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Registered Number: 07107671
England and Wales

 

 

 

KGB FASHIONS LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2022

End date: 31 March 2023
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 279,446    236,364 
Investments 4 25,000    25,000 
304,446    261,364 
Current assets      
Stocks 5 1,888,504    1,551,749 
Debtors 6 762,250    774,859 
Cash at bank and in hand 69,526    51,989 
2,720,280    2,378,597 
Creditors: amount falling due within one year 7 (2,175,511)   (1,811,830)
Net current assets 544,769    566,767 
 
Total assets less current liabilities 849,215    828,131 
Creditors: amount falling due after more than one year 8 (129,945)   (84,701)
Accruals and deferred income   (40,104)
Provisions for liabilities 9 (43,984)   (36,753)
Net assets 675,286    666,573 
 

Capital and reserves
     
Called up share capital 10 310,000    310,000 
Profit and loss account 365,286    356,573 
Shareholder's funds 675,286    666,573 
 


For the year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. 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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 23 October 2023 and were signed on its behalf by:


-------------------------------
K Broughton
Director
1
General Information
KGB Fashions Limited is a private company, limited by shares, registered in England and Wales, registration number 07107671, registration address 7 Butterley Street, Leeds, West Yorkshire, LS10 1AW.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
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)
Going concern basis
The directors believe that the company is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the income statement on a straight line basis.
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the statement of financial position date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the income statement.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Leasehold Improvements 20% Straight Line
Plant and Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Fixtures and Fittings 15% Reducing Balance
Computer Equipment 15% Reducing Balance
Fixed asset investments
Fixed asset investments are stated at cost less provision for any permanent diminution in value.
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
Security Note
The short and long term loans  and hire purchase contracts are secured against the business assets. 
2.

Average number of employees

Average number of employees during the year was 84 (2022 : 84).
3.

Tangible fixed assets

Cost or valuation Leasehold Improvements   Plant and Machinery   Motor Vehicles   Fixtures and Fittings   Computer Equipment   Total
  £   £   £   £   £   £
At 01 April 2022 154,555    29,682    63,890    138,464    88,901    475,492 
Additions   14,491    74,585    17,423    27,260    133,759 
Disposals          
At 31 March 2023 154,555    44,173    138,475    155,887    116,161    609,251 
Depreciation
At 01 April 2022 112,883    11,563    33,487    79,547    1,648    239,128 
Charge for year 30,911    4,891    26,247    11,451    17,177    90,677 
On disposals          
At 31 March 2023 143,794    16,454    59,734    90,998    18,825    329,805 
Net book values
Closing balance as at 31 March 2023 10,761    27,719    78,741    64,889    97,336    279,446 
Opening balance as at 01 April 2022 41,672    18,119    30,403    58,917    87,253    236,364 


4.

Investments

Cost Investments in group undertakings   Total
  £   £
At 01 April 2022 25,000    25,000 
Additions  
Transfer to/from tangible fixed assets  
Disposals  
At 31 March 2023 25,000    25,000 

5.

Stocks

2023
£
  2022
£
Stocks 1,888,504    1,551,749 
1,888,504    1,551,749 

6.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 115,014    101,990 
Other Debtors 647,236    672,869 
762,250    774,859 

7.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 1,638,924    1,040,338 
Bank Loans & Overdrafts 105,379    108,025 
Taxation and Social Security 199,925    134,210 
Obligations under HP/Financial Leases 17,051    6,667 
Other Creditors 214,232    522,590 
2,175,511    1,811,830 

8.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Bank Loans & Overdrafts 79,772    81,019 
Obligations under HP/Financial Leases 50,173    3,682 
129,945    84,701 

9.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 43,984    35,798 
Pension Provisions   955 
43,984    36,753 

10.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
308,000 Ordinary shares of £1.00 each 308,000    308,000 
79,000 A Ordinary shares of £1.00 each 79,000    79,000 
75,998 B Ordinary shares of £1.00 each 75,998    75,998 
75,998 C Ordinary shares of £1.00 each 75,998    75,998 
1 D Ordinary share of £1.00 each  
1 E Ordinary share of £1.00 each  
1 F Ordinary share of £1.00 each  
1 G Ordinary share of £1.00 each  
539,000    539,000 
All shares have equal rights on voting, dividend and capital distribution.  

11.

Control

The company was under the control of the directors in the current and previous period.
12.

Security Note

 The short and long term loans and hire purchase agreements are secured against the business assets. 
2