RGL Salons Ltd 09487774 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is as above Digita Accounts Production Advanced 6.30.9574.0 true true 09487774 2022-04-01 2023-03-31 09487774 2023-03-31 09487774 bus:Director1 1 2023-03-31 09487774 bus:OrdinaryShareClass1 bus:CumulativeShares 2023-03-31 09487774 core:CurrentFinancialInstruments 2023-03-31 09487774 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 09487774 core:Non-currentFinancialInstruments 2023-03-31 09487774 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 09487774 core:FurnitureFittingsToolsEquipment 2023-03-31 09487774 bus:SmallEntities 2022-04-01 2023-03-31 09487774 bus:AuditExemptWithAccountantsReport 2022-04-01 2023-03-31 09487774 bus:FullAccounts 2022-04-01 2023-03-31 09487774 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 09487774 bus:RegisteredOffice 2022-04-01 2023-03-31 09487774 bus:Director1 2022-04-01 2023-03-31 09487774 bus:Director1 1 2022-04-01 2023-03-31 09487774 bus:Director4 2022-04-01 2023-03-31 09487774 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-04-01 2023-03-31 09487774 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 09487774 core:FurnitureFittings 2022-04-01 2023-03-31 09487774 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 09487774 core:EntitiesWithJointControlOrSignificantInfluenceOverReportingEntity 2022-04-01 2023-03-31 09487774 countries:EnglandWales 2022-04-01 2023-03-31 09487774 2022-03-31 09487774 bus:Director1 1 2022-03-31 09487774 core:FurnitureFittingsToolsEquipment 2022-03-31 09487774 2021-04-01 2022-03-31 09487774 2022-03-31 09487774 bus:OrdinaryShareClass1 bus:CumulativeShares 2022-03-31 09487774 core:CurrentFinancialInstruments 2022-03-31 09487774 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 09487774 core:Non-currentFinancialInstruments 2022-03-31 09487774 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 09487774 core:FurnitureFittingsToolsEquipment 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 09487774

RGL Salons Ltd

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

RGL Salons Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

RGL Salons Ltd

Company Information



 

Directors

Mrs Rachael Carol Grace-Leyland

Mr Robert Graham Leyland

Registered office

2 Cheapside
Derby
Derbyshire
DE1 1BR

Accountants

The TAX Partnership (Derby) Limited
2 Cheapside
Derby
Derbyshire
DE1 1BR

 

RGL Salons Ltd

(Registration number: 09487774)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

1,794

2,394

Current assets

 

Stocks

5

900

883

Debtors

6

8,991

15,058

Cash at bank and in hand

 

8,424

17,937

 

18,315

33,878

Creditors: Amounts falling due within one year

7

(10,283)

(9,343)

Net current assets

 

8,032

24,535

Total assets less current liabilities

 

9,826

26,929

Creditors: Amounts falling due after more than one year

7

(8,150)

(11,400)

Provisions for liabilities

(160)

(234)

Net assets

 

1,516

15,295

Capital and reserves

 

Called up share capital

8

10

10

Retained earnings

1,506

15,285

Shareholders' funds

 

1,516

15,295

 

RGL Salons Ltd

(Registration number: 09487774)
Balance Sheet as at 31 March 2023

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

Directors' 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 directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 17 November 2023 and signed on its behalf by:
 

.........................................
Mrs Rachael Carol Grace-Leyland
Director

 

RGL Salons Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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:
2 Cheapside
Derby
Derbyshire
DE1 1BR
England

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.

Going concern

The financial statements have been prepared on a going concern basis.

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

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

RGL Salons Ltd

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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

25% reducing balance method

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.

 

RGL Salons Ltd

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

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.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2022 - 4).

 

RGL Salons Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2022

6,629

6,629

At 31 March 2023

6,629

6,629

Depreciation

At 1 April 2022

4,235

4,235

Charge for the year

600

600

At 31 March 2023

4,835

4,835

Carrying amount

At 31 March 2023

1,794

1,794

At 31 March 2022

2,394

2,394

5

Stocks

2023
£

2022
£

Other inventories

900

883

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

46

367

Amounts owed by related parties

10

429

-

Other debtors

 

8,516

14,691

   

8,991

15,058

 

RGL Salons Ltd

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

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

3,503

3,600

Trade creditors

 

1,679

322

Taxation and social security

 

2,706

3,668

Other creditors

 

2,395

1,753

 

10,283

9,343

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

8,150

11,400

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

10

10

10

10

         

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

8,150

11,400

2023
£

2022
£

Current loans and borrowings

Bank borrowings

3,503

3,600

 

RGL Salons Ltd

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

10

Related party transactions

Transactions with directors

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mrs Rachael Carol Grace-Leyland

Director's loan

5,950

19,950

(26,200)

(300)

         
       

 

Summary of transactions with entities with joint control or significant interest

The company provided a loan to Grace-Leyland Education Limited, a company under common control. The loan is interest free, unsecured and has no fixed repayment date. The amount outstanding as at 31 March 2023 was £7,516.