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Company registration number: 08722030
Rox Salons Ltd
Unaudited filleted financial statements
28 February 2023
Rox Salons Ltd
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Rox Salons Ltd
Directors and other information
Directors Mr Matthew Dobbs
Company number 08722030
Registered office 75 High Street
Boston
Lincolnshire
PE21 8SX
Business address 63 Fieldfare Croft
Boston
Lincs
PE21 8ED
Accountants Lister & Co
75 High Street
Boston
Lincolnshire
PE21 8SX
Rox Salons Ltd
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Rox Salons Ltd
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 financial statements of Rox Salons Ltd for the year ended 28 February 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Rox Salons 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 financial statements of Rox Salons Ltd and state those matters that we have agreed to state to the board of directors of Rox Salons Ltd as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Rox Salons Ltd and its board of directors as a body for our work or for this report.
It is your duty to ensure that Rox Salons Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Rox Salons Ltd. You consider that Rox Salons 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 financial statements of Rox Salons 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 financial statements.
Lister & Co
ACCA
75 High Street
Boston
Lincolnshire
PE21 8SX
28 November 2023
Rox Salons Ltd
Statement of financial position
28 February 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - 16,000
Tangible assets 6 - 9,924
_______ _______
- 25,924
Current assets
Stocks - 1,845
Debtors 7 27,684 -
Cash at bank and in hand 1,480 70,119
_______ _______
29,164 71,964
Creditors: amounts falling due
within one year 8 ( 39,375) ( 66,097)
_______ _______
Net current (liabilities)/assets ( 10,211) 5,867
_______ _______
Total assets less current liabilities ( 10,211) 31,791
Creditors: amounts falling due
after more than one year 9 ( 50,720) ( 50,000)
Provisions for liabilities - ( 1,417)
_______ _______
Net liabilities ( 60,931) ( 19,626)
_______ _______
Capital and reserves
Called up share capital 10 1 1
Profit and loss account ( 60,932) ( 19,627)
_______ _______
Shareholders deficit ( 60,931) ( 19,626)
_______ _______
For the 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.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 November 2023 , and are signed on behalf of the board by:
Mr Matthew Dobbs
Director
Company registration number: 08722030
Rox Salons Ltd
Notes to the financial statements
Year ended 28 February 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Rox Salons Limited, 75 High Street, Boston, Lincolnshire, PE21 8SX.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on a going concern basis due to the continuing support of the director.
Turnover
Turnover represents the amount receivable for goods sold and services rendered during the year net of value added tax.Revenue is recognised when the significant risks and rewards of ownership have transferred to the buyer and it is probable that associated economic benefits will flow to the company.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
The amortisation rate has been changed to reflect the finite life of goodwill being 10 years based upon the original life of the lease. An adjustment to reflect this change in earlier years has been made in the income statement and statement of financial position.
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Defined contribution plans
The pension costs charged in the financial statements represent the contribution payable by the company during the year. The regular cost of providing retirement pensions and related benefits is charged to the profit and loss account over the employee's service lives based on a percentage of earnings.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 7 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 March 2022 32,000 32,000
Disposals (32,000) (32,000)
_______ _______
At 28 February 2023 - -
_______ _______
Amortisation
At 1 March 2022 16,000 16,000
Disposals ( 16,000) ( 16,000)
_______ _______
At 28 February 2023 - -
_______ _______
Carrying amount
At 28 February 2023 - -
_______ _______
At 28 February 2022 16,000 16,000
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 March 2022 23,771 23,771
Disposals ( 23,771) ( 23,771)
_______ _______
At 28 February 2023 - -
_______ _______
Depreciation
At 1 March 2022 13,847 13,847
Disposals ( 13,847) ( 13,847)
_______ _______
At 28 February 2023 - -
_______ _______
Carrying amount
At 28 February 2023 - -
_______ _______
At 28 February 2022 9,924 9,924
_______ _______
7. Debtors
2023 2022
£ £
Other debtors 27,684 -
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 7,630
Trade creditors 744 -
Social security and other taxes 25,939 43,551
Other creditors 12,692 14,916
_______ _______
39,375 66,097
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 50,720 50,000
_______ _______
10. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares of £ 1.00 each 1 1 1 1
_______ _______ _______ _______
11. Other financial commitments
Total financial commitments under operating leases not included in the balance sheet amount to £1659.