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Registered number: 08468020
I Dress Myself Ltd
Unaudited Financial Statements
For The Year Ended 30 April 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 08468020
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 5 91,883 113,508
91,883 113,508
CURRENT ASSETS
Stocks 29,436 27,503
Debtors 6 93,400 73,112
Cash at bank and in hand 43,939 54,521
166,775 155,136
Creditors: Amounts Falling Due Within One Year 7 (225,816 ) (198,304 )
NET CURRENT ASSETS (LIABILITIES) (59,041 ) (43,168 )
TOTAL ASSETS LESS CURRENT LIABILITIES 32,842 70,340
Creditors: Amounts Falling Due After More Than One Year 8 (8,658 ) (16,621 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (17,319 ) (15,272 )
NET ASSETS 6,865 38,447
CAPITAL AND RESERVES
Called up share capital 10 10
Profit and Loss Account 6,855 38,437
SHAREHOLDERS' FUNDS 6,865 38,447
Page 1
Page 2
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Dr Hannah Conway
Director
Mr Peter Conway
Director
27 January 2025
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
I Dress Myself Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 08468020 . The registered office is Unit 10 Vallis Mills Trading Estate, Robins Lane, Frome, BA11 3DT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Intangible Fixed Assets and Amortisation - Goodwill
Goodwill is the difference between amounts paid on the acquisition of a business and the fair value of the separable net assets. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 10% straight line
Plant & Machinery 25% reducing balance
Fixtures & Fittings 25% reducing balance
Computer Equipment 25% straight line
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
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Page 4
3. Average Number of Employees
2024 2023
Average number of employees, including directors 11 11
11 11
4. Intangible Assets
Goodwill
£
Cost
As at 1 May 2023 15,000
As at 30 April 2024 15,000
Amortisation
As at 1 May 2023 15,000
As at 30 April 2024 15,000
Net Book Value
As at 30 April 2024 -
As at 1 May 2023 -
5. Tangible Assets
Land & Property
Leasehold Plant & Machinery Fixtures & Fittings Computer Equipment Total
£ £ £ £ £
Cost
As at 1 May 2023 7,155 238,443 343 25,436 271,377
Additions - 3,368 - 3,200 6,568
As at 30 April 2024 7,155 241,811 343 28,636 277,945
Depreciation
As at 1 May 2023 537 141,447 238 15,647 157,869
Provided during the period 358 24,765 26 3,044 28,193
As at 30 April 2024 895 166,212 264 18,691 186,062
Net Book Value
As at 30 April 2024 6,260 75,599 79 9,945 91,883
As at 1 May 2023 6,618 96,996 105 9,789 113,508
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Page 5
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 76,957 62,576
Prepayments and accrued income 12,729 5,880
Other debtors 3,714 3,993
Corporation tax recoverable - 663
93,400 73,112
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 78,127 35,934
Bank loans and overdrafts 8,012 8,129
Corporation tax 17,602 17,813
Other taxes and social security 3,705 2,336
VAT 15,873 42,454
Other creditors 729 6,751
Capital grant 17,371 23,161
Accruals and deferred income 800 750
Directors' loan accounts 83,597 60,976
225,816 198,304
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 8,658 16,621
9. Other Commitments
The total of future minimum lease payments under non-cancellable operating leases are as following:
2024 2023
£ £
Not later than one year 30,000 27,000
Later than one year and not later than five years 18,375 48,375
48,375 75,375
10. Related Party Transactions
The directors maintained loan accounts with the company. The loans are interest free and repayable on demand. At the balance sheet date the amount due to the directors was £83,597 (2023: £60,976).
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