Registered number
09548508
Curtains and Linens Outlet Ltd
Filleted Accounts
for the year ended 31 March 2024
Curtains and Linens Outlet Ltd
Registered number: 09548508
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 42,233 51,791
Investments 4 120,000 120,000
162,233 171,791
Current assets
Stocks 215,194 78,082
Debtors 5 113,554 50,268
Cash at bank and in hand 1,260 1,784
330,008 130,134
Creditors: amounts falling due within one year 6 (429,050) (208,135)
Net current liabilities (99,042) (78,001)
Total assets less current liabilities 63,191 93,790
Creditors: amounts falling due after more than one year 7 (35,143) (76,252)
Provisions for liabilities (681) (681)
Net assets 27,367 16,857
Capital and reserves
Called up share capital 100 100
Profit and loss account 27,267 16,757
Shareholder's funds 27,367 16,857
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his 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.
Zulfiqar Hussain
Director
Approved by the board on 30 January 2025
Curtains and Linens Outlet Ltd
Notes to the Accounts
for the year ended 31 March 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 (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts . Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
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:
Furniture, fixture & equipment 20% reducing balance
Motor vehicles 20% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
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.
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.
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 3 3
3 Tangible fixed assets
Furniture, fixture & equipment Motor vehicles Total
£ £ £
Cost
At 1 April 2023 42,511 41,560 84,071
Additions 1,000 - 1,000
At 31 March 2024 43,511 41,560 85,071
Depreciation
At 1 April 2023 17,989 14,291 32,280
Charge for the year 5,104 5,454 10,558
At 31 March 2024 23,093 19,745 42,838
Net book value
At 31 March 2024 20,418 21,815 42,233
At 31 March 2023 24,522 27,269 51,791
4 Investments
Other
investments
£
Cost
At 1 April 2023 120,000
At 31 March 2024 120,000
5 Debtors 2024 2023
£ £
Trade debtors 113,554 50,268
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,000 9,000
Trade creditors 355,552 79,499
Taxation and social security costs 18,056 16,155
Other creditors 46,442 103,481
429,050 208,135
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 35,143 76,252
8 Other information
Curtains and Linens Outlet Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Battle House
1 East Barnet Road
New Barnet
Herts
EN4 8RR
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