Registered number
06055553
Style Clothing Limited
Filleted Accounts
31 December 2022
Style Clothing Limited
Registered number: 06055553
Director's Report
The director presents his report and accounts for the year ended 31 December 2022.
Directors
The following persons served as directors during the year:
S I Patel
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 29 September 2023 and signed on its behalf.
S I Patel
Director
Style Clothing Limited
Profit and Loss Account
for the year ended 31 December 2022
2022 2021
£ £
Turnover 2,454,801 2,752,021
Cost of sales (2,066,276) (2,407,237)
Gross profit 388,525 344,784
Administrative expenses (368,248) (374,973)
Other operating income - 36,657
Operating profit 20,277 6,468
Interest payable (648) (677)
Profit before taxation 19,629 5,791
Tax on profit 92,735 (3,735)
Profit for the financial year 112,364 2,056
Style Clothing Limited
Registered number: 06055553
Balance Sheet
as at 31 December 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 58,378 55,472
Current assets
Stocks 75,856 262,397
Debtors 4 396,151 542,764
Cash at bank and in hand 84,661 67,126
556,668 872,287
Creditors: amounts falling due within one year 5 (481,384) (824,695)
Net current assets 75,284 47,592
Total assets less current liabilities 133,662 103,064
Creditors: amounts falling due after more than one year 6 (95,944) (105,461)
Net assets/(liabilities) 37,718 (2,397)
Capital and reserves
Called up share capital 100 100
Profit and loss account 37,618 (2,497)
Shareholders' funds 37,718 (2,397)
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 members have 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.
S I Patel
Director
Approved by the board on 29 September 2023
Style Clothing Limited
Notes to the Accounts
for the year ended 31 December 2022
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:
Plant,machinery and fixtures 20% reducing balance
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
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.
Taxation
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 8 12
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 January 2022 264,526 - 264,526
Additions - 17,500 17,500
At 31 December 2022 264,526 17,500 282,026
Depreciation
At 1 January 2022 209,054 - 209,054
Charge for the year 11,094 3,500 14,594
At 31 December 2022 220,148 3,500 223,648
Net book value
At 31 December 2022 44,378 14,000 58,378
At 31 December 2021 55,472 - 55,472
4 Debtors 2022 2021
£ £
Trade debtors 111,634 111,634
Other debtors 284,517 431,130
396,151 542,764
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts - 1,418
Trade creditors 394,225 727,652
Taxation and social security costs 22,127 82,118
Other creditors 65,032 13,507
481,384 824,695
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 35,484 45,001
Other creditors 60,460 60,460
95,944 105,461
7 Other information
Style Clothing Limited is a private company limited by shares and incorporated in England. Its registered office is:
1st Floor
4 Dryden Street
Leicester
LE1 3QE
8 Ultimate Parent Company
The company's ultimate parent company is M. I & Sons Ltd, a company incorporated in England
& Wales.
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