Registered number
11032743
SILK TOUCH CREATIONS LTD
Filleted Accounts
31 October 2021
SILK TOUCH CREATIONS LTD
Registered number: 11032743
Balance Sheet
as at 31 October 2021
Notes 2021 2020
£ £
Fixed assets
Tangible assets 3 6,191 6,022
Current assets
Stocks 86,293 63,088
Debtors 4 - 33,963
Cash at bank and in hand 9,868 65,859
96,161 162,910
Creditors: amounts falling due within one year 5 (65,673) (168,755)
Net current assets/(liabilities) 30,488 (5,845)
Total assets less current liabilities 36,679 177
Creditors: amounts falling due after more than one year 6 (36,000) -
Net assets 679 177
Capital and reserves
Called up share capital 100 100
Profit and loss account 579 77
Shareholder's funds 679 177
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Rukhsana Aijaz
Director
Approved by the board on 22 August 2022
SILK TOUCH CREATIONS LTD
Notes to the Accounts
for the year ended 31 October 2021
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, and equipment 20% on reducing balance method
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2021 2020
Number Number
Average number of persons employed by the company 6 9
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2020 10,673
Additions 1,717
At 31 October 2021 12,390
Depreciation
At 1 November 2020 4,651
Charge for the year 1,548
At 31 October 2021 6,199
Net book value
At 31 October 2021 6,191
At 31 October 2020 6,022
4 Debtors 2021 2020
£ £
Other debtors - 33,963
5 Creditors: amounts falling due within one year 2021 2020
£ £
Bank loans and overdrafts 9,000 45,000
Trade creditors 22,529 75,609
Taxation and social security costs 25,099 37,605
Other creditors 9,045 10,541
65,673 168,755
6 Creditors: amounts falling due after one year 2021 2020
£ £
Bank loans 36,000 -
7 Related party transactions
There was no related party transaction apart from salary paid to the director.
8 Other information
SILK TOUCH CREATIONS LTD is a private company limited by shares and incorporated in England. Its registered office is:
98 Alum Rock Road
Saltley, Birmingham
West Midland
UK
B8 1HZ
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