Company Registration No. 10374316 (England and Wales)
The Priory Salon Ltd
Unaudited accounts
for the year ended 31 December 2024
The Priory Salon Ltd
Unaudited accounts
Contents
The Priory Salon Ltd
Company Information
for the year ended 31 December 2024
Company Number
10374316 (England and Wales)
Registered Office
THE PRIORY SALON
71 CHURCH STREET
MALVERN
WR14 2AE
UNITED KINGDOM
Accountants
Adder Bookkeeping Ltd
86-90 Paul Street
London
Worcestershire
EC2A 4NE
The Priory Salon Ltd
Statement of financial position
as at 31 December 2024
Tangible assets
183,625
183,871
Cash at bank and in hand
31,066
21,035
Creditors: amounts falling due within one year
(58,950)
(61,830)
Net current liabilities
(3,640)
(22,139)
Total assets less current liabilities
179,985
161,732
Creditors: amounts falling due after more than one year
(108,804)
(123,927)
Called up share capital
100
100
Profit and loss account
71,081
37,705
Shareholders' funds
71,181
37,805
For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 16 September 2025 and were signed on its behalf by
Amy Whitteron
Director
Company Registration No. 10374316
The Priory Salon Ltd
Notes to the Accounts
for the year ended 31 December 2024
The Priory Salon Ltd is a private company, limited by shares, registered in England and Wales, registration number 10374316. The registered office is THE PRIORY SALON, 71 CHURCH STREET, MALVERN, WR14 2AE, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% Straight Line
Computer equipment
20% Straight Line
The director believes that the company is experiencing good levels of sales growth and profitability and is well placed to manage it's business risks successfully. The director continues to adopt the going concern basis of accounting in preparing the financial statements
The Priory Salon Ltd
Notes to the Accounts
for the year ended 31 December 2024
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Tangible fixed assets
Land & buildings
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2024
180,000
21,181
2,737
203,918
At 31 December 2024
180,000
22,231
2,737
204,968
At 1 January 2024
-
17,796
2,251
20,047
Charge for the year
-
1,175
121
1,296
At 31 December 2024
-
18,971
2,372
21,343
At 31 December 2024
180,000
3,260
365
183,625
At 31 December 2023
180,000
3,385
486
183,871
Carrying amount of land and buildings on cost basis
209,710
209,710
A formal revaluation of the business premises was carried out in April 2023 by Adam Goodwin MRICS, a Chartered Commercial Property Surveyor and RICS Register Valuer. He confirms he has the relevant experience and knowledge of valuing this type of property in this location. The revaluation value was £180,000.
The original cost of the building was £150,950.
Capital improvements added to this building totalled £49,891 at year-end 2022, and a further £8,869 was spent in the year-ending 2023. The revaluation was carried out after these improvements. The net loss on revaluation was set against the revaluation reserve (£29,050) and the remaining £29,710 was posted to the profit and loss account (in the 2023 financial year).
Raw materials
20,504
18,525
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete items.
Amounts falling due within one year
Accrued income and prepayments
3,740
131
The Priory Salon Ltd
Notes to the Accounts
for the year ended 31 December 2024
7
Creditors: amounts falling due within one year
2024
2023
Trade creditors
1,775
4,085
Taxes and social security
20,516
15,479
Loans from directors
28,260
34,476
The outstanding director's loan at year-end is interest free and repayable on demand.
8
Creditors: amounts falling due after more than one year
2024
2023
Bank loans
108,804
123,927
2024
£75,096 is a secured loan against the freehold property.
£22,778 is an unsecured bank loan.
£10,930 is a Government backed Bounce Back Loan scheme.
2023
£80,628 is a secured loan against the freehold property.
£26,337 is an unsecured bank loan.
£16,962 is a Government backed Bounce Back Loan scheme.
Allotted, called up and fully paid:
100 Ordinary shares Amy Whitteron of £1 each
100
100
10
Average number of employees
During the year the average number of employees was 3 (2023: 3).