Called up share capital

1

1

Profit and loss account

(2,874)

(25,972)

Total equity

 

(2,873)

(25,971)

For the financial year ending 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 15 August 2023
 

 

Salon First Limited
(Registration number: 07434301)

Balance Sheet as at 31 January 2023

.........................................
Mrs Giselle Anne Kalirai
Director

 

Salon First Limited
(Registration number: 07434301)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Langley Lime Grove
West Clandon
Surrey
GU4 7UH

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

 

Salon First Limited
(Registration number: 07434301)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

10% / 33% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Salon First Limited
(Registration number: 07434301)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 5).

 

Salon First Limited
(Registration number: 07434301)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 February 2022

26,480

26,480

At 31 January 2023

26,480

26,480

Depreciation

At 1 February 2022

10,539

10,539

Charge for the year

2,833

2,833

At 31 January 2023

13,372

13,372

Carrying amount

At 31 January 2023

13,108

13,108

At 31 January 2022

15,941

15,941

5

Stocks

2023
£

2022
£

Other stocks

3,500

7,000

6

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

-

35,000

Prepayments and accrued income

 

13,406

521

Total current trade and other debtors

 

13,406

35,521

 

Salon First Limited
(Registration number: 07434301)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2023

7

Creditors

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

4,878

4,878

Amounts owed to group undertakings and undertakings in which the company has a participating interest

48,686

90,532

Taxation and social security

 

1,016

819

Other creditors

 

21,368

19,119

Accrued expenses

 

2,079

2,115

 

78,027

117,463

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

11,382

16,260

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

4,878

4,878

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

11,382

16,260

9

Parent and ultimate parent undertaking

The company's immediate parent is GKC Infocus Limited, incorporated in England and Wales.