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Registration number: 03728186

San Diego Limited

trading as Nikki Froud Hairdressing

Unaudited Filleted Financial Statements

for the Year Ended 29 February 2024

 

San Diego Limited

trading as Nikki Froud Hairdressing

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

San Diego Limited

trading as Nikki Froud Hairdressing

(Registration number: 03728186)
Balance Sheet as at 29 February 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

479

479

Tangible assets

5

870

627

 

1,349

1,106

Current assets

 

Stocks

6

-

7,192

Debtors

7

37,007

51,520

Cash at bank and in hand

 

649

2,333

 

37,656

61,045

Creditors: Amounts falling due within one year

8

(38,784)

(58,977)

Net current (liabilities)/assets

 

(1,128)

2,068

Total assets less current liabilities

 

221

3,174

Creditors: Amounts falling due after more than one year

8

-

(2,333)

Net assets

 

221

841

Capital and reserves

 

Called up share capital

9

4

4

Retained earnings

217

837

Shareholders' funds

 

221

841

For the financial year ending 29 February 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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 director on 28 August 2024
 

 

San Diego Limited

trading as Nikki Froud Hairdressing

(Registration number: 03728186)
Balance Sheet as at 29 February 2024

.........................................
Mr R Froud
Company secretary

.........................................
Mrs N J Froud
Director

 
     
 

San Diego Limited

trading as Nikki Froud Hairdressing

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
158 High Street
Lee-on-the-Solent
Hampshire
PO13 9DD

These financial statements were authorised for issue by the director on 28 August 2024.

2

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 Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

San Diego Limited

trading as Nikki Froud Hairdressing

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

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.

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

Short leasehold

25% straight line

Furniture, fittings, tools and equipment

25% straight line

Plant, machinery and office equipment

25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Intangible assets

Not amortised

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks of products are recorded at cost.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

San Diego Limited

trading as Nikki Froud Hairdressing

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 10 (2023 - 8).

 

San Diego Limited

trading as Nikki Froud Hairdressing

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 March 2023

479

479

At 29 February 2024

479

479

Amortisation

Carrying amount

At 29 February 2024

479

479

At 28 February 2023

479

479

5

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 March 2023

1,430

8,067

353

12,701

Additions

-

-

-

1,018

At 29 February 2024

1,430

8,067

353

13,719

Depreciation

At 1 March 2023

1,430

8,067

353

12,074

Charge for the year

-

-

-

775

At 29 February 2024

1,430

8,067

353

12,849

Carrying amount

At 29 February 2024

-

-

-

870

At 28 February 2023

-

-

-

627

 

San Diego Limited

trading as Nikki Froud Hairdressing

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Total
£

Cost or valuation

At 1 March 2023

22,551

Additions

1,018

At 29 February 2024

23,569

Depreciation

At 1 March 2023

21,924

Charge for the year

775

At 29 February 2024

22,699

Carrying amount

At 29 February 2024

870

At 28 February 2023

627

 

San Diego Limited

trading as Nikki Froud Hairdressing

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of short leasehold land and buildings.
 

6

Stocks

2024
£

2023
£

Other inventories

-

7,192

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,221

1,823

Prepayments

1,500

1,623

Other debtors

34,286

48,074

 

37,007

51,520

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

21,359

9,333

Taxation and social security

 

16,091

19,192

Accruals and deferred income

 

750

29,650

Other creditors

 

584

802

 

38,784

58,977

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

-

2,333

9

Share capital

Allotted, called up and fully paid shares

 

San Diego Limited

trading as Nikki Froud Hairdressing

Notes to the Unaudited Financial Statements for the Year Ended 29 February 2024

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

4

4

4

4

       

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

-

2,333

Current loans and borrowings

2024
£

2023
£

Bank borrowings

2,333

9,333

Bank overdrafts

19,026

-

21,359

9,333

11

Related party transactions

Transactions with the director

2024

At 1 March 2023
£

At 29 February 2024
£

Mrs N J Froud

Interest free

24,037

24,037

Mr R Froud

24,037

24,037

2023

At 1 March 2022
£

Advances to director
£

Repayments by director
£

At 28 February 2023
£

Mrs N J Froud

Interest free

27,197

24,037

(27,197)

24,037

Mr R Froud

27,197

24,037

(27,197)

24,037