Registered number
07865902
One Direction Clothing Ltd
Filleted Accounts
31 December 2023
One Direction Clothing Ltd
Registered number: 07865902
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 10,287 12,798
Current assets
Stocks 398,000 155,000
Debtors 4 202,191 418,577
Cash at bank and in hand 310,054 325,801
910,245 899,378
Creditors: amounts falling due within one year 5 (16,719) (125,465)
Net current assets 893,526 773,913
Total assets less current liabilities 903,813 786,711
Creditors: amounts falling due after more than one year 6 (206,389) (118,967)
Net assets 697,424 667,744
Capital and reserves
Share premium 100 100
Profit and loss account 697,324 667,644
Shareholder's funds 697,424 667,744
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 member has 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.
Jatinder Iqbal Singh Bansal
Director
Approved by the board on 20 September 2024
One Direction Clothing Ltd
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods 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:
Office Equipment 25% reducing balance method
Motor vehicles 25% reducing balance method
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
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 13 12
3 Tangible fixed assets
Office Equipment Motor vehicles Total
£ £ £
Cost
At 1 January 2023 60,891 4,500 65,391
Additions 916 - 916
At 31 December 2023 61,807 4,500 66,307
Depreciation
At 1 January 2023 48,347 4,246 52,593
Charge for the year 3,364 63 3,427
At 31 December 2023 51,711 4,309 56,020
Net book value
At 31 December 2023 10,096 191 10,287
At 31 December 2022 12,544 254 12,798
4 Debtors 2023 2022
£ £
Trade debtors 194,923 326,416
Sundry Debtors - 89,843
Other debtors 7,268 2,318
202,191 418,577
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 89,957 172,122
Taxation and social security costs (76,609) (46,657)
Other creditors 3,371 -
16,719 125,465
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,167 34,167
Other creditors 182,222 84,800
206,389 118,967
7 Other information
One Direction Clothing Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Bansal House Bracken Industrial Estate
185 Forest Road
Hainault, Ilford
Essex
IG6 3HX
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