Registered number
12929458
Blindin'suits Limited
Filleted Accounts
31 May 2024
Blindin'suits Limited
Registered number: 12929458
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 110 440
Tangible assets 4 2,095 2,794
2,205 3,234
Current assets
Stocks 17,000 20,500
Debtors 5 9,520 1,276
Cash at bank and in hand 878 708
27,398 22,484
Creditors: amounts falling due within one year 6 (31,022) (31,351)
Net current liabilities (3,624) (8,867)
Net liabilities (1,419) (5,633)
Capital and reserves
Called up share capital 2 2
Profit and loss account (1,421) (5,635)
Shareholder's funds (1,419) (5,633)
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.
Deborah Shelley
Director
Approved by the board on 12 February 2025
Blindin'suits 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).
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 £1419 (2023 defecit £5633). 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.
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:
Leasehold imorovements 20% straight line
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 June 2023 1,320
At 31 May 2024 1,320
Amortisation
At 1 June 2023 880
Provided during the year 330
At 31 May 2024 1,210
Net book value
At 31 May 2024 110
At 31 May 2023 440
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 June 2023 5,962
At 31 May 2024 5,962
Depreciation
At 1 June 2023 3,168
Charge for the year 699
At 31 May 2024 3,867
Net book value
At 31 May 2024 2,095
At 31 May 2023 2,794
5 Debtors 2024 2023
£ £
Trade debtors 8,687 -
Other debtors 833 1,276
9,520 1,276
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 20,180 -
Trade creditors 2,307 -
Amounts owed to group undertakings and undertakings in which the company has a participating interest 4,598 11,027
Taxation and social security costs 2,569 2,214
Other creditors 1,368 18,110
31,022 31,351
7 Related party transactions
The director has an usecured, interest free current account with the company, repayable on demand. The amount due to the related parties at 31st May 2024 was £NIL (2023 £33650).
8 Controlling party
The company is under the control of Deborah Shelley, the sole director and shareholder.
9 Other information
Blindin'suits Limited is a private company limited by shares and incorporated in England. Its registered office is:
59 The Avenue
Minehead
Somerset
TA24 5BB
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