Registered number
12710759
The Suit Makers Limited
Filleted Accounts
31 July 2024
The Suit Makers Limited
Registered number: 12710759
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Current assets
Stocks 10,350 30,930
Cash at bank and in hand 17,414 6,653
27,764 37,583
Creditors: amounts falling due within one year 3 (11,897) (8,558)
Net current assets 15,867 29,025
Net assets 15,867 29,025
Capital and reserves
Called up share capital 100 100
Profit and loss account 15,767 28,925
Shareholder's funds 15,867 29,025
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 his 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.
Mr Sheikh Baber Ali
Director
Approved by the board on 11 February 2025
The Suit Makers Limited
Notes to the Accounts
for the year ended 31 July 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 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:
Freehold buildings na
Leasehold land and buildings na
Plant and machinery na
Fixtures, fittings, tools and equipment na
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
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 1 1
3 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 11,439 8,192
Other creditors 458 366
11,897 8,558
4 Controlling party
Mr Sheikh Baber Ali has a controlling interest in the company by the virtue of his 100% holding of the ordinary shares of the company.
5 Other information
The Suit Makers Limited is a private company limited by shares and incorporated in England. Its registered office is:
271 Adswood Road
Stockport
SK3 8PA
The Suit Makers Limited 12710759 false 2023-08-01 2024-07-31 2024-07-31 VT Final Accounts July 2024 Mr Sheikh Baber Ali No description of principal activity 12710759 2022-08-01 2023-07-31 12710759 core:WithinOneYear 2023-07-31 12710759 core:ShareCapital 2023-07-31 12710759 core:RetainedEarningsAccumulatedLosses 2023-07-31 12710759 2023-08-01 2024-07-31 12710759 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 12710759 bus:AuditExempt-NoAccountantsReport 2023-08-01 2024-07-31 12710759 bus:Director40 2023-08-01 2024-07-31 12710759 1 2023-08-01 2024-07-31 12710759 2 2023-08-01 2024-07-31 12710759 countries:England 2023-08-01 2024-07-31 12710759 bus:FRS102 2023-08-01 2024-07-31 12710759 bus:FilletedAccounts 2023-08-01 2024-07-31 12710759 2024-07-31 12710759 core:WithinOneYear 2024-07-31 12710759 core:ShareCapital 2024-07-31 12710759 core:RetainedEarningsAccumulatedLosses 2024-07-31 12710759 2023-07-31 iso4217:GBP xbrli:pure