Registered number
09981721
NEW STYLE FASHION LIMITED
Filleted Accounts
29 February 2024
NEW STYLE FASHION LIMITED
Registered number: 09981721
Balance Sheet
as at 29 February 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 102,686 245,563
Current assets
Stocks 51,748 214,681
Debtors 4 335,965 385,141
Cash at bank and in hand 8,535 76,621
396,248 676,443
Creditors: amounts falling due within one year 5 (699,350) (936,189)
Net current liabilities (303,102) (259,746)
Net liabilities (200,416) (14,183)
Capital and reserves
Called up share capital 100 100
Profit and loss account (200,516) (14,283)
Shareholder's funds (200,416) (14,183)
The director is 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 director acknowledges his 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.
Gurmukh Singh
Director
Approved by the board on 11 November 2024
NEW STYLE FASHION LIMITED
Notes to the Accounts
for the year ended 29 February 2024
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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
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, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant, machinery, fixtures, fittings & equipment 15% reducing balance per annum
Motor vehicles 25% reducing balance per annum
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. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 19 52
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2023 394,977 12,150 407,127
Additions 6,276 - 6,276
Disposals (215,700) (2,300) (218,000)
At 29 February 2024 185,553 9,850 195,403
Depreciation
At 1 March 2023 157,092 4,472 161,564
Charge for the year 36,426 1,920 38,346
On disposals (105,758) (1,435) (107,193)
At 29 February 2024 87,760 4,957 92,717
Net book value
At 29 February 2024 97,793 4,893 102,686
At 28 February 2023 237,885 7,678 245,563
4 Debtors 2024 2023
£ £
Trade debtors 335,965 385,141
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 31,580 972
Trade creditors 570,295 837,288
Taxation and social security costs 46,280 33,557
Director loan account 29,812 26,373
Other creditors 21,383 37,999
699,350 936,189
6 Related party transactions
The company occupies property in which the director has an interest for an annual rental of £20,400.
During the year there were sales of £21,395 and purchases of £377,764 to Morrocco New Style, a company in which the director has an interest in. Included in trade debtors is an amount of £21,395 owed by this company and in trade creditors £16,213 owed to this company
7 Controlling party
The company is under the control of Gurmukh Singh who owns all the issued share capital
8 Going concern
The company's balance sheet shows an insolvent position, and the ability of the company to continue trading is dependent on the continued support from it's bankers and director. The financial statements have been prepared on a going concern basis on the assumption that such support will be forthcoming. However, there are no written guarantees beyond this date to prove that this assumption will be correct.
9 Other information
NEW STYLE FASHION LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
10 Layton Road
Leicester
LE5 0PU
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