Daly Makeup Limited - Accounts to registrar (filleted) - small 18.2

Daly Makeup Limited - Accounts to registrar (filleted) - small 18.2


IRIS Accounts Production v21.1.0.652 NI609567 director 1.11.19 31.10.20 31.10.20 false true false false true true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureNI6095672019-10-31NI6095672020-10-31NI6095672019-11-012020-10-31NI6095672018-10-31NI6095672018-11-012019-10-31NI6095672019-10-31NI609567ns16:NorthernIreland2019-11-012020-10-31NI609567ns15:PoundSterling2019-11-012020-10-31NI609567ns11:Director12019-11-012020-10-31NI609567ns11:PrivateLimitedCompanyLtd2019-11-012020-10-31NI609567ns11:SmallEntities2019-11-012020-10-31NI609567ns11:AuditExempt-NoAccountantsReport2019-11-012020-10-31NI609567ns11:SmallCompaniesRegimeForDirectorsReport2019-11-012020-10-31NI609567ns11:SmallCompaniesRegimeForAccounts2019-11-012020-10-31NI609567ns11:FullAccounts2019-11-012020-10-31NI609567ns11:RegisteredOffice2019-11-012020-10-31NI609567ns6:CurrentFinancialInstruments2020-10-31NI609567ns6:CurrentFinancialInstruments2019-10-31NI609567ns6:Non-currentFinancialInstruments2020-10-31NI609567ns6:Non-currentFinancialInstruments2019-10-31NI609567ns6:ShareCapital2020-10-31NI609567ns6:ShareCapital2019-10-31NI609567ns6:RetainedEarningsAccumulatedLosses2020-10-31NI609567ns6:RetainedEarningsAccumulatedLosses2019-10-31NI609567ns6:LandBuildingsns6:LongLeaseholdAssets2019-11-012020-10-31NI609567ns6:FurnitureFittings2019-11-012020-10-31NI609567ns6:ComputerEquipment2019-11-012020-10-31NI609567ns6:LandBuildingsns6:LongLeaseholdAssets2019-10-31NI609567ns6:FurnitureFittings2019-10-31NI609567ns6:ComputerEquipment2019-10-31NI609567ns6:LandBuildingsns6:LongLeaseholdAssets2020-10-31NI609567ns6:FurnitureFittings2020-10-31NI609567ns6:ComputerEquipment2020-10-31NI609567ns6:LandBuildingsns6:LongLeaseholdAssets2019-10-31NI609567ns6:FurnitureFittings2019-10-31NI609567ns6:ComputerEquipment2019-10-31NI609567ns6:CurrentFinancialInstrumentsns6:WithinOneYear2020-10-31NI609567ns6:CurrentFinancialInstrumentsns6:WithinOneYear2019-10-31NI609567ns6:Non-currentFinancialInstruments2019-11-012020-10-31NI609567ns6:Secured2020-10-31NI609567ns6:Secured2019-10-31
REGISTERED NUMBER: NI609567 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2020

FOR

DALY MAKEUP LIMITED

DALY MAKEUP LIMITED (REGISTERED NUMBER: NI609567)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020










Page

Company Information 1

Balance Sheet 2 to 3

Notes to the Financial Statements 4 to 7


DALY MAKEUP LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 OCTOBER 2020







DIRECTOR: Ms C J Daly





REGISTERED OFFICE: 397 Lisburn Road
Belfast
BT9 7EW





REGISTERED NUMBER: NI609567 (Northern Ireland)





ACCOUNTANTS: Baker Tilly Mooney Moore
17 Clarendon Road
Clarendon Dock
Belfast
Co. Antrim
BT1 3BG

DALY MAKEUP LIMITED (REGISTERED NUMBER: NI609567)

BALANCE SHEET
31 OCTOBER 2020

31.10.20 31.10.19
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 355,626 367,420

CURRENT ASSETS
Stocks 45,374 17,361
Debtors 5 8,209 108,253
Cash at bank 36,354 5,669
89,937 131,283
CREDITORS
Amounts falling due within one year 6 52,877 43,135
NET CURRENT ASSETS 37,060 88,148
TOTAL ASSETS LESS CURRENT
LIABILITIES

392,686

455,568

CREDITORS
Amounts falling due after more than one
year

7

(369,859

)

(404,036

)

PROVISIONS FOR LIABILITIES (1,957 ) (1,957 )
NET ASSETS 20,870 49,575

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 20,770 49,475
SHAREHOLDERS' FUNDS 20,870 49,575

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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.

