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Registration number: 04589116

Debonnaire Limited

trading as Perfection Bridal & Menswear in Lincoln

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Debonnaire Limited

trading as Perfection Bridal & Menswear in Lincoln

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Debonnaire Limited

trading as Perfection Bridal & Menswear in Lincoln

Company Information

Directors

D S Wilson

H Wilson

Registered office

21A Newland
Lincoln
LN1 1XP

Bankers

HSBC Bank plc
221 High Street
Lincoln
LN1 1TS

Accountants

Atkinson Saul Fairholm Limited
Chartered Accountants
21A Newland
Lincoln
LN1 1XP

 

Debonnaire Limited

trading as Perfection Bridal & Menswear in Lincoln

(Registration number: 04589116)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

2,607

1,197

Current assets

 

Stocks

6

43,221

36,973

Debtors

7

2,414

1,364

Cash at bank and in hand

 

1

11,405

 

45,636

49,742

Creditors: Amounts falling due within one year

8

(28,539)

(32,713)

Net current assets

 

17,097

17,029

Total assets less current liabilities

 

19,704

18,226

Creditors: Amounts falling due after more than one year

8

(14,610)

(17,187)

Provisions for liabilities

(495)

(227)

Net assets

 

4,599

812

Capital and reserves

 

Called up share capital

200

200

Retained earnings

4,399

612

Shareholders' funds

 

4,599

812

For the financial year ending 28 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the Board on 16 October 2023 and signed on its behalf by:
 

 

Debonnaire Limited

trading as Perfection Bridal & Menswear in Lincoln

(Registration number: 04589116)
Balance Sheet as at 28 February 2023

.........................................
D S Wilson
Director

 

Debonnaire Limited

trading as Perfection Bridal & Menswear in Lincoln

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
21A Newland
Lincoln
LN1 1XP

The principal place of business is:
31 Silver Street
Lincoln
Lincolnshire
LN2 1EW

These financial statements were authorised for issue by the Board on 16 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Debonnaire Limited

trading as Perfection Bridal & Menswear in Lincoln

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% reducing balance

Fixtures and fittings

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Debonnaire Limited

trading as Perfection Bridal & Menswear in Lincoln

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability are charged as interest expense in the profit and loss account.

 

Debonnaire Limited

trading as Perfection Bridal & Menswear in Lincoln

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

3

Staff numbers

The average number of persons employed by the company (including directors with contracts of employment) during the year was 1 (2022 - 1).

 

Debonnaire Limited

trading as Perfection Bridal & Menswear in Lincoln

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

870

399

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

39,363

39,363

Additions

2,280

2,280

At 28 February 2023

41,643

41,643

Depreciation

At 1 March 2022

38,166

38,166

Charge for the year

870

870

At 28 February 2023

39,036

39,036

Carrying amount

At 28 February 2023

2,607

2,607

At 28 February 2022

1,197

1,197

6

Stocks

2023
£

2022
£

Other inventories

43,221

36,973

7

Debtors

2023
£

2022
£

Prepayments

2,414

1,364

 

Debonnaire Limited

trading as Perfection Bridal & Menswear in Lincoln

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

4,221

2,151

Trade creditors

 

2,775

-

Taxation and social security

 

2,307

2,203

Other creditors

 

19,236

28,359

 

28,539

32,713

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

14,610

17,187

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

14,610

17,187

2023
£

2022
£

Current loans and borrowings

Bank borrowings

2,596

2,151

Bank overdrafts

1,625

-

4,221

2,151