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REGISTERED NUMBER: 03564151 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 May 2023

for

LITTLE ITALY MENSWEAR LIMITED

LITTLE ITALY MENSWEAR LIMITED (REGISTERED NUMBER: 03564151)






Contents of the Financial Statements
for the Year Ended 31 May 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


LITTLE ITALY MENSWEAR LIMITED

Company Information
for the Year Ended 31 May 2023







DIRECTOR: S Randhawa





SECRETARY: Mrs N Randhawa





REGISTERED OFFICE: 17 Monksfield Avenue
Great Barr
Birmingham
West Midlands
B43 6AP





REGISTERED NUMBER: 03564151 (England and Wales)





ACCOUNTANTS: Brindleys Limited
2 Wheeleys Road
Edgbaston
Birmingham
West Midlands
B15 2LD

LITTLE ITALY MENSWEAR LIMITED (REGISTERED NUMBER: 03564151)

Balance Sheet
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 4,470 5,258
4,470 5,258

CURRENT ASSETS
Stocks 250,450 250,225
Debtors 6 2,613 3,138
Cash at bank and in hand 131,800 113,979
384,863 367,342
CREDITORS
Amounts falling due within one year 7 277,296 229,502
NET CURRENT ASSETS 107,567 137,840
TOTAL ASSETS LESS CURRENT
LIABILITIES

112,037

143,098

CREDITORS
Amounts falling due after more than one year 8 50,000 50,000
NET ASSETS 62,037 93,098

CAPITAL AND RESERVES
Called up share capital 2 2
Retained earnings 62,035 93,096
SHAREHOLDERS' FUNDS 62,037 93,098

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

LITTLE ITALY MENSWEAR LIMITED (REGISTERED NUMBER: 03564151)

Balance Sheet - continued
31 May 2023


The 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.

The financial statements were approved by the director and authorised for issue on 22 February 2024 and were signed by:





S Randhawa - Director


LITTLE ITALY MENSWEAR LIMITED (REGISTERED NUMBER: 03564151)

Notes to the Financial Statements
for the Year Ended 31 May 2023

1. STATUTORY INFORMATION

Little Italy Menswear Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 0, is being amortised evenly over its estimated useful life of nil years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

LITTLE ITALY MENSWEAR LIMITED (REGISTERED NUMBER: 03564151)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 3 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 June 2022
and 31 May 2023 25,000
AMORTISATION
At 1 June 2022
and 31 May 2023 25,000
NET BOOK VALUE
At 31 May 2023 -
At 31 May 2022 -

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 June 2022
and 31 May 2023 21,073
DEPRECIATION
At 1 June 2022 15,815
Charge for year 788
At 31 May 2023 16,603
NET BOOK VALUE
At 31 May 2023 4,470
At 31 May 2022 5,258

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Other debtors 2,613 3,138

LITTLE ITALY MENSWEAR LIMITED (REGISTERED NUMBER: 03564151)

Notes to the Financial Statements - continued
for the Year Ended 31 May 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,653 2,020
Trade creditors 170,663 133,233
Taxation and social security 37,033 37,216
Other creditors 59,947 57,033
277,296 229,502

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans 50,000 50,000