Registered number
02980778
Clothing Solutions Limited
Report and Accounts
30 October 2024
Accountancy 4 Success Limited
Accountants and Business Advisors
33 Wolverhampton Road
Cannock
Staffordshire
WS11 1AP
Clothing Solutions Limited
Registered number: 02980778
Balance Sheet
as at 30 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 612,781 612,873
Current assets
Cash at bank and in hand 4,650 2,475
Creditors: amounts falling due within one year 4 (465,612) (448,406)
Net current liabilities (460,962) (445,931)
Total assets less current liabilities 151,819 166,942
Creditors: amounts falling due after more than one year 5 - (3,474)
Provisions for liabilities (25,650) (25,650)
Net assets 126,169 137,818
Capital and reserves
Called up share capital 2 2
Revaluation reserve 6 135,000 135,000
Profit and loss account (8,833) 2,816
Shareholders' funds 126,169 137,818
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J W Bell
Director
Approved by the board on 12 December 2024
Clothing Solutions Limited
Notes to the Accounts
for the year ended 30 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
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 and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Land and property Nil
Plant and machinery 33% reducing balance
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 31 October 2023 612,596 416 613,012
At 30 October 2024 612,596 416 613,012
Depreciation
At 31 October 2023 - 139 139
Charge for the year - 92 92
At 30 October 2024 - 231 231
Net book value
At 30 October 2024 612,596 185 612,781
At 30 October 2023 612,596 277 612,873
On 5 August 2020 the property was revalued by Messrs Bruton Knowles LLP, chartered surveyors at £605,000.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 2,001
Corporation tax - 3,759
Other taxes and social security costs 1,183 2,963
Other creditors 464,429 439,683
465,612 448,406
5 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 3,474
6 Revaluation reserve 2024 2023
£ £
At 31 October 2023 135,000 135,000
At 30 October 2024 135,000 135,000
7 Related party transactions
There are no related party transactions.
8 Controlling party
The company is controlled by its directors who are the shareholders.
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