Registration number:
Edward James Salon & Spa Limited
for the Period from 1 May 2022 to 31 August 2023
Edward James Salon & Spa Limited
Contents
Company Information |
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Director's Report |
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Accountants' Report |
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Abridged Profit and Loss Account |
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Statement of Comprehensive Income |
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Abridged Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Unaudited Abridged Financial Statements |
Edward James Salon & Spa Limited
Company Information
Director |
E J Shortall |
Registered office |
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Accountants |
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Edward James Salon & Spa Limited
Director's Report for the Period from 1 May 2022 to 31 August 2023
The director presents his report and the abridged financial statements for the period from 1 May 2022 to 31 August 2023.
Director of the company
The director who held office during the period was as follows:
Principal activity
The principal activity of the company is that of hairdressing and other beauty treatment.
Small companies provision statement
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Approved and authorised by the
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Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Edward James Salon & Spa Limited
for the Period Ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Edward James Salon & Spa Limited for the period ended 31 August 2023 as set out on pages 4 to 14 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.
This report is made solely to the Board of Directors of Edward James Salon & Spa Limited, as a body, in accordance with the terms of our engagement letter dated 5 April 2023. Our work has been undertaken solely to prepare for your approval the accounts of Edward James Salon & Spa Limited and state those matters that we have agreed to state to the Board of Directors of Edward James Salon & Spa Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Edward James Salon & Spa Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Edward James Salon & Spa Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Edward James Salon & Spa Limited. You consider that Edward James Salon & Spa Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the accounts of Edward James Salon & Spa Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Chartered Accountants
Bexley
Kent
DA5 3AP
Edward James Salon & Spa Limited
Abridged Profit and Loss Account for the Period from 1 May 2022 to 31 August 2023
Note |
2023 |
2022 |
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Gross profit |
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|
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Administrative expenses |
( |
( |
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Other interest receivable and similar income |
|
- |
|
Interest payable and similar expenses |
( |
( |
|
(Loss)/profit before tax |
( |
|
|
Tax on (loss)/profit |
|
( |
|
(Loss)/profit for the financial period |
( |
|
The above results were derived from continuing operations.
The company has no recognised gains or losses for the period other than the results above.
Edward James Salon & Spa Limited
Statement of Comprehensive Income for the Period from 1 May 2022 to 31 August 2023
2023 |
2022 |
|
(Loss)/profit for the period |
( |
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Total comprehensive income for the period |
( |
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Edward James Salon & Spa Limited
(Registration number: 07136792)
Abridged Balance Sheet as at 31 August 2023
Note |
2023 |
2022 |
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Fixed Assets |
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Tangible Assets |
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Current assets |
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Stocks |
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Debtors |
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Cash at bank and in hand |
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Prepayments and accrued income |
|
- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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|
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Creditors: Amounts falling due after more than one year |
( |
( |
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Accruals and deferred income |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Retained earnings |
254,932 |
364,696 |
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Shareholders' funds |
255,032 |
364,796 |
For the financial period ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
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• |
The director acknowledges his 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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Edward James Salon & Spa Limited
(Registration number: 07136792)
Abridged Balance Sheet as at 31 August 2023
All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Approved and authorised by the
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Edward James Salon & Spa Limited
Statement of Changes in Equity for the Period from 1 May 2022 to 31 August 2023
Share capital |
Retained earnings |
Total |
|
At 1 May 2022 |
|
|
|
Loss for the period |
- |
( |
( |
Dividends |
- |
( |
( |
At 31 August 2023 |
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|
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Share capital |
Retained earnings |
Total |
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At 1 May 2021 |
|
|
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Profit for the period |
- |
|
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Dividends |
- |
( |
( |
At 30 April 2022 |
100 |
364,696 |
364,796 |
Edward James Salon & Spa Limited
Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2022 to 31 August 2023
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
England
These financial statements were authorised for issue by the
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.
Going concern
The financial statements have been prepared on a going concern basis.
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.
Edward James Salon & Spa Limited
Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2022 to 31 August 2023
Tax
The tax expense for the period comprises current 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.
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.
Edward James Salon & Spa Limited
Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2022 to 31 August 2023
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.
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.
Edward James Salon & Spa Limited
Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2022 to 31 August 2023
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the period, was
Loss/profit before tax |
Arrived at after charging/(crediting)
2023 |
2022 |
|
Depreciation expense |
|
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Edward James Salon & Spa Limited
Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2022 to 31 August 2023
Tangible Assets |
Land and buildings |
Furniture, fittings and equipment |
Other tangible assets |
Total |
|
Cost or valuation |
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At 1 May 2022 |
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Additions |
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- |
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At 31 August 2023 |
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Depreciation |
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At 1 May 2022 |
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Charge for the period |
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- |
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At 31 August 2023 |
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Carrying amount |
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At 31 August 2023 |
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- |
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At 30 April 2022 |
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- |
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Included within the net book value of land and buildings above is £66,272 (2022 - £88,258) in respect of long leasehold land and buildings.
Stocks |
2023 |
2022 |
|
Finished goods and goods for resale |
|
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Share capital |
Allotted, called up and fully paid shares
2023 |
2022 |
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No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
Edward James Salon & Spa Limited
Notes to the Unaudited Abridged Financial Statements for the Period from 1 May 2022 to 31 August 2023
Dividends |
2023 |
2022 |
|||
£ |
£ |
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Interim dividend of £ |
92,500 |
80,000 |
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Related party transactions |
Director's remuneration
The director's remuneration for the period was as follows:
2023 |
2022 |
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Remuneration |
|
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Contributions paid to money purchase schemes |
- |
|
130,000 |
92,962 |
Parent and ultimate parent undertaking |
The ultimate controlling party is