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No description of principal activity
2022-07-01
Sage Accounts Production Advanced 2023 - FRS102_2023
xbrli:pure
xbrli:shares
iso4217:GBP
01801332
2022-07-01
2023-06-30
01801332
2023-06-30
01801332
2022-06-30
01801332
2021-07-01
2022-06-30
01801332
2022-06-30
01801332
2021-06-30
01801332
bus:Director1
2022-07-01
2023-06-30
01801332
core:LandBuildings
2022-06-30
01801332
core:LandBuildings
2023-06-30
01801332
core:AfterOneYear
2023-06-30
01801332
core:AfterOneYear
2022-06-30
01801332
core:WithinOneYear
2023-06-30
01801332
core:WithinOneYear
2022-06-30
01801332
core:ShareCapital
2023-06-30
01801332
core:ShareCapital
2022-06-30
01801332
core:RetainedEarningsAccumulatedLosses
2023-06-30
01801332
core:RetainedEarningsAccumulatedLosses
2022-06-30
01801332
core:BetweenOneFiveYears
2023-06-30
01801332
core:BetweenOneFiveYears
2022-06-30
01801332
bus:SmallEntities
2022-07-01
2023-06-30
01801332
bus:AuditExemptWithAccountantsReport
2022-07-01
2023-06-30
01801332
bus:SmallCompaniesRegimeForAccounts
2022-07-01
2023-06-30
01801332
bus:PrivateLimitedCompanyLtd
2022-07-01
2023-06-30
01801332
bus:FullAccounts
2022-07-01
2023-06-30
01801332
core:LandBuildings
core:LongLeaseholdAssets
2022-07-01
2023-06-30
01801332
core:ComputerEquipment
2022-07-01
2023-06-30
01801332
core:ComputerEquipment
2022-06-30
01801332
core:ComputerEquipment
2023-06-30
01801332
core:EntitiesControlledByKeyManagementPersonnel
2022-07-01
2023-06-30
COMPANY REGISTRATION NUMBER:
01801332
Variety Silk House Limited |
|
Filleted Unaudited Financial Statements |
|
Variety Silk House Limited |
|
Statement of Financial Position |
|
30 June 2023
Fixed assets
Tangible assets |
5 |
|
21,513 |
25,808 |
|
|
|
|
|
Current assets
Stocks |
677,032 |
|
542,944 |
Debtors |
6 |
58,716 |
|
56,462 |
Cash at bank and in hand |
107,984 |
|
60,053 |
|
--------- |
|
--------- |
|
843,732 |
|
659,459 |
|
|
|
|
|
Creditors: amounts falling due within one year |
7 |
516,241 |
|
430,507 |
|
--------- |
|
--------- |
Net current assets |
|
327,491 |
228,952 |
|
|
--------- |
--------- |
Total assets less current liabilities |
|
349,004 |
254,760 |
|
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
|
67,043 |
88,993 |
|
|
|
|
|
Provisions
Taxation including deferred tax |
|
(
907) |
(
1,188) |
|
|
--------- |
--------- |
Net assets |
|
282,868 |
166,955 |
|
|
--------- |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
|
100 |
100 |
Profit and loss account |
|
282,768 |
166,855 |
|
|
--------- |
--------- |
Shareholders funds |
|
282,868 |
166,955 |
|
|
--------- |
--------- |
|
|
|
|
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 income and retained earnings has not been delivered.
For the year ending 30 June 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 year 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
.
Variety Silk House Limited |
|
Statement of Financial Position (continued) |
|
30 June 2023
These financial statements were approved by the
board of directors
and authorised for issue on
9 February 2024
, and are signed on behalf of the board by:
Company registration number:
01801332
Variety Silk House Limited |
|
Notes to the Financial Statements |
|
Year ended 30 June 2023
1.
General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 152 Ealing Road, Wembley, Middlesex, HA0 4PY.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the time of approving these financial statements, the director, has confirmed his continuing financial support to ensure the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
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. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
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:
|
Leasehold improvements |
- |
Over the life of the lease |
|
Furniture, fittings and equipment |
- |
20% reducing balance |
|
|
|
|
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
18
(2022:
18
).
5.
Tangible assets
|
Land and buildings |
Equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 July 2022 |
86,129 |
624,361 |
710,490 |
Additions |
– |
1,083 |
1,083 |
|
-------- |
--------- |
--------- |
At 30 June 2023 |
86,129 |
625,444 |
711,573 |
|
-------- |
--------- |
--------- |
Depreciation |
|
|
|
At 1 July 2022 |
86,129 |
598,553 |
684,682 |
Charge for the year |
– |
5,378 |
5,378 |
|
-------- |
--------- |
--------- |
At 30 June 2023 |
86,129 |
603,931 |
690,060 |
|
-------- |
--------- |
--------- |
Carrying amount |
|
|
|
At 30 June 2023 |
– |
21,513 |
21,513 |
|
-------- |
--------- |
--------- |
At 30 June 2022 |
– |
25,808 |
25,808 |
|
-------- |
--------- |
--------- |
|
|
|
|
6.
Debtors
|
2023 |
2022 |
|
£ |
£ |
Trade debtors |
16,200 |
22,534 |
Other debtors |
42,516 |
33,928 |
|
-------- |
-------- |
|
58,716 |
56,462 |
|
-------- |
-------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2023 |
2022 |
|
£ |
£ |
Trade creditors |
117,915 |
150,866 |
Social security and other taxes |
42,901 |
54,584 |
Other loan |
– |
27,206 |
Other creditors |
355,425 |
197,851 |
|
--------- |
--------- |
|
516,241 |
430,507 |
|
--------- |
--------- |
|
|
|
The bank overdraft and loan are secured by a fixed and floating charge over all the company's assets and a personal guarantee provided by
Mr M C Shah
.
8.
Creditors:
amounts falling due after more than one year
|
2023 |
2022 |
|
£ |
£ |
Bank loans and overdrafts |
67,043 |
88,993 |
|
-------- |
-------- |
|
|
|
The bank overdraft and loan are secured by a fixed and floating charge over all the company's assets and a personal guarantee provided by
Mr M C Shah
.
The terms of payment are over 180 monthly instalments since May 2011. The rate of interest is 3.7% plus base rate.
9.
Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
2023 |
2022 |
|
£ |
£ |
Not later than 1 year |
60,000 |
60,000 |
Later than 1 year and not later than 5 years |
151,787 |
211,787 |
|
--------- |
--------- |
|
211,787 |
271,787 |
|
--------- |
--------- |
|
|
|
10.
Related party transactions
The company was under the control of Mr M C Shah throughout the current year.
Mr M C Shah
has provided personal guarantees to the bank in respect of the loan facilities granted to the company.