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COMPANY REGISTRATION NUMBER: 10767701
Calm Attire Holdings Ltd
Filleted Unaudited Financial Statements
For the year ended
31 May 2023
Calm Attire Holdings Ltd
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
309,981
309,864
Investments
6
86
86
----------
----------
310,067
309,950
Current assets
Debtors
7
381,245
294,760
Cash at bank and in hand
299,278
182,459
----------
----------
680,523
477,219
Creditors: amounts falling due within one year
8
173,273
63,459
----------
----------
Net current assets
507,250
413,760
----------
----------
Total assets less current liabilities
817,317
723,710
Creditors: amounts falling due after more than one year
9
54,782
68,431
Provisions
4,037
4,008
----------
----------
Net assets
758,498
651,271
----------
----------
Capital and reserves
Called up share capital
122
122
Profit and loss account
758,376
651,149
----------
----------
Shareholders funds
758,498
651,271
----------
----------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Calm Attire Holdings Ltd
Statement of Financial Position (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 11 October 2023 , and are signed on behalf of the board by:
Mr M C Bevis
Director
Company registration number: 10767701
Calm Attire Holdings Ltd
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 3 Venture Business Park, Gilbey Road, Grimsby, DN31 2UW, North East Lincolnshire.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section 1A , 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity. (b) Going concern In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. More latterly, the UK economy has been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis. (c) Consolidation The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group. (d) Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Income from rents receivable is recognised in accordance with the agreed terms of the relevant lease agreements (e) Current & deferred tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted at the reporting date. (f) Tangible assets Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. (g) Depreciation Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 25% reducing balance
Freehold property- 2% straight line (h) Investment property Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties rented to other group companies are classified as property, plant and equipment (land and buildings) and held at deemed cost less depreciation and impairment. (i) Investments Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. (j) Impairment of fixed assets A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
(k) Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
(l) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year, including the directors, amounted to 2 (2022 - 2).
5. Tangible assets
Freehold property
Plant and machinery
Total
£
£
£
Cost
At 1 June 2022
293,834
23,381
317,215
Additions
5,500
5,500
----------
--------
----------
At 31 May 2023
293,834
28,881
322,715
----------
--------
----------
Depreciation
At 1 June 2022
7,351
7,351
Charge for the year
5,383
5,383
----------
--------
----------
At 31 May 2023
12,734
12,734
----------
--------
----------
Carrying amount
At 31 May 2023
293,834
16,147
309,981
----------
--------
----------
At 31 May 2022
293,834
16,030
309,864
----------
--------
----------
Included within land and buildings are investment properties with a net book value of £293,834 (2022 - £293,834) which are rented to group undertakings. The company has chosen to account for these properties at deemed cost less depreciation and impairment.
6. Investments
Shares in group undertakings
£
Cost
At 1 June 2022 and 31 May 2023
86
----
Impairment
At 1 June 2022 and 31 May 2023
----
Carrying amount
At 31 May 2023
86
----
At 31 May 2022
86
----
7. Debtors
2023
2022
£
£
Trade debtors
582
990
Amounts owed by group undertakings
372,598
283,798
Other debtors
8,065
9,972
----------
----------
381,245
294,760
----------
----------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
13,101
12,553
Trade creditors
23,891
Accruals
1,155
1,100
Corporation tax
11,775
7,115
Director loan accounts
147,242
18,800
----------
--------
173,273
63,459
----------
--------
The bank loan is secured by a fixed charge over investment property held by the company .
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
54,782
68,431
--------
--------
The bank loan is secured by a fixed charge over investment property held by the company.
10. Related party transactions
During the year the directors made available loans totalling £ 97,242 (2022 - £18,800). The loans are repayable on demand.