Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-292023-03-01falsetrue1212trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01762820 2023-03-01 2024-02-29 01762820 2022-03-01 2023-02-28 01762820 2024-02-29 01762820 2023-02-28 01762820 c:Director1 2023-03-01 2024-02-29 01762820 c:Director3 2023-03-01 2024-02-29 01762820 d:FurnitureFittings 2023-03-01 2024-02-29 01762820 d:ComputerEquipment 2023-03-01 2024-02-29 01762820 d:ComputerEquipment 2024-02-29 01762820 d:ComputerEquipment 2023-02-28 01762820 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01762820 d:OtherPropertyPlantEquipment 2023-03-01 2024-02-29 01762820 d:OtherPropertyPlantEquipment 2024-02-29 01762820 d:OtherPropertyPlantEquipment 2023-02-28 01762820 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01762820 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 01762820 d:CurrentFinancialInstruments 2024-02-29 01762820 d:CurrentFinancialInstruments 2023-02-28 01762820 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 01762820 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 01762820 d:ShareCapital 2024-02-29 01762820 d:ShareCapital 2023-02-28 01762820 d:RevaluationReserve 2024-02-29 01762820 d:RevaluationReserve 2023-02-28 01762820 d:RetainedEarningsAccumulatedLosses 2024-02-29 01762820 d:RetainedEarningsAccumulatedLosses 2023-02-28 01762820 d:AcceleratedTaxDepreciationDeferredTax 2024-02-29 01762820 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 01762820 d:OtherDeferredTax 2024-02-29 01762820 d:OtherDeferredTax 2023-02-28 01762820 c:OrdinaryShareClass1 2023-03-01 2024-02-29 01762820 c:OrdinaryShareClass1 2024-02-29 01762820 c:FRS102 2023-03-01 2024-02-29 01762820 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 01762820 c:FullAccounts 2023-03-01 2024-02-29 01762820 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 01762820 2 2023-03-01 2024-02-29 01762820 6 2023-03-01 2024-02-29 01762820 e:PoundSterling 2023-03-01 2024-02-29 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 01762820











G-7 CLOTHING LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
G-7 CLOTHING LIMITED
 

CONTENTS



Page
Balance Sheet
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 10


 
G-7 CLOTHING LIMITED
REGISTERED NUMBER: 01762820

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
12,059
11,261

Current assets
  

Stocks
 5 
353,672
204,729

Debtors: amounts falling due within one year
 6 
169,961
172,684

Current asset investments
  
-
10,027

Cash at bank and in hand
  
342,193
444,571

  
865,826
832,011

Creditors: amounts falling due within one year
 8 
(561,991)
(536,252)

Net current assets
  
 
 
303,835
 
 
295,759

Total assets less current liabilities
  
315,894
307,020

Provisions for liabilities
  

Deferred tax
  
(3,015)
(3,293)

Net assets
  
312,879
303,727


Capital and reserves
  

Called up share capital 
  
15,300
15,300

Revaluation reserve
  
-
1,431

Profit and loss account
  
297,579
286,996

  
312,879
303,727


Page 1

 
G-7 CLOTHING LIMITED
REGISTERED NUMBER: 01762820

BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by by: 




N N Shah
J Shah
Director
Director


Date: 1 December 2024

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
G-7 CLOTHING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


GENERAL INFORMATION

G-7 Clothing Limited is a private company, limited by shares, and incorporated in England and Wales. The
address of its registered office is 185 Commercial Road, London, E1 2DA.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts and value added tax.

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Fixtures, fittings and equipment
-
15%
reducing balance and 25% straight-line
Computer equipment
-
25%
reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 3

 
G-7 CLOTHING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.4

VALUATION OF INVESTMENTS

Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income.

 
2.5

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in Statement of Comprehensive Income.

 
2.6

FINANCIAL INSTRUMENTS

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102.

Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in
Page 4

 
G-7 CLOTHING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)


2.6
FINANCIAL INSTRUMENTS (continued)

the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

 
2.7

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. 

 
2.8

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

CREDITORS

Short-term creditors are measured at the transaction price. 

 
2.10

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. 
Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 5

 
G-7 CLOTHING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.11

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The company's functional and presentational currency is Pound Sterling (£).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in Statement of Comprehensive Income.

 
2.12

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.13

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to Statement of Comprehensive Income on a straight-line basis over the lease term.

 
2.14

PENSIONS

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.15

INTEREST INCOME

Interest income is recognised in Statement of Comprehensive Income using the effective interest method.

Page 6

 
G-7 CLOTHING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.ACCOUNTING POLICIES (CONTINUED)

 
2.16

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in Statement of Comprehensive Income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.



3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 12 (2023 - 12).

Page 7

 
G-7 CLOTHING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


TANGIBLE FIXED ASSETS







Other fixed assets
Computer equipment
Total

£
£
£



Cost or valuation


At 1 March 2023
32,012
8,079
40,091


Additions
2,960
954
3,914


Disposals
(1,043)
(1,042)
(2,085)



At 29 February 2024

33,929
7,991
41,920



Depreciation


At 1 March 2023
25,095
3,735
28,830


Charge for the year on owned assets
1,482
1,324
2,806


Disposals
(924)
(851)
(1,775)



At 29 February 2024

25,653
4,208
29,861



Net book value



At 29 February 2024
8,276
3,783
12,059



At 28 February 2023
6,917
4,344
11,261


5.


STOCKS

29 February
28 February
2024
2023
£
£

Finished goods and goods for resale
353,672
204,729


Page 8

 
G-7 CLOTHING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


DEBTORS

29 February
28 February
2024
2023
£
£


Trade debtors
135,944
142,605

Other debtors
20,790
13,092

Prepayments and accrued income
13,227
16,987

169,961
172,684



7.


CURRENT ASSET INVESTMENTS

29 February
28 February
2024
2023
£
£

Listed investments
-
10,027



8.


CREDITORS: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Trade creditors
293,088
292,186

Corporation tax
149,204
113,361

Other taxation and social security
108,806
112,151

Other creditors
3,149
7,811

Accruals and deferred income
7,744
10,743

561,991
536,252



9.


DEFERRED TAXATION






2024


£






At beginning of year
(3,293)


Charged to profit or loss
278



At end of year
(3,015)

Page 9

 
G-7 CLOTHING LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
 
9.DEFERRED TAXATION (CONTINUED)

The provision for deferred taxation is made up as follows:

29 February
28 February
2024
2023
£
£


Accelerated capital allowances
(3,015)
(2,815)

Fair value gain on listed investments
-
(478)

(3,015)
(3,293)


10.


SHARE CAPITAL

29 February
28 February
2024
2023
£
£
Allotted, called up and fully paid



15,300 Ordinary shares of £1 each
15,300
15,300



11.


PENSION COMMITMENTS

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £4,511 (2023 - £4,346). Contributions totalling £806 (2023 - £764) were payable to the fund at the balance sheet date.


12.


COMMITMENTS UNDER OPERATING LEASES

During the year £57,000 (2023 - £57,000) was recognised as an expense in the statement of income and retained earnings in respect of operating leases.



13.


RELATED PARTY TRANSACTIONS

The amount owed to the directors at the balance sheet date was £1,275 (2023 - £1,275).


Page 10