Registered number
10769512
Somerset Bridal Ltd
Filleted Accounts
31 May 2024
Somerset Bridal Ltd
Registered number: 10769512
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 16,950 7,937
Current assets
Stocks 43,650 42,400
Debtors 5 14,882 34,808
Cash at bank and in hand 4,448 2,777
62,980 79,985
Creditors: amounts falling due within one year 6 (121,320) (88,575)
Net current liabilities (58,340) (8,590)
Total assets less current liabilities (41,390) (653)
Creditors: amounts falling due after more than one year 7 (7,000) (13,000)
Net liabilities (48,390) (13,653)
Capital and reserves
Called up share capital 100 100
Profit and loss account (48,490) (13,753)
Shareholders' funds (48,390) (13,653)
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 members have 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.
Deborah Shelley
Director
Approved by the board on 12 February 2025
Somerset Bridal Ltd
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).
Going concern
The accounts have been prepared by the director on a going concern basis, despite company having an excess of liabilities over total assets at 31st May 2024 of £48390 (2023 £13653). The director has confirmed that she will continue to provide the company with whatever financial support may be necessary to enable the company to meet its liabilities and commitments as they fall due within the forseeable future.
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:
Fixtures and fittings 25% 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.
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 10,000
At 31 May 2024 10,000
Amortisation
At 1 June 2023 10,000
At 31 May 2024 10,000
Net book value
At 31 May 2024 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 June 2023 23,172
Additions 14,663
At 31 May 2024 37,835
Depreciation
At 1 June 2023 15,235
Charge for the year 5,650
At 31 May 2024 20,885
Net book value
At 31 May 2024 16,950
At 31 May 2023 7,937
5 Debtors 2024 2023
£ £
Trade debtors 9,879 21,679
Amounts owed by group undertakings and undertakings in which the company has a participating interest 4,598 11,027
Other debtors 405 2,102
14,882 34,808
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 16,381 6,000
Trade creditors 42,454 42,836
Taxation and social security costs 1,542 4,721
Other creditors 60,943 35,018
121,320 88,575
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 7,000 13,000
8 Related party transactions
The director has an usecured, interest free current account with the company, repayable on demand. The amount due to the related party at 31st May 2024 was £58794 (2023 £33650).
9 Controlling party
The company is under the control of its director who is also the majority shareholder.
10 Other information
Somerset Bridal Ltd is a private company limited by shares and incorporated in England. Its registered office is:
47 Alcombe Road
Alcombe
Minehead
Somerset
TA24 6BB
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