Company Registration No. 06014647 (England and Wales)
I M PHILLIPS LTD
FOUR GENTS BARBER SHOP
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2020
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 2020
30 November 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Intangible assets
3
11,667
13,417
Tangible assets
4
638
267
12,305
13,684
Current assets
Stocks
12
12
Cash at bank and in hand
16,928
1,657
16,940
1,669
Creditors: amounts falling due within one year
5
(21,692)
(8,269)
Net current liabilities
(4,752)
(6,600)
Total assets less current liabilities
7,553
7,084
Provisions for liabilities
(107)
(33)
Net assets
7,446
7,051
Capital and reserves
Called up share capital
6
5
5
Profit and loss reserves
7,441
7,046
Total equity
7,446
7,051
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 2020 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 2020
30 November 2020
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 12 May 2021
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 2020
- 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, 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 2020
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.
1.8
Government grants
Government grants are recognised at the fair value of the asset receive
d
or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met
. Where a
grant does not specify performance conditions
it
is recognised in income when the proceeds are received or receivable
. A grant received before the recognition criteria are satisfied is recognised as a liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 1
(2019 - 1).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2019 and 30 November 2020
35,000
Amortisation and impairment
At 1 December 2019
21,583
Amortisation charged for the year
1,750
At 30 November 2020
23,333
Carrying amount
At 30 November 2020
11,667
At 30 November 2019
13,417
I M PHILLIPS LTD
FOUR GENTS BARBER SHOP
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2020
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 December 2019
4,870
Additions
531
At 30 November 2020
5,401
Depreciation and impairment
At 1 December 2019
4,603
Depreciation charged in the year
160
At 30 November 2020
4,763
Carrying amount
At 30 November 2020
638
At 30 November 2019
267
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
15,000
Corporation tax
5,004
6,844
Other creditors
1,688
1,425
21,692
8,269
6
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
5 Ordinary of £1 each
5
5