MM Salons (Croydon) Ltd - Accounts to registrar (filleted) - small 17.3

REGISTERED NUMBER: 08006412 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2017

FOR

MM SALONS (CROYDON) LTD

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

Ms D A Dedes

J Agurruza Fatosme

REGISTERED OFFICE:

264 Green Lanes

Palmers Green

London

N13 5TU

REGISTERED NUMBER:

08006412 (England and Wales)

ACCOUNTANTS:

Knight & Company

Chartered Certified Accountants

11 Castle Hill

Maidenhead

Berkshire

SL6 4AA

FIXED ASSETS

Tangible assets

4

13,891

48,289

CURRENT ASSETS

Stocks

11,439

8,280

Debtors

112,113

106,203

Cash at bank and in hand

2,869

6,187

126,421

120,670

CREDITORS

Amounts falling due within one year

829,326

715,860

NET CURRENT LIABILITIES

(702,905

)

(595,190

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(689,014

)

(546,901

)

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

(689,016

)

(546,903

)

SHAREHOLDERS' FUNDS

(689,014

)

(546,901

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors on 14 December 2017 and were signed on its behalf by:

Ms D A Dedes - Director

1.	STATUTORY INFORMATION

MM Salons (Croydon) Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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.

Turnover

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

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

Land and buildings

-

Over term of the lease

Plant and machinery etc

-

33% on cost and 25% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and any recognised impairment loss.

Stocks

Stocks are valued on a FIFO basis, at the lower of cost and net realisable value, after making due allowance for

obsolete and 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.

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.

Going concern

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 and Wella (UK)

Limited.

For at least 12 months from the date of signing of there accounts, MM Salons (Croydon) Ltd is dependant upon

the financial support of its ultimate parent company, FCS Gestion SIF SICAV SCA via its intermediate parent

company Millimetre Hair & Beauty UK Limited. No financial information has been made available to us of the

financial affairs of FCS Gestion SIF SICAV SCA.

Transition to financial reporting standard 102

These financial statements are the first annual financial statements of the company prepared in accordance with

Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable

in the UK and Republic of Ireland" (FRS 102). The first date at which this was applied was 1st April 2015.

There is no effect on the accounting policies and the opening equity and profit for the prior year.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2016

175,648

Additions

468

At 31 March 2017

176,116

DEPRECIATION

At 1 April 2016

127,359

Charge for year

34,866

At 31 March 2017

162,225

NET BOOK VALUE

At 31 March 2017

13,891

At 31 March 2016

48,289

5.	RELATED PARTY DISCLOSURES