Registration number:
Salt Hair and Aesthetics Ltd
for the Period from 7 March 2023 to 31 March 2024
Salt Hair and Aesthetics Ltd
Contents
Company Information |
|
Director's Report |
|
Accountants' Report |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Salt Hair and Aesthetics Ltd
Company Information
Director |
Miss C M McBride |
Registered office |
|
Accountants |
|
Salt Hair and Aesthetics Ltd
Director's Report for the Period from 7 March 2023 to 31 March 2024
The director presents her report and the financial statements for the period from 7 March 2023 to 31 March 2024.
Incorporation
The company was incorporated on
Director of the company
The director who held office during the period was as follows:
Principal activity
The principal activity of the company is hairdresser chair rental.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
......................................... |
Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Salt Hair and Aesthetics Ltd
for the Period Ended 31 March 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Salt Hair and Aesthetics Ltd for the period ended 31 March 2024 as set out on pages 4 to 9 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants of Scotland, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.
This report is made solely to the Board of Directors of Salt Hair and Aesthetics Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Salt Hair and Aesthetics Ltd and state those matters that we have agreed to state to the Board of Directors of Salt Hair and Aesthetics Ltd, as a body, in this report in accordance with the requirements of the Institute of Chartered Accountants of Scotland as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Salt Hair and Aesthetics Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Salt Hair and Aesthetics Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Salt Hair and Aesthetics Ltd. You consider that Salt Hair and Aesthetics Ltd is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Salt Hair and Aesthetics Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
......................................
Quarrywood Court
Livingston
West Lothian
EH54 6AX
Salt Hair and Aesthetics Ltd
(Registration number: SC761314)
Balance Sheet as at 31 March 2024
Note |
2024 |
|
Fixed assets |
||
Tangible assets |
|
|
Current assets |
||
Cash at bank and in hand |
|
|
Creditors: Amounts falling due within one year |
( |
|
Net current liabilities |
( |
|
Total assets less current liabilities |
( |
|
Provisions for liabilities |
|
|
Net liabilities |
( |
|
Capital and reserves |
||
Called up share capital |
100 |
|
Retained earnings |
(5,077) |
|
Shareholders' deficit |
(4,977) |
For the financial period ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.
Approved and authorised by the
Salt Hair and Aesthetics Ltd
(Registration number: SC761314)
Balance Sheet as at 31 March 2024
......................................... |
Salt Hair and Aesthetics Ltd
Notes to the Unaudited Financial Statements for the Period from 7 March 2023 to 31 March 2024
General information |
The company is a private company limited by share capital, incorporated in Scotland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. There were no material departures from that standard.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The presentation currency of the financial statements is the Pound Sterling (£).
Going concern
These financial statements have been prepared on a going concern basis as the director has undertaken to support the company until profitability can be achieved.
Revenue recognition
Turnover comprises the fair value of the consideration derived from hairdresser chair rental. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
Salt Hair and Aesthetics Ltd
Notes to the Unaudited Financial Statements for the Period from 7 March 2023 to 31 March 2024
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
At the balance sheet date, the company reviews the carrying amounts 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. 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.
Expenditure of £500 or more on individual tangible fixed assets is capitalised at cost. Expenditure on assets below this threshold is charged directly to the profit and loss account in the period it is incurred.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
20% straight line |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Salt Hair and Aesthetics Ltd
Notes to the Unaudited Financial Statements for the Period from 7 March 2023 to 31 March 2024
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Staff numbers |
The average number of persons employed by the company (including the director) during the period was
Tangible assets |
Furniture, fittings and equipment |
Total |
|
Cost or valuation |
||
Additions |
|
|
At 31 March 2024 |
|
|
Depreciation |
||
Charge for the period |
|
|
At 31 March 2024 |
|
|
Carrying amount |
||
At 31 March 2024 |
|
|
Salt Hair and Aesthetics Ltd
Notes to the Unaudited Financial Statements for the Period from 7 March 2023 to 31 March 2024
Creditors |
Creditors: amounts falling due within one year
2024 |
|
Due within one year |
|
Accruals and deferred income |
|
Other creditors |
|
|
Share capital |
Allotted, called up and fully paid shares
2024 |
||
No. |
£ |
|
|
|
100 |
Related party transactions |
During the year, the director advanced loans totalling £15,869 to the company. At the year end, the balance due to the director was £15,869. This loan is unsecured, interest free and has no fixed repayment terms.