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Registered number: 13656264
Fashion Clothing Leasing Limited
Unaudited Financial Statements
For The Year Ended 31 October 2023
AGAssociates
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—4
Page 1
Balance Sheet
Registered number: 13656264
31 October 2023 31 October 2022
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 79,939 60,000
79,939 60,000
CURRENT ASSETS
Stocks 5 56,000 35,000
Debtors 6 63,000 -
Cash at bank and in hand 8,601 141,353
127,601 176,353
Creditors: Amounts Falling Due Within One Year 7 (205,028 ) (178,469 )
NET CURRENT ASSETS (LIABILITIES) (77,427 ) (2,116 )
TOTAL ASSETS LESS CURRENT LIABILITIES 2,512 57,884
NET ASSETS 2,512 57,884
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 2,511 57,883
SHAREHOLDERS' FUNDS 2,512 57,884
Page 1
Page 2
For the year ending 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Nial Azam
Director
27/09/2024
The notes on pages 3 to 4 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Fashion Clothing Leasing Limited is a private company, limited by shares, incorporated in England & Wales, registered number 13656264 . The registered office is Flat 8, 14 Highland Road, Bromley, BR1 4AD.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% on reducing balance.
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2022: 3)
1 3
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 November 2022 80,000
Additions 46,586
As at 31 October 2023 126,586
Depreciation
As at 1 November 2022 20,000
Provided during the period 26,647
As at 31 October 2023 46,647
...CONTINUED
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Net Book Value
As at 31 October 2023 79,939
As at 1 November 2022 60,000
5. Stocks
31 October 2023 31 October 2022
£ £
Stock 56,000 35,000
6. Debtors
31 October 2023 31 October 2022
£ £
Due within one year
Director's loan account 63,000 -
7. Creditors: Amounts Falling Due Within One Year
31 October 2023 31 October 2022
£ £
Trade creditors 192,669 100,000
VAT 7,199 15,469
Accruals and deferred income 5,160 3,000
Director's loan account - 60,000
205,028 178,469
8. Share Capital
31 October 2023 31 October 2022
£ £
Allotted, Called up and fully paid 1 1
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 November 2022 Amounts advanced Amounts repaid Amounts written off As at 31 October 2023
£ £ £ £ £
Mr Nial Azam (60,000 ) 178,000 55,000 - 63,000
The above loan is unsecured, interest free and repayable on demand.
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