Registered number
04444738
Obsession Salon & Spas Limited
Unaudited Filleted Accounts
31 October 2024
Obsession Salon & Spas Limited
Registered number: 04444738
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 65,827 75,783
Current assets
Stocks 25,481 24,306
Debtors 5 7,511 7,792
Cash at bank and in hand 74,590 40,956
107,582 73,054
Creditors: amounts falling due within one year 6 (140,978) (133,746)
Net current liabilities (33,396) (60,692)
Total assets less current liabilities 32,431 15,091
Creditors: amounts falling due after more than one year 7 (22,917) (27,917)
Net assets/(liabilities) 9,514 (12,826)
Capital and reserves
Called up share capital 100 100
Profit and loss account 9,414 (12,926)
Shareholders' funds 9,514 (12,826)
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
K F Wharton
Director
Approved by the board on 17 February 2025
Obsession Salon & Spas Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recog
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 21 24
3 Intangible fixed assets £
Goodwill:
Cost
At 1 November 2023 1,000
At 31 October 2024 1,000
Amortisation
At 1 November 2023 1,000
At 31 October 2024 1,000
Net book value
At 31 October 2024 -
Goodwill has been written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 November 2023 151,935 165,273 317,208
Additions - 1,384 1,384
At 31 October 2024 151,935 166,657 318,592
Depreciation
At 1 November 2023 103,565 137,860 241,425
Charge for the year 7,166 4,174 11,340
At 31 October 2024 110,731 142,034 252,765
Net book value
At 31 October 2024 41,204 24,623 65,827
At 31 October 2023 48,370 27,413 75,783
5 Debtors 2024 2023
£ £
Other debtors 7,511 7,792
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 22,298 24,329
Taxation and social security costs 37,886 35,167
Other creditors 70,794 64,250
140,978 133,746
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 22,917 27,917
8 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 37,917 42,917
The bounce back loan is guaranteed by a BBLS guarantee.
9 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 8,750 35,000
10 Controlling party
The company is controlled by its director who owns a majority share in the company. The dividend has been paid to the director.
11 Other information
Obsession Salon & Spas Limited is a private company limited by shares and incorporated in England. Its registered office is:
3-6 Castle Dyke
Lichfield
Staffordshire
WS13 6HR
Obsession Salon & Spas Limited 04444738 false 2023-11-01 2024-10-31 2024-10-31 VT Final Accounts July 2024 K F Wharton No description of principal activity 04444738 2022-11-01 2023-10-31 04444738 core:WithinOneYear 2023-10-31 04444738 core:AfterOneYear 2023-10-31 04444738 core:ShareCapital 2023-10-31 04444738 core:RetainedEarningsAccumulatedLosses 2023-10-31 04444738 core:AllPeriods 2023-10-31 04444738 2023-11-01 2024-10-31 04444738 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 04444738 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 04444738 bus:Director40 2023-11-01 2024-10-31 04444738 1 2023-11-01 2024-10-31 04444738 2 2023-11-01 2024-10-31 04444738 core:LandBuildings 2023-11-01 2024-10-31 04444738 core:PlantMachinery 2023-11-01 2024-10-31 04444738 countries:England 2023-11-01 2024-10-31 04444738 bus:FRS102 2023-11-01 2024-10-31 04444738 bus:FilletedAccounts 2023-11-01 2024-10-31 04444738 2024-10-31 04444738 core:WithinOneYear 2024-10-31 04444738 core:AfterOneYear 2024-10-31 04444738 core:ShareCapital 2024-10-31 04444738 core:RetainedEarningsAccumulatedLosses 2024-10-31 04444738 core:Goodwill 2024-10-31 04444738 core:LandBuildings 2024-10-31 04444738 core:PlantMachinery 2024-10-31 04444738 core:AllPeriods 2024-10-31 04444738 2023-10-31 04444738 core:Goodwill 2023-10-31 04444738 core:LandBuildings 2023-10-31 04444738 core:PlantMachinery 2023-10-31 iso4217:GBP xbrli:pure