AGES Salon Limited - Period Ending 2015-08-31

Registration number: 05167404

AGES Salon Limited

Unaudited Abbreviated Accounts

for the Year Ended 31 August 2015
 

A Shaw & Co. Limited
1 The Pavement
Bushy Park Road
Teddington
Middlesex
TW11 9JE

AGES Salon Limited
Contents

Accountants' Report 1

Abbreviated Balance Sheet 2 to 3

Notes to the Abbreviated Accounts 4 to 6

The following reproduces the text of the accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 6) have been prepared.

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
AGES Salon Limited
for the Year Ended 31 August 2015

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of AGES Salon Limited for the year ended 31 August 2015 set out on pages from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/membershandbook.

This report is made solely to the Board of Directors of AGES Salon Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of AGES Salon Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than AGES Salon Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that AGES Salon Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of AGES Salon Limited. You consider that AGES Salon Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of AGES Salon Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

A Shaw & Co. Limited
1 The Pavement
Bushy Park Road
Teddington
Middlesex
TW11 9JE

31 May 2016

Page 1

AGES Salon Limited
(Registration number: 05167404)
Abbreviated Balance Sheet at 31 August 2015

		Note			2015 £			2014 £
Fixed assets
Intangible fixed assets					-			1,211
Tangible fixed assets					1,648			1,437
					1,648			2,648
Current assets
Stocks					2,000			2,000
Debtors		3			17,375			17,789
Cash at bank and in hand					8,083			15,805
					27,458			35,594
Creditors: Amounts falling due within one year					(69,749)			(65,879)
Net current liabilities					(42,291)			(30,285)
Total assets less current liabilities					(40,643)			(27,637)
Creditors: Amounts falling due after more than one year					(1,238)			(8,048)
Net liabilities					(41,881)			(35,685)
Capital and reserves
Called up share capital		5			60,000			60,000
Profit and loss account					(101,881)			(95,685)
Shareholders' deficit					(41,881)			(35,685)

For the year ending 31 August 2015 the company was entitled to exemption 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 his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the director on 31 May 2016

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 2

AGES Salon Limited
(Registration number: 05167404)
Abbreviated Balance Sheet at 31 August 2015
......... continued

.........................................
Mr Attilio Grande
Director

The notes on pages 4 to 6 form an integral part of these financial statements.
Page 3

AGES Salon Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2015
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Going concern

The company meets its day to day working capital requirements through an overdraft facility which is repayable on demand. Mascolo Limited also provides support in the form of extended supplier credit where necessary. The director considers that it is appropriate to prepare the financial statements on a going concern basis, as he expects the company to be able to trade within the facilities made available.

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Amortisation method and rate
Franchise costs	20% straight line

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Fixtures, fittings & equipment	20% straight line

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks, and is based on the director's estimate.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date, except as required by the FRSSE. A deferred tax asset is only recognised when recoverability is considered more likely than not.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 4

AGES Salon Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2015
......... continued

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

2	Fixed assets

		Intangible assets £			Tangible assets £			Total £
Cost
At 1 September 2014		6,790			130,313			137,103
Additions		-			869			869
At 31 August 2015		6,790			131,182			137,972
Depreciation
At 1 September 2014		5,579			128,876			134,455
Charge for the year		1,211			658			1,869
At 31 August 2015		6,790			129,534			136,324
Net book value
At 31 August 2015		-			1,648			1,648
At 31 August 2014		1,211			1,437			2,648

3

Debtors

Debtors includes £3,650 (2014 - £3,650) receivable after more than one year.

 

4

Creditors

Creditors includes the following liabilities, on which security has been given by the company:

		2015 £			2014 £
Amounts falling due within one year		8,564			12,842
Amounts falling due after more than one year		1,238			8,048
Total secured creditors		9,802			20,890

Page 5

AGES Salon Limited
Notes to the Abbreviated Accounts for the Year Ended 31 August 2015
......... continued

5	Share capital

Allotted, called up and fully paid shares

	2015						2014
		No.			£			No.			£
'A' ordinary shares of £1 each		15,600			15,600			15,600			15,600
'B' ordinary shares of £1 each		44,400			44,400			44,400			44,400
		60,000			60,000			60,000			60,000

Page 6