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Registration number: 04803554

Salon Concepts Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

Salon Concepts Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Salon Concepts Limited

(Registration number: 04803554)
Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

236

315

Tangible assets

5

88,854

111,956

 

89,090

112,271

Current assets

 

Stocks

451,789

665,134

Debtors

6

501,543

359,994

Cash at bank and in hand

 

557,460

372,941

 

1,510,792

1,398,069

Creditors: Amounts falling due within one year

7

(541,769)

(505,651)

Net current assets

 

969,023

892,418

Total assets less current liabilities

 

1,058,113

1,004,689

Creditors: Amounts falling due after more than one year

7

(31,332)

(37,281)

Provisions for liabilities

(21,098)

(11,112)

Net assets

 

1,005,683

956,296

Capital and reserves

 

Called up share capital

991

991

Profit and loss account

1,004,692

955,305

Shareholders' funds

 

1,005,683

956,296

For the financial 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.

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 Statement of Comprehensive Income.

Approved and authorised by the Board on 28 April 2025 and signed on its behalf by:
 

 

Salon Concepts Limited

(Registration number: 04803554)
Statement of Financial Position as at 31 July 2024 (continued)


Mr A MacLucas
Director

 

Salon Concepts Limited

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

1

General information

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

The address of its registered office is:
Unit 13 Bridgwater Court Oldmixon Crescent
Weston-super-Mare
North Somerset
BS24 9AY

Principal activity

The principal activity of the company is wholesaler and distributor to the hairdressing industry.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

Salon Concepts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

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 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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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.

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.

 

Salon Concepts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the statement of financial position 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

Leasehold improvements

Over 10 years

Plant and equipment

25% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Computer equipment

25% straight line

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

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

Goodwill

10 year straight line

Website

10 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

Salon Concepts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their 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.

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 statement of comprehensive income 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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated using the same basis as other assets of the same class. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

 

Salon Concepts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 21 (2023 - 21).

 

Salon Concepts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

4

Intangible assets

Goodwill
 £

Website
£

Total
£

Cost or valuation

At 1 August 2023

841,992

788

842,780

At 31 July 2024

841,992

788

842,780

Amortisation

At 1 August 2023

841,992

473

842,465

Amortisation charge

-

79

79

At 31 July 2024

841,992

552

842,544

Carrying amount

At 31 July 2024

-

236

236

At 31 July 2023

-

315

315

5

Tangible assets

Leasehold improvements
£

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

92,361

87,324

4,238

37,482

163,298

384,703

Additions

-

-

2,066

5,006

-

7,072

At 31 July 2024

92,361

87,324

6,304

42,488

163,298

391,775

Depreciation

At 1 August 2023

92,300

70,232

2,226

27,620

80,369

272,747

Charge for the year

31

2,564

1,019

5,828

20,732

30,174

At 31 July 2024

92,331

72,796

3,245

33,448

101,101

302,921

Carrying amount

At 31 July 2024

30

14,528

3,059

9,040

62,197

88,854

At 31 July 2023

61

17,092

2,012

9,862

82,929

111,956

 

Salon Concepts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

6

Debtors

Note

2024
£

2023
£

Trade debtors

 

337,135

234,022

Amounts owed by related parties

11

10,062

8,478

Other debtors

 

-

2,522

Prepayments

 

154,346

114,972

 

501,543

359,994

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

5,950

4,391

Trade creditors

 

212,538

259,342

Taxation and social security

 

259,309

205,103

Accruals and deferred income

 

24,813

33,406

Other creditors

 

39,159

3,409

 

541,769

505,651

Creditors include net obligations under a finance lease which are secured of £4,391 (2022 - £Nil).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

31,332

37,281

Creditors include net obligations under a finance lease which are secured of £37,281 (2022 - £Nil).

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

Salon Concepts Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Finance lease liabilities

31,332

37,281

Current loans and borrowings

2024
£

2023
£

Finance lease liabilities

5,950

4,391

10

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

19,038

19,593

Later than one year and not later than five years

25,397

30,228

44,435

49,821

11

Related party transactions

Transactions with directors

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Directors' loan account

(151)

177

(65)

(39)

Directors' loan account

2,525

36,109

(64,652)

(26,018)

 

2,374

36,286

(64,717)

(26,057)

       

 

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Directors' loan account

(319)

753

(585)

(151)

Directors' loan account

3,858

3,042

(4,375)

2,525

3,539

3,795

(4,960)

2,374