IRIS Accounts Production v24.1.4.33 08594647 director 1.8.22 31.7.23 31.7.23 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh085946472022-07-31085946472023-07-31085946472022-08-012023-07-31085946472021-07-31085946472021-08-012022-07-31085946472022-07-3108594647ns15:EnglandWales2022-08-012023-07-3108594647ns14:PoundSterling2022-08-012023-07-3108594647ns10:Director12022-08-012023-07-3108594647ns10:PrivateLimitedCompanyLtd2022-08-012023-07-3108594647ns10:SmallEntities2022-08-012023-07-3108594647ns10:AuditExempt-NoAccountantsReport2022-08-012023-07-3108594647ns10:SmallCompaniesRegimeForDirectorsReport2022-08-012023-07-3108594647ns10:SmallCompaniesRegimeForAccounts2022-08-012023-07-3108594647ns10:FullAccounts2022-08-012023-07-3108594647ns5:CurrentFinancialInstruments2023-07-3108594647ns5:CurrentFinancialInstruments2022-07-3108594647ns5:Non-currentFinancialInstruments2023-07-3108594647ns5:Non-currentFinancialInstruments2022-07-3108594647ns5:ShareCapital2023-07-3108594647ns5:ShareCapital2022-07-3108594647ns5:RetainedEarningsAccumulatedLosses2023-07-3108594647ns5:RetainedEarningsAccumulatedLosses2022-07-3108594647ns10:RegisteredOffice2022-08-012023-07-3108594647ns5:ShortLeaseholdAssetsns5:LandBuildings2022-07-3108594647ns5:PlantMachinery2022-07-3108594647ns5:MotorVehicles2022-07-3108594647ns5:ShortLeaseholdAssetsns5:LandBuildings2022-08-012023-07-3108594647ns5:PlantMachinery2022-08-012023-07-3108594647ns5:MotorVehicles2022-08-012023-07-3108594647ns5:ShortLeaseholdAssetsns5:LandBuildings2023-07-3108594647ns5:PlantMachinery2023-07-3108594647ns5:MotorVehicles2023-07-3108594647ns5:ShortLeaseholdAssetsns5:LandBuildings2022-07-3108594647ns5:PlantMachinery2022-07-3108594647ns5:MotorVehicles2022-07-3108594647ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-07-3108594647ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-08-012023-07-3108594647ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2023-07-3108594647ns5:PlantMachineryns5:LeasedAssetsHeldAsLessee2022-07-3108594647ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-07-3108594647ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-07-3108594647ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-07-3108594647ns5:HirePurchaseContractsns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-07-3108594647ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2023-07-3108594647ns5:BetweenOneFiveYearsns5:HirePurchaseContracts2022-07-3108594647ns5:HirePurchaseContracts2023-07-3108594647ns5:HirePurchaseContracts2022-07-3108594647ns5:WithinOneYear2023-07-3108594647ns5:WithinOneYear2022-07-3108594647ns5:BetweenOneFiveYears2023-07-3108594647ns5:BetweenOneFiveYears2022-07-3108594647ns5:AllPeriods2023-07-3108594647ns5:AllPeriods2022-07-3108594647ns5:DeferredTaxation2022-08-012023-07-3108594647ns5:DeferredTaxation2023-07-31
REGISTERED NUMBER: 08594647 (England and Wales)










UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2023

FOR

CLX SOFAS LIMITED

CLX SOFAS LIMITED (REGISTERED NUMBER: 08594647)






CONTENTS OF THE FINANCIAL STATEMENTS
For The Year Ended 31 JULY 2023




Page

Statement of Financial Position 1

Notes to the Financial Statements 2


CLX SOFAS LIMITED (REGISTERED NUMBER: 08594647)

STATEMENT OF FINANCIAL POSITION
31 JULY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Property, plant and equipment 4 83,668 111,557

CURRENT ASSETS
Inventories 1,646,588 892,125
Debtors 5 1,953,785 2,069,448
Cash at bank 322,516 718,462
3,922,889 3,680,035
CREDITORS
Amounts falling due within one year 6 3,206,823 2,933,460
NET CURRENT ASSETS 716,066 746,575
TOTAL ASSETS LESS CURRENT
LIABILITIES

