0 false false false false false false false false false false true false false false false false false No description of principal activity 2022-08-30 Sage Accounts Production Advanced 2023 - FRS102_2023 1,932 1,932 437 437 1,495 xbrli:pure xbrli:shares iso4217:GBP 14323517 2022-08-30 2023-08-31 14323517 2023-08-31 14323517 2022-08-29 14323517 bus:Director1 2022-08-30 2023-08-31 14323517 core:WithinOneYear 2023-08-31 14323517 core:ShareCapital 2023-08-31 14323517 core:RetainedEarningsAccumulatedLosses 2023-08-31 14323517 bus:SmallEntities 2022-08-30 2023-08-31 14323517 bus:AuditExemptWithAccountantsReport 2022-08-30 2023-08-31 14323517 bus:SmallCompaniesRegimeForAccounts 2022-08-30 2023-08-31 14323517 bus:PrivateLimitedCompanyLtd 2022-08-30 2023-08-31 14323517 bus:FullAccounts 2022-08-30 2023-08-31 14323517 core:OfficeEquipment 2022-08-30 2023-08-31 14323517 core:OfficeEquipment 2023-08-31
COMPANY REGISTRATION NUMBER: 14323517
Sircular Clothing Ltd
Filleted Unaudited Financial Statements
31 August 2023
Sircular Clothing Ltd
Financial Statements
Period ended 31 August 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Sircular Clothing Ltd
Statement of Financial Position
31 August 2023
2023
Note
£
Fixed assets
Tangible assets
4
1,495
Current assets
Stocks
41,785
Cash at bank and in hand
6,585
--------
48,370
Creditors: amounts falling due within one year
5
39,672
--------
Net current assets
8,698
--------
Total assets less current liabilities
10,193
Provisions
396
--------
Net assets
9,797
--------
Capital and reserves
Called up share capital
100
Profit and loss account
9,697
-------
Shareholders funds
9,797
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 August 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 members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Sircular Clothing Ltd
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 25 November 2023 , and are signed on behalf of the board by:
Mr J Hurst
Director
Company registration number: 14323517
Sircular Clothing Ltd
Notes to the Financial Statements
Period ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
4. Tangible assets
Equipment
£
Cost
At 30 August 2022
Additions
1,932
-------
At 31 August 2023
1,932
-------
Depreciation
At 30 August 2022
Charge for the period
437
-------
At 31 August 2023
437
-------
Carrying amount
At 31 August 2023
1,495
-------
5. Creditors: amounts falling due within one year
2023
£
Corporation tax
6,080
Social security and other taxes
1,803
Other creditors
31,789
--------
39,672
--------
6. Related party transactions
At the balance sheet date the director was owed £31,789 from the company. No interest was charged during this period.