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REGISTERED NUMBER: 07215367 (England and Wales)

















SGM Hair Salons Limited

Financial Statements

for the Year Ended 30 April 2024






SGM Hair Salons Limited (Registered number: 07215367)

Contents of the Financial Statements
for the year ended 30 April 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SGM Hair Salons Limited

Company Information
for the year ended 30 April 2024







DIRECTORS: Mrs M Montgomerie
S Montgomerie



REGISTERED OFFICE: 24 Cornwall Road
Dorchester
Dorset
DT1 1RX



REGISTERED NUMBER: 07215367 (England and Wales)



ACCOUNTANTS: Read Woodruff
Chartered Accountants
24 Cornwall Road
Dorchester
Dorset
DT1 1RX



BANKERS: Lloyds Bank plc
1 High West Street
Dorchester
Dorset
DT1 1UG

SGM Hair Salons Limited (Registered number: 07215367)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 10,058 8,391

CURRENT ASSETS
Stocks 1,315 1,286
Debtors 5 4,993 4,111
Cash at bank and in hand 33,270 35,232
39,578 40,629
CREDITORS
Amounts falling due within one year 6 41,488 35,340
NET CURRENT (LIABILITIES)/ASSETS (1,910 ) 5,289
TOTAL ASSETS LESS CURRENT
LIABILITIES

8,148

13,680

CREDITORS
Amounts falling due after more than one
year

7

(5,850

)

(11,250

)

PROVISIONS FOR LIABILITIES (2,263 ) (1,888 )
NET ASSETS 35 542

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 33 540
SHAREHOLDERS' FUNDS 35 542

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 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.

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 31 December 2024 and were signed on its behalf by:




Mrs M Montgomerie - Director



S Montgomerie - Director


SGM Hair Salons Limited (Registered number: 07215367)

Notes to the Financial Statements
for the year ended 30 April 2024


1. STATUTORY INFORMATION

SGM Hair Salons Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Furniture, fittings, equipment - 20% on reducing balance and 15% on reducing balance

Stocks
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 8 ) .

SGM Hair Salons Limited (Registered number: 07215367)

Notes to the Financial Statements - continued
for the year ended 30 April 2024


4. TANGIBLE FIXED ASSETS
Furniture,
fittings,
equipment
£   
COST
At 1 May 2023 36,269
Additions 3,844
Disposals (499 )
At 30 April 2024 39,614
DEPRECIATION
At 1 May 2023 27,878
Charge for year 1,817
Eliminated on disposal (139 )
At 30 April 2024 29,556
NET BOOK VALUE
At 30 April 2024 10,058
At 30 April 2023 8,391

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 4,993 4,111

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 5,400 5,400
Trade creditors 1,202 512
Taxation and social security 33,532 28,056
Other creditors 1,354 1,372
41,488 35,340

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 5,850 11,250

8. OTHER FINANCIAL COMMITMENTS

The company has future operating lease commitments totalling £90,000.

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 April 2024 and 30 April 2023:

2024 2023
£    £   
Mrs M Montgomerie and S Montgomerie
Balance outstanding at start of year 1,486 6,425
Amounts advanced 1,018 1,486
Amounts repaid (1,486 ) (6,425 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 1,018 1,486