2023-05-012024-04-302024-04-30false10720205SPATZWEAR 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SPATZWEAR LIMITED

Registered Number
10720205
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

SPATZWEAR LIMITED
Company Information
for the year from 1 May 2023 to 30 April 2024

Director

BARRAS, Thomas John

Registered Address

2nd Floor Blayds House
21 Blayds Yard
Leeds
LS1 4AD

Registered Number

10720205 (England and Wales)
SPATZWEAR LIMITED
Balance Sheet as at
30 April 2024

Notes

2024

2023

£

£

£

£

Current assets
Stocks3173,900232,055
Debtors437,88337,387
Cash at bank and on hand353,853204,050
565,636473,492
Creditors amounts falling due within one year5(121,071)(101,332)
Net current assets (liabilities)444,565372,160
Total assets less current liabilities444,565372,160
Net assets444,565372,160
Capital and reserves
Called up share capital100100
Share premium14,97614,976
Profit and loss account429,489357,084
Shareholders' funds444,565372,160
The financial statements were approved and authorised for issue by the Director on 31 January 2025, and are signed on its behalf by:
BARRAS, Thomas John
Director
Registered Company No. 10720205
SPATZWEAR LIMITED
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
2.Average number of employees

20242023
Average number of employees during the year22
3.Stocks

2024

2023

££
Finished goods173,900232,055
Total173,900232,055
4.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables22,39513,612
Other debtors15,48823,775
Total37,88337,387
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables62,72046,218
Amounts owed to related parties22,47324,487
Taxation and social security28,83825,292
Other creditors7,0404,308
Accrued liabilities and deferred income-1,027
Total121,071101,332