Registered Number:SC232141 |
For the year ended 31 May 2024
Scotland
Unaudited Financial Statements
For the year ended 31 May 2024
SGT Salons Ltd
Contents Page
1
Statement of Financial Position
2 to 5
Notes to the Financial Statements
SGT Salons Ltd
Statement of Financial Position
2023
2024
Property, plant and equipment |
288
384
2
3
200,000
200,000
200,288
200,384
2,324
Cash and cash equivalents |
3,306
3,306
2,324
Trade and other payables: amounts falling due within one year |
(6,453)
(6,558)
4
(4,129)
(3,252)
Net current liabilities
Total assets less current liabilities |
197,036
196,255
Trade and other payables: amounts falling due after more than |
one year |
(214,233)
(205,477)
5
(12,670)
(12,670)
Provisions for liabilities |
(21,111)
Net liabilities
(30,648)
100
100
54,013
54,013
(75,224)
(84,761)
(21,111)
(30,648)
Shareholders' funds
For the year ended 31 May 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 of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006 |
The directors acknowledge their responsibilities for:a) ensuring that the company keeps proper 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 Section 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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
Mr Grant Arnott Sergeant Director |
These financial statements were approved and authorised for issue by the Board on 19 February 2025 and were signed by: |
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For the year ended 31 May 2024
SGT Salons Ltd
Statement of Financial Position Continued
The notes form part of these financial statements |
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For the year ended 31 May 2024
SGT Salons Ltd
Notes to the Financial Statements
Statutory Information
SGT Salons Ltd is a private limited company, limited by shares, domiciled in Scotland, registration number SC232141. |
16 Forres Gate
Giffnock
Glasgow
G46 6NT
The presentation currency is £ sterling. |
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial Reporting |
Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. |
The financial statements have been prepared under the historical costs convention as modified by the revaluation of certain |
assets to fair value where required. There were no material departures from that standard. |
The financial statements are prepared in Pounds Sterling, being the functional currency of the company. |
Revenue recognition
Turnover represents rents receivable.
Property, plant and equipment
Property, plant and equipment, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Furniture and Fittings
Investment property
Investment property is shown at most recent valuation. The property was revalued by the director on 31st May 2024. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. Deferred tax is provided on these gains at the rate expected to apply when the property is sold. |
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference. |
Financial Instruments
The Company has elected to apply the provisions of Section 11 "Basic Financial Instruments" and Section 12 "Other Financial |
Instruments Issues" of FRS 102 to all of its financial instruments. |
Financial instruments are recognised in the company's statement of financial position when the company becomes party to |
the contractual provisions of a financial instrument. |
Basic financial instruments, including trade and other receivables, cash and bank balances, trade and other payables, bank |
and other loans are initially measured at transaction price and subsequently carried at amortised cost. Financial assets and |
liabilities classified as receivable/payable within one year are not amortised. |
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For the year ended 31 May 2024
SGT Salons Ltd
Notes to the Financial Statements Continued
2. Property, plant and equipment |
1,629
1,629
Provision for depreciation and impairment |
1,245
Charge for year
96
1,341
288
384
200,000
200,000
200,000
200,000
If Investment property was not revalued, it would be included at a cost of £133,317. Investment property was revalued by the directors at 31st May 2024. Taxation on a potential gain if investment property was sold at valuation is approximately £13,000. |
4. Trade and other payables: amounts falling due within one year |
2023
2024
6,558
6,453
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For the year ended 31 May 2024
SGT Salons Ltd
Notes to the Financial Statements Continued
5. Trade and other payables: amounts falling due after more than one year |
2023
2024
205,477
214,233
The director is owed £205,477 from the Company at 31st May 2024. This is a non-interest bearing loan and there are no fixed repayment terms. |
The fair value reserve represents unrealised profit on the revaluation of investment properties. The fair value reserve is |
therefore non-distributable. |
7. Average number of persons employed |
During the year the average number of employees was 1 (2023 : 1)
The financial statements for the year ended 31 May 2024 of SGT Salons Ltd comply with FRS102 (The Financial Reporting |
Standard applicable in the UK and ROI). |
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