Registered number
08381784
Certified Insane Clothing Company Limited
Unaudited Filleted Accounts
31 May 2023
Certified Insane Clothing Company Limited
Registered number: 08381784
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 4,911 -
Current assets
Stocks - 1,500
Debtors 4 16,579 14,249
Cash at bank and in hand 130,100 86,376
146,679 102,125
Creditors: amounts falling due within one year 5 (40,131) (25,743)
Net current assets 106,548 76,382
Total assets less current liabilities 111,459 76,382
Creditors: amounts falling due after more than one year 6 (25,833) (35,836)
Net assets 85,626 40,546
Capital and reserves
Called up share capital 1 1
Profit and loss account 85,625 40,545
Shareholders' funds 85,626 40,546
The directors are 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 directors acknowledge their 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.
G L Morris
Director
Approved by the board on 20 September 2023
Certified Insane Clothing Company Limited
Notes to the Accounts
for the year ended 31 May 2023
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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:
Computers 33% straight line basis
Office equipment 15% straight line basis
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.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
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. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2022 9,168
Additions 4,911
At 31 May 2023 14,079
Depreciation
At 1 June 2022 9,168
At 31 May 2023 9,168
Net book value
At 31 May 2023 4,911
4 Debtors 2023 2022
£ £
Trade debtors 16,579 10,819
Other debtors - 3,430
16,579 14,249
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 9,997
Trade creditors 5,854 1,496
Taxation and social security costs 21,202 9,700
Other creditors 3,075 4,550
40,131 25,743
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 25,833 35,836
7 Other information
Certified Insane Clothing Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
6A Little Aston Lane
Little Aston
Sutton Coldfield
B74 3UF
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