Registration number:
Smyth & Gibson Shirtmakers Limited
for the Year Ended 31 January 2020
Smyth & Gibson Shirtmakers Limited
Contents
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Smyth & Gibson Shirtmakers Limited
(Registration number: NI064279)
Balance Sheet as at 31 January 2020
Note |
2020 |
2019 |
|
Fixed assets |
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Tangible assets |
- |
|
|
Current assets |
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Stocks |
|
|
|
Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
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Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets/(liabilities) |
|
( |
|
Total assets less current liabilities |
|
( |
|
Creditors: Amounts falling due after more than one year |
- |
( |
|
Net assets/(liabilities) |
|
( |
|
Capital and reserves |
|||
Called up share capital |
19,900 |
19,900 |
|
Share premium reserve |
90,050 |
90,050 |
|
Profit and loss account |
(76,207) |
(1,591,388) |
|
Total equity |
33,743 |
(1,481,438) |
For the financial year ending 31 January 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Smyth & Gibson Shirtmakers Limited
(Registration number: NI064279)
Balance Sheet as at 31 January 2020
.........................................
Director
Smyth & Gibson Shirtmakers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
General information |
The company is a private company limited by share capital, incorporated in Northern Ireland.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The directors have considered the company’s continued loss making performance and net liability position at the year end, together with the ongoing difficult trading conditions in the retail sector, and as part of addressing these uncertainties the company entered a Company Voluntary Arrangement (‘CVA’) on 10 June 2019.
The Directors, taking into consideration the CVA and the company’s future trading forecasts, have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Government grants
Government grants in respect of capital expenditure are credited to a deferred income account and are released to profit over the expected useful lives of the relevant assets by equal annual instalments. Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.
Smyth & Gibson Shirtmakers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Other property, plant and machinery |
20% straight line |
Fixtures, fittings and equipment |
20% straight line |
Website development |
33% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Smyth & Gibson Shirtmakers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Smyth & Gibson Shirtmakers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Tangible assets |
Fixtures, fittings, equip & website development |
Other property, plant & equipment |
Total |
|
Cost or valuation |
|||
At 1 February 2019 |
|
|
|
Disposals |
( |
( |
( |
At 31 January 2020 |
|
|
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Depreciation |
|||
At 1 February 2019 |
|
|
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Charge for the year |
|
|
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At 31 January 2020 |
|
|
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Carrying amount |
|||
At 31 January 2020 |
- |
- |
- |
At 31 January 2019 |
|
|
|
Stocks |
2020 |
2019 |
|
Raw materials and consumables |
- |
|
Finished goods and goods for resale |
|
|
|
|
Debtors |
2020 |
2019 |
|
Trade debtors |
|
|
Prepayments |
- |
|
|
|
Smyth & Gibson Shirtmakers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Creditors |
Creditors: amounts falling due within one year
Note |
2020 |
2019 |
|
Due within one year |
|||
Trade creditors |
|
|
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
|
|
Taxation and social security |
|
|
|
Other creditors |
|
|
|
Invoice factoring creditor |
31,570 |
92,821 |
|
|
|
||
Due after one year |
|||
Loans and borrowings |
- |
|
|
Other non-current financial liabilities |
- |
|
|
- |
1,442,246 |
Creditors: amounts falling due after more than one year
Note |
2020 |
2019 |
|
Due after one year |
|||
Loans and borrowings |
- |
|
|
Other non-current financial liabilities |
- |
|
|
- |
1,442,246 |
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
|||
No. |
£ |
No. |
£ |
|
|
|
19,900 |
|
19,900 |
Smyth & Gibson Shirtmakers Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 January 2020
Loans and borrowings |
2020 |
2019 |
|
Non-current loans and borrowings |
||
Bank borrowings |
- |
|
Other borrowings |
- |
|
- |
|
Related party transactions |
Summary of transactions with parent
Summary of transactions with entities with joint control or significant interest
Expenditure with and payables to related parties
2020 |
Entities with joint control or significant influence |
Amounts payable to related party |
|
2019 |
Parent |
Entities with joint control or significant influence |
Key management |
Amounts payable to related party |
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Parent and ultimate parent undertaking |
The company's immediate parent is