Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Jane Miller 14/06/2024 15/12/2010 Janet Proudfoot Mccabe Miller 14/06/2024 23/04/2004 Jason Miller 23/04/2004 Joshua Miller 23/04/2004 19 July 2024 The principal activity of the company during the financial year was that of hairdressing. SC266841 2023-12-31 SC266841 bus:Director1 2023-12-31 SC266841 bus:Director2 2023-12-31 SC266841 bus:Director3 2023-12-31 SC266841 bus:Director4 2023-12-31 SC266841 2022-12-31 SC266841 core:CurrentFinancialInstruments 2023-12-31 SC266841 core:CurrentFinancialInstruments 2022-12-31 SC266841 core:Non-currentFinancialInstruments 2023-12-31 SC266841 core:Non-currentFinancialInstruments 2022-12-31 SC266841 core:ShareCapital 2023-12-31 SC266841 core:ShareCapital 2022-12-31 SC266841 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC266841 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC266841 core:Goodwill 2022-12-31 SC266841 core:Goodwill 2023-12-31 SC266841 core:LeaseholdImprovements 2022-12-31 SC266841 core:FurnitureFittings 2022-12-31 SC266841 core:OfficeEquipment 2022-12-31 SC266841 core:LeaseholdImprovements 2023-12-31 SC266841 core:FurnitureFittings 2023-12-31 SC266841 core:OfficeEquipment 2023-12-31 SC266841 bus:OrdinaryShareClass1 2023-12-31 SC266841 2023-01-01 2023-12-31 SC266841 bus:FilletedAccounts 2023-01-01 2023-12-31 SC266841 bus:SmallEntities 2023-01-01 2023-12-31 SC266841 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC266841 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC266841 bus:Director1 2023-01-01 2023-12-31 SC266841 bus:Director2 2023-01-01 2023-12-31 SC266841 bus:Director3 2023-01-01 2023-12-31 SC266841 bus:Director4 2023-01-01 2023-12-31 SC266841 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 SC266841 core:Goodwill 2023-01-01 2023-12-31 SC266841 core:LeaseholdImprovements core:BottomRangeValue 2023-01-01 2023-12-31 SC266841 core:LeaseholdImprovements core:TopRangeValue 2023-01-01 2023-12-31 SC266841 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 SC266841 core:OfficeEquipment core:TopRangeValue 2023-01-01 2023-12-31 SC266841 2022-01-01 2022-12-31 SC266841 core:LeaseholdImprovements 2023-01-01 2023-12-31 SC266841 core:FurnitureFittings 2023-01-01 2023-12-31 SC266841 core:OfficeEquipment 2023-01-01 2023-12-31 SC266841 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC266841 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC266841 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC266841 (Scotland)

CHARLIE MILLER SALONS LIMITED

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

CHARLIE MILLER SALONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

CHARLIE MILLER SALONS LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
CHARLIE MILLER SALONS LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Intangible assets 3 0 139
Tangible assets 4 335,399 382,081
335,399 382,220
Current assets
Stocks 68,715 89,409
Debtors 5 62,545 79,177
Cash at bank and in hand 101,653 82,343
232,913 250,929
Creditors: amounts falling due within one year 6 ( 634,804) ( 863,650)
Net current liabilities (401,891) (612,721)
Total assets less current liabilities (66,492) (230,501)
Creditors: amounts falling due after more than one year 7 ( 350) ( 350)
Provision for liabilities ( 42,916) 0
Net liabilities ( 109,758) ( 230,851)
Capital and reserves
Called-up share capital 8 800 800
Profit and loss account ( 110,558 ) ( 231,651 )
Total shareholder's deficit ( 109,758) ( 230,851)

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Charlie Miller Salons Limited (registered number: SC266841) were approved and authorised for issue by the Board of Directors on 19 July 2024. They were signed on its behalf by:

Joshua Miller
Director
CHARLIE MILLER SALONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
CHARLIE MILLER SALONS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Charlie Miller Salons Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is 13 Stafford Street, Edinburgh, Midlothian, EH3 7BR, United Kingdom.

The financial statements have been prepared under the historical cost convention and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors note that the business has net liabilities of £66,492. The Company is supported through loans from the directors and parent company. The directors have confirmed that the loan facilities will continue to be available for at least 12 months from the date of signing these financial statements and the directors and parent company will continue to support the Company. Given the current position, the directors believe that any foreseeable debts can be met for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for hairdressing services net of VAT and trade discounts.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 14 years straight line
Goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 14 years.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 4 - 13.25 years straight line
Fixtures and fittings 8 years straight line
Office equipment 4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 56 62

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 42,000 42,000
At 31 December 2023 42,000 42,000
Accumulated amortisation
At 01 January 2023 41,861 41,861
Charge for the financial year 139 139
At 31 December 2023 42,000 42,000
Net book value
At 31 December 2023 0 0
At 31 December 2022 139 139

4. Tangible assets

Leasehold improve-
ments
Fixtures and fittings Office equipment Total
£ £ £ £
Cost
At 01 January 2023 704,015 201,752 5,546 911,313
Additions 0 5,769 0 5,769
At 31 December 2023 704,015 207,521 5,546 917,082
Accumulated depreciation
At 01 January 2023 431,633 93,070 4,529 529,232
Charge for the financial year 35,209 16,883 359 52,451
At 31 December 2023 466,842 109,953 4,888 581,683
Net book value
At 31 December 2023 237,173 97,568 658 335,399
At 31 December 2022 272,382 108,682 1,017 382,081

5. Debtors

2023 2022
£ £
Trade debtors 198 0
Corporation tax 0 21,412
Other debtors 62,347 57,765
62,545 79,177

6. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 101,043 80,640
Amounts owed to Group undertakings 345,204 501,496
Taxation and social security 67,445 65,040
Other creditors 121,112 216,474
634,804 863,650

7. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 350 350

There are no amounts included above in respect of which any security has been given by the small entity.

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
800 A ordinary shares of £ 1.00 each 800 800

9. Financial commitments

Other financial commitments

2023 2022
£ £
Total commitments under non-cancellable operating leases not provided for in the accounts 1,158,500 1,321,000