Caseware UK (AP4) 2024.0.164 2024.0.164 2025-03-312025-03-31false12024-04-01falseResale of used clothes1truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08721533 2024-04-01 2025-03-31 08721533 2023-04-01 2024-03-31 08721533 2025-03-31 08721533 2024-03-31 08721533 c:Director1 2024-04-01 2025-03-31 08721533 c:RegisteredOffice 2024-04-01 2025-03-31 08721533 d:ComputerEquipment 2024-04-01 2025-03-31 08721533 d:ComputerEquipment 2025-03-31 08721533 d:ComputerEquipment 2024-03-31 08721533 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-04-01 2025-03-31 08721533 d:CurrentFinancialInstruments 2025-03-31 08721533 d:CurrentFinancialInstruments 2024-03-31 08721533 d:CurrentFinancialInstruments d:WithinOneYear 2025-03-31 08721533 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 08721533 d:ShareCapital 2025-03-31 08721533 d:ShareCapital 2024-03-31 08721533 d:RetainedEarningsAccumulatedLosses 2025-03-31 08721533 d:RetainedEarningsAccumulatedLosses 2024-03-31 08721533 c:FRS102 2024-04-01 2025-03-31 08721533 c:AuditExempt-NoAccountantsReport 2024-04-01 2025-03-31 08721533 c:FullAccounts 2024-04-01 2025-03-31 08721533 c:PrivateLimitedCompanyLtd 2024-04-01 2025-03-31 08721533 e:PoundSterling 2024-04-01 2025-03-31 iso4217:GBP xbrli:pure
Registered number: 08721533














CLOSET UPGRADE LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

 
CLOSET UPGRADE LIMITED
 
 
COMPANY INFORMATION


Director
G F Hershkorn 




Registered number
08721533



Registered office
Imperial Court
Prince Albert Road

London

United Kingdom

NW8 7PT




Accountants
Sopher + Co LLP
Chartered Accountants

5 Elstree Gate

Elstree Way

Borehamwood

Hertfordshire

WD6 1JD





 
CLOSET UPGRADE LIMITED
 

CONTENTS



Page
Statement of Financial Position
 
 
1 - 2
Notes to the Financial Statements
 
 
3 - 7


 
CLOSET UPGRADE LIMITED
REGISTERED NUMBER:08721533

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2025

2025
2024
Note
£
£

Fixed assets
  

Tangible assets
 4 
457
707

Current assets
  

Debtors: amounts falling due within one year
 5 
6,622
4,509

Cash at bank and in hand
  
19,013
45,872

  
25,635
50,381

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(17,282)
(11,524)

Net current assets
  
 
 
8,353
 
 
38,857

Total assets less current liabilities
  
8,810
39,564

Provisions for liabilities
  

Deferred tax
  
(114)
(187)

Net assets
  
8,696
39,377


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
8,596
39,277

  
8,696
39,377


Page 1

 
CLOSET UPGRADE LIMITED
REGISTERED NUMBER:08721533
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2025

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 2 June 2025.


G F Hershkorn
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
CLOSET UPGRADE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

1.


General information

Closet Upgrade Limited is a private company limited by shares incorporated in England and Wales. The registered office is Imperial Court, Prince Albert Road, London, United Kingdom, NW8 7PT.                              
The principal activity of the company continued to be that of resale of used clothes.
The Company's functional and presentational currency is £ sterling.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax. Turnover is recognised at point of sale.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
CLOSET UPGRADE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)


2.6
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Computer equipment
-
33%
on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 4

 
CLOSET UPGRADE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

2.Accounting policies (continued)

 
2.11

Financial instruments

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Employees

The average monthly number of employees, including directors, during the year was 1 (2024 - 1).

Page 5

 
CLOSET UPGRADE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

4.


Tangible fixed assets





Computer equipment

£



Cost 


At 1 April 2024
3,261



At 31 March 2025

3,261



Depreciation


At 1 April 2024
2,554


Charge for the year on owned assets
250



At 31 March 2025

2,804



Net book value



At 31 March 2025
457



At 31 March 2024
707


5.


Debtors

2025
2024
£
£


Other debtors
6,285
4,268

Prepayments and accrued income
337
241

6,622
4,509



6.


Creditors: Amounts falling due within one year

2025
2024
£
£

Trade creditors
124
199

Other taxation and social security
1,204
755

Other creditors
12,959
412

Accruals and deferred income
2,995
10,158

17,282
11,524


Page 6

 
CLOSET UPGRADE LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025

7.


Related party transactions

Included within other creditors are amounts totalling £6,624 (2024 - £412) owed to the director. These amounts are unsecured, interest free and repayable on demand.

 
Page 7