Silverfin false 31/05/2023 01/06/2022 31/05/2023 A Mohammed 25/05/2017 U Mohammed 25/05/2017 10 October 2024 The principal activity of the Company during the financial year continued to be that of barbering services. SC567036 2023-05-31 SC567036 bus:Director1 2023-05-31 SC567036 bus:Director2 2023-05-31 SC567036 2022-05-31 SC567036 core:CurrentFinancialInstruments 2023-05-31 SC567036 core:CurrentFinancialInstruments 2022-05-31 SC567036 core:Non-currentFinancialInstruments 2023-05-31 SC567036 core:Non-currentFinancialInstruments 2022-05-31 SC567036 core:ShareCapital 2023-05-31 SC567036 core:ShareCapital 2022-05-31 SC567036 core:RetainedEarningsAccumulatedLosses 2023-05-31 SC567036 core:RetainedEarningsAccumulatedLosses 2022-05-31 SC567036 core:OtherPropertyPlantEquipment 2022-05-31 SC567036 core:OtherPropertyPlantEquipment 2023-05-31 SC567036 bus:OrdinaryShareClass1 2023-05-31 SC567036 2022-06-01 2023-05-31 SC567036 bus:FullAccounts 2022-06-01 2023-05-31 SC567036 bus:SmallEntities 2022-06-01 2023-05-31 SC567036 bus:AuditExemptWithAccountantsReport 2022-06-01 2023-05-31 SC567036 bus:PrivateLimitedCompanyLtd 2022-06-01 2023-05-31 SC567036 bus:Director1 2022-06-01 2023-05-31 SC567036 bus:Director2 2022-06-01 2023-05-31 SC567036 core:OtherPropertyPlantEquipment core:BottomRangeValue 2022-06-01 2023-05-31 SC567036 core:OtherPropertyPlantEquipment core:TopRangeValue 2022-06-01 2023-05-31 SC567036 2021-06-01 2022-05-31 SC567036 core:OtherPropertyPlantEquipment 2022-06-01 2023-05-31 SC567036 core:CurrentFinancialInstruments 2022-06-01 2023-05-31 SC567036 bus:OrdinaryShareClass1 2022-06-01 2023-05-31 SC567036 bus:OrdinaryShareClass1 2021-06-01 2022-05-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: SC567036 (Scotland)

GUY & BEARD LIMITED

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

GUY & BEARD LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023

Contents

GUY & BEARD LIMITED

BALANCE SHEET

AS AT 31 MAY 2023
GUY & BEARD LIMITED

BALANCE SHEET (continued)

AS AT 31 MAY 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 358,252 337,000
358,252 337,000
Current assets
Stocks 3,800 4,100
Debtors 4 1,795 1,795
Cash at bank and in hand 12,511 6,922
18,106 12,817
Creditors: amounts falling due within one year 5 ( 187,683) ( 175,487)
Net current liabilities (169,577) (162,670)
Total assets less current liabilities 188,675 174,330
Creditors: amounts falling due after more than one year 6 ( 404,698) ( 310,874)
Net liabilities ( 216,023) ( 136,544)
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account ( 216,123 ) ( 136,644 )
Total shareholders' deficit ( 216,023) ( 136,544)

For the financial year ending 31 May 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 Guy & Beard Limited (registered number: SC567036) were approved and authorised for issue by the Board of Directors on 10 October 2024. They were signed on its behalf by:

A Mohammed
Director
U Mohammed
Director
GUY & BEARD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 2023
GUY & BEARD LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MAY 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

Guy & Beard 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 12 Mar Hall Avenue, Bishopton, PA7 5QE, United Kingdom.

The financial statements have been prepared under the historical cost convention 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

At the balance sheet date the company has net liabilities of £216,123 (2022 : £136,544) primarily due to amounts owed to the directors. The directors have confirmed that they will not seek repayment of their loans to the detriment of the company. On that basis, the accounts have been prepared on a going concern basis.

Turnover

Turnover from barbering services is recognised at the fair value of the consideration received or receivable provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Employee benefits

Short term benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised as an expense when the Company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

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.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

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, other than investment property and freehold land, 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:

Plant and machinery etc. 3 - 15 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.

Stocks

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

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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 10

3. Tangible assets

Plant and machinery etc. Total
£ £
Cost
At 01 June 2022 434,270 434,270
Additions 53,895 53,895
At 31 May 2023 488,165 488,165
Accumulated depreciation
At 01 June 2022 97,270 97,270
Charge for the financial year 32,643 32,643
At 31 May 2023 129,913 129,913
Net book value
At 31 May 2023 358,252 358,252
At 31 May 2022 337,000 337,000

4. Debtors

2023 2022
£ £
Other debtors 1,795 1,795

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 10,648 10,648
Trade creditors 31,747 28,701
Other taxation and social security 16,493 20,408
Other creditors 128,795 115,730
187,683 175,487

Included in other creditors is a loan of £122,875 (2022: £108,835) due to an associated company.

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

2023 2022
£ £
Bank loans 24,327 29,651
Other creditors 380,371 281,223
404,698 310,874

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

8. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2023 2022
£ £
Key management personnel 380,371 281,224
Other related parties 122,875 108,835