Company Registration No. 08006412 (England and Wales)
MM Salons (Croydon) Ltd
Unaudited accounts
for the year ended 31 March 2020
MM Salons (Croydon) Ltd
Unaudited accounts
Contents
MM Salons (Croydon) Ltd
Company Information
for the year ended 31 March 2020
Director
Jaime Agurruza Fatosme
Secretary
Jacen Andrew Award
Company Number
08006412 (England and Wales)
Registered Office
O2 Centre Millimetre Boutique Salon
255 Finchley Road
London
NW3 6LU
MM Salons (Croydon) Ltd
Statement of financial position
as at 31 March 2020
Tangible assets
46,565
77,982
Cash at bank and in hand
15,408
1,621
Creditors: amounts falling due within one year
(1,065,701)
(981,144)
Net current liabilities
(940,940)
(931,317)
Net liabilities
(894,375)
(853,335)
Called up share capital
2
2
Profit and loss account
(894,377)
(853,337)
Shareholders' funds
(894,375)
(853,335)
For the year ending 31 March 2020 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 his 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 12 January 2021 and were signed on its behalf by
Jaime Agurruza Fatosme
Director
Company Registration No. 08006412
MM Salons (Croydon) Ltd
Notes to the Accounts
for the year ended 31 March 2020
MM Salons (Croydon) Ltd is a private company, limited by shares, registered in England and Wales, registration number 08006412. The registered office is O2 Centre Millimetre Boutique Salon, 255 Finchley Road, London, NW3 6LU.
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.
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The accounts are presented in £ sterling.
Turnover represents net invoiced sales of services, excluding value added tax.
Revenue is recognised when:
a. The customer is satisfied with the outcome of the service(s) performed and pays;and
b. The customer has paid for the goods purchased; and
c. Recharged operational costs are apportioned to fellow salons for the period concerned.
Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Land & buildings
Over term of the lease
Computer equipment
33% on cost
Stocks are valued on a FIFO basis, at the lower cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of income or directly in equity.
Current and deferred taxation assets and liabilities are not discounted.
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
MM Salons (Croydon) Ltd
Notes to the Accounts
for the year ended 31 March 2020
The directors consider it appropriate to prepare the financial statements on a going concern basis as the company is reliant on the funding provided by its ultimate parent company FCS Gestion SIF SICAV SCA & Wella (UK) Limited.
For at least 12 months from the date of signing of there accounts, MM Salons (Mortimer Street) Ltd is dependant upon the financial support of its ultimate parent company, FCS Gestion SIF SICAV SCA via its intermediate parent company Millimetre Hair and Beauty UK Ltd. No financial information has been made available to us of the financial affairs of FCS Gestion SIF SICAV SCA.
3
Tangible fixed assets
Land & buildings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2019
94,250
468
94,718
At 31 March 2020
94,250
468
94,718
At 1 April 2019
16,268
468
16,736
Charge for the year
31,417
-
31,417
At 31 March 2020
47,685
468
48,153
At 31 March 2020
46,565
-
46,565
At 31 March 2019
77,982
-
77,982
Finished goods
4,784
7,043
Amounts due from group undertakings etc.
96,344
37,125
Accrued income and prepayments
4,873
686
6
Creditors: amounts falling due within one year
2020
2019
Trade creditors
19,668
17,917
Amounts owed to group undertakings and other participating interests
1,006,109
947,825
Taxes and social security
7,773
1,087
Other creditors
1,981
3,766
MM Salons (Croydon) Ltd
Notes to the Accounts
for the year ended 31 March 2020
7
Transactions with related parties
Amounts owed to group undertakings includes £1,006,109 (2019: £919,818) due to Millimetre Hair and Beauty UK Ltd, the company's intermediate parent company.
Amounts due from group undertakings in debtors includes £96,344 due by the other subsidiary companies within the group to MM Salons (Croydon) Ltd.
8
Average number of employees
During the year the average number of employees was 2 (2019: 2).
