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REGISTERED NUMBER: 08594647 (England and Wales)










REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2022

FOR

CLX SOFAS LIMITED

CLX SOFAS LIMITED (REGISTERED NUMBER: 08594647)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 JULY 2022




Page

Company Information 1

Report of the Director 2

Chartered Accountants' Report 3

Income Statement 4

Statement of Financial Position 5

Notes to the Financial Statements 6


CLX SOFAS LIMITED

COMPANY INFORMATION
For The Year Ended 31 JULY 2022







DIRECTOR: Mr C H Xydhias





REGISTERED OFFICE: Unit 1 Stag Industrial Estate
Oxford Street
Bilston
West Midlands
WV14 7HZ





REGISTERED NUMBER: 08594647 (England and Wales)





ACCOUNTANTS: AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA

CLX SOFAS LIMITED (REGISTERED NUMBER: 08594647)

REPORT OF THE DIRECTOR
For The Year Ended 31 JULY 2022

The director presents his report with the financial statements of the company for the year ended 31 July 2022.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of a furniture wholesaler.

DIRECTOR
Mr C H Xydhias held office during the whole of the period from 1 August 2021 to the date of this report.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:





Mr C H Xydhias - Director


29 September 2023

CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR
ON THE UNAUDITED FINANCIAL STATEMENTS OF
CLX SOFAS LIMITED


In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clx Sofas Limited for the year ended 31 July 2022 which comprise the Income Statement, Statement of Financial Position and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Clx Sofas Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Clx Sofas Limited and state those matters that we have agreed to state to the director of Clx Sofas Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clx Sofas Limited and its director for our work or for this report.

It is your duty to ensure that Clx Sofas Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Clx Sofas Limited. You consider that Clx Sofas Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Clx Sofas Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






AGK Partners
Chartered Accountants
1 Kings Avenue
London
N21 3NA


29 September 2023

CLX SOFAS LIMITED (REGISTERED NUMBER: 08594647)

INCOME STATEMENT
For The Year Ended 31 JULY 2022

2022 2021
£    £   

REVENUE 10,552,774 7,366,246

Cost of sales 9,287,857 6,585,210
GROSS PROFIT 1,264,917 781,036

Administrative expenses 970,053 566,063
294,864 214,973

Other operating income 15,023 6,707
OPERATING PROFIT 309,887 221,680

Interest receivable and similar income - 259
309,887 221,939

Interest payable and similar expenses 9,269 1,777
PROFIT BEFORE TAXATION 300,618 220,162

Tax on profit 47,890 43,299
PROFIT FOR THE FINANCIAL YEAR 252,728 176,863

CLX SOFAS LIMITED (REGISTERED NUMBER: 08594647)

STATEMENT OF FINANCIAL POSITION
31 JULY 2022

2022 2021
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 111,557 78,139

CURRENT ASSETS
Inventories 892,125 692,101
Debtors 5 2,069,448 786,018
Cash at bank and in hand 718,462 269,651
3,680,035 1,747,770
CREDITORS
Amounts falling due within one year 6 2,933,460 1,218,117
NET CURRENT ASSETS 746,575 529,653
TOTAL ASSETS LESS CURRENT
LIABILITIES

858,132

607,792

CREDITORS
Amounts falling due after more than one
year

7

260,279

241,667
NET ASSETS 597,853 366,125

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 597,753 366,025
597,853 366,125

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2022 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the director and authorised for issue on 29 September 2023 and were signed by:





Mr C H Xydhias - Director


CLX SOFAS LIMITED (REGISTERED NUMBER: 08594647)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 JULY 2022

1. STATUTORY INFORMATION

Clx Sofas Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on a going concern basis as the director is satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due.

Significant judgements and estimates
In the application of the company's accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and costs incurred or to be incurred in respect of the transaction can be measured reliably.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Short leasehold - Over 5 years on cost
Motor Vehicles - 25% on reducing balance method
Plant and machinery - 25% on reducing balance method

The company has adopted the policy of not depreciating the assets in the year of purchase, however full depreciation is provided in the year of disposal.

Inventory
Inventories 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 inventory sold is recognised as an expense in the period in which the related revenue is recognised.


CLX SOFAS LIMITED (REGISTERED NUMBER: 08594647)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JULY 2022

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position 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.

Hire purchase and operating leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Cash and cash equivalents


Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments


Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2021 - 9 ) .

CLX SOFAS LIMITED (REGISTERED NUMBER: 08594647)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JULY 2022

4. PROPERTY, PLANT AND EQUIPMENT
Short Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 August 2021 40,637 34,997 53,059 128,693
Additions - 50,923 - 50,923
At 31 July 2022 40,637 85,920 53,059 179,616
DEPRECIATION
At 1 August 2021 - 9,234 41,320 50,554
Charge for year 8,127 6,443 2,935 17,505
At 31 July 2022 8,127 15,677 44,255 68,059
NET BOOK VALUE
At 31 July 2022 32,510 70,243 8,804 111,557
At 31 July 2021 40,637 25,763 11,739 78,139

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 42,619
At 31 July 2022 42,619
NET BOOK VALUE
At 31 July 2022 42,619

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade debtors 1,697,006 548,273
Other debtors 372,442 237,745
2,069,448 786,018

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Bank loans and overdrafts 8,333 8,333
Hire purchase contracts (see note 8) 8,504 -
Trade creditors 2,031,564 965,137
Taxation and social security 209,708 174,134
Other creditors 675,351 70,513
2,933,460 1,218,117

CLX SOFAS LIMITED (REGISTERED NUMBER: 08594647)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JULY 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2022 2021
£    £   
Bank loans 233,333 241,667
Hire purchase contracts (see note 8) 26,946 -
260,279 241,667

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2022 2021
£    £   
Net obligations repayable:
Within one year 8,504 -
Between one and five years 26,946 -
35,450 -

9. SECURED DEBTS

The following secured debts are included within creditors:

2022 2021
£    £   
Bank loan 241,667 250,000

Bank loan is secured by way of fixed and floating charge on all the property and other assets of the company and contains a negative pledge.

10. RELATED PARTY DISCLOSURES

Included in trade creditors less than one year is an amount of £1,774,968 (2021: £933,409) due to a connected company under common control. The balance is fully payable.

Included in other debtors less than one year is an amount of £24,051 (2021: £31,977) due from a connected company under common control. The loan was interest free and repayable on demand.

Included in other creditors due within a year is an amount of £318,651 (2021: £14,550) due to a connected company under common control. The loan was interest free and repayable on demand.