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COMPANY REGISTRATION NUMBER: 02093336
NEFERTITI FASHIONS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 October 2023
NEFERTITI FASHIONS LIMITED
FINANCIAL STATEMENTS
Year ended 31 October 2023
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
NEFERTITI FASHIONS LIMITED
BALANCE SHEET
31 October 2023
2023
2022
Note
£
£
FIXED ASSETS
Tangible assets
5
1,458,201
1,857,769
CURRENT ASSETS
Debtors
6
254,021
256,417
Cash at bank and in hand
34,051
437
---------
---------
288,072
256,854
CREDITORS: amounts falling due within one year
7
( 447,005)
( 442,632)
---------
---------
NET CURRENT LIABILITIES
( 158,933)
( 185,778)
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
1,299,268
1,671,991
CREDITORS: amounts falling due after more than one year
8
( 1,222,109)
( 1,299,874)
PROVISIONS
( 300)
( 202)
------------
------------
NET ASSETS
76,859
371,915
------------
------------
CAPITAL AND RESERVES
Called up share capital
100
100
Revaluation reserve
66,589
Non-distributable reserves
334,565
Profit and loss account
10,170
37,250
--------
---------
SHAREHOLDERS FUNDS
76,859
371,915
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
NEFERTITI FASHIONS LIMITED
BALANCE SHEET (continued)
31 October 2023
These financial statements were approved by the board of directors and authorised for issue on 29 July 2024 , and are signed on behalf of the board by:
Mr W Ahmed
Director
Company registration number: 02093336
NEFERTITI FASHIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 October 2023
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 47-61 City Road, Cardiff, CF24 3BL.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Long leasehold property
-
over the shorter of the lease term or 50 years
Fixtures and fittings
-
20% reducing balance
Motor vehicles
-
25% reducing balance
Investment property
The directors consider that the freehold property is an investment property under FRS102. Investment properties are revalued annually and the aggregate surplus or deficit is transferred to a revaluation reserve. No depreciation is provided in respect of investment properties. This constitutes a departure from statutory rules requiring fixed assets to be depreciated over their useful economic lives and is necessary to enable the accounts to give a true and fair view. Depreciation is one of the many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.
Provisions
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 balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 1 (2022: 1 ).
5. TANGIBLE ASSETS
Investment properties
Long leasehold property
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
Cost or valuation
At 1 November 2022
1,770,000
210,976
1,266
1,399
1,983,641
Additions
636
636
Revaluations
( 461,000)
( 62,976)
( 523,976)
------------
---------
-------
-------
------------
At 31 October 2023
1,309,000
148,000
1,902
1,399
1,460,301
------------
---------
-------
-------
------------
Depreciation
At 1 November 2022
124,013
791
1,068
125,872
Charge for the year
5,551
158
83
5,792
Revaluations
( 129,564)
( 129,564)
------------
---------
-------
-------
------------
At 31 October 2023
949
1,151
2,100
------------
---------
-------
-------
------------
Carrying amount
At 31 October 2023
1,309,000
148,000
953
248
1,458,201
------------
---------
-------
-------
------------
At 31 October 2022
1,770,000
86,963
475
331
1,857,769
------------
---------
-------
-------
------------
The fair value of the properties has been arrived at on the basis of a valuation carried out at 31 October 2023 by an independent surveyor.
6. DEBTORS
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
2,558
3,158
Other debtors
251,463
253,259
---------
---------
254,021
256,417
---------
---------
7. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
24,053
29,522
Trade creditors
306
306
Corporation tax
29,320
17,978
Social security and other taxes
14,163
15,498
Other creditors
379,163
379,328
---------
---------
447,005
442,632
---------
---------
Included within creditors: amounts falling due within one year is an amount of £24,053 (2022: £29,522) which is secured by way of a fixed charge on investment properties and a fixed and floating charge over specific assets of the company.
8. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
122,109
144,873
Other creditors
1,100,000
1,155,001
------------
------------
1,222,109
1,299,874
------------
------------
Included within creditors: amounts falling due after more than one year is an amount of £122,109 (2022: £144,873) which is secured by way of a fixed charge on investment properties and a fixed and floating charge over specific assets of the company.
9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
Included within other creditors is the following balance due to the director:
2023 2022
£ £
Director loan accounts 67,101 50,000
-------- --------
Included within other creditors due after more than one year is the following balance also due to the director:
2023 2022
£ £
Director loan accounts 1,155,001
---- ------------
10. RELATED PARTY TRANSACTIONS
The company has taken advantage of the exemptions available for wholly owned groups not to disclose related party transactions with other members of the group. Included within other debtors/(creditors) are the following balances due from/(to) related parties:
2023 2022
£ £
Related company 105,450 105,450
Close family member of the director 178,900 178,900
Close family member of the director 1,100,000
------------ ---------
1,384,350 284,350
------------ ---------
The balances are interest free and repayable on demand.