The York Salon Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07261471 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2020

FOR

THE YORK SALON LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A J Cameron

REGISTERED OFFICE:

24 St Cuthberts Way

Darlington

DL1 1GB

REGISTERED NUMBER:

07261471 (England and Wales)

ACCOUNTANTS:

CP Waites

Chartered Accountants

24 St Cuthberts Way

Darlington

DL1 1GB

FIXED ASSETS

Intangible assets

4

2,740

52,740

Tangible assets

5

9,960

10,534

12,700

63,274

CURRENT ASSETS

Stocks

5,512

4,766

Debtors

6

1,183

1,800

Cash at bank and in hand

490

4,317

7,185

10,883

CREDITORS

Amounts falling due within one year

7

80,264

95,599

NET CURRENT LIABILITIES

(73,079

)

(84,716

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(60,379

)

(21,442

)

PROVISIONS FOR LIABILITIES

9

1,500

1,500

NET LIABILITIES

(61,879

)

(22,942

)

CAPITAL AND RESERVES

Called up share capital

10

1

1

Retained earnings

11

(61,880

)

(22,943

)

SHAREHOLDERS' FUNDS

(61,879

)

(22,942

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 21 May 2021 and were signed by:

A J Cameron - Director

1.	STATUTORY INFORMATION

The York Salon Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of goods and services, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures, fittings and equipment

-

10% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or 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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Leasing commitments

Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company contributes to an auto enrolment pension scheme. Contributions payable to the scheme are charged to the profit and loss account in the period to which they relate.

Grants

Grants in respect of revenue expenditure are credited to the profit and loss account in the period the related expenditure is incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2019 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 June 2019

and 31 May 2020

500,000

AMORTISATION

At 1 June 2019

447,260

Charge for year

50,000

At 31 May 2020

497,260

NET BOOK VALUE

At 31 May 2020

2,740

At 31 May 2019

52,740

5.	TANGIBLE FIXED ASSETS

Fixtures,

fittings

and

equipment

£

COST

At 1 June 2019

14,930

Additions

834

Disposals

(215

)

At 31 May 2020

15,549

DEPRECIATION

At 1 June 2019

4,396

Charge for year

1,274

Eliminated on disposal

(81

)

At 31 May 2020

5,589

NET BOOK VALUE

At 31 May 2020

9,960

At 31 May 2019

10,534

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Prepayments

1,183

1,800

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

12,965

12,614

Corporation tax

8,771

6,343

Tax and social security

10,603

7,333

Director's loan account

38,679

68,241

Accruals and deferred income

9,246

1,068

80,264

95,599

8.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2020

2019

£

£

Within one year

16,500

16,500

Between one and five years

66,000

66,000

In more than five years

22,000

38,500

104,500

121,000

9.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

1,500

1,500

Deferred

tax

£

Balance at 1 June 2019

1,500

Balance at 31 May 2020

1,500

The deferred tax provision relates to accelerated capital allowances.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

1

Ordinary

£1

1

1

11.

RESERVES

Retained

earnings

£

At 1 June 2019

(22,943

)

Deficit for the year

(38,937

)

At 31 May 2020

(61,880

)

12.	ULTIMATE PARENT COMPANY

The company is a 100% subsidiary of Ajcam Holdings Limited a company incorporated in the UK. The accounts of Ajcam Holdings Limited are available from 24 St Cuthberts Way, Darlington, DL1 1GB.