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REGISTERED NUMBER: 03451410 (England and Wales)















Unaudited Financial Statements

for the Year Ended

30 November 2023

for

Salon Equipment Centre Limited

Salon Equipment Centre Limited (Registered number: 03451410)

Contents of the Financial Statements
for the Year Ended 30 November 2023










Page

Company Information 1

Chartered Accountants' Report 2

Statement of Financial Position 3

Notes to the Financial Statements 5


Salon Equipment Centre Limited

Company Information
for the Year Ended 30 November 2023







DIRECTORS: Mr T J Wright
Mrs J Wright





REGISTERED OFFICE: 7 Turnpike Close
Bilton Way
Lutterworth
Leicestershire
LE17 4YB





REGISTERED NUMBER: 03451410 (England and Wales)





ACCOUNTANTS: The Rowleys Partnership Ltd
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WP

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Salon Equipment Centre Limited


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Salon Equipment Centre Limited for the year ended 30 November 2023 which comprise the Income Statement, Statement of Financial Position and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Salon Equipment Centre Limited 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 profit of Salon Equipment Centre Limited. You consider that Salon Equipment Centre Limited 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 Salon Equipment Centre 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 financial statements.






The Rowleys Partnership Ltd
Chartered Accountants
Charnwood House
Harcourt Way
Meridian Business Park
Leicester
Leicestershire
LE19 1WP


27 March 2024

Salon Equipment Centre Limited (Registered number: 03451410)

Statement of Financial Position
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 751,138 782,079

CURRENT ASSETS
Stocks 798,931 1,009,500
Debtors 5 212,812 281,719
Cash at bank and in hand 1,113,396 738,672
2,125,139 2,029,891
CREDITORS
Amounts falling due within one year 6 469,012 459,203
NET CURRENT ASSETS 1,656,127 1,570,688
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,407,265

2,352,767

CREDITORS
Amounts falling due after more than
one year

7

(162,725

)

(262,082

)

PROVISIONS FOR LIABILITIES (13,761 ) (13,937 )
NET ASSETS 2,230,779 2,076,748

CAPITAL AND RESERVES
Called up share capital 9 1,000 1,000
Retained earnings 2,229,779 2,075,748
SHAREHOLDERS' FUNDS 2,230,779 2,076,748

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 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 to the company.

Salon Equipment Centre Limited (Registered number: 03451410)

Statement of Financial Position - continued
30 November 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 March 2024 and were signed on its behalf by:




Mr T J Wright - Director



Mrs J Wright - Director


Salon Equipment Centre Limited (Registered number: 03451410)

Notes to the Financial Statements
for the Year Ended 30 November 2023


1. STATUTORY INFORMATION

Salon Equipment Centre Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Sales are recognised at the point of sale.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - at varying rates on cost
Fixtures and fittings - 25% reducing balance
Motor vehicles - 25% reducing balance

Stocks
Stocks are stated 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 stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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 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 statement of financial position date.


Salon Equipment Centre Limited (Registered number: 03451410)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 laws that have been enacted or substantively enacted by the year 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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.

Government grants
Government grants receivable in relation to the job retention scheme are recognised as income over the periods necessary to match them against the related costs which they are intended to compensate, on a systematic basis.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 20 ) .

Salon Equipment Centre Limited (Registered number: 03451410)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Freehold and Motor
property fittings vehicles Totals
£    £    £    £   
COST
At 1 December 2022 912,912 120,289 86,224 1,119,425
Additions - 286 - 286
At 30 November 2023 912,912 120,575 86,224 1,119,711
DEPRECIATION
At 1 December 2022 205,686 101,537 30,123 337,346
Charge for year 12,540 4,661 14,026 31,227
At 30 November 2023 218,226 106,198 44,149 368,573
NET BOOK VALUE
At 30 November 2023 694,686 14,377 42,075 751,138
At 30 November 2022 707,226 18,752 56,101 782,079

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 29,924 67,745
Other debtors 795 795
Directors' current accounts 167,674 200,690
Prepayments 14,419 12,489
212,812 281,719

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 84,366 80,277
Hire purchase contracts 14,990 14,331
Trade creditors 109,486 133,696
Corporation tax 100,133 94,435
Social security and other taxes 7,082 6,324
VAT 123,473 126,567
Other creditors 1,408 1,257
Accruals and deferred income 28,074 2,316
469,012 459,203

Salon Equipment Centre Limited (Registered number: 03451410)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans - 1-2 years 88,555 84,366
Bank loans - 2-5 years 65,336 153,891
Hire purchase contracts 8,834 23,825
162,725 262,082

8. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Bank loans 238,257 318,534
Hire purchase contracts 23,824 38,156
262,081 356,690

The bank loans are secured by a floating charge on the company assets. The hire purchase contracts are secured on the assets the contract relates to.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.11.23 30.11.22
value: £    £   
500 Ordinary £1.00 500 1,000
500 Ordinary A £1.00 500 -
1,000 1,000

During the year 500 Ordinary £1 shares were reclassified as 500 Ordinary A £1 shares. The rights of the shares remained unchanged.

Salon Equipment Centre Limited (Registered number: 03451410)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023


10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

30.11.23 30.11.22
£    £   
Mr T J Wright and Mrs J Wright
Balance outstanding at start of year 200,690 199,949
Amounts advanced 167,674 200,741
Amounts repaid (200,690 ) (200,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 167,674 200,690

The loan is interest free and repayable on demand.