Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Janet Proudfoot Mccabe Miller 30/06/2024 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. SC252444 2023-12-31 SC252444 bus:Director1 2023-12-31 SC252444 bus:Director2 2023-12-31 SC252444 bus:Director3 2023-12-31 SC252444 2022-12-31 SC252444 core:CurrentFinancialInstruments 2023-12-31 SC252444 core:CurrentFinancialInstruments 2022-12-31 SC252444 core:Non-currentFinancialInstruments 2023-12-31 SC252444 core:Non-currentFinancialInstruments 2022-12-31 SC252444 core:ShareCapital 2023-12-31 SC252444 core:ShareCapital 2022-12-31 SC252444 core:RevaluationReserve 2023-12-31 SC252444 core:RevaluationReserve 2022-12-31 SC252444 core:RetainedEarningsAccumulatedLosses 2023-12-31 SC252444 core:RetainedEarningsAccumulatedLosses 2022-12-31 SC252444 core:Goodwill 2022-12-31 SC252444 core:Goodwill 2023-12-31 SC252444 core:LandBuildings 2022-12-31 SC252444 core:PlantMachinery 2022-12-31 SC252444 core:FurnitureFittings 2022-12-31 SC252444 core:LandBuildings 2023-12-31 SC252444 core:PlantMachinery 2023-12-31 SC252444 core:FurnitureFittings 2023-12-31 SC252444 bus:OrdinaryShareClass1 2023-12-31 SC252444 bus:OrdinaryShareClass2 2023-12-31 SC252444 bus:OrdinaryShareClass3 2023-12-31 SC252444 bus:OrdinaryShareClass4 2023-12-31 SC252444 bus:OrdinaryShareClass5 2023-12-31 SC252444 bus:OtherShareClass1 2023-12-31 SC252444 bus:OtherShareClass2 2023-12-31 SC252444 bus:OtherShareClass3 2023-12-31 SC252444 2023-01-01 2023-12-31 SC252444 bus:FilletedAccounts 2023-01-01 2023-12-31 SC252444 bus:SmallEntities 2023-01-01 2023-12-31 SC252444 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 SC252444 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 SC252444 bus:Director1 2023-01-01 2023-12-31 SC252444 bus:Director2 2023-01-01 2023-12-31 SC252444 bus:Director3 2023-01-01 2023-12-31 SC252444 core:Goodwill core:TopRangeValue 2023-01-01 2023-12-31 SC252444 core:Goodwill 2023-01-01 2023-12-31 SC252444 core:LandBuildings core:TopRangeValue 2023-01-01 2023-12-31 SC252444 core:PlantMachinery core:TopRangeValue 2023-01-01 2023-12-31 SC252444 core:FurnitureFittings core:TopRangeValue 2023-01-01 2023-12-31 SC252444 2022-01-01 2022-12-31 SC252444 core:LandBuildings 2023-01-01 2023-12-31 SC252444 core:PlantMachinery 2023-01-01 2023-12-31 SC252444 core:FurnitureFittings 2023-01-01 2023-12-31 SC252444 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 SC252444 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 SC252444 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 SC252444 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 SC252444 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 SC252444 bus:OrdinaryShareClass2 2022-01-01 2022-12-31 SC252444 bus:OrdinaryShareClass3 2023-01-01 2023-12-31 SC252444 bus:OrdinaryShareClass3 2022-01-01 2022-12-31 SC252444 bus:OrdinaryShareClass4 2023-01-01 2023-12-31 SC252444 bus:OrdinaryShareClass4 2022-01-01 2022-12-31 SC252444 bus:OrdinaryShareClass5 2023-01-01 2023-12-31 SC252444 bus:OrdinaryShareClass5 2022-01-01 2022-12-31 SC252444 bus:OtherShareClass1 2023-01-01 2023-12-31 SC252444 bus:OtherShareClass1 2022-01-01 2022-12-31 SC252444 bus:OtherShareClass2 2023-01-01 2023-12-31 SC252444 bus:OtherShareClass2 2022-01-01 2022-12-31 SC252444 bus:OtherShareClass3 2023-01-01 2023-12-31 SC252444 bus:OtherShareClass3 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC252444 (Scotland)

CHARLIE MILLER HAIRDRESSING LIMITED

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

CHARLIE MILLER HAIRDRESSING LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

CHARLIE MILLER HAIRDRESSING LIMITED

BALANCE SHEET

AS AT 31 DECEMBER 2023
CHARLIE MILLER HAIRDRESSING LIMITED

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Restated - note 2
Fixed assets
Intangible assets 4 49,170 98,340
Tangible assets 5 1,057,017 1,098,089
Investments 6 1,800 1,800
1,107,987 1,198,229
Current assets
Stocks 37,797 56,551
Debtors 7 385,329 559,569
Cash at bank and in hand 52,911 24,423
476,037 640,543
Creditors: amounts falling due within one year 8 ( 626,277) ( 749,322)
Net current liabilities (150,240) (108,779)
Total assets less current liabilities 957,747 1,089,450
Creditors: amounts falling due after more than one year 9 ( 599,150) ( 733,367)
Provision for liabilities ( 101,211) ( 101,859)
Net assets 257,386 254,224
Capital and reserves
Called-up share capital 10 1,000 1,000
Revaluation reserve 245,361 250,826
Profit and loss account 11,025 2,398
Total shareholders' funds 257,386 254,224

