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Shear Class Salon Limited
Registered Number:05963589
For the year ended 31 October 2023
England and Wales
Unaudited Financial Statements
2
For the year ended 31 October 2023
Shear Class Salon Limited
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
3
Registered Number :
05963589
As at 31 October 2023
Shear Class Salon Limited
Statement of Financial Position
£
£
2022
2023
Notes
Fixed assets
Property, plant and equipment
14,030
15,183
3
14,030
15,183
Current assets
Inventories
750
750
4
Trade and other receivables
19,347
14,946
5
5,106
Cash and cash equivalents
1,069
16,765
25,203
Trade and other payables: amounts falling due within one year
(16,280)
(12,600)
6
8,923
4,165
Net current assets
Total assets less current liabilities
18,195
24,106
Trade and other payables: amounts falling due after more than one
year
(20,341)
(21,586)
7
(2,666)
(2,885)
Provisions for liabilities
(6,057)
Net assets/liabilities
880
Capital and reserves
Called up share capital
100
100
Retained earnings
(6,157)
780
(6,057)
880
Shareholders' funds
For the year ended 31 October 2023 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies.
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 director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section 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.
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
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4
Registered Number :
05963589
For the year ended 31 October 2023
Shear Class Salon Limited
Statement of Financial Position Continued
Mr T M Broughton Director
These financial statements were approved and authorised for issue by the Board on 24 July 2024 and were signed by:
The notes form part of these financial statements
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5
For the year ended 31 October 2023
Shear Class Salon Limited
Notes to the Financial Statements
Statutory Information
Shear Class Salon Limited is a private limited company, limited by shares, domiciled in England and Wales, registration
number 05963589.
Principal place of business:
Units 2 & 3, Sherston Old School
High Street
Sherston
Wiltshire
SN16 0LL
Registered address:
Lodge 1 Woodbridge Park
Brinkworth
Chippenham
Wiltshire
SN15 5DG
The presentation currency is £ sterling.
1. Accounting policies
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting
Standard 102 ''The Financial Reporting Standard applicable in the UK and Republic of Ireland'' and the Companies Act
2006. The financial statements have been prepared under the historical costs convention as modified by the revaluation
of certain assets.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax or other similar sales taxes.
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2006, is being amortised evenly over its estimated useful life of 10 years.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Property Improvements
10% Straight line
15% Reducing balance
Furniture and Fittings
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants received towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.
Inventories
Inventories are valued at the lower of cost and estimated selling price less costs to sell.
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.
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6
For the year ended 31 October 2023
Shear Class Salon Limited
Notes to the Financial Statements Continued
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straightline basis over the period of the lease.
2. Intangible fixed assets
Goodwill
Cost or valuation
£
At 01 November 2022
40,000
At 31 October 2023
40,000
Amortisation
At 01 November 2022
40,000
At 31 October 2023
40,000
Net book value
At 31 October 2023
-
At 31 October 2022
-
3. Property, plant and equipment
Total
Furniture and
Fittings
Property
Improvements
£
£
£
Cost or valuation
At 01 November 2022
42,080
36,311
5,769
1,323
1,323
-
Additions
At 31 October 2023
5,769
37,634
43,403
Provision for depreciation and impairment
At 01 November 2022
26,897
21,128
5,769
Charge for year
2,476
2,476
-
At 31 October 2023
29,373
23,604
5,769
At 31 October 2023
Net book value
-
14,030
14,030
At 31 October 2022
-
15,183
15,183
4. Inventories
2022
2023
£
£
Stocks
750
750
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7
For the year ended 31 October 2023
Shear Class Salon Limited
Notes to the Financial Statements Continued
5. Trade and other receivables
2022
2023
£
£
Trade debtors
160
4,280
Taxation and social security
1,679
1,892
Other debtors
13,107
13,175
19,347
14,946
6. Trade and other payables: amounts falling due within one year
2022
2023
£
£
Bank loans and overdraft
9,161
6,660
Trade creditors
741
-
Taxation and social security
639
7,938
Other creditors
2,059
1,682
12,600
16,280
7. Trade and other payables: amounts falling due after more than one year
2022
2023
£
£
Bank loans and overdraft
21,586
20,341
8. Guarantees and other financial commitments
Lease commitments
At 31 October 2023 the company had annual commitments under non-cancellable operating leases as set out below:
2022
£
2023
£
Operating leases which expire:
10,978
11,879
Within 2 to 5 years
11,879
10,978
9. Average number of persons employed
During the year the average number of employees was 5 (2022 : 6)
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