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Registration number: 07136792

Edward James Salon & Spa Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 August 2024

 

Edward James Salon & Spa Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Edward James Salon & Spa Limited

Company Information

Director

E J Shortall

Registered office

18 Northcote Road
London
SW11 1NX

Accountants

Kishens Limited
Chartered Accountants13 Montpelier Avenue
Bexley
Kent
DA5 3AP

 

Edward James Salon & Spa Limited

(Registration number: 07136792)
Abridged Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed Assets

 

Tangible Assets

4

251,026

300,553

Current assets

 

Stocks

5

160,646

98,786

Debtors

6

76,701

130,132

Cash at bank and in hand

 

88,741

79,640

 

326,088

308,558

Prepayments and accrued income

 

19,078

7,950

Creditors: Amounts falling due within one year

(321,316)

(300,929)

Net current assets

 

23,850

15,579

Total assets less current liabilities

 

274,876

316,132

Creditors: Amounts falling due after more than one year

(49,970)

(55,000)

Provisions for liabilities

(49,100)

-

Accruals and deferred income

 

(4,050)

(6,100)

Net assets

 

171,756

255,032

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

171,656

254,932

Shareholders' funds

 

171,756

255,032

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.

Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Edward James Salon & Spa Limited

(Registration number: 07136792)
Abridged Balance Sheet as at 31 August 2024

Approved and authorised by the director on 31 January 2025
 

.........................................
E J Shortall
Director

 

Edward James Salon & Spa Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
18 Northcote Road
London
SW11 1NX
England

These financial statements were authorised for issue by the director on 31 January 2025.

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 abridged 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 abridged 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 when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods or on completion of the designated services;
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.

 

Edward James Salon & Spa Limited

Notes to the Unaudited Abridged 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

Fittings, fixtures and equipment

25% reducing balance

Leasehold property

20% reducing balance

Plant and machinery

25% reducing balance

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.

Trade 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 estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

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.

 

Edward James Salon & Spa Limited

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

Trade 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 78 (2023 - 60).

 

Edward James Salon & Spa Limited

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

4

Tangible Assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

335,388

440,517

48,190

824,095

Additions

-

29,730

-

29,730

At 31 August 2024

335,388

470,247

48,190

853,825

Depreciation

At 1 September 2023

269,116

206,236

48,190

523,542

Charge for the year

13,254

66,003

-

79,257

At 31 August 2024

282,370

272,239

48,190

602,799

Carrying amount

At 31 August 2024

53,018

198,008

-

251,026

At 31 August 2023

66,272

234,281

-

300,553

Included within the net book value of land and buildings above is £53,018 (2023 - £66,272) in respect of long leasehold land and buildings.
 

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

160,646

98,786

6

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Edward James Salon & Spa Limited

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

8

Dividends

2024

2023

£

£

Interim dividend of £561.00 (2023 - £925.00) per ordinary share

56,100

92,500

 

 

9

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

9,560

130,000

10

Parent and ultimate parent undertaking

The ultimate controlling party is the director Mr Edward Shortall.