Company registration number 01099457 (England and Wales)
Great Clothes Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 28 February 2024
PAGES FOR FILING WITH REGISTRAR
Great Clothes Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Great Clothes Limited
Statement of financial position
as at 28 February 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Intangible assets
49,440
30,720
Tangible assets
4
55,013
59,984
Current assets
Stocks
267,620
161,880
Debtors
5
1,453,434
1,364,548
Cash at bank and in hand
332
713
1,721,386
1,527,141
Creditors: amounts falling due within one year
6
(817,404)
(638,258)
Net current assets
903,982
888,883
Total assets less current liabilities
1,008,435
979,587
Creditors: amounts falling due after more than one year
7
(13,735)
(23,656)
Net assets
994,700
955,931
Capital and reserves
Called up share capital
100,000
100,000
Other reserves
604,913
604,913
Profit and loss reserves
289,787
251,018
Total equity
994,700
955,931
Great Clothes Limited
Statement of financial position (continued)
as at 28 February 2024
- 2 -
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 November 2024 and are signed on its behalf by:
Mr S Reynolds
Director
Company Registration No. 01099457
Great Clothes Limited
Notes to the financial statements
for the year ended 28 February 2024
- 3 -
1
Accounting policies
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.
Great Clothes Limited is a wholly owned subsidiary of Makesense Properties Limited.
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Website
20% on cost
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold land and buildings
10% on cost
Plant and equipment
20% on cost
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Great Clothes Limited
Notes to the financial statements (continued)
for the year ended 28 February 2024
1
Accounting policies
(continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
16
3
Intangible fixed assets
Website
£
Cost
At 1 March 2023
38,400
Additions
26,400
At 28 February 2024
64,800
Amortisation and impairment
At 1 March 2023
7,680
Amortisation charged for the year
7,680
At 28 February 2024
15,360
Carrying amount
At 28 February 2024
49,440
At 28 February 2023
30,720
Great Clothes Limited
Notes to the financial statements (continued)
for the year ended 28 February 2024
- 5 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 1 March 2023
84,511
17,328
101,839
Additions
3,469
1,892
5,361
At 28 February 2024
87,980
19,220
107,200
Depreciation and impairment
At 1 March 2023
26,718
15,137
41,855
Depreciation charged in the year
8,448
1,884
10,332
At 28 February 2024
35,166
17,021
52,187
Carrying amount
At 28 February 2024
52,814
2,199
55,013
At 28 February 2023
57,793
2,191
59,984
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
1,207,190
1,246,636
Other debtors
246,244
117,912
1,453,434
1,364,548
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
301,288
371,367
Trade creditors
313,986
187,788
Corporation tax
16,298
5,150
Other taxation and social security
32,036
60,003
Other creditors
153,796
13,950
817,404
638,258
The bank overdraft is secured by a fixed and floating charge over the assets of the company
Great Clothes Limited
Notes to the financial statements (continued)
for the year ended 28 February 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
13,735
23,656
8
Controlling party
The company's ultimate parent undertaking is Stone Group Investments Limited, which is registered in England and Wales, its registered office is 82 York Road, Leeds, LS9 9AA. Consolidated accounts are not prepared. The individual company's accounts are available from Companies House, Cardiff, CF4 3UZ.
The directors are considered to be the ultimate controlling party.
9
Company information
Great Clothes Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 York Road, Leeds, West Yorkshire, LS9 9AA.