I&F RETAIL LTD |
Notes to the Accounts |
for the period from 18 December 2020 to 31 December 2021 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Going Concern |
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On March 2020, the World Health Organisation formally recognised COVID-19 as a pandemic. The implications of COVID-19 resulted in many governments across the world deciding to close down non-essential operations, which will have a great impact on the global economy. At the date of approving the financial statements, due to the corrective action taken to reduce expenses and preserve cash, the pandemic has not resulted in a significant impact to the Company's access to liquidity to manage operations on an ongoing basis. Additionally the director has provided assurance that they will continue to support the company to enable it to meet its liabilities as they fall due.On the basis, the accounts have been prepared on going concern basis. |
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Turnover |
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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. |
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Stocks |
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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. |
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Creditors |
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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. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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2 |
Employees |
2021 |
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Number |
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Average number of persons employed by the company |
1 |
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3 |
Stock |
2021 |
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£ |
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Stock as at year end |
1,550 |
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1,550 |
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4 |
Creditors: amounts falling due within one year |
2021 |
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£ |
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Other creditors |
5,099 |
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5 |
Other information |
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I&F RETAIL LTD is a private company limited by shares and incorporated in England. Its registered office is: |
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C/O Thakur-Chabert Suite 410 |
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4th Floor 1 Harefield Road |
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Uxbridge |
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United Kingdom |
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UB8 1EX |