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Registration number: 12092374

Get Stitched Embroidery Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Get Stitched Embroidery Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

Get Stitched Embroidery Ltd

Company Information

Director

Mr G S Cole

Registered office

Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

 

Get Stitched Embroidery Ltd

(Registration number: 12092374)
Balance Sheet as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

22,226

23,260

Current assets

 

Stocks

6

2,850

2,350

Debtors

7

6,236

6,561

Cash at bank and in hand

 

43

1,618

 

9,129

10,529

Creditors: Amounts falling due within one year

8

(72,122)

(44,236)

Net current liabilities

 

(62,993)

(33,707)

Total assets less current liabilities

 

(40,767)

(10,447)

Creditors: Amounts falling due after more than one year

8

(3,581)

(8,517)

Net liabilities

 

(44,348)

(18,964)

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

(44,448)

(19,064)

Total equity

 

(44,348)

(18,964)

For the financial year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

 

Get Stitched Embroidery Ltd

(Registration number: 12092374)
Balance Sheet as at 31 July 2024

Approved and authorised by the director on 29 January 2025
 

.........................................
Mr G S Cole
Director

   
     
 

Get Stitched Embroidery Ltd

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

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Llys Deri
Parc Pensarn
Carmarthen
SA31 2NF

These financial statements were authorised for issue by the director on 29 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Get Stitched Embroidery Ltd

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

2

Accounting policies (continued)

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

10% reducing balance

Fixtures and fittings

10% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Get Stitched Embroidery Ltd

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

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2023 - 3).

 

Get Stitched Embroidery Ltd

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

4

Loss before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

2,481

2,584

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Total
£

Cost or valuation

At 1 August 2023

1,083

30,410

31,493

Additions

-

1,447

1,447

At 31 July 2024

1,083

31,857

32,940

Depreciation

At 1 August 2023

333

7,900

8,233

Charge for the year

75

2,406

2,481

At 31 July 2024

408

10,306

10,714

Carrying amount

At 31 July 2024

675

21,551

22,226

At 31 July 2023

750

22,510

23,260

6

Stocks

2024
£

2023
£

Other inventories

2,850

2,350

7

Debtors

2024
£

2023
£

Trade debtors

5,494

2,711

Prepayments

742

3,850

6,236

6,561

 

Get Stitched Embroidery Ltd

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

10

5,401

6,626

Trade creditors

 

1,461

5,273

Taxation and social security

 

3,481

1,626

Other related parties

 

50,144

21,627

Director's loan account

11

3,126

2,427

Outstanding defined contribution pension costs

 

-

8

Other creditors

 

8,509

6,649

 

72,122

44,236

Due after one year

 

Loans and borrowings

10

3,581

8,517

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

3,581

8,517

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         
 

Get Stitched Embroidery Ltd

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

10

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

3,581

7,817

HP and finance lease liabilities

-

700

3,581

8,517

2024
£

2023
£

Current loans and borrowings

Bank borrowings

4,526

4,526

HP and finance lease liabilities

875

2,100

5,401

6,626

11

Related party transactions

Summary of transactions with other related parties

Traffic Management Design Wales Ltd and GC Construction Hire Ltd are related parties to the Company by virtue of common director and shareholder. The loans received by the company are interest free and are repayable on demand. As at the balance sheet date, the company owed Traffic Management Design Wales Ltd £39,427 (2023 : £17,027) and owed GC Construction Hire Ltd £10,717 (2023 : £4,600)