Lesalon Beauty Ltd - Period Ending 2020-12-31

Lesalon Beauty Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	4

Lesalon Beauty Ltd

Company Information

Directors

J K Chalayer A Ali N A Pilbrow

Company secretary

OHS Secretaries Limited

Registered office

9th Floor 107 Cheapside London EC2V 6DN

Accountants

Blu Sky Tax Limited Ye Olde Hundred 69 Church Way North Shields NE29 0AE

Lesalon Beauty Ltd

(Registration number: 09084899)
Balance Sheet as at 31 December 2020

	Note	2020 £	2019 £
Fixed assets
Tangible assets	3	7,643	7,324
Current assets
Debtors	4	170,497	177,345
Cash at bank and in hand		607,394	386,144
		777,891	563,489
Creditors: Amounts falling due within one year	5	(24,003)	(31,731)
Net current assets		753,888	531,758
Total assets less current liabilities		761,531	539,082
Creditors: Amounts falling due after more than one year	5	(235,622)	-
Provisions for liabilities		(1,452)	-
Net assets		524,457	539,082
Capital and reserves
Called up share capital	6	32	31
Share premium reserve		2,406,474	2,138,178
Capital redemption reserve		80	80
Other reserves		59,266	-
Profit and loss account		(1,941,395)	(1,599,207)
Shareholders' funds		524,457	539,082

For the financial year ending 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their 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 provisions applicable to companies subject to the small companies’ regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

Lesalon Beauty Ltd

(Registration number: 09084899)
Balance Sheet as at 31 December 2020

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 30 September 2021 and signed on its behalf by:

.........................................

J K Chalayer

Director

Lesalon Beauty Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

1	General information

The company registered number is: 09084899

The company is a private company limited by share capital, incorporated in the United Kingdom, registered in England and Wales.

The address of its registered office is:
9th Floor
107 Cheapside
London
EC2V 6DN

2	Accounting policies

Statement of compliance

These financial statements were prepared in accordance with the provisions of FRS 102 Section 1A - small entities applicable in the UK and Republic of Ireland. There were no material departures from that standard.

These financial statements for the year ended 31st December 2020 are the first financial statements of Lesalon Beauty Ltd prepared in accordance with FRS 102 Section 1A, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 Section 1A was 1st January 2019. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102 Section 1A.

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.

Basis of preparation

These financial statements were prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

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;
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.

Government grants

Government grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.

Lesalon Beauty Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

Foreign currency transactions and balances

Transactions in currencies other than pounds sterling are recorded at the rates prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the income statement for the period.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position 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
Furniture, fittings and equipment	33% straight line

Research and development costs
Expenditure on research and development is written off against profits in the year in which it is incurred.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

Lesalon Beauty Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

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.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
 

3	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2020	11,417	11,417
Additions	3,768	3,768
Disposals	(1,040)	(1,040)
At 31 December 2020	14,145	14,145
Depreciation
At 1 January 2020	4,093	4,093
Charge for the year	3,016	3,016
Eliminated on disposal	(607)	(607)
At 31 December 2020	6,502	6,502
Carrying amount
At 31 December 2020	7,643	7,643
At 31 December 2019	7,324	7,324

Lesalon Beauty Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

4

Debtors

	2020 £	2019 £
Trade debtors	-	4,869
Prepayments	1,178	372
Other debtors	169,319	172,104
	170,497	177,345

Lesalon Beauty Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

5

Creditors

Creditors: amounts falling due within one year

	Note	2020 £	2019 £
Due within one year
Loans and borrowings		1,010	-
Trade creditors		8,189	5,549
Taxation and social security		7,360	10,701
Accruals and deferred income		5,464	6,125
Other creditors		1,980	9,356
		24,003	31,731

Creditors: amounts falling due after more than one year

	Note	2020 £	2019 £
Due after one year
Loans and borrowings		235,622	-

6	Share capital

Allotted, called up and fully paid shares

	2020		2019
	No.	£	No.	£
B Ordinary shares of £0.0001 each	115,059	11.51	103,689	10.37
Deferred shares of £0.0001 each	96,181	9.62	96,181	9.62
Ordinary shares of £0.0001 each	110,638	11.06	110,638	11.06
	321,878	32	310,508	31

7	Related party transactions

Advances to directors

During the year the company made interest free advances of £6,959 to the company's directors. The amount outstanding at the year end is £1,302 and is repayable on demand to the company.

Lesalon Beauty Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2020

8	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 11 (2019 - 11).