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REGISTERED NUMBER: 05032163 (England and Wales)















SO CHIC LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 MARCH 2024






SO CHIC LTD (REGISTERED NUMBER: 05032163)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


SO CHIC LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 30 MARCH 2024







DIRECTOR: Mr A Polycarpou





REGISTERED OFFICE: 93 Peascod Street
Windsor
Berkshire
SL4 1DH





REGISTERED NUMBER: 05032163 (England and Wales)





ACCOUNTANTS: Duncan & Toplis Limited
3rd Floor
Marlborough House
298 Regents Park Road
Finchley
London
N3 2SZ

SO CHIC LTD (REGISTERED NUMBER: 05032163)

BALANCE SHEET
30 MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,454 6,015

CURRENT ASSETS
Stocks 5 123,335 141,200
Debtors 6 90,087 22,913
Cash at bank 15,190 39,183
228,612 203,296
CREDITORS
Amounts falling due within one year 7 161,802 179,281
NET CURRENT ASSETS 66,810 24,015
TOTAL ASSETS LESS CURRENT LIABILITIES 68,264 30,030

CREDITORS
Amounts falling due after more than one year 8 (27,187 ) (32,763 )

PROVISIONS FOR LIABILITIES (364 ) (1,143 )
NET ASSETS/(LIABILITIES) 40,713 (3,876 )

CAPITAL AND RESERVES
Called up share capital 9 2 2
Retained earnings 40,711 (3,878 )
SHAREHOLDERS' FUNDS 40,713 (3,876 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the director and authorised for issue on 27 March 2025 and were signed by:





Mr A Polycarpou - Director


SO CHIC LTD (REGISTERED NUMBER: 05032163)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024

1. STATUTORY INFORMATION

So Chic Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Key source of estimation, uncertainty and judgement
The preparation of financial statements in conformity with generally accepted accounting practice requires management to make estimates and judgement that affect the reported amounts of assets and liabilities as well as the disclosure of contingent assets and liabilities at the balance sheet date and the reported amounts of revenues and expenses during the reporting period.

There is estimation uncertainty in calculating depreciation. A full line by line review of fixed assets is carried out by management regularly. Whilst every attempt is made to ensure that the depreciation policy is as accurate as possible, there remains a risk that the policy does not match the useful life of the assets.

There is estimation uncertainty in calculating deferred tax. A full line by line review of deferred tax is carried out by management regularly. Whilst every attempt is made to ensure that the deferred tax is accurate as possible, there remains a risk that the provisions do not match the actual tax liability when asset is disposed off.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - in accordance with the property
Fixtures and fittings - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument.

Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due.

Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts.

Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

SO CHIC LTD (REGISTERED NUMBER: 05032163)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 MARCH 2024

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short and
leasehold fittings Totals
£    £    £   
COST
At 31 March 2023
and 30 March 2024 39,255 55,094 94,349
DEPRECIATION
At 31 March 2023 35,179 53,155 88,334
Charge for year 4,076 485 4,561
At 30 March 2024 39,255 53,640 92,895
NET BOOK VALUE
At 30 March 2024 - 1,454 1,454
At 30 March 2023 4,076 1,939 6,015

5. STOCKS
2024 2023
£    £   
Stocks 123,335 141,200

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Other debtors 90,087 22,913

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 6,754 6,754
Trade creditors 67,975 85,745
Taxation and social security 24,427 21,996
Other creditors 62,646 64,786
161,802 179,281

Bank loans and overdrafts are secured by way of fixed and floating charges over the assets and undertaking of the company.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans 27,187 32,763

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 27,187 32,763

SO CHIC LTD (REGISTERED NUMBER: 05032163)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 MARCH 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2