Company registration number 05735346 (England and Wales)
STYLE STUDIO (ROWLANDS CASTLE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
PAGES FOR FILING WITH REGISTRAR
STYLE STUDIO (ROWLANDS CASTLE) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
STYLE STUDIO (ROWLANDS CASTLE) LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2025
28 February 2025
- 1 -
28 February 2025
29 February 2024
Notes
£
£
£
£
Fixed assets
Intangible assets
4
230
Tangible assets
5
1,747
1,491
1,747
1,721
Current assets
Stocks
1,500
1,850
Debtors
6
2,237
1,784
Cash at bank and in hand
4,211
17,191
7,948
20,825
Creditors: amounts falling due within one year
7
(8,945)
(10,621)
Net current (liabilities)/assets
(997)
10,204
Total assets less current liabilities
750
11,925
Provisions for liabilities
(332)
(283)
Net assets
418
11,642
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
417
11,641
Total equity
418
11,642
STYLE STUDIO (ROWLANDS CASTLE) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2025
28 February 2025
- 2 -
For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved and signed by the director and authorised for issue on 13 March 2025
F M Perrott
Director
Company registration number 05735346 (England and Wales)
STYLE STUDIO (ROWLANDS CASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 3 -
1
Accounting policies
Company information
Style Studio (Rowlands Castle) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Murrills House, 48 East Street, Portchester, Fareham, Hampshire, England, PO16 9XS.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
1.2
Turnover
Turnover represents amounts receivable for services rendered and products sold net of VAT.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Short leasehold
over the remainder of the lease
Plant and equipment
15% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and net realisable value after making due allowances for obsolete items.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
STYLE STUDIO (ROWLANDS CASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
3
3
STYLE STUDIO (ROWLANDS CASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 5 -
4
Intangible fixed assets
Goodwill
£
Cost
At 1 March 2024 and 28 February 2025
2,300
Amortisation and impairment
At 1 March 2024
2,070
Amortisation charged for the year
230
At 28 February 2025
2,300
Carrying amount
At 28 February 2025
At 29 February 2024
230
5
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 March 2024
4,573
14,767
19,340
Additions
599
599
Disposals
(603)
(603)
At 28 February 2025
4,573
14,763
19,336
Depreciation and impairment
At 1 March 2024
4,573
13,276
17,849
Depreciation charged in the year
311
311
Eliminated in respect of disposals
(571)
(571)
At 28 February 2025
4,573
13,016
17,589
Carrying amount
At 28 February 2025
1,747
1,747
At 29 February 2024
1,491
1,491
STYLE STUDIO (ROWLANDS CASTLE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2025
- 6 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Corporation tax recoverable
424
Other debtors
782
1,360
782
1,784
Deferred tax asset
1,455
2,237
1,784
7
Creditors: amounts falling due within one year
2025
2024
£
£
Taxation and social security
3,680
4,105
Other creditors
5,265
6,516
8,945
10,621
8
Operating lease commitments
Lessee
At the end of the accounting period the company was committed, under non-cancellable operating leases, to future payments of £48,417 (2024 : £55,417).