Registered number
04297501
Q studio Hair Salons Limited
Filleted Accounts
31 March 2023
Q studio Hair Salons Limited
Registered number: 04297501
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 31,286 35,287
Current assets
Stocks 2,700 2,700
Cash at bank and in hand 4 22,317
2,704 25,017
Creditors: amounts falling due within one year 4 (43,397) (48,033)
Net current liabilities (40,693) (23,016)
Total assets less current liabilities (9,407) 12,271
Creditors: amounts falling due after more than one year 5 (35,417) (40,417)
Net liabilities (44,824) (28,146)
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account (45,824) (29,146)
Shareholder's funds (44,824) (28,146)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Mr N R Davies
Director
Approved by the board on 30 August 2023
Q studio Hair Salons Limited
Notes to the Accounts
for the year ended 31 March 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
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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 15 16
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 35,436 32,106 32,822 100,364
Additions - 4,158 2,199 6,357
At 31 March 2023 35,436 36,264 35,021 106,721
Depreciation
At 1 April 2022 24,808 29,494 10,775 65,077
Charge for the year 3,544 1,302 5,512 10,358
At 31 March 2023 28,352 30,796 16,287 75,435
Net book value
At 31 March 2023 7,084 5,468 18,734 31,286
At 31 March 2022 10,628 2,612 22,047 35,287
4 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 14,967 5,000
Trade creditors 5,487 10,779
Taxation and social security costs 5,811 11,112
Other creditors 17,132 21,142
43,397 48,033
5 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 35,417 40,417
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr N R Davies
Loan Account (1,161) 63,873 (63,280) (568)
(1,161) 63,873 (63,280) (568)
7 Controlling party
Mr N R Davies, by virtue of his share holding and as sole director, has ultimate control of the Company.
9 Illegal Dividend
At the time of the drawdown the Directors were not aware that there were insufficient funds within the Company. The Directors acknowledge that in certain circumstances these may become partly, or wholly repayable.
10 Going Concern
The Company relies on the support of it's creditors to continue operating. It is the opinion of the Directors that this support will continue and therefore the accounts have been prepared on a going concern basis.
8 Other information
Q studio Hair Salons Limited is a private company limited by shares and incorporated in England. Its registered office is:
95 High Street
Blackwood
Gwent
NP12 1PN
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