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REGISTERED NUMBER: SC588366 (Scotland)















Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 March 2023

for

Ferguson's Academy Salon Ltd

Ferguson's Academy Salon Ltd (Registered number: SC588366)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Report of the Directors 2

Income Statement 3

Balance Sheet 4

Notes to the Financial Statements 6


Ferguson's Academy Salon Ltd

Company Information
for the Year Ended 31 March 2023







DIRECTORS: A Ferguson
Miss A Ferguson





SECRETARY:





REGISTERED OFFICE: 191 Station Road
Shotts
North Lanarkshire
ML7 4BA





REGISTERED NUMBER: SC588366 (Scotland)





ACCOUNTANTS: Williams & Company
191 Station Road
Shotts
North Lanarkshire
ML7 4BA

Ferguson's Academy Salon Ltd (Registered number: SC588366)

Report of the Directors
for the Year Ended 31 March 2023

The directors present their report with the financial statements of the company for the year ended 31 March 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a hair salon.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report.

A Ferguson
Miss A Ferguson

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Miss A Ferguson - Director


12 April 2023

Ferguson's Academy Salon Ltd (Registered number: SC588366)

Income Statement
for the Year Ended 31 March 2023

31.3.23 31.3.22
Notes £    £   

TURNOVER 364,773 344,242

Cost of sales 57,203 50,755
GROSS PROFIT 307,570 293,487

Administrative expenses 211,282 216,830
96,288 76,657

Other operating income 7,650 24,765
OPERATING PROFIT 4 103,938 101,422

Interest receivable and similar
income

42

22
103,980 101,444

Interest payable and similar
expenses

238

-
PROFIT BEFORE TAXATION 103,742 101,444

Tax on profit 19,711 19,274
PROFIT FOR THE FINANCIAL YEAR 84,031 82,170

Ferguson's Academy Salon Ltd (Registered number: SC588366)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 7,478 8,797

CURRENT ASSETS
Stocks 7,000 10,000
Cash at bank 130,838 96,688
137,838 106,688
CREDITORS
Amounts falling due within one year 6 37,413 37,878
NET CURRENT ASSETS 100,425 68,810
TOTAL ASSETS LESS CURRENT
LIABILITIES

107,903

77,607

CREDITORS
Amounts falling due after more than
one year

7

(88,278

)

(67,762

)

PROVISIONS FOR LIABILITIES (1,420 ) (1,671 )
NET ASSETS 18,205 8,174

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 18,203 8,172
18,205 8,174

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Ferguson's Academy Salon Ltd (Registered number: SC588366)

Balance Sheet - continued
31 March 2023


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Board of Directors and authorised for issue on 12 April 2023 and were signed on its behalf by:





A Ferguson - Director


Ferguson's Academy Salon Ltd (Registered number: SC588366)

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

1. STATUTORY INFORMATION

Ferguson's Academy Salon Ltd is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

15% Reducing Balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Ferguson's Academy Salon Ltd (Registered number: SC588366)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2022 - 12 ) .

4. OPERATING PROFIT

The operating profit is stated after charging:

31.3.23 31.3.22
£    £   
Depreciation - owned assets 1,319 1,552

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 149,623
DEPRECIATION
At 1 April 2022 140,826
Charge for year 1,319
At 31 March 2023 142,145
NET BOOK VALUE
At 31 March 2023 7,478
At 31 March 2022 8,797

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 4,000 -
Taxation and social security 33,413 37,878
37,413 37,878

Ferguson's Academy Salon Ltd (Registered number: SC588366)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans 12,294 20,000
Other creditors 75,984 47,762
88,278 67,762