THE CLOTHING OUTLET LIMITED

Company Registration Number:
06037106 (England and Wales)

Unaudited abridged accounts for the year ended 31 October 2023

Period of accounts

Start date: 01 November 2022

End date: 31 October 2023

THE CLOTHING OUTLET LIMITED

Contents of the Financial Statements

for the Period Ended 31 October 2023

Balance sheet
Notes

THE CLOTHING OUTLET LIMITED

Balance sheet

As at 31 October 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 4,635 5,794
Total fixed assets: 4,635 5,794
Current assets
Stocks: 545,409 587,084
Debtors: 4 108,196 97,719
Cash at bank and in hand: 12,920 29,563
Total current assets: 666,525 714,366
Creditors: amounts falling due within one year: 5 (599,610) (644,350)
Net current assets (liabilities): 66,915 70,016
Total assets less current liabilities: 71,550 75,810
Creditors: amounts falling due after more than one year: 6 (32,001) (37,832)
Total net assets (liabilities): 39,549 37,978
Capital and reserves
Called up share capital: 1 1
Profit and loss account: 39,548 37,977
Shareholders funds: 39,549 37,978

The notes form part of these financial statements

THE CLOTHING OUTLET LIMITED

Balance sheet statements

For the year ending 31 October 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

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

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 05 January 2024
and signed on behalf of the board by:

Name: Christopher Ferris
Status: Director

The notes form part of these financial statements

THE CLOTHING OUTLET LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover represents amounts receivable by the company in respect of goods supplied exclusive of Value Added Tax and trade discounts.

Tangible fixed assets and depreciation policy

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases: Fixtures and fittings 20% reducing balance, motor vehicles 20% reducing balance.

Intangible fixed assets and amortisation policy

Intangible fixed assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight basis over their estimated useful economic lives, not to exceed twenty years. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.

Valuation and information policy

Stocks and work -in-progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Other accounting policies

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 the profit and loss account over the relevant period. The capital element of the future payments is treated as a liability. Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with the conditions attached to them and the grant will be received using the accrual model

THE CLOTHING OUTLET LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

2. Employees

2023 2022
Average number of employees during the period 9 10

THE CLOTHING OUTLET LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

3. Tangible Assets

Total
Cost £
At 01 November 2022 66,369
At 31 October 2023 66,369
Depreciation
At 01 November 2022 60,575
Charge for year 1,159
At 31 October 2023 61,734
Net book value
At 31 October 2023 4,635
At 31 October 2022 5,794

THE CLOTHING OUTLET LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

4. Debtors

2023 2022
££
Debtors due after more than one year: 0 0

THE CLOTHING OUTLET LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

5. Creditors: amounts falling due within one year note

Creditors due within one year £599,610 , (2022 £ 644,350). Bank Loan and overdraft £5,499 ( 2022 £5,223), Trade creditors £24,527 (2022 £51,427). Taxation and social security creditor £2,462 (2022 £14,190), Accruals and deferred income £7,703 ( 2022 £9,450), other creditors £559,419 (2022 £564,060)

THE CLOTHING OUTLET LIMITED

Notes to the Financial Statements

for the Period Ended 31 October 2023

6. Creditors: amounts falling due after more than one year note

Creditors falling due after one year total £32,001, ( 2022 £37,832) of which £22,735 (2022 £22,247) is due by instalments with in 5 years and £9,266 (2022 £15,585) is due by instalments after 5 years but less than 10 years: The creditor is a bank loan.