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REGISTERED NUMBER: SC555802 (Scotland)












Financial Statements

for the Year Ended 31 March 2024

for

Salon 1873 Limited

Salon 1873 Limited (Registered number: SC555802)






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Salon 1873 Limited

Company Information
for the Year Ended 31 March 2024







DIRECTORS: Mrs D M Mcarthur
Ms R L Mcsheaffrey





REGISTERED OFFICE: Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU





REGISTERED NUMBER: SC555802 (Scotland)





ACCOUNTANTS: O'Haras Chartered Accountants
Radleigh House
1 Golf Road
Clarkston
Glasgow
G76 7HU

Salon 1873 Limited (Registered number: SC555802)

Balance Sheet
31 March 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 39,805 42,897
Tangible assets 4 22,107 25,707
61,912 68,604

CURRENT ASSETS
Stocks 2,000 1,500
Debtors 5 222 198
Cash at bank and in hand 30,575 46,593
32,797 48,291
CREDITORS
Amounts falling due within one year 6 55,505 60,974
NET CURRENT LIABILITIES (22,708 ) (12,683 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

39,204

55,921

CREDITORS
Amounts falling due after more than one year 7 (29,220 ) (34,488 )

PROVISIONS FOR LIABILITIES (809 ) (928 )
NET ASSETS 9,175 20,505

CAPITAL AND RESERVES
Called up share capital 8 2 2
Retained earnings 9,173 20,503
SHAREHOLDERS' FUNDS 9,175 20,505

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 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 1873 Limited (Registered number: SC555802)

Balance Sheet - continued
31 March 2024


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





Mrs D M Mcarthur - Director


Salon 1873 Limited (Registered number: SC555802)

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. 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.

Going concern
The directors are satisfied that the Company will have access to sufficient funds to ensure that all liabilities will be met as they fall due over a period of at least 12 months from the approval date of these financial statements. Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.

Revenue
Revenue represents the amounts derived from the provision of goods and services, excluding value added tax and trade discounts.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2017, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on cost

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

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 balance sheet date.


Salon 1873 Limited (Registered number: SC555802)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

1. ACCOUNTING POLICIES - continued
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.

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.

Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Impairment of fixed assets
At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 7 ) .

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2023
and 31 March 2024 61,826
AMORTISATION
At 1 April 2023 18,929
Amortisation for year 3,092
At 31 March 2024 22,021
NET BOOK VALUE
At 31 March 2024 39,805
At 31 March 2023 42,897

Salon 1873 Limited (Registered number: SC555802)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 29,750 4,145 9,367 5,955 49,217
Additions - - 245 898 1,143
At 31 March 2024 29,750 4,145 9,612 6,853 50,360
DEPRECIATION
At 1 April 2023 8,925 3,863 5,882 4,840 23,510
Charge for year 2,975 282 871 615 4,743
At 31 March 2024 11,900 4,145 6,753 5,455 28,253
NET BOOK VALUE
At 31 March 2024 17,850 - 2,859 1,398 22,107
At 31 March 2023 20,825 282 3,485 1,115 25,707

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 222 198

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 9,323 13,677
Other creditors 46,182 47,297
55,505 60,974

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Other creditors 29,220 34,488

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary 1 2 2