Registered number
13145240
CLOTHING ONLINE LIMITED
Filleted Accounts
31 January 2023
CLOTHING ONLINE LIMITED
Registered number: 13145240
Balance Sheet
as at 31 January 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 962 1,132
Current assets
Stocks 14,500 8,012
Debtors 4 763 2,054
Cash at bank and in hand 4,860 7,234
20,123 17,300
Creditors: amounts falling due within one year 5 (26,580) (18,660)
Net current liabilities (6,457) (1,360)
Net liabilities (5,495) (228)
Capital and reserves
Called up share capital 1 1
Profit and loss account (5,496) (229)
Shareholder's funds (5,495) (228)
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 member has 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.
Ana Aurora Canha Serapicos Rehman
Muhammad Yousaf Rehman
Director
Approved by the board on 7 August 2023
CLOTHING ONLINE LIMITED
Notes to the Accounts
for the year ended 31 January 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 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Fittings & Fixtures 15 % Reducing balance
Plant and machinery 15 % Reducing balance
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Plant and machinery Fittings & Fixtures Total
£ £ £
Cost
At 1 February 2022 458 800 1,258
At 31 January 2023 458 800 1,258
Depreciation
At 1 February 2022 6 120 126
Charge for the year 68 102 170
At 31 January 2023 74 222 296
Net book value
At 31 January 2023 384 578 962
At 31 January 2022 452 680 1,132
4 Debtors 2023 2022
£ £
Trade debtors - 301
VAT Repayment 763 1,753
763 2,054
5 Creditors: amounts falling due within one year 2023 2022
£ £
Credit Card Loan 7,205 -
Director's Loan 17,814 16,412
Other creditors 1,561 2,248
26,580 18,660
6 Other information
CLOTHING ONLINE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
11 Marple Grove
Stretford
Manchester
England
M32 0BD
7 Related party transactions
During the year director provided an unsecured loan to company for £17,814 [ Year 2022: 16,412] .No interest is charged on the balance. At the balance sheet date, the loan is still outstanding.
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