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COMPANY REGISTRATION NUMBER: 01801332
Variety Silk House Limited
Filleted Unaudited Financial Statements
30 June 2024
Variety Silk House Limited
Statement of Financial Position
30 June 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
2,080,844
21,513
Current assets
Stocks
702,698
677,032
Debtors
6
21,583
58,716
Cash at bank and in hand
109,682
107,984
---------
---------
833,963
843,732
Creditors: amounts falling due within one year
7
2,518,972
516,241
------------
---------
Net current (liabilities)/assets
( 1,685,009)
327,491
------------
---------
Total assets less current liabilities
395,835
349,004
Creditors: amounts falling due after more than one year
8
67,043
Provisions
Taxation including deferred tax
( 907)
---------
---------
Net assets
395,835
282,868
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
395,735
282,768
---------
---------
Shareholders funds
395,835
282,868
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Variety Silk House Limited
Statement of Financial Position (continued)
30 June 2024
These financial statements were approved by the board of directors and authorised for issue on 19 November 2024 , and are signed on behalf of the board by:
Mr M C Shah
Director
Company registration number: 01801332
Variety Silk House Limited
Notes to the Financial Statements
Year ended 30 June 2024
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 152 Ealing Road, Wembley, Middlesex, HA0 4PY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold property
-
2% on cost
Leasehold improvements
-
Over the life of the lease
Furniture, fittings and equipment
-
20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2023: 18 ).
5. Tangible assets
Land and buildings
Equipment
Total
£
£
£
Cost
At 1 July 2023
86,129
625,444
711,573
Additions
2,097,110
583
2,097,693
------------
---------
------------
At 30 June 2024
2,183,239
626,027
2,809,266
------------
---------
------------
Depreciation
At 1 July 2023
86,129
603,931
690,060
Charge for the year
33,942
4,420
38,362
------------
---------
------------
At 30 June 2024
120,071
608,351
728,422
------------
---------
------------
Carrying amount
At 30 June 2024
2,063,168
17,676
2,080,844
------------
---------
------------
At 30 June 2023
21,513
21,513
------------
---------
------------
6. Debtors
2024
2023
£
£
Trade debtors
19,400
16,200
Other debtors
2,183
42,516
--------
--------
21,583
58,716
--------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
44,618
Trade creditors
108,695
117,915
Corporation tax
13,692
Social security and other taxes
41,921
42,901
Other creditors
2,310,046
355,425
------------
---------
2,518,972
516,241
------------
---------
The bank overdraft and loan are secured by a fixed and floating charge over all the company's assets and a personal guarantee provided by Mr M C Shah . Included in the other creditors is a loan amount of £2,000,000 from the shareholders which is secured by way of a legal charge on the company's freehold property.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
67,043
----
--------
The bank overdraft and loan are secured by a fixed and floating charge over all the company's assets and a personal guarantee provided by Mr M C Shah.
The terms of payment are over 180 monthly instalments since May 2011. The rate of interest is 3.7% plus base rate.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2024
2023
£
£
Not later than 1 year
60,000
Later than 1 year and not later than 5 years
151,787
----
---------
211,787
----
---------
10. Related party transactions
The company was under the control of Mr M C Shah throughout the current year. Mr M C Shah has provided personal guarantees to the bank in respect of the loan facilities granted to the company.