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REGISTERED NUMBER: 08607640 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 July 2024

for

Graduation Attire Limited

Graduation Attire Limited (Registered number: 08607640)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Graduation Attire Limited

Company Information
for the Year Ended 31 July 2024







DIRECTOR: M A Lewis





REGISTERED OFFICE: 119 Wendover Drive
Bedford
MK41 9SS





REGISTERED NUMBER: 08607640 (England and Wales)





ACCOUNTANTS: Godfrey Laws & Co Limited
65 Knowl Piece
Wilbury Way
Hitchin
Hertfordshire
SG4 0TY

Graduation Attire Limited (Registered number: 08607640)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 93,003 81,746
Tangible assets 5 1,459,823 936,340
Investments 6 27,666 27,666
1,580,492 1,045,752

CURRENT ASSETS
Stocks 446,285 160,352
Debtors 7 370,694 351,863
Cash at bank and in hand 684,356 822,920
1,501,335 1,335,135
CREDITORS
Amounts falling due within one year 8 1,796,986 1,468,470
NET CURRENT LIABILITIES (295,651 ) (133,335 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,284,841

912,417

CREDITORS
Amounts falling due after more than one
year

9

(636,427

)

(477,111

)

PROVISIONS FOR LIABILITIES (101,535 ) (81,358 )
NET ASSETS 546,879 353,948

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 546,779 353,848
SHAREHOLDERS' FUNDS 546,879 353,948

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Graduation Attire Limited (Registered number: 08607640)

Balance Sheet - continued
31 July 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 29 October 2024 and were signed by:





M A Lewis - Director


Graduation Attire Limited (Registered number: 08607640)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Graduation Attire Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Graduation Attire Limited (Registered number: 08607640)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 61 (2023 - 84 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 August 2023 140,812
Additions 40,800
At 31 July 2024 181,612
AMORTISATION
At 1 August 2023 59,066
Charge for year 29,543
At 31 July 2024 88,609
NET BOOK VALUE
At 31 July 2024 93,003
At 31 July 2023 81,746

Graduation Attire Limited (Registered number: 08607640)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 August 2023 1,300,423
Additions 785,006
At 31 July 2024 2,085,429
DEPRECIATION
At 1 August 2023 364,083
Charge for year 261,523
At 31 July 2024 625,606
NET BOOK VALUE
At 31 July 2024 1,459,823
At 31 July 2023 936,340

Fixed assets, included in the above, which are held under hire purchase contracts and finance leases are as follows:

Plant and
machinery
etc
£   
COST
At 1 August 2023
and 31 July 2024 183,339
DEPRECIATION
At 1 August 2023 10,185
Charge for year 61,113
At 31 July 2024 71,298
NET BOOK VALUE
At 31 July 2024 112,041
At 31 July 2023 173,154

Graduation Attire Limited (Registered number: 08607640)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 August 2023
and 31 July 2024 27,666
NET BOOK VALUE
At 31 July 2024 27,666
At 31 July 2023 27,666

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 62,632 153,866
Other debtors 308,062 197,997
370,694 351,863

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Bank loans and overdrafts 9,747 8,826
Hire purchase contracts and finance leases (see note 10)
289,442

218,479
Trade creditors 471,600 355,333
Taxation and social security 299,688 331,627
Other creditors 726,509 554,205
1,796,986 1,468,470

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.7.24 31.7.23
£    £   
Bank loans 41,368 51,115
Hire purchase contracts and finance leases (see note 10)
515,369

337,147
Other creditors 79,690 88,849
636,427 477,111

Amounts falling due in more than five years:

Repayable by instalments
Other loans more 5yrs instal 48,000 63,000

Graduation Attire Limited (Registered number: 08607640)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts Finance leases
31.7.24 31.7.23 31.7.24 31.7.23
£    £    £    £   
Net obligations repayable:
Within one year 136,204 218,479 153,238 -
Between one and five years 69,435 337,147 445,934 -
205,639 555,626 599,172 -

11. SECURED DEBTS

The following secured debts are included within creditors:

31.7.24 31.7.23
£    £   
Bank loans 51,115 59,941
Hire purchase contracts and finance leases 804,811 555,626
855,926 615,567

Lloyds Bank PLC holds a fixed and floating charge to cover all property or undertaking of the company. The charge contains a negative pledge.

12. OTHER FINANCIAL COMMITMENTS

Total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £436,603 (2023: £500,292) and are in relation to commitments under operating leases.

13. ULTIMATE CONTROLLING PARTY

The controlling party is M A Lewis.