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Company registration number: 08519040
Emily Bridal Wear Limited
Unaudited filleted financial statements
31 May 2023
Emily Bridal Wear Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Emily Bridal Wear Limited
Directors and other information
Directors Mrs E. M. Harrison
Mrs G. Harrison
Mrs H. L. Pavitt
Company number 08519040
Registered office 161 Neill Road
Sheffield
S11 8QJ
Accountants Henry Bramall & Co Limited
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
Emily Bridal Wear Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Emily Bridal Wear Limited
Year ended 31 May 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Emily Bridal Wear Limited for the year ended 31 May 2023 which comprise the statement of financial position and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Emily Bridal Wear Limited, as a body, in accordance with the terms of our engagement letter dated 19 October 2022. Our work has been undertaken solely to prepare for your approval the financial statements of Emily Bridal Wear Limited and state those matters that we have agreed to state to the board of directors of Emily Bridal Wear Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Emily Bridal Wear Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Emily Bridal Wear Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Emily Bridal Wear Limited. You consider that Emily Bridal Wear Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Emily Bridal Wear Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Henry Bramall & Co Limited
Chartered Certified Accountants
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
11 March 2024
Emily Bridal Wear Limited
Statement of financial position
31 May 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - 3,660
Tangible assets 6 41,474 44,085
_______ _______
41,474 47,745
Current assets
Stocks 293,589 267,400
Debtors 7 87,700 81,530
Cash at bank and in hand 107,017 111,183
_______ _______
488,306 460,113
Creditors: amounts falling due
within one year 8 ( 387,529) ( 321,623)
_______ _______
Net current assets 100,777 138,490
_______ _______
Total assets less current liabilities 142,251 186,235
Creditors: amounts falling due
after more than one year 9 ( 62,000) ( 92,500)
Provisions for liabilities ( 3,890) -
_______ _______
Net assets 76,361 93,735
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 76,360 93,734
_______ _______
Shareholders funds 76,361 93,735
_______ _______
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 March 2024 , and are signed on behalf of the board by:
Mrs E. M. Harrison
Director
Company registration number: 08519040
Emily Bridal Wear Limited
Notes to the financial statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 161 Neill Road, Sheffield, S11 8QJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Combined other intangible assets - 25% % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 20 %
Other tangible assets - 33.3 %
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their 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 in finance costs in profit or loss in the period it arises.
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 in finance costs 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 8 (2022: 7 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 June 2022 and 31 May 2023 20,000 10,982 30,982
_______ _______ _______
Amortisation
At 1 June 2022 20,000 7,321 27,321
Charge for the year - 3,661 3,661
_______ _______ _______
At 31 May 2023 20,000 10,982 30,982
_______ _______ _______
Carrying amount
At 31 May 2023 - - -
_______ _______ _______
At 31 May 2022 - 3,661 3,661
_______ _______ _______
6. Tangible assets
Fixtures, fittings and equipment Tangible assets - user defined Total
£ £ £
Cost
At 1 June 2022 47,997 23,000 70,997
Additions 4,944 6,950 11,894
_______ _______ _______
At 31 May 2023 52,941 29,950 82,891
_______ _______ _______
Depreciation
At 1 June 2022 22,912 4,000 26,912
Charge for the year 9,555 4,950 14,505
_______ _______ _______
At 31 May 2023 32,467 8,950 41,417
_______ _______ _______
Carrying amount
At 31 May 2023 20,474 21,000 41,474
_______ _______ _______
At 31 May 2022 25,085 19,000 44,085
_______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 5,125 8,083
Other debtors 82,575 73,447
_______ _______
87,700 81,530
_______ _______
The debtors above include the following amounts falling due after more than one year:
2023 2022
£ £
Other debtors 14,005 13,689
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 30,500 30,000
Trade creditors 91,234 53,835
Corporation tax 30,918 24,701
Social security and other taxes 15,513 19,212
Other creditors 219,364 193,875
_______ _______
387,529 321,623
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Other creditors 62,000 92,500
_______ _______
Bank loans over one year are represented by a Coronovirus Business Interuption Loan Scheme. Interest of 3.6% is being charge and the loan will be fully repaid within five years.
10. Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
£ £
Not later than 1 year 36,000 32,500
_______ _______
Rental of premises
11. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs E. M. Harrison 42,878 10,935 ( 10,000) 43,813
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs E. M. Harrison 42,471 10,407 ( 10,000) 42,878
_______ _______ _______ _______
This loan is repayable on demand and no interest is payable by the director. The advance made within the year was cleared also within the year.