Registered number
07774920
BANG TIDY CLOTHING LTD
Filleted Accounts
29 September 2023
BANG TIDY CLOTHING LTD
Registered number: 07774920
Balance Sheet
as at 29 September 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 162,616 154,338
Current assets
Stocks 236,086 151,086
Debtors 4 28,170 30,035
Cash at bank and in hand 2,480 6,520
266,736 187,641
Creditors: amounts falling due within one year 5 (332,777) (246,563)
Net current liabilities (66,041) (58,922)
Total assets less current liabilities 96,575 95,416
Creditors: amounts falling due after more than one year 6 (24,090) (30,000)
Net assets 72,485 65,416
Capital and reserves
Called up share capital 170 170
Profit and loss account 72,315 65,246
Shareholders' funds 72,485 65,416
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.
Nicholas Collinson
Director
Approved by the board on 14 February 2025
BANG TIDY CLOTHING LTD
Notes to the Accounts
for the period from 1 October 2022 to 29 September 2023
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 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 15 16
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 October 2022 38,174 278,937 317,111
Additions - 35,963 35,963
Disposals - (24,712) (24,712)
At 29 September 2023 38,174 290,188 328,362
Depreciation
At 1 October 2022 - 162,773 162,773
Charge for the period - 21,961 21,961
On disposals - (18,988) (18,988)
At 29 September 2023 - 165,746 165,746
Net book value
At 29 September 2023 38,174 124,442 162,616
At 30 September 2022 38,174 116,164 154,338
4 Debtors 2023 2022
£ £
Trade debtors 6,120 8,239
Other debtors 22,050 21,796
28,170 30,035
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 30,319 29,486
Trade creditors 127,640 89,716
Other taxes and social security costs 78,276 126,463
Other creditors 96,542 898
332,777 246,563
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 24,090 30,000
7 Controlling party
The company is controlled by Rachel Collinson on account of shareholding and voting rights.
8 Other information
BANG TIDY CLOTHING LTD is a private company limited by shares and incorporated in England. Its registered office is:
Unit 6 Welland Close
Parkwood Industrial Estate
Sheffield
South Yorkshire
S3 9QY
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