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Financial Statements |
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for the Year Ended 30 April 2017 |
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for |
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STYLE FASHIONS LIMITED |
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REGISTERED NUMBER:
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Financial Statements |
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for the Year Ended 30 April 2017 |
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for |
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STYLE FASHIONS LIMITED |
STYLE FASHIONS LIMITED (REGISTERED NUMBER: 03169001) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 30 APRIL 2017 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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STYLE FASHIONS LIMITED |
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Company Information |
FOR THE YEAR ENDED 30 APRIL 2017 |
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DIRECTOR: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
5 Theobald Court |
Theobald Street |
Elstree |
Hertfordshire |
WD6 4RN |
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BANKERS: |
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403 Holloway Road |
Holloway |
London |
N7 6HL |
STYLE FASHIONS LIMITED (REGISTERED NUMBER: 03169001) |
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Balance Sheet |
30 APRIL 2017 |
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2017 | 2016 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 3 |
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Investment property | 4 |
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CURRENT ASSETS |
Stocks |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 5 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 6 | ( |
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PROVISIONS FOR LIABILITIES | ( |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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SHAREHOLDERS' FUNDS |
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The director acknowledges her responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
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(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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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STYLE FASHIONS LIMITED (REGISTERED NUMBER: 03169001) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 30 APRIL 2017 |
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1. | STATUTORY INFORMATION |
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Style Fashions Limited is a
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number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value |
added tax and other sales taxes. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Computer equipment | - |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value |
is recognised in profit or loss. |
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In accordance with Statement of Standard Accounting Practice No. 19, no depreciation is provided in respect of freehold |
properties held for investment purposes. This is a departure from the requirement of the Companies Act 1985 which |
requires all properties to be depreciated. Such properties are held for both own consumption and for investment and the |
director considers that to depreciate them would not give a true and fair view. The director considers that this policy |
results in the accounts giving a true and fair view. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving |
items. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet |
date. |
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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. |
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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. |
STYLE FASHIONS LIMITED (REGISTERED NUMBER: 03169001) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2017 |
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3. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2016 |
and 30 April 2017 |
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DEPRECIATION |
At 1 May 2016 |
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Charge for year |
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At 30 April 2017 |
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NET BOOK VALUE |
At 30 April 2017 |
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At 30 April 2016 |
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4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2016 |
and 30 April 2017 |
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NET BOOK VALUE |
At 30 April 2017 |
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At 30 April 2016 |
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In the opinion of the director, the market value of the investment properties has remained as cost. |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Tax |
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Social security and other taxes |
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VAT | 28,710 | 31,726 |
Directors' current accounts | 311,133 | 386,519 |
Accrued expenses |
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6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2017 | 2016 |
£ | £ |
Bank loans - 1-2 years |
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Bank loans - 2-5 years |
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Bank Loan |
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STYLE FASHIONS LIMITED (REGISTERED NUMBER: 03169001) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2017 |
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6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued |
2017 | 2016 |
£ | £ |
Amounts falling due in more than five years: |
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Repayable by instalments |
Bank Loan | 149,477 | 149,477 |
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The Bank loan is secured against the freehold property. |
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7. | RELATED PARTY DISCLOSURES |
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During the year, the company paid rent at open market value amounting to £250,000 for premises owned personally by the |
director. |
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8. | ULTIMATE CONTROLLING PARTY |
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The Director is the ultimate controller of the company, as the family owns the entire issued share capital of the company. |