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Registration number: 08097302

Salon Twenty Twelve Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Salon Twenty Twelve Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Balance Sheet

4

Notes to the Unaudited Financial Statements

5 to 9

 

Salon Twenty Twelve Ltd

Company Information

Director

Clare Colford

Registered office

Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

Accountants

Pattinsons Business Services Limited
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

 

Salon Twenty Twelve Ltd

Director's Report for the Year Ended 30 November 2023

The director presents her report and the financial statements for the year ended 30 November 2023.

Director of the company

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

Clare Colford

Principal activity

The principal activity of the company is that of a hair and beauty salon.

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable furture with continued support from the funders. For this reason, the accounts have been prepared on a going concern basis.

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 by the director on 16 July 2024 and signed on its behalf by:

.........................................
Clare Colford
Director

 

Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Salon Twenty Twelve Ltd
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Salon Twenty Twelve Ltd for the year ended 30 November 2023 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.

This report is made solely to the Board of Directors of Salon Twenty Twelve Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Salon Twenty Twelve Ltd and state those matters that we have agreed to state to the Board of Directors of Salon Twenty Twelve Ltd, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Salon Twenty Twelve Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Salon Twenty Twelve Ltd 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 Salon Twenty Twelve Ltd. You consider that Salon Twenty Twelve Ltd 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 accounts of Salon Twenty Twelve Ltd. 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.

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

Pattinsons Business Services Limited
8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

16 July 2024

 

Salon Twenty Twelve Ltd

(Registration number: 08097302)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

1,194

1,418

Current assets

 

Stocks

7

3,897

3,309

Debtors

8

3,210

5,787

Cash at bank and in hand

 

22,686

24,920

 

29,793

34,016

Creditors: Amounts falling due within one year

9

(45,169)

(46,417)

Net current liabilities

 

(15,376)

(12,401)

Net liabilities

 

(14,182)

(10,983)

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

(14,282)

(11,083)

Shareholders' deficit

 

(14,182)

(10,983)

For the financial year ending 30 November 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 year in question in accordance with section 476; and

The director acknowledges her 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.

Approved and authorised by the director on 16 July 2024
 

.........................................
Clare Colford
Director

 

Salon Twenty Twelve Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 8 The Courtyard
Goldsmith Way
Eliot Business Park
Nuneaton
CV10 7RJ

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 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 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.

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;
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.

Government grants

The accrual model is adopted for the recognition of grant income received.

Tax

The tax expense for the period comprises 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.

 

Salon Twenty Twelve Ltd

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

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

Office equipment

3 years straight line

Fixtures and fittings

25% straight line

Plant and machinery

25% straight line

Leasehold property improvement

6 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

6 years straight line

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.

 

Salon Twenty Twelve Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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.

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.

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.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks, other third parties and loans to related parties.

3

Staff numbers

The average number of persons employed by the company during the year, was 3 (2022 - 4).

 

Salon Twenty Twelve Ltd

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

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

699

446

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

8,000

8,000

At 30 November 2023

8,000

8,000

Amortisation

At 1 December 2022

8,000

8,000

At 30 November 2023

8,000

8,000

Carrying amount

At 30 November 2023

-

-

6

Tangible assets

Furniture, fittings and equipment
 £

Plant and machinery
£

Total
£

Cost or valuation

At 1 December 2022

17,182

25,606

42,788

Additions

475

-

475

At 30 November 2023

17,657

25,606

43,263

Depreciation

At 1 December 2022

15,764

25,606

41,370

Charge for the year

699

-

699

At 30 November 2023

16,463

25,606

42,069

Carrying amount

At 30 November 2023

1,194

-

1,194

At 30 November 2022

1,418

-

1,418

 

Salon Twenty Twelve Ltd

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

7

Stocks

2023
£

2022
£

Other inventories

3,897

3,309

8

Debtors

2023
£

2022
£

Prepayments

1,410

1,524

Other debtors

1,800

4,263

3,210

5,787

9

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

853

2,289

Other creditors

 

44,316

44,128

 

45,169

46,417

10

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

11

Government grants

During the period the company received government grants.
The amount of grants recognised in the financial statements was £Nil (2022 - £500).