BACKYARD WORKWEAR LIMITED
Registered number: 08072928
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 12,979 33,641
Tangible assets 4 20,106 23,543
33,085 57,184
Current assets
Stocks 150,047 137,035
Debtors 5 43,811 37,800
Cash at bank and in hand 2,370 5,985
196,228 180,820
Creditors: amounts falling due within one year 6 (143,862) (108,649)
Net current assets 52,366 72,171
Total assets less current liabilities 85,451 129,355
Creditors: amounts falling due after more than one year 7 (59,841) (84,398)
Net assets 25,610 44,957
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 24,610 43,957
Shareholders' funds 25,610 44,957
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.
M SAYWELL
Director
Approved by the board on 22 January 2024
BACKYARD WORKWEAR LIMITED
Notes to the Accounts
for the year ended 31 May 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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
Goodwill over 10 years
Plant and machinery 15% Net Book Value
Fixtures, fittings, tools and equipment 15% Net Book Value
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 17 14
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2022 206,620
At 31 May 2023 206,620
Amortisation
At 1 June 2022 172,979
Provided during the year 20,662
At 31 May 2023 193,641
Net book value
At 31 May 2023 12,979
At 31 May 2022 33,641
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 58,328 1,941 60,269
Additions 124 - 124
At 31 May 2023 58,452 1,941 60,393
Depreciation
At 1 June 2022 34,894 1,832 36,726
Charge for the year 3,534 27 3,561
At 31 May 2023 38,428 1,859 40,287
Net book value
At 31 May 2023 20,024 82 20,106
At 31 May 2022 23,434 109 23,543
5 Debtors 2023 2022
£ £
Trade debtors 19,866 18,800
Other debtors 23,945 19,000
43,811 37,800
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 17,509 6,739
Trade creditors 40,502 65,916
Corporation tax 14,200 26,629
Other taxes and social security costs (6,150) (2,406)
Accruals 66,943 9,428
Other creditors 10,858 2,343
143,862 108,649
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 59,841 84,398
8 Controlling party
The controlling interest is held by the directors of the company
9 Other information
BACKYARD WORKWEAR LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
HAMILTON HOUSE
4A THE AVENUE
LONDON
E4 9LD
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