799,734

858,132

CREDITORS
Amounts falling due after more than one
year

7

(146,437

)

(260,279

)

PROVISIONS FOR LIABILITIES 10 (14,821 ) -
NET ASSETS 638,476 597,853

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 638,376 597,753
638,476 597,853

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

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 29 July 2024 and were signed by:




Mr C H Xydhias - Director


CLX SOFAS LIMITED (REGISTERED NUMBER: 08594647)

NOTES TO THE FINANCIAL STATEMENTS
For The Year Ended 31 JULY 2023

1. STATUTORY INFORMATION

Clx Sofas Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 08594647

Registered office: Unit 1 Stag Industrial Estate
Oxford Street
Bilston
West Midlands
WV14 7HZ

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Significant judgements and estimates
In the application of the company's accounting policies, the director is 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 relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and costs incurred or to be incurred in respect of the transaction can be measured reliably.

Property, plant and equipment
Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Such cost includes costs directly attributable to making the assets capable of operating as intended.

The carrying value of tangible assets are reviewed for impairment when events or changes in circumstances indicate the carrying value may not be recoverable.

Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives.

Short leasehold - Over 5 years on cost
Motor Vehicles - 25% on reducing balance method
Plant and machinery - 25% on reducing balance method

The company has adopted the policy of not depreciating the assets in the year of purchase, however full depreciation is provided in the year of disposal.

CLX SOFAS LIMITED (REGISTERED NUMBER: 08594647)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JULY 2023

2. ACCOUNTING POLICIES - continued

Inventory
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of inventory sold is recognised as an expense in the period in which the related revenue is recognised.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the statement of financial position 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and operating leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Cash and cash equivalents
Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of changes in value.

Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.

CLX SOFAS LIMITED (REGISTERED NUMBER: 08594647)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JULY 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2022 - 10 ) .

4. PROPERTY, PLANT AND EQUIPMENT
Short Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 August 2022
and 31 July 2023 40,637 85,920 53,059 179,616
DEPRECIATION
At 1 August 2022 8,127 15,677 44,255 68,059
Charge for year 8,127 17,561 2,201 27,889
At 31 July 2023 16,254 33,238 46,456 95,948
NET BOOK VALUE
At 31 July 2023 24,383 52,682 6,603 83,668
At 31 July 2022 32,510 70,243 8,804 111,557

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 August 2022
and 31 July 2023 42,619
DEPRECIATION
Charge for year 10,655
At 31 July 2023 10,655
NET BOOK VALUE
At 31 July 2023 31,964
At 31 July 2022 42,619

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,226,512 1,697,006
Other debtors 727,273 372,442
1,953,785 2,069,448

CLX SOFAS LIMITED (REGISTERED NUMBER: 08594647)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JULY 2023

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 50,000 8,333
Hire purchase contracts (see note 8) 8,504 8,504
Trade creditors 2,781,369 2,031,564
Taxation and social security 148,058 209,708
Other creditors 218,892 675,351
3,206,823 2,933,460

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 141,667 233,333
Hire purchase contracts (see note 8) 4,770 26,946
146,437 260,279

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 8,504 8,504
Between one and five years 4,770 26,946
13,274 35,450

Non-cancellable operating leases
2023 2022
£    £   
Within one year 370,000 370,000
Between one and five years 1,110,000 1,480,000
1,480,000 1,850,000

The company has annual commitment of £370,000 under non-cancellable operating leases for the next three years.

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loan 191,667 241,667

Bank loan is secured by way of fixed and floating charge on all the property and other assets of the company and contains a negative pledge.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 14,821 -

CLX SOFAS LIMITED (REGISTERED NUMBER: 08594647)

NOTES TO THE FINANCIAL STATEMENTS - continued
For The Year Ended 31 JULY 2023

10. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Provided during year 14,821
Balance at 31 July 2023 14,821

11. RELATED PARTY DISCLOSURES

Included in other debtors less than one year is an amount of £290,449 (2022: £24,051) due from connected companies under common control. The loan was interest free and repayable on demand.