Registered number
07076249
CLASSIC HATS LIMITED
Filleted Accounts
31 March 2024
CLASSIC HATS LIMITED
Registered number: 07076249
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 86,114 76,917
Investments 4 23,562 30,466
109,676 107,383
Current assets
Stocks 237,830 327,596
Debtors 5 186,893 218,631
Cash at bank and in hand 23,888 1,253
448,611 547,480
Creditors: amounts falling due within one year 6 (237,224) (401,807)
Net current assets 211,387 145,673
Total assets less current liabilities 321,063 253,056
Creditors: amounts falling due after more than one year 7 (253,466) (214,558)
Net assets 67,597 38,498
Capital and reserves
Called up share capital 100 100
Profit and loss account 67,497 38,398
Shareholders' funds 67,597 38,498
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 members have 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.
ALEXANDER TORUN-SHAW
Director
Approved by the board on 30 October 2024
CLASSIC HATS LIMITED
Notes to the Accounts
for the year ended 31 March 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:
Leasehold land and buildings over the lease term
Plant and machinery 15% reducing balance
Motor vehicles 15% reducing balance
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
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 28 26
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 24,910 149,827 6,985 181,722
Additions - - 19,116 19,116
At 31 March 2024 24,910 149,827 26,101 200,838
Depreciation
At 1 April 2023 18,599 81,523 4,683 104,805
Charge for the year 947 6,830 2,142 9,919
At 31 March 2024 19,546 88,353 6,825 114,724
Net book value
At 31 March 2024 5,364 61,474 19,276 86,114
At 31 March 2023 6,311 68,304 2,302 76,917
4 Investments
Other
investments
£
Cost
At 1 April 2023 30,466
Disposals (6,904)
At 31 March 2024 23,562
5 Debtors 2024 2023
£ £
Other debtors 186,893 218,631
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 49,422
Trade creditors 97,699 285,099
Taxation and social security costs 136,097 65,579
Other creditors 3,428 1,707
237,224 401,807
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 253,466 214,558
8 Other information
CLASSIC HATS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
FIRST FLOOR
10 HAMPDEN SQUARE
SOUTHGATE
LONDON
N14 5JR
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