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Company No: 08132455 (England and Wales)

THE MEWS BRIDAL GOWNS LTD

Unaudited Financial Statements
For the financial year ended 30 June 2024
Pages for filing with the registrar

THE MEWS BRIDAL GOWNS LTD

Unaudited Financial Statements

For the financial year ended 30 June 2024

Contents

THE MEWS BRIDAL GOWNS LTD

BALANCE SHEET

As at 30 June 2024
THE MEWS BRIDAL GOWNS LTD

BALANCE SHEET (continued)

As at 30 June 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 4 18,702 25,725
18,702 25,725
Current assets
Stocks 5 194,229 277,148
Debtors 6 29,493 52,724
Cash at bank and in hand 11,510 33,021
235,232 362,893
Creditors: amounts falling due within one year 7 ( 108,454) ( 116,963)
Net current assets 126,778 245,930
Total assets less current liabilities 145,480 271,655
Creditors: amounts falling due after more than one year 8 ( 10,238) ( 25,363)
Provision for liabilities ( 2,674) ( 3,128)
Net assets 132,568 243,164
Capital and reserves
Called-up share capital 102 102
Profit and loss account 132,466 243,062
Total shareholders' funds 132,568 243,164

For the financial 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.

Directors' responsibilities:

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of The Mews Bridal Gowns Ltd (registered number: 08132455) were approved and authorised for issue by the Board of Directors on 20 January 2025. They were signed on its behalf by:

G E Crispin
Director
THE MEWS BRIDAL GOWNS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
THE MEWS BRIDAL GOWNS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 30 June 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Mews Bridal Gowns Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Goodwood House, Blackbrook Park Avenue, Taunton, TA1 2PX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods 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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill 10 years straight line
Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements 8 years straight line
Plant and machinery 15 % reducing balance
Office equipment 15 % reducing balance
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 12

3. Intangible assets

Goodwill Total
£ £
Cost
At 01 July 2023 70,000 70,000
At 30 June 2024 70,000 70,000
Accumulated amortisation
At 01 July 2023 70,000 70,000
At 30 June 2024 70,000 70,000
Net book value
At 30 June 2024 0 0
At 30 June 2023 0 0

4. Tangible assets

Leasehold improve-
ments
Plant and machinery Office equipment Computer equipment Total
£ £ £ £ £
Cost
At 01 July 2023 37,066 1,740 46,126 9,198 94,130
At 30 June 2024 37,066 1,740 46,126 9,198 94,130
Accumulated depreciation
At 01 July 2023 27,799 675 31,004 8,927 68,405
Charge for the financial year 4,633 160 1,980 250 7,023
At 30 June 2024 32,432 835 32,984 9,177 75,428
Net book value
At 30 June 2024 4,634 905 13,142 21 18,702
At 30 June 2023 9,267 1,065 15,122 271 25,725

5. Stocks

2024 2023
£ £
Stocks 194,229 277,148

6. Debtors

2024 2023
£ £
Trade debtors 713 8,781
Other debtors 28,780 43,943
29,493 52,724

7. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans and overdrafts (secured) 47,639 25,174
Taxation and social security 43,199 71,805
Other creditors 17,616 19,984
108,454 116,963

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Other creditors 10,238 25,363

Within other creditors are two bank loans which are secured.

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Mrs G E Crispin 405 10,193

Advances

The Directors loan accounts are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.

At 1 July 2023, the balance owed by the director was £10,193. During the year, £22,416 was advanced to the director, and £32,204 was repaid by the director. At 30 June 2024, the balance owed by the director was £405.

At 1 July 2022, the balance owed by the director was £4,892. During the year, £55,754 was advanced to the director, and £50,453 was repaid by the director . At 30 June 2023, the balance owed by the director was £10,193.