Registered number
05688439
PROFESSIONAL TAILORS LIMITED
Unaudited Filleted Accounts
30 April 2024
API Partnership Ltd T/A Chandler & Georges
Chartered Accountants
75 Westow Hill
SE19 1TX
Tel: 0208 761 2213
www.cgca.co.uk
PROFESSIONAL TAILORS LIMITED
Registered number: 05688439
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 4 2,954 6,962
Current assets
Stocks 109 129
Debtors 5 8,816 875
Cash at bank and in hand 1,163 480
10,088 1,484
Creditors: amounts falling due within one year 6 (11,345) (5,358)
Net current liabilities (1,257) (3,874)
Total assets less current liabilities 1,697 3,088
Creditors: amounts falling due after more than one year 7 (1,612) (2,889)
Net assets 85 199
Capital and reserves
Called up share capital 10 10
Profit and loss account 75 189
Shareholders' funds 85 199
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Panayiota Neofitou
Director
Approved by the board on 8 April 2025
PROFESSIONAL TAILORS LIMITED
Notes to the Accounts
for the year ended 30 April 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.
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:
Plant and machinery 20% Reducing Balance
Land and buildings 2% Straight Line
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.
2 Government Grants
Government grants are recognised where there is reasonable assurance that the grant will be received, and all attached conditions will be complied with. When the grant relates to an expense item, it is recognised as income on a systematic basis over the periods that the related costs, for which it is intended to compensate, are expensed.

During the year the company benefited from receipts from the UK Government under the Coronavirus Job Retention Scheme (CJRS).

The company also benefited from the Coronavirus Business Interruption Loan Scheme (CBILS).
3 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 May 2023 6,167 4,433 10,600
Additions 2,120 - 2,120
Disposals (6,167) - (6,167)
At 30 April 2024 2,120 4,433 6,553
Depreciation
At 1 May 2023 248 3,390 3,638
Charge for the year - 209 209
On disposals (248) - (248)
At 30 April 2024 - 3,599 3,599
Net book value
At 30 April 2024 2,120 834 2,954
At 30 April 2023 5,919 1,043 6,962
5 Debtors 2024 2023
£ £
Other debtors 8,816 875
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,065 1,065
Trade creditors 2,475 1,931
Taxation and social security costs 625 685
Other creditors 7,180 1,677
11,345 5,358
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,612 2,889
8 Controlling party
The controlling party is Ms P Neofitou.
9 Other information
PROFESSIONAL TAILORS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
75 Westow Hill
Crystal Palace
London
SE19 1TX
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