Registered number
09475235
Bailwood Fashions Ltd
Filleted Accounts
31 March 2023
Bailwood Fashions Ltd
Registered number: 09475235
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 6,000 6,500
Tangible assets 4 2,342 1,217
8,342 7,717
Current assets
Stocks 186,323 176,927
Debtors 5 1,884 636
Cash at bank and in hand 129,751 65,520
317,958 243,083
Creditors: amounts falling due within one year 6 (161,848) (146,254)
Net current assets 156,110 96,829
Net assets 164,452 104,546
Capital and reserves
Called up share capital 100 100
Profit and loss account 164,352 104,446
Shareholders' funds 164,452 104,546
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 members have 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.
Mr Mubarak Ali Patel
Director
Approved by the board on 16 November 2023
Bailwood Fashions Ltd
Notes to the Accounts
for the year ended 31 March 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.
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% Reducing balance method
Motor Vehicle 20% Reducing balance method
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
Going concern
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 7
3 Intangible fixed assets £
Goodwill:
Cost
At 1 April 2022 10,000
At 31 March 2023 10,000
Amortisation
At 1 April 2022 3,500
Provided during the year 500
At 31 March 2023 4,000
Net book value
At 31 March 2023 6,000
At 31 March 2022 6,500
Goodwill is being written off in equal annual instalments over its estimated 20 years life.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 4,339
Additions 1,710
At 31 March 2023 6,049
Depreciation
At 1 April 2022 3,122
Charge for the year 585
At 31 March 2023 3,707
Net book value
At 31 March 2023 2,342
At 31 March 2022 1,217
5 Debtors 2023 2022
£ £
Other debtors 1,884 636
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 50,371 20,846
Corporation tax 18,327 10,969
Other taxes and social security costs - 380
Other creditors 93,150 114,059
161,848 146,254
7 Related party transactions
There was no related party transaction apart from salary and dividend paid to the director.
8 Controlling party
The company is 40% controlled by Mr Mubarak Ali PATEL by virtue of his shareholding.
9 Other information
Bailwood Fashions Ltd is a private company limited by shares and incorporated in England. Its registered office is:
246 Lewisham High Street
London
United Kingdom
SE13 6JU
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