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Registered number: 08912513
Kate Preston Salons Limited
Unaudited Financial Statements
For The Year Ended 31 March 2024
Croft Accounting Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 08912513
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 - 1,000
Tangible Assets 5 305,662 142,493
305,662 143,493
CURRENT ASSETS
Stocks 6 71,377 44,315
Debtors 7 4,150 4,150
Cash at bank and in hand 63,815 67,692
139,342 116,157
Creditors: Amounts Falling Due Within One Year 8 (98,744 ) (91,247 )
NET CURRENT ASSETS (LIABILITIES) 40,598 24,910
TOTAL ASSETS LESS CURRENT LIABILITIES 346,260 168,403
Creditors: Amounts Falling Due After More Than One Year 9 (113,250 ) (8,094 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (18,915 ) (9,023 )
NET ASSETS 214,095 151,286
CAPITAL AND RESERVES
Called up share capital 10 102 100
Profit and Loss Account 213,993 151,186
SHAREHOLDERS' FUNDS 214,095 151,286
Page 1
Page 2
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs Catherine Chisham
Director
25/11/2024
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Kate Preston Salons Limited is a private company, limited by shares, incorporated in England & Wales, registered number 08912513 . The registered office is 70 Arundel Drive, Fareham, PO16 7NU.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 10 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 20% on reducing balance
Improvements to Property 20% on reducing balance
Fixtures & Fittings 20% on reducing balance
Computer Equipment 20% on reducing balance
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
Page 3
Page 4
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
2.7. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 24 (2023: 24)
24 24
4. Intangible Assets
Goodwill
£
Cost
As at 1 April 2023 10,000
As at 31 March 2024 10,000
Amortisation
As at 1 April 2023 9,000
Provided during the period 1,000
As at 31 March 2024 10,000
Net Book Value
As at 31 March 2024 -
As at 1 April 2023 1,000
5. Tangible Assets
Land & Property
Freehold Plant & Machinery Improvements to Property Fixtures & Fittings
£ £ £ £
Cost
As at 1 April 2023 95,000 22,224 37,852 59,102
Additions 135,000 3,029 42,006 -
As at 31 March 2024 230,000 25,253 79,858 59,102
...CONTINUED
Page 4
Page 5
Depreciation
As at 1 April 2023 - 7,146 27,929 40,151
Provided during the period - 2,982 9,386 3,790
As at 31 March 2024 - 10,128 37,315 43,941
Net Book Value
As at 31 March 2024 230,000 15,125 42,543 15,161
As at 1 April 2023 95,000 15,078 9,923 18,951
Computer Equipment Total
£ £
Cost
As at 1 April 2023 7,307 221,485
Additions - 180,035
As at 31 March 2024 7,307 401,520
Depreciation
As at 1 April 2023 3,766 78,992
Provided during the period 708 16,866
As at 31 March 2024 4,474 95,858
Net Book Value
As at 31 March 2024 2,833 305,662
As at 1 April 2023 3,541 142,493
6. Stocks
2024 2023
£ £
Stock 71,377 44,315
7. Debtors
2024 2023
£ £
Due within one year
Other debtors 4,150 4,150
8. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 6,032 11,925
Other creditors 13,163 35,757
Taxation and social security 79,549 43,565
98,744 91,247
Page 5
Page 6
9. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 113,250 8,094
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 102 100
Page 6