Dollheads Salon Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09933028 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 DECEMBER 2020

FOR

DOLLHEADS SALON LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

5

1,119

1,492

CURRENT ASSETS

Stocks

2,000

2,500

Debtors

6

59,130

19,785

Cash at bank

3,272

595

64,402

22,880

CREDITORS

Amounts falling due within one year

7

35,291

27,791

NET CURRENT ASSETS/(LIABILITIES)

29,111

(4,911

)

TOTAL ASSETS LESS CURRENT LIABILITIES

30,230

(3,419

)

CREDITORS

Amounts falling due after more than one year

8

(18,459

)

-

PROVISIONS FOR LIABILITIES

10

(213

)

-

NET ASSETS/(LIABILITIES)

11,558

(3,419

)

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

11,458

(3,519

)

SHAREHOLDERS' FUNDS

11,558

(3,419

)

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

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

The director acknowledges his 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.

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 Profit and loss account has not been delivered.

The financial statements were approved by the director and authorised for issue on 23 November 2021 and were signed by:

Mr J P Millins - Director

1.	STATUTORY INFORMATION

Dollheads Salon Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number:

09933028

Registered office:

Croydon Hall

Felons Oak

Rodhuish

Minehead

Somerset

TA24 6QT

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents invoiced sales of goods and services.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

All fixed assets are initially recorded at cost.

Government grants

The entity has adopted the use of the accruals model in respect of grants received.

Any grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in ‘Other income’, in the period to which it relates.

Stocks

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

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Going concern

The company has prepared these accounts an a going concern basis, however there are material uncertainties in respect of COVID-19 and management have taken into consideration the existing and potential effects of coronavirus on the activities of the business in future.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 3 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

At 1 January 2020

and 31 December 2020

4,540

DEPRECIATION

At 1 January 2020

3,048

Charge for year

373

At 31 December 2020

3,421

NET BOOK VALUE

At 31 December 2020

1,119

At 31 December 2019

1,492

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

247

35

Amounts owed by associates

52,966

2,251

Other debtors

4,250

6,750

Directors' current accounts

-

8,000

Deferred tax asset

-

779

Prepayments and accrued income

1,667

1,970

59,130

19,785

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

3,528

-

Trade creditors

804

3,327

Corporation tax

2,521

-

PAYE and social security

6,511

1,652

Other creditors

12,396

13,232

Accruals and deferred income

9,531

9,580

35,291

27,791

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 2-5 years

18,459

-

9.	SECURED DEBTS

There is a debenture charge on the company from Pure Leisure Management Holdings Limited, which includes a fixed charge over the property at 141-143 St Albans Road, Watford, Hertfordshire, WD17 1RA, a floating charge over all assets and stock and a charge over intellectual property rights.

10.	PROVISIONS FOR LIABILITIES

2020

£

Deferred tax

213

Deferred

tax

£

Balance at 1 January 2020

(779

)

Provided during year

992

Deferred tax charge

Balance at 31 December 2020

213

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Ordinary

£1

100

100

12.	AMOUNT DUE FROM/(TO) RELATED PARTY AT THE BALANCE SHEET DATE

The following advances and credits to a director subsisted during the years ended 31 December 2020 and 31 December 2019:

2020

2019

£

£

Mr J P Millins

Balance outstanding at start of year

(8,000

)

-

Amounts advanced

41,824

25,430

Amounts repaid

(33,824

)

(33,430

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

-

(8,000

)

13.	RELATED PARTY DISCLOSURES

Included in other debtors is a balance of £49,792 (2019: £2,225) due from an associated company which is interest free and payable on demand.

Included in other debtors is a balance of £648 (2019: £Nil) due from an associated company which is interest free and payable on demand.

During the year Dollheads Salon Limited was charged management fees of £100 (2019: £210) and rent re-charges £10,000 (2019: £10,000) at arms length by an associated company RML Hair Limited.