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Registration number: 00955280

S. & A. Drapers Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2022

 

S. & A. Drapers Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

S. & A. Drapers Limited

Company Information

Directors

S. B. Khandelwal

S. K. Khandelwal

A. Khandelwal

Registered office

Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

Accountants

Robert Whowell & Partners
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

S. & A. Drapers Limited

(Registration number: 00955280)
Balance Sheet as at 31 March 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

4

7,132

8,915

Investment property

5

9,700,000

9,700,000

 

9,707,132

9,708,915

Current assets

 

Stocks

6

51,026

41,846

Debtors

7

1,070

1,652

Cash at bank and in hand

 

44,826

46,402

 

96,922

89,900

Creditors: Amounts falling due within one year

8

(1,121,198)

(1,262,380)

Net current liabilities

 

(1,024,276)

(1,172,480)

Total assets less current liabilities

 

8,682,856

8,536,435

Creditors: Amounts falling due after more than one year

8

-

(140,330)

Provisions for liabilities

(249,002)

(249,002)

Net assets

 

8,433,854

8,147,103

Capital and reserves

 

Called up share capital

9

370,000

370,000

Share premium reserve

80,000

80,000

Other reserves

4,646,599

4,646,599

Retained earnings

3,337,255

3,050,504

Shareholders' funds

 

8,433,854

8,147,103

 

S. & A. Drapers Limited

(Registration number: 00955280)
Balance Sheet as at 31 March 2022

For the financial year ending 31 March 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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 Board on 2 September 2022 and signed on its behalf by:
 

.........................................
S. B. Khandelwal
Director

 

S. & A. Drapers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

The principal place of business is:
117-119 Belgrave Road
Leicester
LE4 6AS

These financial statements were authorised for issue by the Board on 2 September 2022.

2

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

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 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.

 

S. & A. Drapers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Tax

The tax expense for the period comprises current tax. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet 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 over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings and equipment

20% and 25% reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.

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. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. 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 debtors.

 

S. & A. Drapers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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 comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks 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 the profit and loss account.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

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.

 

S. & A. Drapers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2021 - 13).

 

S. & A. Drapers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

4

Tangible assets

Fixtures, fittings and equipment
 £

Total
£

Cost or valuation

At 1 April 2021

259,935

259,935

At 31 March 2022

259,935

259,935

Depreciation

At 1 April 2021

251,020

251,020

Charge for the year

1,783

1,783

At 31 March 2022

252,803

252,803

Carrying amount

At 31 March 2022

7,132

7,132

At 31 March 2021

8,915

8,915

5

Investment properties

2022
£

At 1 April 2021

9,700,000

At 31 March 2022

9,700,000

The directors have reviewed the fair value of the investment properties in line with their current condition and market value and consider that the value is still appropriate.

There has been no valuation of investment property by an independent valuer.

6

Stocks

2022
£

2021
£

Finished goods

51,026

41,846

 

S. & A. Drapers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

7

Debtors

Current

2022
£

2021
£

Trade debtors

1,070

1,652

8

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Loans and borrowings

10

312,387

351,427

Trade creditors

 

190,962

14,308

Taxation and social security

 

26,394

10,110

Accruals and deferred income

 

52,693

53,152

Other creditors

 

538,762

833,383

 

1,121,198

1,262,380


Creditors include bank loans and a bank overdraft which are secured of £312,387 (2021 - £351,427).

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

10

-

140,330

Creditors include bank loans which are secured of £nil (2021 - £140,330).

 

S. & A. Drapers Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

370,000

370,000

370,000

370,000

         

10

Loans and borrowings

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

-

140,330

2022
£

2021
£

Current loans and borrowings

Bank borrowings

213,206

250,000

Bank overdraft

99,181

101,427

312,387

351,427