Stirling (T) Hairdressing Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC281106 (Scotland)

Unaudited Financial Statements for the Year Ended 31 August 2019

for

Stirling (T) Hairdressing Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

R Jeffrey

REGISTERED OFFICE:

1 George Square

Glasgow

G2 1AL

REGISTERED NUMBER:

SC281106 (Scotland)

ACCOUNTANTS:

Styles & Associates Limited

Berkeley House

Amery Street

Alton

Hampshire

GU34 1HN

FIXED ASSETS

Intangible assets

4

2,292

3,242

Tangible assets

5

-

-

2,292

3,242

CURRENT ASSETS

Stocks

1,682

1,696

Debtors

6

19,114

19,282

Cash at bank and in hand

5,451

3,739

26,247

24,717

CREDITORS

Amounts falling due within one year

7

196,506

184,112

NET CURRENT LIABILITIES

(170,259

)

(159,395

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(167,967

)

(156,153

)

CREDITORS

Amounts falling due after more than one year

8

5,500

7,333

NET LIABILITIES

(173,467

)

(163,486

)

CAPITAL AND RESERVES

Called up share capital

11

40,540

40,540

Retained earnings

(214,007

)

(204,026

)

SHAREHOLDERS' FUNDS

(173,467

)

(163,486

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2019 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 on 20 May 2020 and were signed by:

R Jeffrey - Director

1.	STATUTORY INFORMATION

Stirling (T) 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.

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

Accounts are rounded to the nearest pound.

The accounts represent the company as an individual entity.

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.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Franchise Costs are being amortised evenly over their estimated useful life of five 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 and fittings

-

20% on cost

Stocks

Stocks are valued 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 company meets its day to day working capital requirements through an overdraft facility, which is repayable

on demand, medium term loans and an extended related party supplier credit where available. The directors

consider that is is appropriate to prepare the financial statements on a going concern basis as they expect to be

able to trade within facilities made available.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2018 - 11 ) .

4.	INTANGIBLE FIXED ASSETS

Franchise

Costs

£

COST

At 1 September 2018

and 31 August 2019

4,750

AMORTISATION

At 1 September 2018

1,508

Amortisation for year

950

At 31 August 2019

2,458

NET BOOK VALUE

At 31 August 2019

2,292

At 31 August 2018

3,242

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 September 2018

and 31 August 2019

158,357

DEPRECIATION

At 1 September 2018

and 31 August 2019

158,357

NET BOOK VALUE

At 31 August 2019

-

At 31 August 2018

-

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Other debtors

19,114

19,282

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.8.19

31.8.18

£

£

Trade creditors

133,270

98,125

Taxation and social security

12,233

12,857

Other creditors

51,003

73,130

196,506

184,112

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.8.19

31.8.18

£

£

Other creditors

5,500

7,333

9.	LEASING AGREEMENTS

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

31.8.19

31.8.18

£

£

Within one year

29,560

29,332

Between one and five years

35,475

62,975

65,035

92,307

10.	SECURED DEBTS

The following secured debts are included within creditors:

31.8.19

31.8.18

£

£

Wella loan

7,500

9,333

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.8.19

31.8.18

value:

£

£

40,540

Ordinary Shares

£1

40,540

40,540

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

At the year end, the company owed the director £5,097 (2018: £8,039).

13.	ULTIMATE CONTROLLING PARTY