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Registration number: 06540283

Stylex Designs Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Stylex Designs Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Statement of Changes in Equity

4

Notes to the Unaudited Financial Statements

5 to 10

 

Stylex Designs Limited

Company Information

Directors

Mr Faizulla Nagree

Mrs Fazila Nagree

Registered office

9 Berners Place
London
W1T 3AD

Accountants

Mehta & Tengra
9 Berners Place
London
W1T 3AD

 

Stylex Designs Limited

(Registration number: 06540283)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

5

1

1

Tangible assets

6

12,302

12,372

 

12,303

12,373

Current assets

 

Debtors

7

5,368

5,281

Cash at bank and in hand

 

1,077

1,197

 

6,445

6,478

Creditors: Amounts falling due within one year

8

(41,436)

(38,856)

Net current liabilities

 

(34,991)

(32,378)

Total assets less current liabilities

 

(22,688)

(20,005)

Provisions for liabilities

(70)

(84)

Net liabilities

 

(22,758)

(20,089)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(22,858)

(20,189)

Shareholders' deficit

 

(22,758)

(20,089)

For the financial year ending 31 March 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 year 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 13 September 2024 and signed on its behalf by:
 

 

Stylex Designs Limited

(Registration number: 06540283)
Balance Sheet as at 31 March 2024

.........................................
Mr Faizulla Nagree
Director

   
     
 

Stylex Designs Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Retained earnings
£

Total
£

At 1 April 2023

100

(20,189)

(20,089)

Loss for the year

-

(2,669)

(2,669)

At 31 March 2024

100

(22,858)

(22,758)

Share capital
£

Retained earnings
£

Total
£

At 1 April 2022

100

(17,632)

(17,532)

Loss for the year

-

(2,557)

(2,557)

At 31 March 2023

100

(20,189)

(20,089)

 

Stylex Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
9 Berners Place
London
W1T 3AD
United Kingdom

These financial statements were authorised for issue by the Board on 13 September 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 financial statements have been prepared 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.

Tax

The tax expense for the period comprises current and deferred 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.

 

Stylex Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

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

Fixture and fittings

reducing balance 20%

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business and is amortised evenly over its estimated useful life.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 8 years

 

Stylex Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Stylex Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Taxation

Tax charged/(credited) in the profit and loss account

2024
£

2023
£

Current taxation

UK corporation tax

29

-

Deferred taxation

Arising from origination and reversal of timing differences

(14)

-

Tax expense in the income statement

15

-

Deferred tax

 

Stylex Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

1

1

At 31 March 2024

1

1

Amortisation

Carrying amount

At 31 March 2024

1

1

At 31 March 2023

1

1

6

Tangible assets

Short leasehold land and buildings
£

Fixtures and fittings
£

Total
£

Cost or valuation

At 1 April 2023

12,020

9,999

22,019

At 31 March 2024

12,020

9,999

22,019

Depreciation

At 1 April 2023

-

9,647

9,647

Charge for the year

-

70

70

At 31 March 2024

-

9,717

9,717

Carrying amount

At 31 March 2024

12,020

282

12,302

At 31 March 2023

12,020

352

12,372

Included within the net book value of land and buildings above is £12,020 (2023 - £12,020) in respect of short leasehold land and buildings.
 

 

Stylex Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

7

Debtors

Current

2024
£

2023
£

Other debtors

458

458

Corporation tax recoverable

966

966

Director Loan Account

3,944

3,857

5,368

5,281

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Taxation and social security

1,843

1,814

Accruals and deferred income

2,300

4,600

Other creditors

37,293

32,442

41,436

38,856

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100