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Registration number: SC480174

Blossom Beauty Salon Ltd

Unaudited Filleted Financial Statements

for the Year Ended 28 February 2023

 

Blossom Beauty Salon Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

Accountants' Report

8

 

Blossom Beauty Salon Ltd

Company Information

Director

Miss Amy Ramage

Registered office

Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

Accountants

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Blossom Beauty Salon Ltd

(Registration number: SC480174)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

10,505

12,243

Current assets

 

Stocks

5

8,422

4,367

Debtors

6

12,330

3,038

Cash at bank and in hand

 

4,798

22,144

 

25,550

29,549

Creditors: Amounts falling due within one year

7

(20,205)

(19,764)

Net current assets

 

5,345

9,785

Total assets less current liabilities

 

15,850

22,028

Creditors: Amounts falling due after more than one year

7

(14,000)

(20,000)

Provisions for liabilities

(1,166)

(1,424)

Net assets

 

684

604

Capital and reserves

 

Called up share capital

100

100

Retained earnings

584

504

Shareholders' funds

 

684

604

For the financial year ending 28 February 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. 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 director on 18 October 2023
 

.........................................
Miss Amy Ramage
Director

 

Blossom Beauty Salon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in Scotland.

2

Accounting policies

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

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.

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.

 

Blossom Beauty Salon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

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

Improvements to property

5% on cost

Plant and machinery

25% on reducing balance

Fixtures and fittings

25% on reducing balance

Computer equipment

33% on cost

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

3

Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 5 (2022 - 3).

 

Blossom Beauty Salon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Improvements to property
£

Fixtures and fittings
£

Plant and machinery
£

Computer equipment
£

Cost or valuation

At 1 March 2022

7,723

7,958

21,380

1,248

Additions

-

-

-

845

At 28 February 2023

7,723

7,958

21,380

2,093

Depreciation

At 1 March 2022

2,972

6,241

15,662

1,191

Charge for the year

386

429

1,430

338

At 28 February 2023

3,358

6,670

17,092

1,529

Carrying amount

At 28 February 2023

4,365

1,288

4,288

564

At 28 February 2022

4,751

1,717

5,718

57

Total
£

Cost or valuation

At 1 March 2022

38,309

Additions

845

At 28 February 2023

39,154

Depreciation

At 1 March 2022

26,066

Charge for the year

2,583

At 28 February 2023

28,649

Carrying amount

At 28 February 2023

10,505

At 28 February 2022

12,243

 

Blossom Beauty Salon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Stocks

2023
£

2022
£

Other inventories

8,422

4,367

6

Debtors

Current

2023
£

2022
£

Other debtors

12,330

3,038

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

6,000

6,000

Trade creditors

 

114

34

Taxation and social security

 

8,124

5,654

Other creditors

 

5,967

8,076

 

20,205

19,764

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

14,000

20,000

 

Blossom Beauty Salon Ltd

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

14,000

20,000

2023
£

2022
£

Current loans and borrowings

Bank borrowings

6,000

6,000

9

Related party transactions

Transactions with directors

Debtors include the following amounts which are owed from individuals who were directors of the company during the year:

2023

At 1 March 2022
£

Advances to director
£

At 28 February 2023
£

Miss Amy Ramage

-

9,331

9,331

       
     

 

2022

At 1 March 2021
£

Repayments by director
£

At 28 February 2022
£

Miss Amy Ramage

7,127

(7,127)

-

       
     

 

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2023
 £

2022
 £

Miss Amy Ramage

-

2,129

 

-

2,129

The maximum balance outstanding during the year amounted to £2,129.

The director's current account is repayable on demand.

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Blossom Beauty Salon Ltd
for the Year Ended 28 February 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Blossom Beauty Salon Ltd for the year ended 28 February 2023 as set out on pages 2 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Blossom Beauty Salon Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Blossom Beauty Salon Ltd and state those matters that we have agreed to state to the Board of Directors of Blossom Beauty Salon Ltd, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Blossom Beauty Salon Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Blossom Beauty Salon Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Blossom Beauty Salon Ltd. You consider that Blossom Beauty Salon Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Blossom Beauty Salon Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Yates & Co CA
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

18 October 2023