Tribe Vintage Limited 14911226 false 2023-06-02 2024-06-30 2024-06-30 The principal activity of the company is retail sale of clothing in specialised stores Digita Accounts Production Advanced 6.30.9574.0 true 14911226 2023-06-02 2024-06-30 14911226 2024-06-30 14911226 core:AcceleratedTaxDepreciationDeferredTax 2024-06-30 14911226 core:CurrentFinancialInstruments 2024-06-30 14911226 core:CurrentFinancialInstruments core:WithinOneYear 2024-06-30 14911226 core:Non-currentFinancialInstruments 2024-06-30 14911226 core:Non-currentFinancialInstruments core:AfterOneYear 2024-06-30 14911226 core:FurnitureFittingsToolsEquipment 2024-06-30 14911226 core:MotorVehicles 2024-06-30 14911226 bus:SmallEntities 2023-06-02 2024-06-30 14911226 bus:AuditExemptWithAccountantsReport 2023-06-02 2024-06-30 14911226 bus:FullAccounts 2023-06-02 2024-06-30 14911226 bus:SmallCompaniesRegimeForAccounts 2023-06-02 2024-06-30 14911226 bus:RegisteredOffice 2023-06-02 2024-06-30 14911226 bus:Director2 2023-06-02 2024-06-30 14911226 bus:PrivateLimitedCompanyLtd 2023-06-02 2024-06-30 14911226 core:ComputerEquipment 2023-06-02 2024-06-30 14911226 core:FurnitureFittings 2023-06-02 2024-06-30 14911226 core:FurnitureFittingsToolsEquipment 2023-06-02 2024-06-30 14911226 core:MotorVehicles 2023-06-02 2024-06-30 14911226 core:OtherRelatedParties 2023-06-02 2024-06-30 14911226 countries:EnglandWales 2023-06-02 2024-06-30 iso4217:GBP xbrli:pure

Registration number: 14911226

Prepared for the registrar

Tribe Vintage Limited

Annual Report and Unaudited Financial Statements

for the Period from 2 June 2023 to 30 June 2024

 

Tribe Vintage Limited

(Registration number: 14911226)
Balance Sheet as at 30 June 2024

Note

2024
£

Fixed assets

 

Tangible assets

5

16,458

Current assets

 

Stocks

149,839

Debtors

6

30,016

Cash at bank and in hand

 

4,280

 

184,135

Creditors: Amounts falling due within one year

7

(85,777)

Net current assets

 

98,358

Total assets less current liabilities

 

114,816

Creditors: Amounts falling due after more than one year

7

(51,808)

Deferred tax liabilities

 

(3,127)

Net assets

 

59,881

Capital and reserves

 

Called up share capital

100

Profit and loss account

59,781

Shareholders' funds

 

59,881

For the financial period ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 15 November 2024 and signed on its behalf by:
 


F S Jones
Director

 

Tribe Vintage Limited

Notes to the Unaudited Financial Statements for the Period from 2 June 2023 to 30 June 2024

 

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Windsor House
Bayshill Road
Cheltenham
GL50 3AT

 

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.
 

Judgements

No significant judgements have been made by management in preparing these financial statements.

Key sources of estimation uncertainty

No key sources of estimation uncertainty have been identified by management in preparing these financial statements other than those detailed in these accounting policies.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax and deferred tax. Tax is recognised in the profit and loss account, except that a charge attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Tribe Vintage Limited

Notes to the Unaudited Financial Statements for the Period from 2 June 2023 to 30 June 2024

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture,fittings and equipment

20% straight line

Website

20% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

 

Tribe Vintage Limited

Notes to the Unaudited Financial Statements for the Period from 2 June 2023 to 30 June 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Financial instruments


Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

 

4

Deferred tax

Deferred tax assets and liabilities

2024

Liability
£

Fixed asset timing differences

3,127

3,127

 

Tribe Vintage Limited

Notes to the Unaudited Financial Statements for the Period from 2 June 2023 to 30 June 2024

 

5

Tangible assets

Furniture, fittings and equipment
 £

Website
 £

Total
£

Cost

Additions

13,021

5,065

18,086

At 30 June 2024

13,021

5,065

18,086

Depreciation

Charge for the period

676

952

1,628

At 30 June 2024

676

952

1,628

Carrying amount

At 30 June 2024

12,345

4,113

16,458

 

6

Debtors

30 June 2024
 £

Trade debtors

29,831

Prepayments

185

 

30,016

 

7

Creditors

Note

30 June 2024
 £

Due within one year

 

Loans and borrowings

8

4,344

Trade creditors

 

23,715

Social security and other taxes

 

2,776

Other creditors

 

35,235

Accrued expenses

 

7,000

Corporation tax liability

12,707

 

85,777

Note

2024
£

Due after one year

 

Loans and borrowings

8

51,808

 

Tribe Vintage Limited

Notes to the Unaudited Financial Statements for the Period from 2 June 2023 to 30 June 2024

 

8

Loans and borrowings

2024
£

Current loans and borrowings

Director's loan account

4,344

2024
£

Non-current loans and borrowings

Director's loan accounts (long term)

51,808

 

9

Related party transactions

Summary of transactions with other related parties

At 30 June 2024 the company owed F S Jones £4,344 in the form of a current director's loan account and £25,904 in the form of a director's loan account granted on a long term basis. No interest was charged on these balances and there are no fixed repayment terms on either loan.

At 30 June 2024 the company owed £25,904 to J M Dunkerton in the form of a director's loan account granted on a long term basis. No interest was charged on this balance and there are no fixed repayment terms.