Registered number
10790265
ICONIC RETAIL LIMITED
Unaudited Filleted Accounts
31 July 2022
ICONIC RETAIL LIMITED
Registered number: 10790265
Balance Sheet
as at 31 July 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 3 5,276 5,947
Current assets
Stocks 236,393 190,068
Debtors 4 29,142 42,817
Cash at bank and in hand 149,908 167,229
415,443 400,114
Creditors: amounts falling due within one year 5 (375,430) (347,787)
Net current assets 40,013 52,327
Total assets less current liabilities 45,289 58,274
Creditors: amounts falling due after more than one year 6 (35,866) (38,886)
Provisions for liabilities (1,319) (1,487)
Net assets 8,104 17,901
Capital and reserves
Called up share capital 100 100
Profit and loss account 8,004 17,801
Shareholder's funds 8,104 17,901
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.
Mr N Bell
Director
Approved by the board on 26 October 2023
ICONIC RETAIL LIMITED
Notes to the Accounts
for the year ended 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).
Going concern
The director believes the company has adequate resources and is well placed to manage its business risks successfully. Therefore the director continues to adopt the going concern basis of accounting and preparing the annual financial statements.
Revenue recognition
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:
Plant and machinery 20-25% straight line
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.
Cash and cash equivalents
Cash is represented by cash in hand and deposits held with financial institutions repayable without penalty on notice of not more than 24 hours.
Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2021 8,659
Additions 1,633
At 31 July 2022 10,292
Depreciation
At 1 August 2021 2,712
Charge for the year 2,304
At 31 July 2022 5,016
Net book value
At 31 July 2022 5,276
At 31 July 2021 5,947
4 Debtors 2022 2021
£ £
Trade debtors - 25,315
Other debtors 29,142 17,502
29,142 42,817
5 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 4,674 9,547
Trade creditors 114,901 145,186
Taxation and social security costs 4,897 3,264
Other creditors 250,958 189,790
375,430 347,787
6 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 35,866 38,886
7 Controlling party
The ultimate controlling party is Mr N Bell by reason of his shareholding and directorship.
8 Other information
ICONIC RETAIL LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
Moto Central Building, Asfare Business Park
Hinckley Road
Wolvey
Leicestershire
LE10 3JG
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