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2021-02-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
00525799
2021-02-01
2022-01-31
00525799
2022-01-31
00525799
2021-01-31
00525799
2020-02-01
2021-01-31
00525799
2021-01-31
00525799
bus:Director1
2021-02-01
2022-01-31
00525799
core:LandBuildings
2021-01-31
00525799
core:FurnitureFittings
2021-01-31
00525799
core:LandBuildings
2022-01-31
00525799
core:FurnitureFittings
2022-01-31
00525799
core:LandBuildings
2021-02-01
2022-01-31
00525799
core:FurnitureFittings
2021-02-01
2022-01-31
00525799
core:WithinOneYear
2022-01-31
00525799
core:WithinOneYear
2021-01-31
00525799
core:AfterOneYear
2022-01-31
00525799
core:AfterOneYear
2021-01-31
00525799
core:ShareCapital
2022-01-31
00525799
core:ShareCapital
2021-01-31
00525799
core:CapitalRedemptionReserve
2022-01-31
00525799
core:CapitalRedemptionReserve
2021-01-31
00525799
core:RetainedEarningsAccumulatedLosses
2022-01-31
00525799
core:RetainedEarningsAccumulatedLosses
2021-01-31
00525799
core:BetweenOneFiveYears
2022-01-31
00525799
core:BetweenOneFiveYears
2021-01-31
00525799
core:MoreThanFiveYears
2022-01-31
00525799
core:MoreThanFiveYears
2021-01-31
00525799
core:LandBuildings
2021-01-31
00525799
core:FurnitureFittings
2021-01-31
00525799
bus:SmallEntities
2021-02-01
2022-01-31
00525799
bus:AuditExemptWithAccountantsReport
2021-02-01
2022-01-31
00525799
bus:FullAccounts
2021-02-01
2022-01-31
00525799
bus:SmallCompaniesRegimeForAccounts
2021-02-01
2022-01-31
00525799
bus:PrivateLimitedCompanyLtd
2021-02-01
2022-01-31
00525799
core:LandBuildings
core:LongLeaseholdAssets
2021-02-01
2022-01-31
00525799
core:AfterOneYear
2021-02-01
2022-01-31
COMPANY REGISTRATION NUMBER:
00525799
J L Black (Good Clothes) Limited |
|
Filleted Unaudited Financial Statements |
|
J L Black (Good Clothes) Limited |
|
Year ended 31 January 2022
Notes to the financial statements |
3 to 7 |
|
|
J L Black (Good Clothes) Limited |
|
31 January 2022
Fixed assets
Tangible assets |
5 |
50,502 |
54,943 |
|
|
|
|
Current assets
Stocks |
250,668 |
350,501 |
Debtors |
6 |
38,229 |
40,628 |
Cash at bank and in hand |
25,823 |
150 |
|
--------- |
--------- |
|
314,720 |
391,279 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
121,558 |
223,620 |
|
--------- |
--------- |
Net current assets |
193,162 |
167,659 |
|
--------- |
--------- |
Total assets less current liabilities |
243,664 |
222,602 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
35,000 |
45,000 |
|
--------- |
--------- |
Net assets |
208,664 |
177,602 |
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
6,486 |
6,486 |
Capital redemption reserve |
2,594 |
2,594 |
Profit and loss account |
199,584 |
168,522 |
|
--------- |
--------- |
Shareholders funds |
208,664 |
177,602 |
|
--------- |
--------- |
|
|
|
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 profit and loss account has not been delivered.
For the year ending 31 January 2022 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
.
J L Black (Good Clothes) Limited |
|
Balance Sheet (continued) |
|
31 January 2022
These financial statements were approved by the
board of directors
and authorised for issue on
12 August 2022
, and are signed on behalf of the board by:
Company registration number:
00525799
J L Black (Good Clothes) Limited |
|
Notes to the Financial Statements |
|
Year ended 31 January 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales, registration number
00525799
. The address of the registered office is 1 Pepper Street, Newcastle-under-Lyme, Staffordshire, ST5 1PR.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the director. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT) of goods provided in the normal course of business. Revenue is recognised when goods are sold as per the till records, at which point the risks and rewards of ownership pass to the buyer.
Income tax
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. 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 material 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. This has been offset against rental payments in the year.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
|
Leasehold Property |
- |
over the term of the lease |
|
Fixtures, Fittings and equipment |
- |
15% reducing balance, 25% on cost for computers |
|
|
|
|
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.
Stocks
Stock is valued at the lower of cost and net realisable value. Cost represents the purchase invoice price. Net realisable value is the estimated proceeds from the sale of stock items.
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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value. Loans Loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
11
(2021:
11
).
5.
Tangible assets
|
Leasehold Property |
Fixtures, fittings and equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 February 2021 |
79,245 |
174,690 |
253,935 |
Additions |
– |
787 |
787 |
Disposals |
– |
(
44) |
(
44) |
|
-------- |
--------- |
--------- |
At 31 January 2022 |
79,245 |
175,433 |
254,678 |
|
-------- |
--------- |
--------- |
Depreciation |
|
|
|
At 1 February 2021 |
31,050 |
167,942 |
198,992 |
Charge for the year |
3,964 |
1,261 |
5,225 |
Disposals |
– |
(
41) |
(
41) |
|
-------- |
--------- |
--------- |
At 31 January 2022 |
35,014 |
169,162 |
204,176 |
|
-------- |
--------- |
--------- |
Carrying amount |
|
|
|
At 31 January 2022 |
44,231 |
6,271 |
50,502 |
|
-------- |
--------- |
--------- |
At 31 January 2021 |
48,195 |
6,748 |
54,943 |
|
-------- |
--------- |
--------- |
|
|
|
|
6.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Other debtors |
38,229 |
40,628 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Bank loans and overdrafts |
10,000 |
55,836 |
Trade creditors |
191 |
35,545 |
Social security and other taxes |
46,541 |
48,439 |
Other creditors |
64,826 |
83,800 |
|
--------- |
--------- |
|
121,558 |
223,620 |
|
--------- |
--------- |
|
|
|
The bank loan and overdraft are secured on the assets of the company. The charges in favour of Barclays Bank PLC encompass fixed and floating charges over the undertaking and all property and assets present and future. A director has provided personal guarantees on the bank loan and bank overdraft.
8.
Creditors:
amounts falling due after more than one year
|
2022 |
2021 |
|
£ |
£ |
Bank loans and overdrafts |
35,000 |
45,000 |
|
-------- |
-------- |
|
|
|
The bank loan and overdrafts are secured on the assets of the company. The charges in favour of Barclays Bank PLC encompass fixed and floating charges over the undertaking and all property and assets present and future. A director has provided personal guarantees on the bank loan and bank overdraft.
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2022 |
2021 |
|
£ |
£ |
Not later than 1 year |
57,000 |
57,000 |
Later than 1 year and not later than 5 years |
146,333 |
146,333 |
Later than 5 years |
135,367 |
157,367 |
|
--------- |
--------- |
|
338,700 |
360,700 |
|
--------- |
--------- |
|
|
|
10.
Directors' advances, credits and guarantees
During the year the directors have maintained a current account with the company, the total balance on this account at the start of the year was £15,073 (2021 - £32,942) and the total balance at the year end was £19,813 (2021 - £15,073). Total advances were £194,072 (2021 - £226,508) and total monies repaid were £189,332 (2021 - £244,377). The advances were on an interest free basis.