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Ken Picton Salons Ltd

Financial Statements for the Year Ended 30 April 2024






Ken Picton Salons Ltd

Company Information
for the Year Ended 30 April 2024







DIRECTORS: L Picton
K D Picton





REGISTERED OFFICE: 9 Mermaid Quay
Cardiff
CF10 5BZ





REGISTERED NUMBER: 07226870 (England and Wales)





ACCOUNTANTS: BPU Limited
Chartered Accountants
Radnor House
Greenwood Close
Cardiff Gate Business Park
Cardiff
CF23 8AA

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Ken Picton Salons Ltd


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ken Picton Salons Ltd for the year ended 30 April 2024 which comprise the Profit & Loss Account, Balance Sheet and the related notes 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 in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Ken Picton Salons Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ken Picton Salons Ltd and state those matters that we have agreed to state to the Board of Directors of Ken Picton Salons Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ken Picton Salons Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Ken Picton Salons Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ken Picton Salons Ltd. You consider that Ken Picton Salons Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ken Picton Salons 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 financial statements.






BPU Limited
Chartered Accountants


29 January 2025

Ken Picton Salons Ltd (Registered number: 07226870)

Balance Sheet
30 April 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 7,000 1
Tangible assets 4 100,643 170,171
107,643 170,172

CURRENT ASSETS
Stocks 41,000 33,114
Debtors 5 322,385 33,221
Cash at bank 86,385 361,202
449,770 427,537
CREDITORS
Amounts falling due within one year 6 535,063 502,123
NET CURRENT LIABILITIES (85,293 ) (74,586 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

22,350

95,586

CREDITORS
Amounts falling due after more than
one year

7

(11,667

)

(75,267

)

PROVISIONS FOR LIABILITIES (8,500 ) (4,322 )
NET ASSETS 2,183 15,997

CAPITAL AND RESERVES
Called up share capital 10 10
Retained earnings 2,173 15,987
2,183 15,997

Ken Picton Salons Ltd (Registered number: 07226870)

Balance Sheet - continued
30 April 2024


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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 January 2025 and were signed on its behalf by:





K D Picton - Director


Ken Picton Salons Ltd (Registered number: 07226870)

Notes to the Financial Statements
for the Year Ended 30 April 2024


1. 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Website is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Long leasehold - over the lease term
Plant and machinery - 25% straight line and 20% straight line
Motor vehicles - 20% straight line

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 Profit & Loss Account, 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.


Ken Picton Salons Ltd (Registered number: 07226870)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


1. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets held under finance leases and hire purchase contracts, which are those where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet and depreciated over their useful lives.

The interest element of the rental obligations is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding.

Rentals paid under operating leases are charged to income on a straight line basis over the lease term.

Pension costs
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.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 22 ) .

Ken Picton Salons Ltd (Registered number: 07226870)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


3. INTANGIBLE FIXED ASSETS
Goodwill Website Totals
£    £    £   
COST
At 1 May 2023 408,821 - 408,821
Additions - 7,000 7,000
At 30 April 2024 408,821 7,000 415,821
AMORTISATION
At 1 May 2023 408,820 - 408,820
Amortisation for year 1 - 1
At 30 April 2024 408,821 - 408,821
NET BOOK VALUE
At 30 April 2024 - 7,000 7,000
At 30 April 2023 1 - 1

4. TANGIBLE FIXED ASSETS
Long Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 May 2023 349,323 251,107 113,551 713,981
Additions 1,999 10,398 - 12,397
At 30 April 2024 351,322 261,505 113,551 726,378
DEPRECIATION
At 1 May 2023 315,531 176,467 51,812 543,810
Charge for year 24,487 35,498 21,940 81,925
At 30 April 2024 340,018 211,965 73,752 625,735
NET BOOK VALUE
At 30 April 2024 11,304 49,540 39,799 100,643
At 30 April 2023 33,792 74,640 61,739 170,171

Ken Picton Salons Ltd (Registered number: 07226870)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 23,383 33,221
Other debtors & prepayments 299,002 -
322,385 33,221

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 52,039 7,807
Trade creditors 88,482 120,968
Taxes & social security costs 97,240 61,353
Other creditors & accruals 287,302 301,995
535,063 502,123

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR
2024 2023
£    £   
Bank loans 11,667 23,228
Hire purchase contracts - 52,039
11,667 75,267

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 52,039 59,846

The hire purchase contracts are secured over the assets to which they relate.