ACCOUNTS - Final Accounts

DANIEL PHILLIPS HAIR & MAKE-UP LIMITED - Company Information

Registered number: 05403126

DANIEL PHILLIPS HAIR & MAKE UP LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021


DANIEL PHILLIPS HAIR & MAKE UP LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 5


DANIEL PHILLIPS HAIR & MAKE UP LIMITED REGISTERED NUMBER:05403126

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2021

		2021		2020
Note		£		£

Fixed assets
Tangible assets	4		444		451
Current assets
Debtors: amounts falling due within one year	5	8,050		335
Cash at bank and in hand		119,898		173,618
		127,948		173,953
Current liabilities
Creditors: amounts falling due within one year	6	(18,396)		(28,088)
Net current assets			109,552		145,865

Net assets			109,996		146,316

Capital and reserves
Called up share capital	7	100	100
Profit and loss account		109,896	146,216
		109,996	146,316

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 September 2021.

D Phillips

Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1


DANIEL PHILLIPS HAIR & MAKE UP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1.	General information

Daniel Phillips Hair and Make-Up Limited is a limited company incorporated in England and Wales, with its registered office address at 5 Elstree Gate, Elstree Way, Borehamwood, Hertfordshire, WD6 1JD.
The principal activity of the company during the year was that of hair and make-up services.
The financial statements are presented in £ sterling, which is the functional currency of the company.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

2.2

Turnover

Turnover comprises revenue recognised by the company in respect of services supplied during the year, exclusive of Value Added Tax and trade discounts.
Revenue is recognised when the service is provided.

2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Fixtures & fittings	-	33%	Straight Line
				Office equipment	-	33%	Straight Line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 2


DANIEL PHILLIPS HAIR & MAKE UP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

2.Accounting policies (continued)

2.4

Financial instruments

The company only enters into transactions that result in basic financial instruments such as trade and other debtors, trade and other creditors, cash at bank and in hand, loans to/from related parties.
Trade debtors, other debtors and loans to related parties are recognised initially at the transaction price less attributable transaction costs. Trade creditors, other creditors and loans from related parties are recognised initially at transaction price plus attributable transaction costs. Subsequently they are measured at amortised cost using the effective interest method, less any impairment losses in the case of trade and other debtors, and loans to related parties.
Interest bearing borrowings, such bank loans, classified as basic financial instruments are recognised initially at the present value of future payments discounted at a market rate of interest. Thereafter they are stated at amortised cost using the effective interest method.
Cash and cash equivalents comprise cash balances and call deposits. Bank overdrafts that are repayable on demand and form an integral part of the company's cash management.

2.5

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

2.6

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

2.8

Taxation

Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Employees

The average monthly number of employees, including directors, during the year was 1 (2020 - 1).

Page 3


DANIEL PHILLIPS HAIR & MAKE UP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

4.	Tangible fixed assets

		Office equipment
		£
	Cost or valuation
	At 1 April 2020	8,476
	Additions	446
	At 31 March 2021	8,922
	Depreciation
	At 1 April 2020	8,025
	Charge for the year on owned assets	453
	At 31 March 2021	8,478
	Net book value
	At 31 March 2021	444
	At 31 March 2020	451

Debtors

					2021	2020
					£	£


Trade debtors	4,200	-
Other debtors	-	335
Prepayments and accrued income	3,850	-
	8,050	335

6.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	24	-
Other taxation and social security	2,675	24,280
Other creditors	15,697	3,808
	18,396	28,088

Page 4


DANIEL PHILLIPS HAIR & MAKE UP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

7.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

100 (2020 - 100) Ordinary shares of £1 each	100	100

Page 5