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COMPANY REGISTRATION NUMBER: 7074019
Chic Rustique Limited
Filleted Unaudited Financial Statements
29 November 2023
Chic Rustique Limited
Financial Statements
Year ended 29 November 2023
Contents
Pages
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
Chic Rustique Limited
Statement of Financial Position
29 November 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
93,806
102,580
Current assets
Debtors
6
4,520
14,127
Creditors: amounts falling due within one year
7
( 137,854)
( 135,693)
---------
---------
Net current liabilities
( 133,334)
( 121,566)
---------
---------
Total assets less current liabilities
( 39,528)
( 18,986)
Creditors: amounts falling due after more than one year
8
( 29,167)
( 35,165)
Provisions
Taxation including deferred tax
9
( 1,199)
--------
--------
Net liabilities
( 68,695)
( 55,350)
--------
--------
Capital and reserves
Called up share capital
11
1
1
Profit and loss account
( 68,696)
( 55,351)
--------
--------
Shareholders deficit
( 68,695)
( 55,350)
--------
--------
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 statement of income and retained earnings has not been delivered.
For the year ending 29 November 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 .
Chic Rustique Limited
Statement of Financial Position (continued)
29 November 2023
These financial statements were approved by the board of directors and authorised for issue on 28 August 2024 , and are signed on behalf of the board by:
Mr M R Williams-Evans
Director
Company registration number: 7074019
Chic Rustique Limited
Notes to the Financial Statements
Year ended 29 November 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 Castle View, Llawhaden, Narberth, Pembrokeshire, SA67 8HL.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
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 investments properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. The company meets its day to day working capital requirements through an overdraft facility. With bank overdrafts it is common that such facilities can become repayable on demand, but in view of their relationship with the company's bankers the directors consider it reasonable to rely on the continuation of the overdraft facilities and on this basis they consider it appropriate to prepare the accounts on a going concern basis.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably. The turnover shown in the profit and loss account represents amounts invoiced during the period.
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.
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:
Property Improvements
-
2% straight line
Plant & Machinery
-
25% reducing balance
Fixtures & Fittings
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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 statement of financial position 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 entity 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.
4. Tax on loss
Major components of tax (income)/expense
Period from
Year to
1 Dec 21 to
29 Nov 23
29 Nov 22
£
£
Current tax:
Adjustments in respect of prior periods
( 1,461)
Deferred tax:
Origination and reversal of timing differences
( 1,199)
234
-------
----
Tax on loss
( 2,660)
234
-------
----
5. Tangible assets
Property Improvements
Plant & Machinery
Fixtures & Fittings
Motor Vehicles
Total
£
£
£
£
£
Cost
At 30 November 2022
123,231
11,275
22,837
2,500
159,843
Disposals
( 11,275)
( 22,837)
( 2,500)
( 36,612)
---------
--------
--------
-------
---------
At 29 November 2023
123,231
123,231
---------
--------
--------
-------
---------
Depreciation
At 30 November 2022
26,960
9,706
18,203
2,394
57,263
Charge for the year
2,465
2,465
Disposals
( 9,706)
( 18,203)
( 2,394)
( 30,303)
---------
--------
--------
-------
---------
At 29 November 2023
29,425
29,425
---------
--------
--------
-------
---------
Carrying amount
At 29 November 2023
93,806
93,806
---------
--------
--------
-------
---------
At 29 November 2022
96,271
1,569
4,634
106
102,580
---------
--------
--------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
4,520
Other debtors
14,127
-------
--------
4,520
14,127
-------
--------
Other debtors include an amount of £nil (2022 - £nil) falling due after more than one year.
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts (secured)
37,664
37,683
Trade creditors
11,494
4,137
Corporation tax
45,191
55,400
Social security and other taxes
17,160
11,008
Funding Circle loan
7,005
9,718
Other creditors
19,340
17,747
---------
---------
137,854
135,693
---------
---------
The Barclays bank facilities are secured by a fixed and floating charges dated 10 June 2014 over the assets of the company.
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts (secured)
29,167
30,000
Funding Circle loan
5,165
--------
--------
29,167
35,165
--------
--------
9. Provisions
Deferred tax (note 10)
£
At 30 November 2022
1,199
Unused amounts reversed
( 1,199)
-------
At 29 November 2023
-------
10. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions (note 9)
1,199
----
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
1,199
----
-------
11. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
12. Related party transactions
The company was under the control of Mr M R Williams-Evans , the managing director, throughout the current period and previous year by virtue of his majority shareholding. The company rents a property owned by Mr M R Williams-Evans , the managing director. During the year the company paid rent on this property of £15,530 (2022 - £16,950) on a normal commercial basis. At the year end date the company was owed £Nil (2022 - £3,811) by Mr M R Williams-Evans .