Cloth Store Ltd 12207117 false 2023-03-01 2024-02-28 2024-02-28 The principal activity of the company is operating as a restaurant and bar. Digita Accounts Production Advanced 6.30.9574.0 true true 12207117 2023-03-01 2024-02-28 12207117 2024-02-28 12207117 bus:OrdinaryShareClass1 2024-02-28 12207117 core:CurrentFinancialInstruments 2024-02-28 12207117 core:CurrentFinancialInstruments core:WithinOneYear 2024-02-28 12207117 core:Non-currentFinancialInstruments 2024-02-28 12207117 core:Non-currentFinancialInstruments core:AfterOneYear 2024-02-28 12207117 core:FurnitureFittingsToolsEquipment 2024-02-28 12207117 core:LandBuildings 2024-02-28 12207117 bus:SmallEntities 2023-03-01 2024-02-28 12207117 bus:AuditExemptWithAccountantsReport 2023-03-01 2024-02-28 12207117 bus:FilletedAccounts 2023-03-01 2024-02-28 12207117 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-28 12207117 bus:RegisteredOffice 2023-03-01 2024-02-28 12207117 bus:Director1 2023-03-01 2024-02-28 12207117 bus:OrdinaryShareClass1 2023-03-01 2024-02-28 12207117 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-28 12207117 core:FurnitureFittings 2023-03-01 2024-02-28 12207117 core:FurnitureFittingsToolsEquipment 2023-03-01 2024-02-28 12207117 core:LandBuildings 2023-03-01 2024-02-28 12207117 core:LeaseholdImprovements 2023-03-01 2024-02-28 12207117 countries:England 2023-03-01 2024-02-28 12207117 2023-02-28 12207117 core:FurnitureFittingsToolsEquipment 2023-02-28 12207117 core:LandBuildings 2023-02-28 12207117 2022-03-01 2023-02-28 12207117 2023-02-28 12207117 bus:OrdinaryShareClass1 2023-02-28 12207117 core:CurrentFinancialInstruments 2023-02-28 12207117 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 12207117 core:Non-currentFinancialInstruments 2023-02-28 12207117 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 12207117 core:FurnitureFittingsToolsEquipment 2023-02-28 12207117 core:LandBuildings 2023-02-28 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 12207117

Cloth Store Ltd

Unaudited Filleted Financial Statements

for the Period from 1 March 2023 to 28 February 2024

 

Cloth Store Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Cloth Store Ltd

(Registration number: 12207117)
Balance Sheet as at 28 February 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

129,594

151,276

Current assets

 

Debtors

5

230

2,634

Cash at bank and in hand

 

6,104

2,548

 

6,334

5,182

Creditors: Amounts falling due within one year

6

(287,997)

(270,556)

Net current liabilities

 

(281,663)

(265,374)

Total assets less current liabilities

 

(152,069)

(114,098)

Creditors: Amounts falling due after more than one year

6

(32,978)

(36,987)

Net liabilities

 

(185,047)

(151,085)

Capital and reserves

 

Called up share capital

7

2

2

Retained earnings

(185,049)

(151,087)

Shareholders' deficit

 

(185,047)

(151,085)

For the financial period ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 August 2024 and signed on its behalf by:
 

.........................................
Mrs A C Smith
Director

 

Cloth Store Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

1

General information

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

The address of its registered office is:
81 Main Street
Haworth
BD22 8DA

These financial statements were authorised for issue by the Board on 6 August 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.

Going concern

The company relies on the continuing support of the directors, and the directors have indicated that this support will continue. On this basis, the directors consider it appropriate to prepare the financial statements on a going concern basis.

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.

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.

 

Cloth Store Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

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

Improvements to leasehold property

10% per annum on cost

Fixtures, fittings and equipment

25% per annum reducing balance basis

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.

Trade 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.

Trade 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.

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.

 

Cloth Store Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 11 (2023 - 9).

4

Tangible assets

Improvements to leasehold property
£

Fixtures, fittings and equipment
 £

Total
£

Cost

At 1 March 2023

183,652

51,966

235,618

Additions

-

3,150

3,150

At 28 February 2024

183,652

55,116

238,768

Depreciation

At 1 March 2023

55,095

29,247

84,342

Charge for the period

18,365

6,467

24,832

At 28 February 2024

73,460

35,714

109,174

Net book value

At 28 February 2024

110,192

19,402

129,594

At 28 February 2023

128,557

22,719

151,276

5

Debtors

2024
£

2023
£

Trade debtors

230

2,634

230

2,634

 

Cloth Store Ltd

Notes to the Unaudited Financial Statements for the Period from 1 March 2023 to 28 February 2024

6

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

274,189

261,498

Trade creditors

 

3,585

3,842

Taxation and social security

 

4,319

2,051

Other creditors

 

5,904

3,165

 

287,997

270,556

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

32,978

36,987

7

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

32,978

36,987

Current loans and borrowings

2024
£

2023
£

Bank borrowings

5,591

5,492

Other borrowings

268,598

256,006

274,189

261,498