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Registered number: 07653002
Feather & Stitch Limited
Financial Statements
For The Year Ended 30 June 2024
Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 07653002
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 581 776
581 776
CURRENT ASSETS
Stocks 5 129,000 126,016
Debtors 6 132,746 125,239
Cash at bank and in hand 29,377 46,325
291,123 297,580
Creditors: Amounts Falling Due Within One Year 7 (271,902 ) (209,496 )
NET CURRENT ASSETS (LIABILITIES) 19,221 88,084
TOTAL ASSETS LESS CURRENT LIABILITIES 19,802 88,860
Creditors: Amounts Falling Due After More Than One Year 8 (10,107 ) (20,098 )
NET ASSETS 9,695 68,762
CAPITAL AND RESERVES
Called up share capital 10 1 1
Profit and Loss Account 9,694 68,761
SHAREHOLDERS' FUNDS 9,695 68,762
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For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mrs F E Sanderson
Director
14 March 2025
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Feather & Stitch Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07653002 . The registered office is Yew Tree House, Lewes Road, Forest Row, East Sussex, RH18 5AA.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. Dividends
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 3 (2023: 2)
3 2
4. Tangible Assets
Fixtures & Fittings
£
Cost
As at 1 July 2023 20,850
As at 30 June 2024 20,850
Depreciation
As at 1 July 2023 20,074
Provided during the period 195
As at 30 June 2024 20,269
Net Book Value
As at 30 June 2024 581
As at 1 July 2023 776
5. Stocks
2024 2023
£ £
Finished goods 129,000 126,016
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 1 4,026
Other debtors 129,945 121,213
129,946 125,239
Due after more than one year
Other debtors 2,800 -
2,800 -
132,746 125,239
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7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 185,158 115,787
Bank loans and overdrafts 10,648 14,892
Other creditors 2,834 3,883
Taxation and social security 73,262 74,934
271,902 209,496
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 10,107 20,098
10,107 20,098
9. Loans
An analysis of the maturity of loans is given below:
2024 2023
£ £
Amounts falling due within one year or on demand:
Bank loans 10,648 10,648
10,648 10,648
2024 2023
£ £
Amounts falling due between one and five years:
Bank loans 10,107 20,098
10,107 20,098
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
11. Directors Advances, Credits and Guarantees
Included in other debtors due within one year is a loan to the director, Ms F E Sanderson amounting to £110,825 (2023 - £88,041).
Interest has been charged at the H.M. Revenue and Customs official rate.
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12. Controlling Parties
The company's controlling party is its director, Ms F E Sanderson, by virtue of their interest in the share capital of the company.
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