Company Registration No. 10563056 (England and Wales)
Salon LouLou Limited
Unaudited accounts
for the year ended 31 December 2020
Salon LouLou Limited
Unaudited accounts
Contents
Salon LouLou Limited
Company Information
for the year ended 31 December 2020
Company Number
10563056 (England and Wales)
Registered Office
Pyle Garden Village
Pyle
Bridgend
CF33 6BJ
Accountants
Evans Entwistle
Venta House
Maes-glas
Newport
NP20 2NS
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of
Salon LouLou Limited
for the year ended 31 December 2020
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Salon LouLou Limited for the year ended 31 December 2020 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.cimaglobal.com.
Our work has been undertaken in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com.
Evans Entwistle
Chartered Management Accountants
Venta House
Maes-glas
Newport
NP20 2NS
17 August 2021
Salon LouLou Limited
Statement of financial position
as at 31 December 2020
Tangible assets
4,583
10,000
Cash at bank and in hand
(1,342)
891
Creditors: amounts falling due within one year
(16,206)
(18,479)
Net current liabilities
(6,533)
(14,489)
Total assets less current liabilities
(1,950)
(4,489)
Provisions for liabilities
Net liabilities
(2,821)
(4,489)
Called up share capital
3
3
Profit and loss account
(2,824)
(4,492)
Shareholders' funds
(2,821)
(4,489)
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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 17 August 2021 and were signed on its behalf by
Olivia Barnard
Director
Company Registration No. 10563056
Salon LouLou Limited
Notes to the Accounts
for the year ended 31 December 2020
Salon LouLou Limited is a private company, limited by shares, registered in England and Wales, registration number 10563056. The registered office is Pyle Garden Village, Pyle, Bridgend, CF33 6BJ.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
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.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
20% Straight Line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Government grants in relation to tangible fixed assets are credited to 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.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Salon LouLou Limited
Notes to the Accounts
for the year ended 31 December 2020
4
Tangible fixed assets
Fixtures & fittings
At 31 December 2020
20,000
At 31 December 2020
15,417
At 31 December 2019
10,000
6
Debtors: amounts falling due within one year
2020
2019
Accrued income and prepayments
750
2,124
7
Creditors: amounts falling due within one year
2020
2019
Taxes and social security
1,000
1,080
Salon LouLou Limited
Notes to the Accounts
for the year ended 31 December 2020
8
Deferred taxation
2020
2019
Other deferred taxation
871
-
Charged to the profit and loss account
871
-
Provision at end of year
871
-
Deferred taxation relates to an increase in provision from earlier years.
Allotted, called up and fully paid:
3 Ordinary shares of £1 each
3
3
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
general loan outstanding
-
7,265
-
7,265
The directors loan account balance of £7,265 was repaid by the director on 30th April 2021.
11
Average number of employees
During the year the average number of employees was 6 (2019: 6).
