Registered number
07008763
Rachel's Salon Ltd
Filleted Accounts
30 September 2022
Rachel's Salon Ltd
Registered number: 07008763
Balance Sheet
as at 30 September 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 5,731 5,273
Current assets
Stocks 30,000 20,000
Debtors 4 11,471 8,771
Cash at bank and in hand 15,853 7,937
57,324 36,708
Creditors: amounts falling due within one year 5 (59,863) (43,367)
Net current liabilities (2,539) (6,659)
Net assets/(liabilities) 3,192 (1,386)
Capital and reserves
Called up share capital 1 1
Profit and loss account 3,191 (1,387)
Shareholder's funds 3,192 (1,386)
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.
R Wolf
Director
Approved by the board on 22 December 2023
Rachel's Salon Ltd
Notes to the Accounts
for the year ended 30 September 2022
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.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 October 2021 11,943
Additions 1,469
At 30 September 2022 13,412
Depreciation
At 1 October 2021 6,670
Charge for the year 1,011
At 30 September 2022 7,681
Net book value
At 30 September 2022 5,731
At 30 September 2021 5,273
4 Debtors 2022 2021
£ £
Other debtors 11,471 8,771
5 Creditors: amounts falling due within one year 2022 2021
£ £
Taxation and social security costs 135 135
Other creditors 59,728 43,232
59,863 43,367
6 Other information
Rachel's Salon Ltd is a private company limited by shares and incorporated in England. Its registered office is:
63 Stanley Road,
Salford
Manchester
M7 4GT
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