Registered number
09807878
Onu Clothing Limited
Report and Unaudited Accounts
30 October 2023
Collins
Chartered Accountants
West Midlands
Onu Clothing Limited
Registered number: 09807878
Balance Sheet
as at 30 October 2023
Notes 2023 2022
£ £ £ £
Fixed assets
Tangible assets 3 2,397 3,597
Current assets
Stocks 153,400 146,200
Debtors 4 2,335 4,285
Cash at bank and in hand 13,209 2,920
168,944 153,405
Creditors: amounts falling due within one year 5 (136,817) (112,002)
Net current assets 32,127 41,403
Total assets less current liabilities 34,524 45,000
Creditors: amounts falling due after more than one year 6 (15,833) (25,833)
Net assets 18,691 19,167
Capital and reserves
Called up share capital 10 10
Profit and loss account 18,681 19,157
Shareholders' funds 18,691 19,167
The directors are 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 directors acknowledge their 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.
M U A Raheel
Director
Approved by the board on 30 July 2024
Onu Clothing Limited
Notes to the Accounts
for the year ended 30 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 (as applicable to small companies), The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of Vat. Turnover comprises revenue earned from the sale of goods, this is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Computer equipment 25% straight line basis
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
Loans and other financial assets are recognised at transaction price including any transaction costs, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are also recognised at transaction price net of any transaction costs.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Computer equipment
£
Cost
At 31 October 2022 15,400
At 30 October 2023 15,400
Depreciation
At 31 October 2022 11,803
Charge for the year 1,200
At 30 October 2023 13,003
Net book value
At 30 October 2023 2,397
At 30 October 2022 3,597
4 Debtors 2023 2022
£ £
VAT recievable 2,335 4,285
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loan 10,000 10,000
Trade creditors 88,092 81,709
Corporation tax 17,948 11,328
Other taxes and social security costs 5,297 6,319
Directors loans 1,479 666
Accruals and deferred income 14,001 1,980
136,817 112,002
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loan 15,833 25,833
7 Pension commitments
The Company operates an Employee Auto Enrolment Pension Scheme. Contributions on behalf of employees amounted to £2,583 (2022 - £2,033).
8 Controlling party
The company is under the control of R Zahoor
9 Other information
Onu Clothing Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Lodge, Castle Bromwich Hall
Chester Road
Castle Bromwich
West Midlands
B36 9DE
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