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Registration number: 07805977

My Company Clothing Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 October 2023

 

My Company Clothing Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

My Company Clothing Ltd

Company Information

Director

Mr N Johns

Registered office

37 Nicholson Webb Close
Danescourt
Cardiff
CF5 2RL

 

My Company Clothing Ltd

(Registration number: 07805977)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

1,532

2,269

Current assets

 

Stocks

6

2,367

14,039

Debtors

7

34,208

18,569

Cash at bank and in hand

 

1,002

22,003

 

37,577

54,611

Creditors: Amounts falling due within one year

8

(20,772)

(33,963)

Net current assets

 

16,805

20,648

Total assets less current liabilities

 

18,337

22,917

Creditors: Amounts falling due after more than one year

8

(16,126)

(21,966)

Net assets

 

2,211

951

Capital and reserves

 

Called up share capital

4

4

Profit and loss account

2,207

947

Total equity

 

2,211

951

For the financial 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

My Company Clothing Ltd

(Registration number: 07805977)
Balance Sheet as at 31 October 2023

Approved and authorised by the director on 25 July 2024
 

.........................................
Mr N Johns
Director

   
     
 

My Company Clothing Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
37 Nicholson Webb Close
Danescourt
Cardiff
CF5 2RL

These financial statements were authorised for issue by the director on 25 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

My Company Clothing Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% straight line

Computer Equipment

33% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

My Company Clothing Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2022 - 2).

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

1,044

973

 

My Company Clothing Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 November 2022

5,313

5,313

Additions

307

307

At 31 October 2023

5,620

5,620

Depreciation

At 1 November 2022

3,044

3,044

Charge for the year

1,044

1,044

At 31 October 2023

4,088

4,088

Carrying amount

At 31 October 2023

1,532

1,532

At 31 October 2022

2,269

2,269

6

Stocks

2023
£

2022
£

Other inventories

2,367

14,039

7

Debtors

2023
£

2022
£

Trade debtors

25,432

14,567

Other debtors

8,776

4,002

34,208

18,569

 

My Company Clothing Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

14,492

20,307

Taxation and social security

 

1,005

970

Corporation tax liability

 

5,275

12,686

 

20,772

33,963

Due after one year

 

Loans and borrowings

10

16,126

21,966

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

16,126

21,966

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

4

4

4

4

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

16,126

21,966

 

My Company Clothing Ltd

Notes to the Financial Statements for the Year Ended 31 October 2023

11

Related party transactions

Transactions with directors

2023

At 1 November 2022
£

Advances to director
£

Other payments made to company by director
£

At 31 October 2023
£

Mr N Johns

Director's Loan Account

4,001

41,874

(37,099)

8,776

         
       

 

2022

At 1 November 2021
£

Advances to director
£

Other payments made to company by director
£

At 31 October 2022
£

Mr N Johns

Director's Loan Account

21,821

15,427

(33,247)

4,001