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Registered number: 10054288
Salon 55 Hair Limited
Unaudited Financial Statements
For The Year Ended 31 July 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 10054288
31 July 2024 31 July 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 28,162 35,202
Tangible Assets 5 36,127 14,526
64,289 49,728
CURRENT ASSETS
Stocks 6 6,000 6,000
Debtors 7 133,312 99,869
Cash at bank and in hand 12,773 9,069
152,085 114,938
Creditors: Amounts Falling Due Within One Year 8 (131,727 ) (103,482 )
NET CURRENT ASSETS (LIABILITIES) 20,358 11,456
TOTAL ASSETS LESS CURRENT LIABILITIES 84,647 61,184
Creditors: Amounts Falling Due After More Than One Year 9 (79,838 ) (41,774 )
NET ASSETS 4,809 19,410
CAPITAL AND RESERVES
Called up share capital 11 100 100
Profit and Loss Account 4,709 19,310
SHAREHOLDERS' FUNDS 4,809 19,410
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For the year ending 31 July 2024 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 in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Ms Stacey Hutchings
Director
19/03/2025
The notes on pages 3 to 6 form part of these financial statements.
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Page 3
Notes to the Financial Statements
1. General Information
Salon 55 Hair Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10054288 . The registered office is 29 Turbine Way, Swaffham, PE37 7XD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of .... years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 25% on cost
Motor Vehicles 25% reducing balance
Fixtures & Fittings 25% on cost
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.6. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 12 (2023: 13)
12 13
4. Intangible Assets
Goodwill
£
Cost
As at 1 August 2023 70,405
As at 31 July 2024 70,405
Amortisation
As at 1 August 2023 35,203
Provided during the period 7,040
As at 31 July 2024 42,243
Net Book Value
As at 31 July 2024 28,162
As at 1 August 2023 35,202
5. Tangible Assets
Land & Property
Leasehold Motor Vehicles Fixtures & Fittings Total
£ £ £ £
Cost
As at 1 August 2023 1 40,305 2,717 43,023
Additions - 46,711 - 46,711
Disposals - (40,305 ) - (40,305 )
As at 31 July 2024 1 46,711 2,717 49,429
...CONTINUED
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Depreciation
As at 1 August 2023 - 27,552 945 28,497
Provided during the period - 11,678 679 12,357
Disposals - (27,552 ) - (27,552 )
As at 31 July 2024 - 11,678 1,624 13,302
Net Book Value
As at 31 July 2024 1 35,033 1,093 36,127
As at 1 August 2023 1 12,753 1,772 14,526
6. Stocks
31 July 2024 31 July 2023
£ £
Stock 6,000 6,000
7. Debtors
31 July 2024 31 July 2023
£ £
Due within one year
Trade debtors 1,820 9,496
Other debtors 131,492 90,373
133,312 99,869
8. Creditors: Amounts Falling Due Within One Year
31 July 2024 31 July 2023
£ £
Net obligations under finance lease and hire purchase contracts 5,638 19,263
Trade creditors 17,808 3,388
Bank loans and overdrafts 50,342 25,958
Other creditors 40,397 1,118
Taxation and social security 17,542 53,755
131,727 103,482
9. Creditors: Amounts Falling Due After More Than One Year
31 July 2024 31 July 2023
£ £
Net obligations under finance lease and hire purchase contracts 28,278 -
Bank loans 51,560 41,774
79,838 41,774
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10. Obligations Under Finance Leases and Hire Purchase
31 July 2024 31 July 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 5,638 19,263
Later than one year and not later than five years 28,278 -
33,916 19,263
33,916 19,263
11. Share Capital
31 July 2024 31 July 2023
£ £
Allotted, Called up and fully paid 100 100
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Ms Stacey Hutchings 89,105 215,115 (176,128 ) - 128,092
Interest is charge at 2.25% on balances over £10k
13. Related Party Transactions
During the year the company received loans from Salon 55 Academy Limited, a company with a common Directir.
At the end of th eyear the amount owed to Salon 44 Academy Limited was £6,827.
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