AZTEC FASHIONS LTD
Registered number: 06123783
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 24,695 14,775
Current assets
Stocks 5,850 3,245
Cash at bank and in hand 38,944 192,866
44,794 196,111
Creditors: amounts falling due within one year 4 (147,036) (30,519)
Net current (liabilities)/assets (102,242) 165,592
Total assets less current liabilities (77,547) 180,367
Creditors: amounts falling due after more than one year 5 (207,661) (427,000)
Net liabilities (285,208) (246,633)
Capital and reserves
Called up share capital 100 100
Profit and loss account (285,308) (246,733)
Shareholders' funds (285,208) (246,633)
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.
Rashid Sheikh
Director
Approved by the board on 12 December 2023
AZTEC 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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 6
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2022 52,552
Additions 15,341
At 31 March 2023 67,893
Depreciation
At 1 April 2022 37,777
Charge for the year 5,421
At 31 March 2023 43,198
Net book value
At 31 March 2023 24,695
At 31 March 2022 14,775
4 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 55,526 15,968
Other taxes and social security costs 2,984 (1,532)
Other creditors 88,526 16,083
147,036 30,519
5 Creditors: amounts falling due after one year 2023 2022
£ £
Other creditors 207,661 427,000
6 Other information
AZTEC FASHIONS LTD is a private company limited by shares and incorporated in England. Its registered office is:
187A Hertford Road
Edmonton
London
N9 7EP
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