True Fashion Limited |
Registered number: |
08071824 |
Balance Sheet |
as at 31 May 2024 |
|
Notes |
|
|
2024 |
|
|
2023 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
894 |
|
|
1,944 |
|
Current assets |
Stocks |
|
|
54,144 |
|
|
80,000 |
Debtors |
4 |
|
55,813 |
|
|
54,777 |
Cash at bank and in hand |
|
|
59,428 |
|
|
181,475 |
|
|
|
169,385 |
|
|
316,252 |
|
Creditors: amounts falling due within one year |
5 |
|
(309,793) |
|
|
(308,018) |
|
Net current (liabilities)/assets |
|
|
|
(140,408) |
|
|
8,234 |
|
Total assets less current liabilities |
|
|
|
(139,514) |
|
|
10,178 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(14,167) |
|
|
(24,167) |
|
|
|
Net liabilities |
|
|
|
(153,681) |
|
|
(13,989) |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
100 |
|
|
100 |
Profit and loss account |
|
|
|
(153,781) |
|
|
(14,089) |
|
Shareholder's funds |
|
|
|
(153,681) |
|
|
(13,989) |
|
|
|
|
|
|
|
|
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 her 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. |
|
|
|
|
M Chopra |
Director |
Approved by the board on 13 February 2025 |
|
True Fashion Limited |
Notes to the Accounts |
for the year ended 31 May 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). The company is insolvent due to an exceptional circumstance. However, this expenditure is funded by the director and the company continues to trade with its directors support. |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of value added taxes. 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: |
|
|
Fixtures, fittings and equipment |
15% 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. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price).. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. 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. 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. All differences are charged to profit or loss. |
|
|
2 |
Employees |
2024 |
|
2023 |
Number |
Number |
|
|
Average number of persons employed by the company |
4 |
|
4 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Plant and machinery etc |
£ |
|
Cost |
|
At 1 June 2023 |
6,216 |
|
Additions |
(4,259) |
|
At 31 May 2024 |
1,957 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 June 2023 |
4,272 |
|
Charge for the year |
158 |
|
On disposals |
(3,367) |
|
At 31 May 2024 |
1,063 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 May 2024 |
894 |
|
At 31 May 2023 |
1,944 |
|
|
4 |
Debtors |
2024 |
|
2023 |
£ |
£ |
|
|
Trade debtors |
28,752 |
|
42,716 |
|
Other debtors |
27,061 |
|
12,061 |
|
|
|
|
|
|
55,813 |
|
54,777 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans and overdrafts |
35,005 |
|
30,000 |
|
Trade creditors |
105,819 |
|
231,324 |
|
Taxation and social security costs |
2,931 |
|
28,880 |
|
Other creditors |
166,038 |
|
17,814 |
|
|
|
|
|
|
309,793 |
|
308,018 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2024 |
|
2023 |
£ |
£ |
|
|
Bank loans |
14,167 |
|
24,167 |
|
|
|
|
|
|
|
|
|
|
7 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
£ |
£ |
£ |
£ |
|
Moneisha Chopra |
|
Directors loan account |
17,814 |
|
(3,740) |
|
151,964 |
|
166,038 |
|
|
|
17,814 |
|
(3,740) |
|
151,964 |
|
166,038 |
|
|
|
|
|
|
|
|
|
|
8 |
Controlling party |
|
|
The company was controlled by the director. |
|
|
9 |
Other information |
|
|
True Fashion Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
|
5 Beamish Close |
|
Appleton |
|
Warrington |
|
WA14 5RJ |