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Company No: 09999479 (England and Wales)

KALITA CLOTHING LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2023
Pages for filing with the registrar

KALITA CLOTHING LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2023

Contents

KALITA CLOTHING LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2023
KALITA CLOTHING LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2023
DIRECTOR Kalita Al Swaidi
REGISTERED OFFICE 22 Chancery Lane
London
WC2A 1LS
United Kingdom
COMPANY NUMBER 09999479 (England and Wales)
KALITA CLOTHING LIMITED

BALANCE SHEET

As at 31 March 2023
KALITA CLOTHING LIMITED

BALANCE SHEET (continued)

As at 31 March 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 1,928 3,154
1,928 3,154
Current assets
Stocks 33,280 61,176
Debtors 4 209,977 164,454
Cash at bank and in hand 15,864 25,758
259,121 251,388
Creditors: amounts falling due within one year 5 ( 1,141,846) ( 889,850)
Net current liabilities (882,725) (638,462)
Total assets less current liabilities (880,797) (635,308)
Creditors: amounts falling due after more than one year 6 ( 34,259) ( 45,370)
Net liabilities ( 915,056) ( 680,678)
Capital and reserves
Called-up share capital 100 100
Profit and loss account ( 915,156 ) ( 680,778 )
Total shareholder's deficit ( 915,056) ( 680,678)

For the financial year ending 31 March 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 financial statements of Kalita Clothing Limited (registered number: 09999479) were approved and authorised for issue by the Director on 11 October 2023. They were signed on its behalf by:

Kalita Al Swaidi
Director
KALITA CLOTHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
KALITA CLOTHING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The company is a private company limited by share capital incorporated in England and Wales. The address of the Company's registered office is 22 Chancery Lane, London, WC2A 1LS, United Kingdom.

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

The financial statements have been prepared under the historical cost convention.

Going concern

The financial statements have been prepared on a going concern basis. The company is supported by its director. The director has confirmed they will continue to support the company for a period of not less than one year from the date of approval of the financial statements.

Foreign currency

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date.

Turnover

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.

Taxation

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

The current 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.

Deferred tax
Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. The carrying amount of deferred tax assets are reviewed at each reporting date.

Tangible fixed assets

Tangible assets are stated 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 is charged so as to write off the cost of assets over their estimated useful life as follows

Plant and machinery 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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 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 and other 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.

Trade and other 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments.

Ordinary 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.

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 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.

2. Employees

2023 2022
Number Number
The average number of persons employed by the company during the year was: 2 2

3. Tangible assets

Plant and machinery Computer equipment Total
£ £ £
Cost
At 01 April 2022 238 9,934 10,172
Additions 0 458 458
At 31 March 2023 238 10,392 10,630
Accumulated depreciation
At 01 April 2022 13 7,005 7,018
Charge for the financial year 79 1,605 1,684
At 31 March 2023 92 8,610 8,702
Net book value
At 31 March 2023 146 1,782 1,928
At 31 March 2022 225 2,929 3,154

4. Debtors

2023 2022
£ £
Trade debtors 7,325 45,437
Deferred tax asset 194,700 113,676
Other taxation and social security 0 624
Other debtors 7,952 4,717
209,977 164,454

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 41,053 33,190
Other taxation and social security 363 4,799
Other creditors 1,100,430 851,861
1,141,846 889,850

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other creditors 34,259 45,370

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Other creditors (repayable by instalments) 12,037 0

7. Related party transactions

Transactions with the entity's director

2023 2022
£ £
Amounts owed to the director 788,230 619,913

During the year the director provided additional funding of £168,317 (2022 - £149,158). At the balance sheet date the amount due to the director was £788,230. The loan is interest free and repayable on demand.