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REGISTERED NUMBER: 04125940 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2023

FOR

DISTINCTIVE NAIL PRODUCTS LIMITED

DISTINCTIVE NAIL PRODUCTS LIMITED (REGISTERED NUMBER: 04125940)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


DISTINCTIVE NAIL PRODUCTS LIMITED

COMPANY INFORMATION
for the Year Ended 30 June 2023







DIRECTORS: S Dodd
R Dodd



REGISTERED OFFICE: 38 St Andrews Road South
St Annes On Sea
Lancashire
FY8 1PS



REGISTERED NUMBER: 04125940 (England and Wales)



ACCOUNTANTS: Fairhurst
Chartered Accountants
Douglas Bank House
Wigan Lane
Wigan
Lancashire
WN1 2TB



BANKERS: Lloyds Bank Plc
South John Street
Liverpool
L1 8BN

DISTINCTIVE NAIL PRODUCTS LIMITED (REGISTERED NUMBER: 04125940)

STATEMENT OF FINANCIAL POSITION
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 17,474 12,994

CURRENT ASSETS
Stocks 40,000 18,000
Debtors 5 121,209 108,667
Cash at bank 1,465,772 1,559,151
1,626,981 1,685,818
CREDITORS
Amounts falling due within one year 6 454,816 465,731
NET CURRENT ASSETS 1,172,165 1,220,087
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,189,639

1,233,081

PROVISIONS FOR LIABILITIES 7 1,850 350
NET ASSETS 1,187,789 1,232,731

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,187,689 1,232,631
SHAREHOLDERS' FUNDS 1,187,789 1,232,731

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

DISTINCTIVE NAIL PRODUCTS LIMITED (REGISTERED NUMBER: 04125940)

STATEMENT OF FINANCIAL POSITION - continued
30 June 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 February 2024 and were signed on its behalf by:





S Dodd - Director


DISTINCTIVE NAIL PRODUCTS LIMITED (REGISTERED NUMBER: 04125940)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 June 2023

1. STATUTORY INFORMATION

Distinctive Nail Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

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

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover represents the net invoice value of goods sold and services provided.

Tangible fixed assets
Tangible fixed assets are stated at cost less depreciation and impairment.

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

Fixtures and fittings- 15% on reducing balance
Motor vehicles- 25% on reducing balance

Impairment of assets
At each reporting date assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the profit and loss.

Where an impairment loss subsequently reverses, the carrying amount of each asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

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
Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost using effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

Short term trade creditors are measured at transaction price. Financial liabilities that have no stated interest rate and are payable within one year shall be measured at the undiscounted amount due.

Related party loans have no stated interest rate, are payable on demand and are measured at the undiscounted amount due.


DISTINCTIVE NAIL PRODUCTS LIMITED (REGISTERED NUMBER: 04125940)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Leases
Rentals under operating leases are charged to profit or loss on a straight line basis over the term of the lease payable.

Short term employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 8 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 64,611
Additions 9,241
At 30 June 2023 73,852
DEPRECIATION
At 1 July 2022 51,617
Charge for year 4,761
At 30 June 2023 56,378
NET BOOK VALUE
At 30 June 2023 17,474
At 30 June 2022 12,994

DISTINCTIVE NAIL PRODUCTS LIMITED (REGISTERED NUMBER: 04125940)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 June 2023

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 121,209 108,667

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 1,727 -
Taxation and social security 31,826 51,457
Other creditors 421,263 414,274
454,816 465,731

7. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 1,850 350

Deferred
tax
£   
Balance at 1 July 2022 350
Charge to Statement of Income and Retained Earnings during year 1,500
Balance at 30 June 2023 1,850

8. OTHER FINANCIAL COMMITMENTS

The company has operating lease commitments amounting to £131,000 (2022: £179,000).

9. RELATED PARTY DISCLOSURES

Included in Other creditors is £324,289 (2022: £304,429), due to the director.