Company registration number SC375953 (Scotland)
LESLEY MCDONALD HAIR AND BEAUTY LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
LESLEY MCDONALD HAIR AND BEAUTY LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
LESLEY MCDONALD HAIR AND BEAUTY LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
5
122,659
1,495
Current assets
Stocks
6
3,160
3,405
Debtors
7
-
0
36,333
Cash at bank and in hand
5,551
15,432
8,711
55,170
Creditors: amounts falling due within one year
8
(17,835)
(14,643)
Net current (liabilities)/assets
(9,124)
40,527
Total assets less current liabilities
113,535
42,022
Creditors: amounts falling due after more than one year
9
(70,605)
-
0
Provisions for liabilities
11
(191)
(284)
Net assets
42,739
41,738
Capital and reserves
Called up share capital
13
100
100
Profit and loss reserves
14
42,639
41,638
Total equity
42,739
41,738

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

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

The director acknowledges her responsibilities for:

(a) ensuring that the company keeps accounting records which comply with Section 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 of the company.

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 of the Companies Act 2006.

These financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

LESLEY MCDONALD HAIR AND BEAUTY LTD
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 17 November 2023
Miss L Snowie
Director
Company Registration No. SC375953
LESLEY MCDONALD HAIR AND BEAUTY LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Lesley Mcdonald Hair And Beauty Ltd is a private company limited by shares incorporated in Scotland. The company's registered number and registered office address can be found on the Company Information page.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared on the going concern basis which assumes that the company will continue in operation for the foreseeable future. The director personally continues to support the company financially for the foreseeable future.

1.2
Turnover

The turnover shown in the profit and loss account represents revenue recognised by the company in respect of hairdressing and beauty therapy services supplied during the period, exclusive of Value Added Tax and any trade discounts if appropriate.

1.3
Tangible fixed assets

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

Freehold land and buildings
Fixtures and fittings
25% reducing balance
Improvements to property
15% straight line
1.4
Stocks

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

1.5
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 tax

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.

LESLEY MCDONALD HAIR AND BEAUTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reserved 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 law that have been enacted or substantively enacted by the period 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.

1.6
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.

1.7
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2
Operating profit
2023
2022
Operating profit for the year is stated after charging:
£
£
Depreciation - owned assets
538
651
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
3
4
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
3,185
6,199
LESLEY MCDONALD HAIR AND BEAUTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
4
Taxation
2023
2022
£
£
(Continued)
- 5 -
Deferred tax
Origination and reversal of timing differences
(93)
(132)
Total tax charge
3,092
6,067

 

5
Tangible fixed assets
Freehold land and buildings
Fixtures and fittings
Improvements to property
Total
£
£
£
£
Cost
At 1 April 2022
-
0
3,090
2,361
5,451
Additions
121,655
-
0
-
0
121,655
At 31 March 2023
121,655
3,090
2,361
127,106
Depreciation and impairment
At 1 April 2022
-
0
2,539
1,417
3,956
Depreciation charged in the year
-
0
137
354
491
At 31 March 2023
-
0
2,676
1,771
4,447
Carrying amount
At 31 March 2023
121,655
414
590
122,659
At 31 March 2022
-
0
551
944
1,495
6
Stocks
2023
2022
£
£
Stocks
3,160
3,405
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
-
0
36,333
LESLEY MCDONALD HAIR AND BEAUTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
10
7,418
-
0
Trade creditors
-
0
665
Corporation tax
3,185
6,199
Other taxation and social security
3,927
4,311
Other creditors
339
-
0
Accruals and deferred income
2,966
3,468
17,835
14,643
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
70,605
-
0
10
Loans and overdrafts
2023
2022
£
£
Bank loans
78,023
-
0
Payable within one year
7,418
-
0
Payable after one year
70,605
-
0

The bank borrowings are secured by a floating charge over 89 Portland Street, Troon.

11
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
12
191
284
12
Deferred taxation
2023
£
Liability at 1 April 2022
284
Credit to profit or loss
(93)
Liability at 31 March 2023
191
LESLEY MCDONALD HAIR AND BEAUTY LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
13
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
14
Profit and loss reserves
2023
2022
£
£
At the beginning of the year
41,638
17,775
Profit for the year
13,001
25,863
Dividends declared and paid in the year
(12,000)
(2,000)
At the end of the year
42,639
41,638
15
Related party Disclosures

During the year £4,000 (2022: £12,000) market value rental costs were paid to the director, L Snowie.

17
Ultimate Controlling Party

The ultimate controlling party is director, Miss L M Snowie who owns 100% of the issued share capital.

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