Silverfin false 31/01/2023 01/02/2022 31/01/2023 Mr R F Clarke 14/10/2008 23 October 2023 The principal activity of the Company during the financial year was retail. 06723567 2023-01-31 06723567 bus:Director1 2023-01-31 06723567 2022-01-31 06723567 core:CurrentFinancialInstruments 2023-01-31 06723567 core:CurrentFinancialInstruments 2022-01-31 06723567 core:Non-currentFinancialInstruments 2023-01-31 06723567 core:Non-currentFinancialInstruments 2022-01-31 06723567 core:ShareCapital 2023-01-31 06723567 core:ShareCapital 2022-01-31 06723567 core:RetainedEarningsAccumulatedLosses 2023-01-31 06723567 core:RetainedEarningsAccumulatedLosses 2022-01-31 06723567 core:LeaseholdImprovements 2022-01-31 06723567 core:OfficeEquipment 2022-01-31 06723567 core:LeaseholdImprovements 2023-01-31 06723567 core:OfficeEquipment 2023-01-31 06723567 core:CurrentFinancialInstruments core:Secured 2023-01-31 06723567 core:Non-currentFinancialInstruments core:Secured 2023-01-31 06723567 bus:OrdinaryShareClass1 2023-01-31 06723567 bus:OrdinaryShareClass2 2023-01-31 06723567 core:WithinOneYear 2023-01-31 06723567 core:WithinOneYear 2022-01-31 06723567 core:BetweenOneFiveYears 2023-01-31 06723567 core:BetweenOneFiveYears 2022-01-31 06723567 core:MoreThanFiveYears 2023-01-31 06723567 core:MoreThanFiveYears 2022-01-31 06723567 2022-02-01 2023-01-31 06723567 bus:FullAccounts 2022-02-01 2023-01-31 06723567 bus:SmallEntities 2022-02-01 2023-01-31 06723567 bus:AuditExemptWithAccountantsReport 2022-02-01 2023-01-31 06723567 bus:PrivateLimitedCompanyLtd 2022-02-01 2023-01-31 06723567 bus:Director1 2022-02-01 2023-01-31 06723567 core:LeaseholdImprovements core:TopRangeValue 2022-02-01 2023-01-31 06723567 core:OfficeEquipment 2022-02-01 2023-01-31 06723567 2021-02-01 2022-01-31 06723567 core:LeaseholdImprovements 2022-02-01 2023-01-31 06723567 core:CurrentFinancialInstruments 2022-02-01 2023-01-31 06723567 core:Non-currentFinancialInstruments 2022-02-01 2023-01-31 06723567 bus:OrdinaryShareClass1 2022-02-01 2023-01-31 06723567 bus:OrdinaryShareClass1 2021-02-01 2022-01-31 06723567 bus:OrdinaryShareClass2 2022-02-01 2023-01-31 06723567 bus:OrdinaryShareClass2 2021-02-01 2022-01-31 06723567 bus:OrdinaryShareClass3 2022-02-01 2023-01-31 06723567 bus:OrdinaryShareClass3 2021-02-01 2022-01-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 06723567 (England and Wales)

THE SHOWROOM (FASHIONS) LTD

Unaudited Financial Statements
For the financial year ended 31 January 2023
Pages for filing with the registrar

THE SHOWROOM (FASHIONS) LTD

Unaudited Financial Statements

For the financial year ended 31 January 2023

Contents

THE SHOWROOM (FASHIONS) LTD

STATEMENT OF FINANCIAL POSITION

As at 31 January 2023
THE SHOWROOM (FASHIONS) LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 January 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 39,274 79,191
39,274 79,191
Current assets
Stocks 320,465 314,619
Debtors 4 59,489 104,497
Cash at bank and in hand 551,892 468,285
931,846 887,401
Creditors: amounts falling due within one year 5 ( 415,343) ( 457,877)
Net current assets 516,503 429,524
Total assets less current liabilities 555,777 508,715
Creditors: amounts falling due after more than one year 6 ( 81,667) ( 167,500)
Provision for liabilities ( 9,121) ( 19,138)
Net assets 464,989 322,077
Capital and reserves
Called-up share capital 7 100 100
Profit and loss account 464,889 321,977
Total shareholders' funds 464,989 322,077

For the financial year ending 31 January 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of The Showroom (Fashions) Ltd (registered number: 06723567) were approved and authorised for issue by the Director on 23 October 2023. They were signed on its behalf by:

Mr R F Clarke
Director
THE SHOWROOM (FASHIONS) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
THE SHOWROOM (FASHIONS) LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 January 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Showroom (Fashions) Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 94-96 The Horsefair, Broadmead, Bristol, BS1 3JS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended. Depreciation is provided on all tangible fixed assets, other than investment properties and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Office equipment 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful.

Borrowing costs

Borrowing costs that are directly attributable to acquisition, construction or production of qualifying assets, are capitalised as part of the cost of those assets. Capitalisation begins when both finance costs and expenditures for the asset are being incurred and activities that are necessary to get the asset ready for use are in progress. Capitalisation ceases when substantially all the activities that are necessary to get the asset ready for use are complete.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 25 23

3. Tangible assets

Leasehold improve-
ments
Office equipment Total
£ £ £
Cost
At 01 February 2022 518,886 16,204 535,090
Additions 1,460 2,813 4,273
Disposals ( 31,279) ( 3,572) ( 34,851)
At 31 January 2023 489,067 15,445 504,512
Accumulated depreciation
At 01 February 2022 446,714 9,185 455,899
Charge for the financial year 37,532 1,276 38,808
Disposals ( 26,405) ( 3,064) ( 29,469)
At 31 January 2023 457,841 7,397 465,238
Net book value
At 31 January 2023 31,226 8,048 39,274
At 31 January 2022 72,172 7,019 79,191

4. Debtors

2023 2022
£ £
Amounts owed by director 5,675 0
Prepayments 48,920 44,885
Other debtors 4,894 59,612
59,489 104,497

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 23,016 141,916
Amounts owed to director 0 14,206
Other loans (secured) 0 20,000
Accruals 150,838 72,225
Corporation tax 74,294 82,073
Other taxation and social security 126,640 88,975
Other creditors 40,555 38,482
415,343 457,877

Creditors amounts falling due within one year includes £Nil (2022: £20,000), on which security has been given by a fixed and floating charge over the assets of the company.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Other loans (secured £ 0) 81,667 167,500

Creditors amounts falling due after more than one year includes £Nil (2022: £68,333), on which security has been given by a fixed and floating charge over the assets of the company.

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
50 Ordinary A shares of £ 1.00 each (2022: nil shares) 50 0
50 Ordinary B shares of £ 1.00 each (2022: nil shares) 50 0
nil Ordinary shares (2022: 100 shares of £ 1.00 each) 0 100
100 100

100 Ordinary Shares of £1 each were reclassified as 50 Ordinary A shares of £1 each and 50 Ordinary B shares of £1 each during the year.

8. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
- within one year 172,877 172,877
- between one and five years 352,877 525,755
- after five years 20,625 27,500
546,379 726,132

Pensions

The Company operates a defined contribution pension scheme for the director and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.

2023 2022
£ £
Unpaid contributions due to the fund (inc. in other creditors) 1,508 1,114

9. Related party transactions

At the year end, the director owed £5,675 to the company (2022: £14,206 owed by the company). The amount is interest free with no fixed date for repayment.