Registered number
11978896
SALON24 HADLEYWOOD LIMITED
Filleted Accounts
31 May 2023
SALON24 HADLEYWOOD LIMITED
Registered number: 11978896
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 475,561 480,649
Current assets
Debtors 4 1,454 894
Cash at bank and in hand 9,767 5,270
11,221 6,164
Creditors: amounts falling due within one year 5 (304,485) (287,806)
Net current liabilities (293,264) (281,642)
Total assets less current liabilities 182,297 199,007
Creditors: amounts falling due after more than one year 6 (207,322) (230,595)
Provisions for liabilities (3,867) (30)
Net liabilities (28,892) (31,618)
Capital and reserves
Called up share capital 100 100
Profit and loss account (28,992) (31,718)
Shareholders' funds (28,892) (31,618)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Kelly Rose Ballard
Director
Approved by the board on 1 November 2023
SALON24 HADLEYWOOD LIMITED
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Plant and machinery 20% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 12
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 June 2022 455,209 31,850 487,059
At 31 May 2023 455,209 31,850 487,059
Depreciation
At 1 June 2022 - 6,410 6,410
Charge for the year - 5,088 5,088
At 31 May 2023 - 11,498 11,498
Net book value
At 31 May 2023 455,209 20,352 475,561
At 31 May 2022 455,209 25,440 480,649
4 Debtors 2023 2022
£ £
Trade debtors 354 894
Prepayment 1,100 -
1,454 894
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 29,785 29,785
Trade creditors 4,570 2,716
Taxation and social security costs 13,806 14,301
Other creditors 256,324 241,004
304,485 287,806
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 207,322 230,595
7 Related party transactions
Inlcuded in the other creditors is a loan from sister company Norton Gym Ltd for £29,350, which is payable on demand.
8 Other information
SALON24 HADLEYWOOD LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
22 Green Lanes
Hatfield
AL10 9JT
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