DALY MAKEUP LIMITED (REGISTERED NUMBER: NI609567)

BALANCE SHEET - continued
31 OCTOBER 2020


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 and authorised for issue on 30 July 2021 and were signed by:





Ms C J Daly - Director


DALY MAKEUP LIMITED (REGISTERED NUMBER: NI609567)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2020


1. STATUTORY INFORMATION

Daly Makeup Limited is a private company, limited by shares , registered in Northern Ireland. 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.

COVID-19 and the directors' consideration of going concern
The financial statements relate to a period before and during the outbreak of the current COVID-19 virus and the ensuing health and financial crisis. The resulting impact of the virus on operations and measures taken by the government to contain the virus will to some degree negatively affect the company's results in the financial year 2021. The Directors have availed of government schemes and continue to monitor the ever-evolving situation. Based on current assessment, given the fact that the company continues to be profitable post year end, the Directors believe that preparing the financial statements on the going concern basis is appropriate.

Significant judgements and estimates
In preparing these financial statements the directors have made the following judgements:

Establish whether there are indicators of impairment of the company's tangible assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and the business in general.

Consider the valuation of stock and the requirement for write down provisions. These considerations are undertaken regularly by the directors, and especially at the year end date. Factors taken into account include historical experience and knowledge of the sector. Stock identified as impaired will be written down in value in the relevant period.

The directors also consider the depreciation rates on an annual basis to ensure there is sufficient evidence to support these and that the estimates remains reasonable.

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.
Long leasehold - 2% on cost
Fixtures, fittings & equipment - 25% on cost
Computer equipment - 33% on cost

Government grants
Grants towards revenue expenditure are credited to the income and expenditure account in the period to which they relate.
Grants on capital expenditure are credited to a deferred income account and are released to revenue over the expected useful lives of the relevant assets.

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

DALY MAKEUP LIMITED (REGISTERED NUMBER: NI609567)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020


2. ACCOUNTING POLICIES - continued

Financial instruments
All financial instruments of the company are considered to meet the definition of basic financial instruments.

Short term debtors and creditors
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in the profit and loss account.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand.

Loans and borrowings
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised cost using the effective interest rate method. The computation of amortised cost includes any issue costs, transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end date.

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.

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 3 (2019 - 4 ) .

DALY MAKEUP LIMITED (REGISTERED NUMBER: NI609567)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020


4. TANGIBLE FIXED ASSETS
Fixtures,
Long fittings Computer
leasehold & equipment equipment Totals
£    £    £    £   
COST
At 1 November 2019
and 31 October 2020 365,026 22,095 7,386 394,507
DEPRECIATION
At 1 November 2019 9,761 10,947 6,379 27,087
Charge for year 7,300 4,162 332 11,794
At 31 October 2020 17,061 15,109 6,711 38,881
NET BOOK VALUE
At 31 October 2020 347,965 6,986 675 355,626
At 31 October 2019 355,265 11,148 1,007 367,420

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.20 31.10.19
£    £   
Trade debtors 3,981 107,665
Other debtors 4,228 588
8,209 108,253

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.20 31.10.19
£    £   
Bank loans and overdrafts 16,689 25,063
Trade creditors 27,054 2,997
Taxation and social security 7,417 7,433
Other creditors 1,717 7,642
52,877 43,135

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.20 31.10.19
£    £   
Bank loans 251,900 228,848
Other creditors 117,959 175,188
369,859 404,036

DALY MAKEUP LIMITED (REGISTERED NUMBER: NI609567)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 OCTOBER 2020


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.10.20 31.10.19
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans due after more than 5 years by
installment

149,642

157,886

Included in other creditors due after more than one year is a balance of £175,188 (2018: £99,083) due to the director which is interest free and will not be called for payment for at least one year from the date of the balance sheet.

8. SECURED DEBTS

The following secured debts are included within creditors:

31.10.20 31.10.19
£    £   
Bank loans 268,589 253,911

The bank loan is secured by a fixed charge over the long leasehold property and a floating charge which covers all property or undertakings of the company.

9. CONTINGENT LIABILITIES

A contingent liability may exist in respect of a repayment of grant income to HM Revenue and Customs should the conditions under which a grant was awarded to the company not be met. Due to the nature of these contingencies, it is not currently possible to estimate the likelihood of this occurring, nor quantify the financial effect or provide an indication of timing as to the potential liability that may arise.

10. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Ms C J Daly.