REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 May 2021 to 31 December 2021 |
for |
Heaven Apparel Limited |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Period 1 May 2021 to 31 December 2021 |
for |
Heaven Apparel Limited |
Heaven Apparel Limited (Registered number: 10104483) |
Contents of the Financial Statements |
for the Period 1 May 2021 to 31 December 2021 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 3 |
Heaven Apparel Limited (Registered number: 10104483) |
Balance Sheet |
31 December 2021 |
2021 | 2021 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investments | 5 |
Current assets |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
Creditors: amounts falling due within one year |
7 |
Net current assets/(liabilities) | ( |
) |
Total assets less current liabilities |
Creditors: amounts falling due after more than one year |
8 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) |
Net assets/(liabilities) | ( |
) |
Capital and reserves |
Called up share capital | 9 |
Retained earnings | ( |
) |
Shareholders' funds | ( |
) |
The director acknowledges his 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. |
Heaven Apparel Limited (Registered number: 10104483) |
Balance Sheet - continued |
31 December 2021 |
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 director and authorised for issue on |
Heaven Apparel Limited (Registered number: 10104483) |
Notes to the Financial Statements |
for the Period 1 May 2021 to 31 December 2021 |
1. | Statutory information |
Heaven Apparel Limited is a |
Registered number: |
Registered office: |
The presentation currency of the financial statements is in Pound Sterling (£) and rounding is to the nearest (£). |
The period covered by the financial statements is 8 months from 1 May 2021 to 31 December 2021 therefore comparatives are not entirely comparable.. The reason for shortening the year end is for it to coincide with the other group company. |
2. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of Value Added Tax. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. |
Tangible fixed assets |
Short leasehold | - |
Fixtures and fittings | - |
Computer equipment | - |
Tangible fixed assets are stated at cost or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. |
Government grants |
Government grants are recognised in the period to which they relate. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
Heaven Apparel Limited (Registered number: 10104483) |
Notes to the Financial Statements - continued |
for the Period 1 May 2021 to 31 December 2021 |
2. | Accounting policies - continued |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate. |
Financial instruments |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Taxation |
Taxation for the period 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 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 balance sheet date. |
Deferred tax is recognised in respect of all 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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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. |
Significant events affecting the company |
During the period, the UK and many other countries around the world have imposed restrictions on daily life that have impacted their economies. The company has begun to see the effect of these restrictions in these accounts but it is too early to determine the full financial impact. |
Heaven Apparel Limited (Registered number: 10104483) |
Notes to the Financial Statements - continued |
for the Period 1 May 2021 to 31 December 2021 |
3. | Employees and directors |
The average number of employees during the period was |
4. | Tangible fixed assets |
Fixtures |
Short | and | Computer |
leasehold | fittings | equipment | Totals |
£ | £ | £ | £ |
Cost |
At 1 May 2021 |
Additions |
At 31 December 2021 |
Depreciation |
At 1 May 2021 |
Charge for period |
Charge written back | (1,562 | ) | - | - | (1,562 | ) |
At 31 December 2021 |
Net book value |
At 31 December 2021 |
At 30 April 2021 |
5. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 May 2021 |
and 31 December 2021 |
Net book value |
At 31 December 2021 |
At 30 April 2021 |
6. | Debtors: amounts falling due within one year |
2021 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
Heaven Apparel Limited (Registered number: 10104483) |
Notes to the Financial Statements - continued |
for the Period 1 May 2021 to 31 December 2021 |
7. | Creditors: amounts falling due within one year |
2021 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Taxation and social security |
Other creditors |
8. | Creditors: amounts falling due after more than one year |
2021 | 2021 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable otherwise than by instalments |
Bank loans more than 5 yrs |
9. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2021 | 2021 |
value: | £ | £ |
Ordinary A | £1 | 50 | 50 |
Ordinary B | £1 | 50 | 50 |
100 | 100 |
10. | Other financial commitments |
On 31 December 2021 the company had operating lease commitments of £6,125 (April 2021: £22,458 ). |
11. | Director's advances, credits and guarantees |
During the year advances of £15,000 and credits of £2,072 were made for a director with repayments being received of £23,517 resulting in and amount owed to the company on 31 December 2021 of £10,527 included within debtors (April 2021: £16,972). These advances were made interest free and with no set repayment terms. |