Sesh Hairdressing Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: SC274143 (Scotland)

Unaudited Financial Statements for the Year Ended 31 October 2022

for

Sesh Hairdressing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

S Hill

SECRETARY:

Mrs L Hill

REGISTERED OFFICE:

50-52 Bernard Street

Edinburgh

EH6 6PR

REGISTERED NUMBER:

SC274143 (Scotland)

ACCOUNTANTS:

One Accounting Ltd

Chartered Management Accountants

Drumsheugh Toll

2 Belford Road

Edinburgh

Midlothian

EH4 3BL

FIXED ASSETS

Tangible assets

4

7,036

8,517

CURRENT ASSETS

Stocks

5

10,865

10,350

Debtors

6

32,449

1,528

Cash at bank and in hand

164,596

79,990

207,910

91,868

CREDITORS

Amounts falling due within one year

7

81,472

61,039

NET CURRENT ASSETS

126,438

30,829

TOTAL ASSETS LESS CURRENT LIABILITIES

133,474

39,346

CREDITORS

Amounts falling due after more than one year

8

(83,223

)

(30,027

)

PROVISIONS FOR LIABILITIES

(1,759

)

(1,618

)

NET ASSETS

48,492

7,701

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

48,491

7,700

48,492

7,701

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2022 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 July 2023 and were signed by:

S Hill - Director

1.	STATUTORY INFORMATION

Sesh Hairdressing Limited is a private company, limited by shares , registered in Scotland. 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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

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

Plant and machinery etc

-

20% on reducing balance

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the Company will comply with the conditions attaching to them and the grants will be received. Government grants relating to revenue are recognised on a systematic basis over the periods in which the Company recognises the related costs for which the grant is intended to compensate. Grants in relation to tangible fixed assets are credited to the profit and loss account over the useful lives of the related assets. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Stocks

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

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. Debt instruments, including loans and other accounts receivable and payable are initially measured at transaction price adjusted for transaction costs. They are subsequently recognised at amortised costs using the effective interest method.

Creditors payable within one year, typically trade payables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be paid. Debtors receivable within one year, typically trade receivables, are measured initially and subsequently at the undiscounted amount of the cash or other consideration expected to be received.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments

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

Pension costs and other post-retirement benefits

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 12 (2021 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 November 2021

107,696

Additions

266

At 31 October 2022

107,962

DEPRECIATION

At 1 November 2021

99,179

Charge for year

1,747

At 31 October 2022

100,926

NET BOOK VALUE

At 31 October 2022

7,036

At 31 October 2021

8,517

5.

STOCKS

31.10.22

31.10.21

£

£

Stocks

10,865

10,350

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Directors' current accounts

32,229

-

Prepayments and accrued income

220

1,528

32,449

1,528

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.22

31.10.21

£

£

Bank loans and overdrafts

7,879

7,685

Other loans

6,067

1,000

Trade creditors

7,610

12,175

Tax

17,134

14,783

Social security and other taxes

3,796

4,982

VAT

34,492

14,849

Other creditors

1,221

1,505

Directors' current accounts

-

199

Accruals and deferred income

3,273

3,861

81,472

61,039

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.22

31.10.21

£

£

Bank loans - 2-5 years

21,290

29,169

Other loans - 2-5 years

21,933

858

Accruals and deferred income

40,000

-

83,223

30,027

9.	LEASING AGREEMENTS

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

31.10.22

31.10.21

£

£

Within one year

4,292

4,292

Between one and five years

5,366

9,657

9,658

13,949

10.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2022 and 31 October 2021:

31.10.22

31.10.21

£

£

S Hill

Balance outstanding at start of year

(199

)

11,493

Amounts advanced

44,037

11,181

Amounts repaid

(11,609

)

(22,873

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

32,229

(199

)

The directors loans are unsecured and there are no fixed repayment terms. Interest was charged on balances in excess of £10,000 at a rate of 2.00% per annum.