Registered number
08585336
STYLEX PARTY & GIFT SHOP LTD
Filleted Accounts
30 June 2024
STYLEX PARTY & GIFT SHOP LTD
Registered number: 08585336
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 498 622
Current assets
Stocks 97,289 92,289
Debtors 4 8,873 8,873
Cash at bank and in hand 79,202 70,178
185,364 171,340
Creditors: amounts falling due within one year 5 (129,209) (108,964)
Net current assets 56,155 62,376
Total assets less current liabilities 56,653 62,998
Creditors: amounts falling due after more than one year 6 (29,169) (34,689)
Net assets 27,484 28,309
Capital and reserves
Called up share capital 100 100
Profit and loss account 27,384 28,209
Shareholders' funds 27,484 28,309
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.
Miranjan Safi
Director
Approved by the board on 3 October 2024
STYLEX PARTY & GIFT SHOP LTD
Notes to the Accounts
for the year ended 30 June 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 and 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:
Plant and machinery 20% RBM
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 5 5
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 3,924
At 30 June 2024 3,924
Depreciation
At 1 July 2023 3,302
Charge for the year 124
At 30 June 2024 3,426
Net book value
At 30 June 2024 498
At 30 June 2023 622
4 Debtors 2024 2023
£ £
Prepayments and accrued income 8,073 8,073
Other debtors 800 800
8,873 8,873
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 6,490 6,490
Trade creditors 24,073 7,167
Amounts owed to group undertakings and undertakings in which the company has a participating interest 734 734
Taxation and social security costs 6,885 7,584
Director's loan account 78,462 64,155
Other creditors 12,565 22,834
129,209 108,964
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 29,169 34,689
7 Other information
STYLEX PARTY & GIFT SHOP LTD is a private company limited by shares and incorporated in England. Its registered office is:
4 Wangey Road
Romford
RM6 4DD
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