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COMPANY REGISTRATION NUMBER: 00525799
J L Black (Good Clothes) Limited
Filleted Unaudited Financial Statements
31 January 2025
J L Black (Good Clothes) Limited
Financial Statements
Year ended 31 January 2025
Contents
Pages
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
J L Black (Good Clothes) Limited
Balance Sheet
31 January 2025
2025
2024
Note
£
£
Fixed assets
Tangible assets
5
37,361
41,603
Current assets
Stocks
305,179
293,204
Debtors
6
20,070
14,192
Cash at bank and in hand
11,903
2,528
---------
---------
337,152
309,924
Creditors: amounts falling due within one year
7
176,160
118,142
---------
---------
Net current assets
160,992
191,782
---------
---------
Total assets less current liabilities
198,353
233,385
Creditors: amounts falling due after more than one year
8
4,857
14,851
---------
---------
Net assets
193,496
218,534
---------
---------
Capital and reserves
Called up share capital
6,486
6,486
Capital redemption reserve
2,594
2,594
Profit and loss account
184,416
209,454
---------
---------
Shareholders funds
193,496
218,534
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
J L Black (Good Clothes) Limited
Balance Sheet (continued)
31 January 2025
These financial statements were approved by the board of directors and authorised for issue on 13 June 2025 , and are signed on behalf of the board by:
M Kirkham
Director
Company registration number: 00525799
J L Black (Good Clothes) Limited
Notes to the Financial Statements
Year ended 31 January 2025
1. General information
The company is a private company limited by shares, registered in England and Wales, registration number 00525799 . The address of the registered office is 1 Pepper Street, Newcastle-under-Lyme, Staffordshire, ST5 1PR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Monetary amounts in these financial statements are rounded to the nearest £.
Judgements and key sources of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the director. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.
Revenue recognition
Turnover comprises the value of sales (exclusive of VAT) of goods provided in the normal course of business. Revenue is recognised when goods are sold as per the till records, at which point the risks and rewards of ownership pass to the buyer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. This has been offset against rental payments in the year.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Property
-
over the term of the lease
Fixtures, Fittings and equipment
-
15% reducing balance, 25% on cost for computers
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stock is valued at the lower of cost and net realisable value. Cost represents the purchase invoice price. Net realisable value is the estimated proceeds from the sale of stock items.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade creditors Trade creditors are not interest bearing and are stated at their nominal value. Loans Loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 11 (2024: 11 ).
5. Tangible assets
Leasehold Property
Fixtures, fittings and equipment
Total
£
£
£
Cost
At 1 February 2024
79,245
174,860
254,105
Additions
1,061
1,061
Disposals
( 538)
( 538)
--------
---------
---------
At 31 January 2025
79,245
175,383
254,628
--------
---------
---------
Depreciation
At 1 February 2024
42,942
169,560
212,502
Charge for the year
3,964
1,203
5,167
Disposals
( 402)
( 402)
--------
---------
---------
At 31 January 2025
46,906
170,361
217,267
--------
---------
---------
Carrying amount
At 31 January 2025
32,339
5,022
37,361
--------
---------
---------
At 31 January 2024
36,303
5,300
41,603
--------
---------
---------
6. Debtors
2025
2024
£
£
Other debtors
20,070
14,192
--------
--------
7. Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans and overdrafts
86,591
35,085
Social security and other taxes
29,029
29,898
Other creditors
60,540
53,159
---------
---------
176,160
118,142
---------
---------
The bank loan and overdraft are secured on the assets of the company. The charges in favour of Barclays Bank PLC encompass fixed and floating charges over the undertaking and all property and assets present and future. A director has provided personal guarantees on the bank loan and bank overdraft.
8. Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
4,857
14,851
-------
--------
The bank loan and overdrafts are secured on the assets of the company. The charges in favour of Barclays Bank PLC encompass fixed and floating charges over the undertaking and all property and assets present and future. A director has provided personal guarantees on the bank loan and bank overdraft.
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2025
2024
£
£
Not later than 1 year
23,428
23,428
Later than 1 year and not later than 5 years
90,737
92,165
Later than 5 years
69,367
91,367
---------
---------
183,532
206,960
---------
---------
10. Directors' advances, credits and guarantees
During the year the directors have maintained a current account with the company, the total balance on this account at the start of the year was £1,159 debit (2024 - £11,970 debit) and the total balance at the year end was £8,169 credit (2024 - £1,159 debit). Total advances were £nil (2024 - £1,000) and total monies repaid were £9,328 (2023 - £15,436). The advances were on an interest free basis.