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REGISTERED NUMBER: 09171630 (England and Wales)















PERFECTION CLOTHING LTD

Unaudited Financial Statements for the Year Ended 31 December 2023






PERFECTION CLOTHING LTD (REGISTERED NUMBER: 09171630)

Contents of the Financial Statements
for the Year Ended 31 December 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

PERFECTION CLOTHING LTD

Company Information
for the Year Ended 31 December 2023







DIRECTOR: Mr R Bahia





REGISTERED OFFICE: Granville House
2 Tettenhall Road
Wolverhampton
West Midlands
WV1 4SB





REGISTERED NUMBER: 09171630 (England and Wales)





ACCOUNTANTS: Lancaster Haskins Limited
Granville House
2 Tettenhall Road
Wolverhampton
West Midlands
WV1 4SB

PERFECTION CLOTHING LTD (REGISTERED NUMBER: 09171630)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 65,919 58,295

CURRENT ASSETS
Stocks 660,818 934,230
Debtors 5 522,154 633,942
Cash at bank 390,283 434,175
1,573,255 2,002,347
CREDITORS
Amounts falling due within one year 6 396,372 955,278
NET CURRENT ASSETS 1,176,883 1,047,069
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,242,802

1,105,364

CREDITORS
Amounts falling due after more than one
year

7

(27,227

)

(30,709

)

PROVISIONS FOR LIABILITIES (7,444 ) (3,555 )
NET ASSETS 1,208,131 1,071,100

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,208,031 1,071,000
1,208,131 1,071,100

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

PERFECTION CLOTHING LTD (REGISTERED NUMBER: 09171630)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 18 September 2024 and were signed by:





Mr R Bahia - Director


PERFECTION CLOTHING LTD (REGISTERED NUMBER: 09171630)

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


1. STATUTORY INFORMATION

Perfection Clothing Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 33% Straight Line

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
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
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.

PERFECTION CLOTHING LTD (REGISTERED NUMBER: 09171630)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor Computer
machinery fittings vehicles equipment Totals
£    £    £    £    £   
COST
At 1 January 2023 10,590 6,302 53,750 12,872 83,514
Additions 1,251 25,134 - - 26,385
At 31 December 2023 11,841 31,436 53,750 12,872 109,899
DEPRECIATION
At 1 January 2023 4,505 3,929 6,719 10,066 25,219
Charge for year 1,652 3,480 11,758 1,871 18,761
At 31 December 2023 6,157 7,409 18,477 11,937 43,980
NET BOOK VALUE
At 31 December 2023 5,684 24,027 35,273 935 65,919
At 31 December 2022 6,085 2,373 47,031 2,806 58,295

PERFECTION CLOTHING LTD (REGISTERED NUMBER: 09171630)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 January 2023
and 31 December 2023 53,750
DEPRECIATION
At 1 January 2023 6,719
Charge for year 11,758
At 31 December 2023 18,477
NET BOOK VALUE
At 31 December 2023 35,273
At 31 December 2022 47,031

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 452,045 575,682
Other debtors 2,000 805
Amounts owed by participating
interests 51,200 33,850
Prepayments 16,909 23,605
522,154 633,942

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts - 249,461
Hire purchase contracts 3,969 2,323
Trade creditors 136,692 360,165
Social security and other taxes 73,336 158,563
Other creditors 1,931 904
Directors' current accounts 177,043 179,640
Accrued expenses 3,401 4,222
396,372 955,278

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Hire purchase contracts 27,227 30,709

PERFECTION CLOTHING LTD (REGISTERED NUMBER: 09171630)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023


8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.23 31.12.22
£    £   
Bank loans - 249,461
Hire purchase contracts 31,196 33,032
31,196 282,493

A fixed and floating charge on all property and undertakings of the company is held against bank loans.

Hire purchase balances are secured against the assets to which they relate.

9. FINANCIAL COMMITMENTS

Rental charges due to be paid within the next twelve months amount to £40,000. This commitment does not constitute a lease agreement.

10. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year there has been a net repayment of £2,597 on R Bahia's loan account, made up of advances of £7,796 and credits of £5,199.

As at the balance sheet date £177,043 (2023: £179,640) was outstanding to the director from the company.

11. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is Mr R Bahia.

Chartered Accountants' Report to the Director
on the Unaudited Financial Statements of
Perfection Clothing Ltd


The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Perfection Clothing Ltd for the year ended 31 December 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Perfection Clothing Ltd in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Perfection Clothing Ltd and state those matters that we have agreed to state to the director of Perfection Clothing Ltd in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Perfection Clothing Ltd and its director for our work or for this report.

It is your duty to ensure that Perfection Clothing Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Perfection Clothing Ltd. You consider that Perfection Clothing Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Perfection Clothing Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Lancaster Haskins Limited
Granville House
2 Tettenhall Road
Wolverhampton
West Midlands
WV1 4SB


Date: .............................................