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 Hairdressing Limited (registered number: SC252444) 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 HAIRDRESSING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
CHARLIE MILLER HAIRDRESSING 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 Hairdressing 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, modified to include the revaluation of freehold properties at fair value, 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 company is supported through loans from the directors. 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 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.

Group accounts exemption

Group accounts exemption s399
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

Prior year error

The gain on revaluation of freehold properties was not included through other comprehensive income at 31 December 2022. As such a restatement has been made to correct the position.

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 18 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 18 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:

Land and buildings 50 years straight line
Plant and machinery 4 years straight line
Fixtures and fittings 8 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.

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).

Fixed asset investments

Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

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 and deposits held at call with banks.

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 and loans from fellow group companies, are recognised at transaction price.

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.

Equity instruments
Equity instruments issued by the company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2. Prior year adjustment

The gain on revaluation of freehold properties was not included through other comprehensive income at 31 December 2022. As such a restatement has been made to correct the position.

As previously reported Adjustment As restated
Year ended 31 December 2022 £ £ £
Tax relating to components of other comprehensive income 0 83,609 83,609
Tax on profit/(loss) 94,201 (83,609) 10,592
Revaluation reserve (334,435) 83,609 (250,826)
Profit and loss account 81,211 (83,609) (2,398)

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 32 27

4. Intangible assets

Goodwill Total
£ £
Cost
At 01 January 2023 894,000 894,000
At 31 December 2023 894,000 894,000
Accumulated amortisation
At 01 January 2023 795,660 795,660
Charge for the financial year 49,170 49,170
At 31 December 2023 844,830 844,830
Net book value
At 31 December 2023 49,170 49,170
At 31 December 2022 98,340 98,340

5. Tangible assets

Land and buildings Plant and machinery Fixtures and fittings Total
£ £ £ £
Cost
At 01 January 2023 995,000 24,115 230,337 1,249,452
Additions 0 0 2,485 2,485
At 31 December 2023 995,000 24,115 232,822 1,251,937
Accumulated depreciation
At 01 January 2023 4,975 15,692 130,696 151,363
Charge for the financial year 19,900 3,323 20,334 43,557
At 31 December 2023 24,875 19,015 151,030 194,920
Net book value
At 31 December 2023 970,125 5,100 81,792 1,057,017
At 31 December 2022 990,025 8,423 99,641 1,098,089

Revaluation of tangible assets

Freehold and leasehold land and buildings were professionally valued by J & E Shepherd, Chartered Surveyors, an independent valuer, to fair value at 15 August 2022, with subsequent additions at cost. Freehold land and buildings with a carrying amount of £641,155 (2022: £655,590) have been pledged to secure borrowings of the Company. The Company is not allowed to pledge these assets as security for other borrowings or to sell them to another entity.

2023 2022
£ £
Historical cost 721,750 721,750
Accumulated depreciation (80,595) (66,160)
Carrying value 641,155 655,590

6. Fixed asset investments

2023 2022
£ £
Subsidiary undertakings 1,800 1,800

7. Debtors

2023 2022
£ £
Trade debtors 10,342 36,659
Amounts owed by Group undertakings 345,204 501,496
Other debtors 29,783 21,414
385,329 559,569

8. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 134,217 134,090
Trade creditors 35,267 31,957
Taxation and social security 307,264 273,282
Other creditors 149,529 309,993
626,277 749,322

Within bank loans are two loans from Santander, one of which is secured by a fixed charge on the company's freehold property. The second loan is secured by way of floating charge over the company's assets.

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

2023 2022
£ £
Bank loans 599,150 733,367

Within bank loans are two loans from Santander, one of which is secured by a fixed charge on the company's freehold property. The second loan is secured by way of floating charge over the company's assets.

10. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
248 A ordinary shares of £ 1.00 each 248 248
248 B ordinary shares of £ 1.00 each 248 248
250 C ordinary shares of £ 1.00 each 250 250
250 D ordinary shares of £ 1.00 each 250 250
1 E ordinary share of £ 1.00 1 1
1 F ordinary share of £ 1.00 1 1
1 G ordinary share of £ 1.00 1 1
1 H ordinary share of £ 1.00 1 1
1,000 1,000

11. Financial commitments

Commitments

2023 2022
£ £
Total future minimum lease payments under non-cancellable operating lease 5,179 6,659

12. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Amounts owed to key management personnel 22,315 185,099