REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2022 |
for |
STYLE FASHIONS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 30 April 2022 |
for |
STYLE FASHIONS LIMITED |
STYLE FASHIONS LIMITED (REGISTERED NUMBER: 03169001) |
Contents of the Financial Statements |
FOR THE YEAR ENDED 30 APRIL 2022 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
STYLE FASHIONS LIMITED |
Company Information |
FOR THE YEAR ENDED 30 APRIL 2022 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
BANKERS: |
403 Holloway Road |
Holloway |
London |
N7 6HL |
STYLE FASHIONS LIMITED (REGISTERED NUMBER: 03169001) |
Statement of Financial Position |
30 APRIL 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 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. |
STYLE FASHIONS LIMITED (REGISTERED NUMBER: 03169001) |
Statement of Financial Position - continued |
30 APRIL 2022 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
STYLE FASHIONS LIMITED (REGISTERED NUMBER: 03169001) |
Notes to the Financial Statements |
FOR THE YEAR ENDED 30 APRIL 2022 |
1. | STATUTORY INFORMATION |
Style Fashions Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Fixtures and fittings | - |
Computer equipment | - |
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. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
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. |
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 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. |
Pension costs and other post-retirement 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. |
STYLE FASHIONS LIMITED (REGISTERED NUMBER: 03169001) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
2. | ACCOUNTING POLICIES - continued |
Going concern |
At the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. |
Management accounts are reviewed quarterly by the director and the senior management. Management information is analysed against comparative period and forecast to ensure growth continues in a stable manner. |
The director has undertaken a detailed Profit and Loss and Cash Flow forecasting exercise incorporating the ongoing impact of the COVID-19 pandemic. This has included sensitivity analysis on sales performance. As a result of this work the director is comfortable that the company has the resources it requires to thrive for the foreseeable future. Accordingly, the financial statements have been prepared on a going concern basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST |
At 1 May 2021 |
Additions |
At 30 April 2022 |
DEPRECIATION |
At 1 May 2021 |
Charge for year |
At 30 April 2022 |
NET BOOK VALUE |
At 30 April 2022 |
At 30 April 2021 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 May 2021 |
and 30 April 2022 |
NET BOOK VALUE |
At 30 April 2022 |
At 30 April 2021 |
In the opinion of the director, the market value of the investment properties has remained as cost. |
STYLE FASHIONS LIMITED (REGISTERED NUMBER: 03169001) |
Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 30 APRIL 2022 |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Tax |
Social security and other taxes |
VAT | 570 | 4,412 |
Accruals & Other creditors |
Wages control | 1,191 | 1,786 |
Directors' current accounts | 57,982 | 86,957 |
Accrued expenses |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans - 1-2 years |
Bank loans - 2-5 years |
Bank Loan |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank Loan | 195,930 | 199,460 |
The Bank loan is secured against the freehold property. |
8. | RELATED PARTY DISCLOSURES |
During the year, the company paid rent at open market value amounting to £112,500 (2021; £112,500) for premises owned personally by the director. Rent for the year 2021 included 50% discount provided during the Covid-19 pandemic period. |
9. | ULTIMATE CONTROLLING PARTY |
The Director is the ultimate controller of the company, as the family owns the entire issued share capital of the company. |