Registered number
09433056
Buckingham Boutique Ltd
Filleted Accounts
31 July 2022
Buckingham Boutique Ltd
Registered number: 09433056
Balance Sheet
as at 31 July 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 35,409 32,435
Current assets
Stocks 150,000 135,000
Debtors 4 194,490 59,527
Cash at bank and in hand 28,074 732
372,564 195,259
Creditors: amounts falling due within one year 5 (314,036) (142,881)
Net current assets 58,528 52,378
Total assets less current liabilities 93,937 84,813
Creditors: amounts falling due after more than one year 6 (42,859) (50,000)
Net assets 51,078 34,813
Capital and reserves
Called up share capital 100 100
Profit and loss account 50,978 34,713
Shareholder's funds 51,078 34,813
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 member has 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.
Y M Friedman
Director
Approved by the board on 16 October 2023
Buckingham Boutique Ltd
Notes to the Accounts
for the period from 1 June 2021 to 31 July 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2021 81,841
Additions 7,973
At 31 July 2022 89,814
Depreciation
At 1 June 2021 49,407
Charge for the period 4,998
At 31 July 2022 54,405
Net book value
At 31 July 2022 35,409
At 31 May 2021 32,434
4 Debtors 2022 2021
£ £
Trade debtors 40,000 40,000
Amounts owed by group undertakings and undertakings in which the company has a participating interest 32,636 17,462
Other debtors 121,854 2,065
194,490 59,527
5 Creditors: amounts falling due within one year 2022 2021
£ £
Amounts owed to group undertakings and undertakings in which the company has a participating interest 236,385 64,426
Taxation and social security costs 17,730 15,428
Other creditors 59,921 63,027
314,036 142,881
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 42,859 50,000
7 Other information
Buckingham Boutique Ltd is a private company limited by shares and incorporated in England. Its registered office is:
61 Wellington Street East
Salford
Manchester
M7 4DN
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