Company Registration No. 06014647 (England and Wales)
I M PHILLIPS LTD
FOUR GENTS BARBER SHOP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
PAGES FOR FILING WITH REGISTRAR
I M PHILLIPS LTD
FOUR GENTS BARBER SHOP
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
I M PHILLIPS LTD
FOUR GENTS BARBER SHOP
BALANCE SHEET
AS AT 30 NOVEMBER 2018
30 November 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Intangible assets
2
15,167
16,917
Tangible assets
3
334
418
Current assets
Stocks
12
12
Cash at bank and in hand
4,065
3,633
4,077
3,645
Creditors: amounts falling due within one year
4
(9,376)
(10,408)
Net current liabilities
(5,299)
(6,763)
Total assets less current liabilities
10,202
10,572
Provisions for liabilities
(42)
(54)
Net assets
10,160
10,518
Capital and reserves
Called up share capital
5
5
5
Profit and loss reserves
10,155
10,513
Total equity
10,160
10,518
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
I M PHILLIPS LTD
FOUR GENTS BARBER SHOP
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2018
30 November 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 20 March 2019
Mr Ian Phillips
Director
Company Registration No. 06014647
I M PHILLIPS LTD
FOUR GENTS BARBER SHOP
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 3 -
1
Accounting policies
Company information
I M Phillips Ltd is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Equinox House
Clifton Park Avenue, Shipton Road, York, YO30 5PA.
The principal activity of the company is the provision of hairdressing services.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts received for hairdressing and related services.
1.3
Intangible fixed assets - goodwill
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% reducing balance
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
I M PHILLIPS LTD
FOUR GENTS BARBER SHOP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
1
Accounting policies
(Continued)
- 4 -
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2017 and 30 November 2018
35,000
Amortisation and impairment
At 1 December 2017
18,083
Amortisation charged for the year
1,750
At 30 November 2018
19,833
Carrying amount
At 30 November 2018
15,167
At 30 November 2017
16,917
I M PHILLIPS LTD
FOUR GENTS BARBER SHOP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2018
- 5 -
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2017 and 30 November 2018
4,870
Depreciation and impairment
At 1 December 2017
4,452
Depreciation charged in the year
84
At 30 November 2018
4,536
Carrying amount
At 30 November 2018
334
At 30 November 2017
418
4
Creditors: amounts falling due within one year
2018
2017
£
£
Corporation tax
6,436
6,373
Other creditors
2,940
4,035
9,376
10,408
5
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and fully paid
5 Ordinary of £1 each
5
5
5
5
6
Directors' transactions
As at 30 November 201
8
included in "Other creditors" is
£1,589 (2017: £2,684)
owed to the director.
The company pays
the
annual rent of £
8
,
0
00 to the director as
the
owner of the salon premises, no formal lease is in place.
Dividends totalling £26000 (2017 - £25000) were paid in the year in respect of shares held by the company's director and director's relative.