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HIGH5 CLOTHING LIMITED

Registered Number
12690861
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

HIGH5 CLOTHING LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

MASTER, Irfan Yakubbhai Ismail

Registered Address

Unit 1, 338a St. Saviours Road
First Floor
Leicester
LE5 4HJ

Registered Number

12690861 (England and Wales)
HIGH5 CLOTHING LIMITED
Statement of Financial Position
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets320,90911,109
20,90911,109
Current assets
Stocks107,103107,103
Debtors222,23597,865
Cash at bank and on hand50,78913,559
380,127218,527
Creditors amounts falling due within one year(308,010)(233,037)
Net current assets (liabilities)72,117(14,510)
Total assets less current liabilities93,026(3,401)
Creditors amounts falling due after one year(15,994)(31,467)
Net assets77,032(34,868)
Capital and reserves
Called up share capital11
Profit and loss account77,031(34,869)
Shareholders' funds77,032(34,868)
The financial statements were approved and authorised for issue by the Director on 9 March 2025, and are signed on its behalf by:
MASTER, Irfan Yakubbhai Ismail
Director
Registered Company No. 12690861
HIGH5 CLOTHING LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.
Turnover policy
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.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
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.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Research and development
All research costs are expensed. Costs related to the development of products are capitalised when they meet the criteria stated in FRS 102, Section 18 Intangible assets other than Goodwill. All other development expenditure is recognised as an expense in the period in which it is incurred.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Plant and machinery6
Fixtures and fittings5
Office Equipment4
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year46
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 July 2317,228
Additions14,147
At 30 June 2431,375
Depreciation and impairment
At 01 July 236,119
Charge for year4,347
At 30 June 2410,466
Net book value
At 30 June 2420,909
At 30 June 2311,109