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REGISTERED NUMBER: SC367809 (Scotland)















Financial Statements For The Year Ended 31 October 2023

for

Salon Alternatives Ltd.

Salon Alternatives Ltd. (Registered number: SC367809)






Contents of the Financial Statements
For The Year Ended 31 October 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Salon Alternatives Ltd.

Company Information
For The Year Ended 31 October 2023







DIRECTORS: M J Connolly
S MacDonough
J Coubrough





SECRETARY: M J Connolly





REGISTERED OFFICE: 73 Lochhead Avenue
Lochwinnoch
Renfrewshire
PA12 4AW





REGISTERED NUMBER: SC367809 (Scotland)





ACCOUNTANTS: Robb Ferguson Chartered Accountants
Regent Court
70 West Regent Street
Glasgow
G2 2QZ

Salon Alternatives Ltd. (Registered number: SC367809)

Abridged Statement of Financial Position
31 October 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 94,757 94,029
Investments 5 70 70
94,827 94,099

CURRENT ASSETS
Stocks 841,688 903,658
Debtors 234,864 141,381
Cash at bank and in hand 101,198 181,908
1,177,750 1,226,947
CREDITORS
Amounts falling due within one year 714,087 778,915
NET CURRENT ASSETS 463,663 448,032
TOTAL ASSETS LESS CURRENT
LIABILITIES

558,490

542,131

CREDITORS
Amounts falling due after more than one
year

(35,768

)

(25,833

)

PROVISIONS FOR LIABILITIES (17,283 ) (14,999 )
NET ASSETS 505,439 501,299

CAPITAL AND RESERVES
Called up share capital 190 190
Share premium 149,943 149,943
Retained earnings 355,306 351,166
SHAREHOLDERS' FUNDS 505,439 501,299

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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 Alternatives Ltd. (Registered number: SC367809)

Abridged Statement of Financial Position - continued
31 October 2023


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

All the members have consented to the preparation of an abridged Statement of Comprehensive Income and an abridged Statement of Financial Position for the year ended 31 October 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 29 July 2024 and were signed on its behalf by:





M J Connolly - Director


Salon Alternatives Ltd. (Registered number: SC367809)

Notes to the Financial Statements
For The Year Ended 31 October 2023

1. STATUTORY INFORMATION

Salon Alternatives Ltd. is a private company, limited by shares , registered in Scotland. 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 stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the value of the consideration due. Where payments are received from customers in advance of services provided, the amounts are recorded as Deferred Income and included as part of Creditors due within one year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 20% on cost
Computer equpiment - 33.33% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.


Salon Alternatives Ltd. (Registered number: SC367809)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 33 (2022 - 33 ) .

Salon Alternatives Ltd. (Registered number: SC367809)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2023

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 November 2022 228,334
Additions 30,694
Disposals (17,280 )
At 31 October 2023 241,748
DEPRECIATION
At 1 November 2022 134,305
Charge for year 28,156
Eliminated on disposal (15,470 )
At 31 October 2023 146,991
NET BOOK VALUE
At 31 October 2023 94,757
At 31 October 2022 94,029


5. FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:
Totals
£   
COST
At 1 November 2022
and 31 October 2023 70
NET BOOK VALUE
At 31 October 2023 70
At 31 October 2022 70

The company's investments at the Statement of Financial Position date in the share capital of companies include the following:

Hair & Beauty World (Dunfermline) Ltd
Registered office: 73 Lochhead Avenue, Lochwinnoch, PA12 4AW
Nature of business: Wholesale trade
%
Class of shares: holding
Ordinary 78.00

Salon Alternatives Ltd. (Registered number: SC367809)

Notes to the Financial Statements - continued
For The Year Ended 31 October 2023

6. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2023 2022
£    £   
Within one year 81,000 85,332
Between one and five years 100,000 181,000
In more than five years 221,920 273,420
402,920 539,752

7. RELATED PARTY DISCLOSURES

The amount due to Hair & Beauty World Ltd, a company under common ownership, is £140,422 (2022 - £111,810).

The amount due to Hair & Beauty World (Dunfermline) Ltd, a related company, is £158,848 (2022 - £146,277).