Registered number
06279090
Roma Hair Salon Limited
Filleted Accounts
30 June 2023
Roma Hair Salon Limited
Registered number: 06279090
Balance Sheet
as at 30 June 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 17,855 18,108
Current assets
Stocks 4,700 4,700
Debtors 5 12,347 13,736
Cash at bank and in hand 42,656 44,960
59,703 63,396
Creditors: amounts falling due within one year 6 (42,478) (40,491)
Net current assets 17,225 22,905
Total assets less current liabilities 35,080 41,013
Creditors: amounts falling due after more than one year 7 (35,066) (40,053)
Net assets 14 960
Capital and reserves
Called up share capital 1 1
Profit and loss account 13 959
Shareholder's funds 14 960
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.
Mr R Peirce
Director
Approved by the board on 3 April 2024
Roma Hair Salon Limited
Notes to the Accounts
for the year ended 30 June 2023
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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Fixtures, fittings and equipment 20% reducing balance
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.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 5
3 Intangible fixed assets £
Goodwill:
Cost
At 1 July 2022 37,657
At 30 June 2023 37,657
Amortisation
At 1 July 2022 37,657
At 30 June 2023 37,657
Net book value
At 30 June 2023 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 July 2022 16,841 28,232 45,073
At 30 June 2023 16,841 28,232 45,073
Depreciation
At 1 July 2022 - 26,965 26,965
Charge for the year - 253 253
At 30 June 2023 - 27,218 27,218
Net book value
At 30 June 2023 16,841 1,014 17,855
At 30 June 2022 16,841 1,267 18,108
5 Debtors 2023 2022
£ £
Other debtors 12,347 13,736
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 4,415 5,043
Trade creditors 8,406 10,312
Corporation tax 17,729 16,099
Other taxes and social security costs 11,928 9,037
42,478 40,491
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 35,066 40,053
8 Controlling party
The ultimate controlling party is Mr R Peirce who owns the whole of the share capital.
9 Other information
Roma Hair Salon Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Bank Chambers
223 Union Street
Brunswick Square
Torquay, Devon
TQ1 4UT
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