Desmond O'Neill Features Ltd Filleted accounts for Companies House (small and micro)

DESMOND O'NEILL FEATURES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 06729462

DESMOND O'NEILL FEATURES LTD

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 October 2021

DESMOND O'NEILL FEATURES LTD

FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2021

CONTENTS	PAGE

Statement of financial position	1

Notes to the financial statements	3

DESMOND O'NEILL FEATURES LTD

STATEMENT OF FINANCIAL POSITION

31 October 2021

	2021	2020
Note	£	£

FIXED ASSETS

Intangible assets	5	3,500	4,000
Tangible assets	6	87	223
		--------	--------
		3,587	4,223

CURRENT ASSETS

Stocks		42,000	30,000
Debtors	7	3,141	2,472
Cash at bank and in hand		–	16,790
		----------	----------
		45,141	49,262

CREDITORS: amounts falling due within one year	8	64,110	66,704
		----------	----------
NET CURRENT LIABILITIES		18,969	17,442
		----------	----------
TOTAL ASSETS LESS CURRENT LIABILITIES		( 15,382)	( 13,219)

CREDITORS: amounts falling due after more than one year	9	20,455	14,595
		----------	----------
NET LIABILITIES		( 35,837)	( 27,814)
		----------	----------

DESMOND O'NEILL FEATURES LTD

STATEMENT OF FINANCIAL POSITION (continued)

31 October 2021

	2021	2020
Note	£	£

CAPITAL AND RESERVES

Called up share capital	2	2
Profit and loss account	( 35,839)	( 27,816)
	----------	----------
SHAREHOLDERS DEFICIT	( 35,837)	( 27,814)
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.

For the year ending 31 October 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 22 April 2022 , and are signed on behalf of the board by:

D J O'Neill

Director

Company registration number: 06729462

DESMOND O'NEILL FEATURES LTD

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 OCTOBER 2021

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Onega House, 112 Main Road, Sidcup, Kent, DA14 6NE, United Kingdom.

2. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	Over 20 years

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Office equipment	-	25% straight line
Photographic equipment	-	25% straight line

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are 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 are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

3. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 2 (2020: 4 ).

4. TAX ON (LOSS)/PROFIT

Major components of tax (income)/expense

	2021	2020
	£	£

Current tax:

UK current tax (income)/expense	( 1,341)	425
	--------	-----
Tax on (loss)/profit	( 1,341)	425
	--------	-----

5. INTANGIBLE ASSETS

	Goodwill
	£
Cost
At 1 November 2020 and 31 October 2021	10,000
	----------
Amortisation
At 1 November 2020	6,000
Charge for the year	500
	----------
At 31 October 2021	6,500
	----------
Carrying amount
At 31 October 2021	3,500
	----------
At 31 October 2020	4,000
	----------

6. TANGIBLE ASSETS

	Fixtures and fittings	Photographic equipment	Total
	£	£	£
Cost
At 1 November 2020 and 31 October 2021	7,242	21,507	28,749
	--------	----------	----------
Depreciation
At 1 November 2020	7,067	21,459	28,526
Charge for the year	88	48	136
	--------	----------	----------
At 31 October 2021	7,155	21,507	28,662
	--------	----------	----------
Carrying amount
At 31 October 2021	87	–	87
	--------	----------	----------
At 31 October 2020	175	48	223
	--------	----------	----------

7. DEBTORS

	2021	2020
	£	£
Trade debtors	1,250	2,472
Other debtors	1,891	–
	--------	--------
	3,141	2,472
	--------	--------

8. CREDITORS: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	4,060	21,262
Trade creditors	6,343	6,017
Corporation tax	–	425
Social security and other taxes	787	1,841
Other creditors	52,920	37,159
	----------	----------
	64,110	66,704
	----------	----------

9. CREDITORS: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	14,200	14,595
Other creditors	6,255	–
	----------	----------
	20,455	14,595
	----------	----------

10. GOVERNMENT GRANTS

The amounts recognised in the financial statements for government grants are as follows:

	2021	2020
	£	£

Recognised in other operating income:

Government grants recognised directly in income	28,415	11,070
	----------	----------

11. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the director did not enter into any advances, credits or guarantees with the company.