The Vintage Clothing Company Limited |
Registered Number:04271137 |
For the year ended 29 February 2024
England and Wales
Unaudited Financial Statements
For the year ended 29 February 2024
The Vintage Clothing Company Limited
Contents Page
1
Statement of Financial Position
2 to 4
Notes to the Financial Statements
The Vintage Clothing Company Limited
Statement of Financial Position
2023
2024
Property, plant and equipment |
60,658
67,824
3
60,658
67,824
838,916
843,575
4
Trade and other receivables |
509,504
704,398
5
1,624,875
Cash and cash equivalents |
1,694,301
3,242,274
2,973,295
Trade and other payables: amounts falling due within one |
year |
(286,047)
(331,662)
6
2,687,248
2,910,612
Net current assets
Total assets less current liabilities |
2,971,270
2,755,072
2,971,270
Net assets
2,755,072
1,000
1,000
2,970,270
2,754,072
2,971,270
2,755,072
Shareholders' funds
For the year ended 29 February 2024 the company was entitled to exemption from audit under Section 477 of the Companies Act 2006 relating to small companies. |
The members have not required the company to obtain an audit of its financial statements for the year ended 29 February 2024 in accordance with Section 476 of the Companies Act 2006 |
The director acknowledges his responsibilities for:a) ensuring that the company keeps proper 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 Section |
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. |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. |
Mr Richard Philip Free Director |
These financial statements were approved and authorised for issue by the Board on 25 September 2024 and were signed by: |
The notes form part of these financial statements |
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For the year ended 29 February 2024
The Vintage Clothing Company Limited
Notes to the Financial Statements
Statutory Information
The Vintage Clothing Company Limited is a private limited company, limited by shares, domiciled in England and |
Wales, registration number 04271137. |
Unit 36 Stephensons Way
Formby Industrial Estate
Formby
Merseyside
L37 8EG
The presentation currency is £ sterling. |
Basis of preparing the financial statements
These financial statements have been prepared in accordance with the provisions of Section 1A of Financial |
Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the |
Companies Act 2006. The financial statements have been prepared under the historical costs convention as |
modified by the revaluation of certain assets. |
Revenue recognition
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts. |
Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of 20 years. |
Property, plant and equipment
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis: |
Motor vehicles
Fixtures and fittings
Inventories
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. |
Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rate of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All foreign exchange differences are included to the profit and loss account. |
Hire purchase and leasing commitments
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for the benefit of its directors/and employees. Contributions payable are charged to the profit and loss account in the period in which they are payable. |
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For the year ended 29 February 2024
The Vintage Clothing Company Limited
Notes to the Financial Statements Continued
2. Intangible fixed assets |
Goodwill
600,000
601,500
1,500
601,500
600,000
1,500
601,500
600,000
1,500
601,500
600,000
1,500
-
-
-
-
-
-
3. Property, plant and equipment |
Motor vehicles
267,848
256,048
11,800
7,999
7,999
-
11,800
264,047
275,847
Provision for depreciation and impairment |
200,024
193,057
6,967
Charge for year
15,165
14,198
967
215,189
207,255
7,934
3,866
56,792
60,658
4,833
62,991
67,824
2023
2024
843,575
838,916
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For the year ended 29 February 2024
The Vintage Clothing Company Limited
Notes to the Financial Statements Continued
5. Trade and other receivables |
2023
2024
425,933
297,444
278,465
212,060
509,504
704,398
6. Trade and other payables: amounts falling due within one year |
2023
2024
80,125
82,783
Taxation and social security |
236,775
190,340
14,762
12,924
331,662
286,047
7. Related party transactions |
During the year the company sold goods amounting to £ 279358 (2023: £ 277296) to 'Free & Johanssons Vintage |
AB' a company registered in Sweden and a company in which Mr R.P. Free has a controlling interest. These goods |
were sold on an arms length basis. An amount of £ 23630 (2023: £ 27531) was outstanding at the year end which is |
disclosed within Trade Debtors. |
During the year the company sold goods amounting to £ 129007 (2023: £ 0) to 'The Vintage Clothing Company FT |
GmbH' a company registered in Germany and a company in which Mr R.P. Free has a controlling interest. These |
goods were sold on an arms length basis. An amount of £ 129007 (2023: £ 0) was outstanding at the year end which |
is disclosed within Trade Debtors. |
During the year, there were transactions totalling £ 34295 (2023: £0) resulting in an intercompany loan to 'The |
Vintage Clothing Company FT GmbH' a company registered in Germany and a company in which Mr R.P. Free has a |
controlling interest. The amount outstanding at the end of the year was £ 34295 (2023: £ 0) disclosed in other |
debtors. |
8. Average number of persons employed |
During the year the average number of employees was 53 (2023 : 49)
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