Registered number
03537548
FUNDAMENTAL FASHIONS LTD
Filleted Accounts
30 November 2023
FUNDAMENTAL FASHIONS LTD
Registered number: 03537548
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 31,673 13,087
Current assets
Stocks 294,985 214,179
Debtors 4 415,344 882,987
Cash at bank and in hand 178,480 452,782
888,809 1,549,948
Creditors: amounts falling due within one year 5 (3,739) (38,019)
Net current assets 885,070 1,511,929
Net assets 916,743 1,525,016
Capital and reserves
Called up share capital 200 200
Profit and loss account 916,543 1,524,816
Shareholders' funds 916,743 1,525,016
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
MR. A. ESSA
Director
Approved by the board on 18 July 2024
FUNDAMENTAL FASHIONS LTD
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 18 % On Reduced balance
Fixtures, fittings, tools and equipment 18 % On Reduced balance
Motor Vehicles 18 % On Reduced balance
Other Debtors
Other debtors consist of and advance paymnent made to the company's suppliers prior to the process of manyfacturing the garments. Ie. for the cost of fabric, trimmings etc.
Stocks
Stocks 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 stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Voluntary Disclosure.
The company is also pursuing trading debt of £153923 from one of it's customer "City Chic collective U.K. ltd" The company has sought legal action over the debt in light of cutomer selling it's brand label to another company "Yours Clothing Ltd" However, no provision had been made in this set of accounts.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 10 10
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 December 2022 201,207 25,967 227,174
Additions 614 32,760 33,374
Disposals - (15,176) (15,176)
At 30 November 2023 201,821 43,551 245,372
Depreciation
At 1 December 2022 199,075 15,012 214,087
Charge for the year 494 5,925 6,419
On disposals - (6,807) (6,807)
At 30 November 2023 199,569 14,130 213,699
Net book value
At 30 November 2023 2,252 29,421 31,673
At 30 November 2022 2,132 10,955 13,087
4 Debtors 2023 2022
£ £
Trade debtors 165,035 363,459
Amounts owed by group undertakings and undertakings in which the company has a participating interest - 477,891
Other debtors 250,309 41,637
415,344 882,987
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors - 12,122
Taxation and social security costs 3,039 3,394
Other creditors 700 22,503
3,739 38,019
6 Other information
FUNDAMENTAL FASHIONS LTD is a private company limited by shares and incorporated in England. Its registered office is:
FUNDAMENTAL FASHIONS LTD 03537548 false 2022-12-01 2023-11-30 2023-11-30 VT Final Accounts April 2024 MR. A. ESSA No description of principal activity 03537548 2021-12-01 2022-11-30 03537548 core:WithinOneYear 2022-11-30 03537548 core:ShareCapital 2022-11-30 03537548 core:RetainedEarningsAccumulatedLosses 2022-11-30 03537548 2022-12-01 2023-11-30 03537548 bus:PrivateLimitedCompanyLtd 2022-12-01 2023-11-30 03537548 bus:AuditExemptWithAccountantsReport 2022-12-01 2023-11-30 03537548 bus:Director40 2022-12-01 2023-11-30 03537548 1 2022-12-01 2023-11-30 03537548 2 2022-12-01 2023-11-30 03537548 core:PlantMachinery 2022-12-01 2023-11-30 03537548 core:Vehicles 2022-12-01 2023-11-30 03537548 countries:England 2022-12-01 2023-11-30 03537548 bus:FRS102 2022-12-01 2023-11-30 03537548 bus:FilletedAccounts 2022-12-01 2023-11-30 03537548 2023-11-30 03537548 core:WithinOneYear 2023-11-30 03537548 core:ShareCapital 2023-11-30 03537548 core:RetainedEarningsAccumulatedLosses 2023-11-30 03537548 core:PlantMachinery 2023-11-30 03537548 core:Vehicles 2023-11-30 03537548 2022-11-30 03537548 core:PlantMachinery 2022-11-30 03537548 core:Vehicles 2022-11-30 iso4217:GBP xbrli:pure