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Registration number: 03295594

Milton James Limited

trading as Toni & Guy

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

Milton James Limited trading as Toni & Guy

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Milton James Limited trading as Toni & Guy

Company Information

Directors

Mr J R Leigh

Mrs J L Leigh

Registered office

Berkeley House
Amery Street
Alton
Hampshire
GU34 1HN

Accountants

Rotherham Taylor Limited 21 Navigation Business Village
Navigation Way
Ashton-on-Ribble
Preston
PR2 2YP

 

Milton James Limited trading as Toni & Guy

(Registration number: 03295594)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

5,087

6,738

Tangible assets

5

12,486

12,065

 

17,573

18,803

Current assets

 

Stocks

6

4,200

4,200

Debtors

7

22,059

25,890

Cash at bank and in hand

 

139,827

157,888

 

166,086

187,978

Creditors: Amounts falling due within one year

8

(143,715)

(153,501)

Net current assets

 

22,371

34,477

Total assets less current liabilities

 

39,944

53,280

Creditors: Amounts falling due after more than one year

8

(9,165)

(18,304)

Provisions for liabilities

(3,121)

(2,596)

Net assets

 

27,658

32,380

Capital and reserves

 

Called up share capital

24

32

Capital redemption reserve

8

-

Revaluation reserve

68

68

Retained earnings

27,558

32,280

Shareholders' funds

 

27,658

32,380

 

Milton James Limited trading as Toni & Guy

(Registration number: 03295594)
Balance Sheet as at 31 August 2024

For the financial year ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 20 March 2025 and signed on its behalf by:
 

.........................................
Mr J R Leigh
Director

   
     
 

Milton James Limited trading as Toni & Guy

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Berkeley House
Amery Street
Alton
Hampshire
GU34 1HN
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts. The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Milton James Limited trading as Toni & Guy

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024


Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

Plant and machinery

25% reducing balance

Office equipment

25% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Franchise costs

over 5 years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and net realisable value. Cost includes all costs incurred in bringing each product to its present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Milton James Limited trading as Toni & Guy

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Milton James Limited trading as Toni & Guy

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss. Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2023 - 23).

4

Intangible assets

Franchise costs
 £

Total
£

Cost or valuation

At 1 September 2023

8,250

8,250

At 31 August 2024

8,250

8,250

Amortisation

At 1 September 2023

1,512

1,512

Amortisation charge

1,651

1,651

At 31 August 2024

3,163

3,163

Carrying amount

At 31 August 2024

5,087

5,087

At 31 August 2023

6,738

6,738

Franchise costs are being written off in equal instalments over its estimated economic life of 5 years.

 

Milton James Limited trading as Toni & Guy

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Total
£

Cost or valuation

At 1 September 2023

260,687

61,200

10,516

332,403

Additions

4,233

-

-

4,233

At 31 August 2024

264,920

61,200

10,516

336,636

Depreciation

At 1 September 2023

253,255

59,704

7,379

320,338

Charge for the year

2,654

374

784

3,812

At 31 August 2024

255,909

60,078

8,163

324,150

Carrying amount

At 31 August 2024

9,011

1,122

2,353

12,486

At 31 August 2023

7,432

1,496

3,137

12,065

6

Stocks

2024
£

2023
£

Stock

4,200

4,200

7

Debtors

Current

2024
£

2023
£

Prepayments

6,079

4,855

Other debtors

15,980

21,035

 

22,059

25,890

Included within Other debtors is £15,456 (2023: £17,964) which Mr J Leigh and Mrs J Leigh owed the company at the year end. The directors have confirmed the overdrawn loan accounts will be repaid within 9 months of the year end and as such, no section 455 tax has been charged. Interest has been charged at HM Revenue and Customs approved rate.

 

Milton James Limited trading as Toni & Guy

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2024

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,001

10,865

Trade creditors

 

15,638

19,701

Taxation and social security

 

29,997

32,148

Accruals and deferred income

 

50,117

44,164

Other creditors

 

37,962

46,623

 

143,715

153,501

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Bank borrowings

9

9,165

18,304

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

9,165

18,304

Bank borrowings are unsecured and are repayable over 60 months commencing 12 months after draw down.

2024
£

2023
£

Current loans and borrowings

Bank borrowings

10,001

10,865

10

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £106,042 (2023 - £131,042).