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Registration number: 08496577

Velvet and Parade Limited

Filleted Unaudited Financial Statements

for the Year Ended 30 September 2023

 

Velvet and Parade Limited
(Registration number: 08496577)

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Velvet and Parade Limited
(Registration number: 08496577)

Company Information

Directors

Mr M R Fisher

Mrs S G Fisher

Mrs L Meadham

Registered office

Combe Garden Centre
Hayne Lane
Gittisham
Honiton
Devon
EX14 3PD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Velvet and Parade Limited
(Registration number: 08496577)

Balance Sheet as at 30 September 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

1,874

2,790

Current assets

 

Stocks

7

31,270

29,270

Debtors

8

2,875

1,891

Cash at bank and in hand

 

19,431

18,816

 

53,576

49,977

Creditors: Amounts falling due within one year

9

(33,342)

(33,875)

Net current assets

 

20,234

16,102

Total assets less current liabilities

 

22,108

18,892

Provisions for liabilities

(356)

(530)

Net assets

 

21,752

18,362

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

21,652

18,262

Total equity

 

21,752

18,362

For the financial year ending 30 September 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Velvet and Parade Limited
(Registration number: 08496577)

Balance Sheet as at 30 September 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 12 April 2024 and signed on its behalf by:
 

.........................................
Mrs L Meadham
Director

 

Velvet and Parade Limited
(Registration number: 08496577)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Combe Garden Centre
Hayne Lane
Gittisham
Honiton
Devon
EX14 3PD
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Velvet and Parade Limited
(Registration number: 08496577)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Deferred income tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred income tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixture and fittings

20 % straight line

Other tangibles

20 % straight line

Intangible assets

Intangible assets are stated in the balance sheet at cost, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.

The company shall recognise an intangible asset as an asset if, and only if:
it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity; and
the cost or value of the asset can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Trademark

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Velvet and Parade Limited
(Registration number: 08496577)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Velvet and Parade Limited
(Registration number: 08496577)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 4).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,250

1,184

 

Velvet and Parade Limited
(Registration number: 08496577)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

5

Intangible assets

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 October 2022

830

830

At 30 September 2023

830

830

Amortisation

At 1 October 2022

830

830

At 30 September 2023

830

830

Carrying amount

At 30 September 2023

-

-

6

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 October 2022

6,111

7,620

13,731

Additions

334

-

334

At 30 September 2023

6,445

7,620

14,065

Depreciation

At 1 October 2022

3,321

7,620

10,941

Charge for the year

1,250

-

1,250

At 30 September 2023

4,571

7,620

12,191

Carrying amount

At 30 September 2023

1,874

-

1,874

At 30 September 2022

2,790

-

2,790

7

Stocks

2023
£

2022
£

Other stocks

31,270

29,270

 

Velvet and Parade Limited
(Registration number: 08496577)

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2023

8

Debtors

2023
£

2022
£

Other debtors

2,423

1,479

Prepayments and accrued income

452

412

Total current trade and other debtors

2,875

1,891

9

Creditors

2023
£

2022
£

Due within one year

Taxation and social security

8,189

4,105

Other creditors

23,835

28,553

Accrued expenses

1,318

1,217

33,342

33,875