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Registration number: 10614843

Dean Clothing Ltd

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 28 February 2023

 

Dean Clothing Ltd

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Dean Clothing Ltd

Company Information

Director

Mr R Mahmood

Registered office

36A Broughton Street
Manchester
M8 8NN
 

Place of business

36A Broughton Street
Manchester
M8 8NN
 

Bankers

HSBC Bank PLC
2 Yorkshire Street
Rochdale
Lancashire
OL16 1EE

Accountants

Shacter Cohen & Bor LLP
31 Sackville Street
Manchester
M1 3LZ

 

Dean Clothing Ltd

(Registration number: 10614843)
Abridged Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

32,779

2,134

Current assets

 

Stocks

5

344,573

415,000

Debtors

6

121,373

241,846

Cash at bank and in hand

 

60,464

137,057

 

526,410

793,903

Prepayments and accrued income

 

500

1,300

Creditors: Amounts falling due within one year

(477,547)

(716,185)

Net current assets

 

49,363

79,018

Total assets less current liabilities

 

82,142

81,152

Creditors: Amounts falling due after more than one year

(56,394)

(42,798)

Accruals and deferred income

 

(13,755)

(11,755)

Net assets

 

11,993

26,599

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

11,893

26,499

Shareholders' funds

 

11,993

26,599

For the financial year ending 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 18 September 2023
 

 

Dean Clothing Ltd

(Registration number: 10614843)
Abridged Balance Sheet as at 28 February 2023

.........................................
Mr R Mahmood
Director

 

Dean Clothing Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

1

General information

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

The address of its registered office is:
36A Broughton Street
Manchester
M8 8NN
England

The principal place of business is:
36A Broughton Street
Manchester
M8 8NN
England

These financial statements were authorised for issue by the director on 18 September 2023.

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 abridged 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 abridged 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 sales/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.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, 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.

 

Dean Clothing Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

20% Reducing balance basis

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 receivables.

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 and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories 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 profit or loss.

Trade creditors

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

 

Dean Clothing Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 2).

 

Dean Clothing Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2022

3,335

29,995

33,330

Additions

650

-

650

At 28 February 2023

3,985

29,995

33,980

Depreciation

At 1 March 2022

1,201

-

1,201

At 28 February 2023

1,201

-

1,201

Carrying amount

At 28 February 2023

2,784

29,995

32,779

At 28 February 2022

2,134

-

2,134

5

Stocks

2023
£

2022
£

Other inventories

344,573

415,000

6

Debtors

Debtors includes £Nil (2022 - £Nil) due after more than one year.

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

100

100

100

100

         
 

Dean Clothing Ltd

Notes to the Unaudited Abridged Financial Statements for the Year Ended 28 February 2023

8

Dividends

Final dividends paid

   

2023
£

 

2022
£

Final dividend of £340.00 (2022 - £Nil) per each Ordinary share

 

34,000

 

-

         

9

Related party transactions

Transactions with the director

2023

At 1 March 2022
£

Advances to director
£

At 28 February 2023
£

Mr R Mahmood

Mr R Mahmood

(1,478)

(42,222)

(43,700)

       
     

 

2022

At 1 March 2021
£

Advances to director
£

At 28 February 2022
£

Mr R Mahmood

Mr R Mahmood

(2,993)

1,515

(1,478)

       
     

 

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

9,096

8,839

10

Ultimate controlling party

The ultimate controlling party is Mr R Mahmood.