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REGISTERED NUMBER: 05550556 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024

FOR

THE GALLERY HAIRDRESSING LIMITED

THE GALLERY HAIRDRESSING LIMITED (REGISTERED NUMBER: 05550556)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


THE GALLERY HAIRDRESSING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 29 FEBRUARY 2024







DIRECTOR: L Colangelo





REGISTERED OFFICE: 63-67 London Road
Southborough
Kent
TN4 OPA





REGISTERED NUMBER: 05550556 (England and Wales)





ACCOUNTANTS: Synergee Limited
Pluto House
6 Vale Avenue
Tunbridge Wells
Kent
TN1 1DJ

THE GALLERY HAIRDRESSING LIMITED (REGISTERED NUMBER: 05550556)

BALANCE SHEET
29 FEBRUARY 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 156,527 183,657

CURRENT ASSETS
Stocks 3,500 3,500
Debtors 5 41,853 59,221
Cash at bank 192,327 124,033
237,680 186,754
CREDITORS
Amounts falling due within one year 6 (120,905 ) (100,960 )
NET CURRENT ASSETS 116,775 85,794
TOTAL ASSETS LESS CURRENT
LIABILITIES

273,302

269,451

CREDITORS
Amounts falling due after more than one
year

7

(135,899

)

(160,749

)

PROVISIONS FOR LIABILITIES - (437 )
NET ASSETS 137,403 108,265

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 137,303 108,165
SHAREHOLDERS' FUNDS 137,403 108,265

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 29 February 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

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

The financial statements were approved by the director and authorised for issue on 1 July 2024 and were signed by:



L Colangelo - Director


THE GALLERY HAIRDRESSING LIMITED (REGISTERED NUMBER: 05550556)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1. STATUTORY INFORMATION

The Gallery Hairdressing Limited is a private company, limited by shares , registered in England and Wales. 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 recognised to the extent it is probable that economic benefit will flow to the company, and that it can be reliably measured. Turnover is measured at the fair value of consideration received or receivable, net of discounts, rebates, VAT and other sales taxes.

Turnover from the provision of services is recognised in the period in which the services are provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land and buildings - 10% on cost
Plant and machinery etc - 33% on reducing balance and 25% on reducing balance

Tangible fixed assets are held under the cost model, and are stated at their historical cost less accumulated depreciation and impairment losses. Cost includes directly attributable expenditure in bringing the asset into the location and condition necessary for operation.

The assets' residual values; useful lives and depreciation methods are reviewed periodically and prospectively adjusted where appropriate; or where there is an indication of a significant change since the last reporting date.

Gains and losses on disposal are determined by comparing the proceeds with the carrying amount, and are recognised in the statement of income and retained earnings.

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
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 and other third parties; loans to related parties and investments in non-puttable ordinary shares.

Debt instruments, other than those wholly payable or receivable within one year, including loans and other accounts receivable and payable are initially measured at the present value of future cash flows, and subsequently measured at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured at the undiscounted amount of consideration expected to be paid or received. If the arrangements of a short term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not at a market rate, the financial asset or liability is initially measured at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument, and subsequently measured at amortised cost.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment, and such impairments is recognised in total comprehensive income.


THE GALLERY HAIRDRESSING LIMITED (REGISTERED NUMBER: 05550556)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 25 (2023 - 23 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 March 2023 295,021 267,135 562,156
Additions - 4,763 4,763
At 29 February 2024 295,021 271,898 566,919
DEPRECIATION
At 1 March 2023 118,009 260,490 378,499
Charge for year 29,502 2,391 31,893
At 29 February 2024 147,511 262,881 410,392
NET BOOK VALUE
At 29 February 2024 147,510 9,017 156,527
At 28 February 2023 177,012 6,645 183,657

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 41,853 59,221

THE GALLERY HAIRDRESSING LIMITED (REGISTERED NUMBER: 05550556)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 29 FEBRUARY 2024

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 24,771 24,260
Trade creditors - 142
Taxation and social security 90,265 67,394
Other creditors 5,869 9,164
120,905 100,960

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 135,899 160,749

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 48,000 64,000

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans 160,670 185,009

The bank loan is secured by a fixed and floating charge over all company property.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 29 February 2024 and 28 February 2023:

2024 2023
£    £   
L Colangelo
Balance outstanding at start of year 47,615 40,555
Amounts advanced 38,516 47,615
Amounts repaid (56,277 ) (40,555 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 29,854 47,615

Amounts advanced to directors are unsecured and repayable on demand. Interest is charged at HMRC's official rate.

10. RELATED PARTY DISCLOSURES

During the year the company paid the director £48,000 (2023: £48,000) for rent of the business premises.