Company registration number 01099457 (England and Wales)
Great Clothes Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 28 February 2025
PAGES FOR FILING WITH REGISTRAR
Great Clothes Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 6
Great Clothes Limited
Statement of financial position
as at 28 February 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
36,480
49,440
Tangible assets
4
39,682
55,013
Current assets
Stocks
192,709
267,620
Debtors
5
1,209,067
1,453,434
Cash at bank and in hand
1,275
332
1,403,051
1,721,386
Creditors: amounts falling due within one year
6
(626,333)
(817,404)
Net current assets
776,718
903,982
Total assets less current liabilities
852,880
1,008,435
Creditors: amounts falling due after more than one year
7
(3,735)
(13,735)
Net assets
849,145
994,700
Capital and reserves
Called up share capital
100,000
100,000
Other reserves
604,913
604,913
Profit and loss reserves
144,232
289,787
Total equity
849,145
994,700
Great Clothes Limited
Statement of financial position (continued)
as at 28 February 2025
- 2 -

The director of the company has elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 27 May 2025 and are signed on its behalf by:
Mr S Reynolds
Director
Company Registration No. 01099457
Great Clothes Limited
Notes to the financial statements
for the year ended 28 February 2025
- 3 -
1
Accounting policies
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 400 of the Companies Act 2006 not to prepare consolidated accounts. The financial statements present information about the company as an individual entity and not about its group.

 

Great Clothes Limited is a wholly owned subsidiary of Makesense Properties Limited.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Website
20% on cost
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold land and buildings
10% on cost
Plant and equipment
20% on cost
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Great Clothes Limited
Notes to the financial statements (continued)
for the year ended 28 February 2025
1
Accounting policies
(continued)
- 4 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
12
15
3
Intangible fixed assets
Website
£
Cost
At 29 February 2024 and 28 February 2025
64,800
Amortisation and impairment
At 29 February 2024
15,360
Amortisation charged for the year
12,960
At 28 February 2025
28,320
Carrying amount
At 28 February 2025
36,480
At 28 February 2024
49,440
Great Clothes Limited
Notes to the financial statements (continued)
for the year ended 28 February 2025
- 5 -
4
Tangible fixed assets
Leasehold land and buildings
Plant and equipment
Total
£
£
£
Cost
At 29 February 2024
87,980
19,220
107,200
Additions
3,338
-
0
3,338
Disposals
(20,135)
-
0
(20,135)
At 28 February 2025
71,183
19,220
90,403
Depreciation and impairment
At 29 February 2024
35,166
17,021
52,187
Depreciation charged in the year
6,661
378
7,039
Eliminated in respect of disposals
(8,505)
-
0
(8,505)
At 28 February 2025
33,322
17,399
50,721
Carrying amount
At 28 February 2025
37,861
1,821
39,682
At 28 February 2024
52,814
2,199
55,013
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
3,577
-
0
Corporation tax recoverable
3,383
-
0
Amounts owed by group undertakings
1,044,551
1,207,190
Other debtors
157,556
246,244
1,209,067
1,453,434
6
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
191,607
301,288
Trade creditors
166,851
313,986
Corporation tax
6,059
16,298
Other taxation and social security
35,826
32,036
Other creditors
225,990
153,796
626,333
817,404
The bank overdraft is secured by a fixed and floating charge over the assets of the company
Great Clothes Limited
Notes to the financial statements (continued)
for the year ended 28 February 2025
- 6 -
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
3,735
13,735
8
Controlling party

The company's ultimate parent undertaking is Stone Group Investments Limited, which is registered in England and Wales, its registered office is 82 York Road, Leeds, LS9 9AA. Consolidated accounts are not prepared. The individual company's accounts are available from Companies House, Cardiff, CF4 3UZ.

 

The directors are considered to be the ultimate controlling party.

9
Company information

Great Clothes Limited is a private company limited by shares incorporated in England and Wales. The registered office is 82 York Road, Leeds, West Yorkshire, LS9 9AA.

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