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COMPANY REGISTRATION NUMBER: 04598702
ABC Wedding Dresses Company Limited
Filleted Unaudited Financial Statements
For the period ended
31 May 2024
ABC Wedding Dresses Company Limited
Statement of Financial Position
31 May 2024
31 May 24
30 Nov 22
Note
£
£
£
Fixed assets
Tangible assets
5
559
658
Current assets
Stocks
20,250
20,175
Cash at bank and in hand
14,465
990
--------
--------
34,715
21,165
Creditors: amounts falling due within one year
6
78,760
80,271
--------
--------
Net current liabilities
44,045
59,106
--------
--------
Total assets less current liabilities
( 43,486)
( 58,448)
Creditors: amounts falling due after more than one year
7
2,672
6,001
--------
--------
Net liabilities
( 46,158)
( 64,449)
--------
--------
Capital and reserves
Called up share capital
8
16,101
16,101
Profit and loss account
( 62,259)
( 80,550)
--------
--------
Shareholders deficit
( 46,158)
( 64,449)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
ABC Wedding Dresses Company Limited
Statement of Financial Position (continued)
31 May 2024
These financial statements were approved by the board of directors and authorised for issue on 20 November 2024 , and are signed on behalf of the board by:
Mrs C Kendall
Director
Company registration number: 04598702
ABC Wedding Dresses Company Limited
Notes to the Financial Statements
Period from 1 December 2022 to 31 May 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Emporium, Bow Street, Langport, Somerset, TA10 9PQ. The principal place of business is ABC Wedding Dresses, Currywoods Way, Curry Rivel, Langport TA10 0NT.
2. Statement of compliance
These financial statements have been prepared in accordance with FRS 102 taking advantage of the disclosure exemptions of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
At the year end the company had net current liabilities of £44,045 and net liabilities of £46,158 and is therefore dependent on the continuing financial support of the directors and bankers to continue trading. There has been no indication from the directors or bankers that this support will not continue for the foreseeable future and the company is meeting its day to day liabilities as they fall due.
The directors have also reviewed the company's current trading position and believe that it has sufficient resources and is well placed to manage its business risks successfully despite the current economic outlook. After making enquiries, the directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future. Accordingly, the directors continue to adopt the going concern basis in preparing the accounts.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Computer Equipment
-
33% straight line
Fixtures & Fittings
-
10% reducing balance
Equipment
-
10% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price. Cost includes all costs of purchase and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 1 (2022: 1 ).
5. Tangible assets
Computer Equipment
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 December 2022 and 31 May 2024
309
2,629
1,560
4,498
----
-------
-------
-------
Depreciation
At 1 December 2022
309
2,292
1,239
3,840
Charge for the period
51
48
99
----
-------
-------
-------
At 31 May 2024
309
2,343
1,287
3,939
----
-------
-------
-------
Carrying amount
At 31 May 2024
286
273
559
----
-------
-------
-------
At 30 November 2022
337
321
658
----
-------
-------
-------
6. Creditors: amounts falling due within one year
31 May 24
30 Nov 22
£
£
Bank loans and overdrafts
2,219
2,163
Trade creditors
4,895
2,111
Other creditors
71,646
75,997
--------
--------
78,760
80,271
--------
--------
7. Creditors: amounts falling due after more than one year
31 May 24
30 Nov 22
£
£
Bank loans and overdrafts
2,672
6,001
-------
-------
A bounce back loan of £11,000 was taken in July 2020 which is repayable over 60 payments. Repayments were deferred and commenced in August 2021. Interest is charged at 2.5% with the first years interest being paid by the UK Government. The loan is guaranteed by the UK Government.
8. Called up share capital
Issued, called up and fully paid
31 May 24
30 Nov 22
No.
£
No.
£
Ordinary A shares of £ 1 each
16,100
16,100
16,100
16,100
Ordinary B shares of £ 1 each
1
1
1
1
--------
--------
--------
--------
16,101
16,101
16,101
16,101
--------
--------
--------
--------
9. Period of account
The company year end has changed from 30 November to 31 May so the current set of accounts have been prepared for the 18 months ending 31 May 2024. The comparatives shown are for 12 months of trading ending 30 November 2022.