2023-06-01 SC232141 2024-05-31 SC232141 2023-06-01 2024-05-31 SC232141 2023-05-31 SC232141 2022-06-01 2023-05-31 SC232141 uk-core:WithinOneYear 2023-05-31 SC232141 uk-core:WithinOneYear 2024-05-31 SC232141 uk-core:AfterOneYear 2023-05-31 SC232141 uk-core:AfterOneYear 2024-05-31 SC232141 uk-core:ShareCapital 2024-05-31 SC232141 uk-core:ShareCapital 2023-05-31 SC232141 uk-core:InvestmentPropertiesRevaluationReserve 2024-05-31 SC232141 uk-core:InvestmentPropertiesRevaluationReserve 2023-05-31 SC232141 uk-core:RetainedEarningsAccumulatedLosses 2024-05-31 SC232141 uk-core:RetainedEarningsAccumulatedLosses 2023-05-31 SC232141 uk-bus:Director1 2023-06-01 2024-05-31 SC232141 uk-core:FurnitureFittings 2023-06-01 2024-05-31 SC232141 uk-core:AfterOneYear 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure SC232141 uk-bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 SC232141 uk-bus:FRS102 2023-06-01 2024-05-31 SC232141 uk-bus:FullAccounts 2023-06-01 2024-05-31 SC232141 uk-bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31
SGT Salons Ltd
Registered Number:SC232141
For the year ended 31 May 2024
Scotland
Unaudited Financial Statements
2
For the year ended 31 May 2024
SGT Salons Ltd
Contents Page
1
Statement of Financial Position
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Notes to the Financial Statements
3
Registered Number :
SC232141
As at 31 May 2024
SGT Salons Ltd
Statement of Financial Position
£
£
2023
2024
Notes
Fixed assets
Property, plant and equipment
288
384
2
3
200,000
200,000
Investment property
200,288
200,384
Current assets
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)
Capital and reserves
Called up share capital
100
100
Fair value reserve
54,013
54,013
Retained earnings
(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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4
Registered Number :
SC232141
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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5
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.
Registered address:
16 Forres Gate
Giffnock
Glasgow
G46 6NT
The presentation currency is £ sterling.
1. Accounting policies
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:
25% Reducing balance
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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6
For the year ended 31 May 2024
SGT Salons Ltd
Notes to the Financial Statements Continued
2. Property, plant and equipment
Furniture and
Fittings
£
Cost or valuation
At 01 June 2023
1,629
At 31 May 2024
1,629
Provision for depreciation and impairment
At 01 June 2023
1,245
Charge for year
96
At 31 May 2024
1,341
At 31 May 2024
Net book value
288
At 31 May 2023
384
3. Investment property
Total
£
Fair value
At 01 June 2023
200,000
At 31 May 2024
200,000
Net book value
At 31 May 2024
200,000
At 31 May 2023
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
£
£
Other creditors
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
£
£
Other creditors
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.
6. Reserves
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)
8. Transition to FRS 102
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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