1 June 2022 v2024.4.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP069029072022-06-012023-05-31069029072023-05-31069029072022-05-3106902907core:WithinOneYear2023-05-3106902907core:WithinOneYear2022-05-3106902907core:AfterOneYear2023-05-3106902907core:AfterOneYear2022-05-3106902907core:ShareCapital2023-05-3106902907core:ShareCapital2022-05-3106902907core:RetainedEarningsAccumulatedLosses2023-05-3106902907core:RetainedEarningsAccumulatedLosses2022-05-3106902907bus:Director12022-06-012023-05-3106902907bus:RegisteredOffice2022-06-012023-05-3106902907core:MotorVehicles2022-06-012023-05-3106902907core:FurnitureFittingsToolsEquipment2022-06-012023-05-31069029072021-06-012022-05-3106902907core:PlantMachinery2022-06-0106902907core:PlantMachinery2022-06-012023-05-3106902907core:PlantMachinery2023-05-3106902907core:PlantMachinery2022-05-310690290712022-06-012023-05-3106902907countries:EnglandWales2022-06-012023-05-3106902907bus:AuditExemptWithAccountantsReport2022-06-012023-05-3106902907bus:PrivateLimitedCompanyLtd2022-06-012023-05-3106902907bus:SmallEntities2022-06-012023-05-3106902907bus:FullAccounts2022-06-012023-05-31
Company registration number:
06902907
Butlers In Denim Limited
Unaudited Filleted Financial Statements for the year ended
31 May 2023
Butlers In Denim Limited
Statement of Financial Position
31 May 2023
20232022
Note££
Fixed assets    
Tangible assets 5
74,290
 
62,504
 
Current assets    
Stocks
2,500
 
4,000
 
Debtors 6
68,115
 
56,659
 
Cash at bank and in hand
261,646
 
144,255
 
332,261
 
204,914
 
Creditors: amounts falling due within one year 7
(193,597
)
(152,568
)
Net current assets
138,664
 
52,346
 
Total assets less current liabilities 212,954   114,850  
Creditors: amounts falling due after more than one year 8
(62,591
)
(65,743
)
Provisions for liabilities
(14,115
)
(11,876
)
Net assets
136,248
 
37,231
 
Capital and reserves    
Called up share capital
200
 
200
 
Profit and loss account
136,048
 
37,031
 
Shareholders funds
136,248
 
37,231
 
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.
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
15 February 2024
, and are signed on behalf of the board by:
J Court
Director
Company registration number:
06902907
Butlers In Denim Limited
Notes to the Financial Statements
Year ended
31 May 2023

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
2F Horseshoe Business Park
,
Upper Lye Lane
,
Bricket Wood, St. Albans
,
Hertfordshire
,
AL2 3TA
, England.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and 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 company.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods and services supplied, net of discounts and Value Added Tax.

Current tax

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.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Motor vehicles
25% reducing balance
Fixtures, fittings and equipment
20% straight line

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.

Stocks

Stock and work in progress are measured at the lower of cost and estimated selling price less costs to complete and sell.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.
Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the 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. Debt instruments are subsequently measured at amortised cost.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

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.

Defined contribution pension plan

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.

4 Average number of employees

The average number of persons employed by the company during the year was
3
(2022:
3.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 June 2022
112,382
 
Additions
35,677
 
Disposals
(24,850
)
At
31 May 2023
123,209
 
Depreciation  
At
1 June 2022
49,878
 
Charge
21,262
 
Disposals
(22,221
)
At
31 May 2023
48,919
 
Carrying amount  
At
31 May 2023
74,290
 
At 31 May 2022
62,504
 

6 Debtors

20232022
££
Trade debtors
68,115
 
56,659
 

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
9,959
 
9,724
 
Trade creditors
38,406
 
11,349
 
Taxation and social security
129,939
 
72,309
 
Other creditors
15,293
 
59,186
 
193,597
 
152,568
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
21,608
 
31,570
 
Other creditors
40,983
 
34,173
 
62,591
 
65,743