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Registration number: 07136792

Edward James Salon & Spa Limited

Annual Report and Unaudited Abridged Financial Statements

for the Period from 1 May 2022 to 31 August 2023

 

Edward James Salon & Spa Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Profit and Loss Account

4

Statement of Comprehensive Income

5

Abridged Balance Sheet

6 to 7

Statement of Changes in Equity

8

Notes to the Unaudited Abridged Financial Statements

9 to 14

 

Edward James Salon & Spa Limited

Company Information

Director

E J Shortall

Registered office

18 Northcote Road
London
SW11 1NX

Accountants

Kishens Limited
Chartered Accountants
13 Montpelier Avenue
Bexley
Kent
DA5 3AP

 

Edward James Salon & Spa Limited

Director's Report for the Period from 1 May 2022 to 31 August 2023

The director presents his report and the abridged financial statements for the period from 1 May 2022 to 31 August 2023.

Director of the company

The director who held office during the period was as follows:

E J Shortall

Principal activity

The principal activity of the company is that of hairdressing and other beauty treatment.

Small companies provision statement

This report has 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.

Approved and authorised by the director on 4 January 2024
 

.........................................
E J Shortall
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Edward James Salon & Spa Limited
for the Period Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Edward James Salon & Spa Limited for the period ended 31 August 2023 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Edward James Salon & Spa Limited, as a body, in accordance with the terms of our engagement letter dated 5 April 2023. Our work has been undertaken solely to prepare for your approval the accounts of Edward James Salon & Spa Limited and state those matters that we have agreed to state to the Board of Directors of Edward James Salon & Spa Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Edward James Salon & Spa Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Edward James Salon & Spa Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Edward James Salon & Spa Limited. You consider that Edward James Salon & Spa Limited is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the accounts of Edward James Salon & Spa Limited. 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.

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

Kishens Limited
Chartered Accountants
13 Montpelier Avenue
Bexley
Kent
DA5 3AP

4 January 2024

 

Edward James Salon & Spa Limited

Abridged Profit and Loss Account for the Period from 1 May 2022 to 31 August 2023

Note

2023
£

2022
£

Gross profit

 

3,313,197

2,512,764

Administrative expenses

 

(3,374,983)

(2,291,229)

Other interest receivable and similar income

 

1,854

-

Interest payable and similar expenses

 

(8,821)

(4,225)

(Loss)/profit before tax

4

(68,753)

217,310

Tax on (loss)/profit

 

51,489

(53,013)

(Loss)/profit for the financial period

 

(17,264)

164,297

The above results were derived from continuing operations.

The company has no recognised gains or losses for the period other than the results above.

 

Edward James Salon & Spa Limited

Statement of Comprehensive Income for the Period from 1 May 2022 to 31 August 2023

2023
£

2022
£

(Loss)/profit for the period

(17,264)

164,297

Total comprehensive income for the period

(17,264)

164,297

 

Edward James Salon & Spa Limited

(Registration number: 07136792)
Abridged Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed Assets

 

Tangible Assets

5

300,553

122,082

Current assets

 

Stocks

6

98,786

41,562

Debtors

130,132

217,167

Cash at bank and in hand

 

79,640

450,058

 

308,558

708,787

Prepayments and accrued income

 

7,950

-

Creditors: Amounts falling due within one year

(300,929)

(368,873)

Net current assets

 

15,579

339,914

Total assets less current liabilities

 

316,132

461,996

Creditors: Amounts falling due after more than one year

(55,000)

(95,000)

Accruals and deferred income

 

(6,100)

(2,200)

Net assets

 

255,032

364,796

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

254,932

364,696

Shareholders' funds

 

255,032

364,796

For the financial period ending 31 August 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 period in question in accordance with section 476; and

The director acknowledges his 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.

 

Edward James Salon & Spa Limited

(Registration number: 07136792)
Abridged Balance Sheet as at 31 August 2023

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 4 January 2024
 

.........................................
E J Shortall
Director

 

Edward James Salon & Spa Limited

Statement of Changes in Equity for the Period from 1 May 2022 to 31 August 2023

Share capital
£

Retained earnings
£

Total
£

At 1 May 2022

100

364,696

364,796

Loss for the period

-

(17,264)

(17,264)

Dividends

-

(92,500)

(92,500)

At 31 August 2023

100

254,932

255,032

Share capital
£

Retained earnings
£

Total
£

At 1 May 2021

100

280,399

280,499

Profit for the period

-

164,297

164,297

Dividends

-

(80,000)

(80,000)

At 30 April 2022

100

364,696

364,796

 

Edward James Salon & Spa Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2022 to 31 August 2023

1

General information

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

The address of its registered office is:
18 Northcote Road
London
SW11 1NX
England

These financial statements were authorised for issue by the director on 4 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged 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 abridged 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.

Going concern

The financial statements have been prepared on a going concern basis.

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 when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods or on completion of the designated services;
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.

 

Edward James Salon & Spa Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2022 to 31 August 2023

Tax

The tax expense for the period comprises current 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.

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.

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

Fittings, fixtures and equipment

25% reducing balance

Leasehold property

20% reducing balance

Plant and machinery

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

Edward James Salon & Spa Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2022 to 31 August 2023

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Edward James Salon & Spa Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2022 to 31 August 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the period, was 60 (2022 - 60).

4

Loss/profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

69,702

63,206

 

Edward James Salon & Spa Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2022 to 31 August 2023

5

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 May 2022

334,888

192,844

48,190

575,922

Additions

500

247,673

-

248,173

At 31 August 2023

335,388

440,517

48,190

824,095

Depreciation

At 1 May 2022

246,630

159,020

48,190

453,840

Charge for the period

22,486

47,216

-

69,702

At 31 August 2023

269,116

206,236

48,190

523,542

Carrying amount

At 31 August 2023

66,272

234,281

-

300,553

At 30 April 2022

88,258

33,824

-

122,082

Included within the net book value of land and buildings above is £66,272 (2022 - £88,258) in respect of long leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Finished goods and goods for resale

98,786

41,562

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Edward James Salon & Spa Limited

Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2022 to 31 August 2023

8

Dividends

   

2023

 

2022

   

£

 

£

Interim dividend of £925.00 (2022 - £800.00) per ordinary share

 

92,500

 

80,000

         

9

Related party transactions

Director's remuneration

The director's remuneration for the period was as follows:

2023
£

2022
£

Remuneration

130,000

91,641

Contributions paid to money purchase schemes

-

1,321

130,000

92,962

10

Parent and ultimate parent undertaking

The ultimate controlling party is the director Mr Edward Shortall.