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| 2. |
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES |
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The following accounting policies have been applied consistently in dealing with items which are considered material in relation to the company's financial statements. |
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Statement of compliance |
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The financial statements of the company for the financial year ended 31 August 2024 have been prepared in accordance with the provisions of FRS 102 Section 1A (Small Entities) and the Companies Act 2006. |
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Basis of preparation |
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The financial statements have been prepared on the going concern basis and in accordance with the historical cost convention except for certain properties and financial instruments that are measured at revalued amounts or fair values, as explained in the accounting policies below. Historical cost is generally based on the fair value of the consideration given in exchange for assets. |
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Turnover |
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Turnover represents rents receivable under operating leases in the United Kingdom, net of value added tax, which is recognised on a straight line basis over the term of the relevant lease. |
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Investment properties |
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Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
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Trade and other debtors |
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Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts except where the effect of discounting would be material. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts. |
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Trade and other creditors |
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Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. |
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Taxation and deferred taxation |
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Current tax represents the amount expected to be paid or recovered in respect of taxable profits for the financial year and is calculated using the tax rates and laws that have been enacted or substantially enacted at the Balance Sheet date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more tax in the future, or a right to pay less tax in the future. Timing differences are temporary differences between the company's taxable profits and its results as stated in the financial statements.
Deferred tax is measured on an undiscounted basis at the tax rates that are anticipated to apply in the periods in which the timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date. |
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Ordinary share capital |
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The ordinary share capital of the company is presented as equity. |
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Exceptional item |
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Exceptional items are those that the directors' view are required to be separately disclosed by virtue of their size or incidence to enable a full understanding of the company's financial performance.
There was a property sale during the year, Llywd Mansion, Oswestry, and there was a loss on disposal of this property of £150,000. |
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| 9. |
DETAILS OF CREDITORS |
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Security given in respect of creditors |
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There is a cross guarantee and debenture between Mascolo Holdings Limited, Mascolo Limited, Toni & Guy Holdings Limited and Toni & Guy Limited.
In addition, the company is party to cross-guarantee agreements with Covent Garden (T) Hairdressing Limited, Gloucester Road (T) Hairdressing Limited, Kensington (T) Hairdressing Limited, Mascolo Holdings Limited, North Audley Street (T) Hairdressing Limited, Shoreditch (T) Hairdressing Limited, Sloane Square (T) Hairdressing Limited, South Kensington (T) Hairdressing Limited, Toni & Guy Holdings Limited, Toni & Guy Limited, Victoria (T) Hairdressing Limited, Wigmore Street (T) Hairdressing Limited and Wimbledon (T) Hairdressing Limited, whereby each party guarantees the bank facilities of the others.
The company had not been called upon to make any payments under these guarantees during the year. |
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| 13. |
INVESTMENT PROPERTY REVALUATION |
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Freehold buildings were revalued on 31st August 2024 by Graham + Sibbald UK LLP, independent valuers, on the basis of open market value for existing use.
As a result of the revaluations, the total carrying amount of the freehold properties has changed due to the disposal of the Oswestry building. The revalued amount of freehold property at 31 August 2024 is £3,305,000.
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2024 |
2023 |
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£ |
£ |
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Fair Value at 31 August 2019 |
5,396,500 |
5,396,500 |
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Fair Value Revaluation to 31 August 2020 |
(871,500) |
(871,500) |
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Fair Value Revaluation to 31 August 2021 |
235,000 |
235,000 |
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Fair Value Revaluation to 31 August 2022 |
(880,000) |
(880,000) |
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Fair Value Revaluation to 31 August 2023 |
(350,000) |
(350,000) |
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Fair Value Revaluation to 31 August 2024 |
(225,000) |
- |
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3,305,000 |
3,530,000 |
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