Company registration number 06024375 (England and Wales)
THE RAGGED TROUSERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
THE RAGGED TROUSERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
THE RAGGED TROUSERS LIMITED (REGISTERED NUMBER: 06024375)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
41,752
32,312
Current assets
Stocks
12,563
9,993
Debtors
4
111,700
25,637
Cash at bank and in hand
112,520
166,768
236,783
202,398
Creditors: amounts falling due within one year
5
(229,688)
(167,545)
Net current assets
7,095
34,853
Total assets less current liabilities
48,847
67,165
Creditors: amounts falling due after more than one year
6
(12,489)
(22,683)
Net assets
36,358
44,482
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
36,258
44,382
Total equity
36,358
44,482
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
THE RAGGED TROUSERS LIMITED (REGISTERED NUMBER: 06024375)
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 February 2025 and are signed on its behalf by:
R Simm
Director
THE RAGGED TROUSERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information
The Ragged Trousers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 10 Upper Grosvenor Road, Tunbridge Wells, England, TN1 2EP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover representing food and bar sales provided in the normal course of business and is recognised at the fair value of the consideration received and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
20% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Stocks
Stocks are valued at the lower of cost and net realisable value.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
THE RAGGED TROUSERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
15
12
3
Tangible fixed assets
Fixtures, fittings & equipment
£
Cost
At 1 April 2023
93,666
Additions
17,756
At 31 March 2024
111,422
Depreciation and impairment
At 1 April 2023
61,354
Depreciation charged in the year
8,316
At 31 March 2024
69,670
Carrying amount
At 31 March 2024
41,752
At 31 March 2023
32,312
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Other debtors
111,700
25,637
THE RAGGED TROUSERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9,950
9,706
Trade creditors
27,324
13,918
Taxation and social security
33,054
36,435
Other creditors
159,360
107,486
229,688
167,545
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
12,489
22,683
7
Financial commitments, guarantees and contingent liabilities
During the COVID pandemic, the company borrowed £50,000 from its bankers for a Bounce Back Loan. As part of this loan scheme, the UK government has guaranteed the advances and will pay the interest and fees due for the first 12 months. As at 31 March 2024 the balance outstanding on this loan was £22,439 (2023: £32,389).