Company registration number 13019709 (England and Wales)
STITCHES LEEDS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
STITCHES LEEDS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 6
STITCHES LEEDS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Intangible assets
3
105,000
120,000
Tangible assets
4
7,975
8,679
112,975
128,679
Current assets
Debtors
5
29,911
40,927
Cash at bank and in hand
33,882
39,245
63,793
80,172
Creditors: amounts falling due within one year
6
(127,620)
(157,006)
Net current liabilities
(63,827)
(76,834)
Total assets less current liabilities
49,148
51,845
Provisions for liabilities
(1,994)
(2,170)
Net assets
47,154
49,675
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
47,054
49,575
Total equity
47,154
49,675

For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 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.

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

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved and signed by the director and authorised for issue on 9 June 2025
Mr M Meric
Director
Company registration number 13019709 (England and Wales)
STITCHES LEEDS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 April 2023
100
39,876
39,976
Year ended 31 March 2024:
Profit and total comprehensive income
-
43,699
43,699
Dividends
-
(34,000)
(34,000)
Balance at 31 March 2024
100
49,575
49,675
Year ended 31 March 2025:
Profit and total comprehensive income
-
27,479
27,479
Dividends
-
(30,000)
(30,000)
Balance at 31 March 2025
100
47,054
47,154
STITCHES LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 3 -
1
Accounting policies
Company information

Stitches Leeds Limited is a private company limited by shares incorporated in England and Wales, registration number 13019709. The address of the registered office is 14 St Mary's Street, Manchester, Greater Manchester, United Kingdom, M3 2LB. The principle place of business is 39 The Headrow, Leeds, LS1 6PU.

1.1
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.

1.2
Turnover

Turnover represents amounts recognised by the Company in respect of goods and services supplied, exclusive of value added tax and trade discounts. Turnover principally consists of clothes alterations where net takings are recognised as earned.

1.3
Intangible fixed assets - goodwill

Goodwill relates to a Sole Trader Business, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of ten years.

1.4
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:

Plant and equipment
25% on reducing balance
Fixtures and fittings
25% on reducing balance
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

STITCHES LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash at bank and in hand.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Retirement benefits

The company operates a defined contribution scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they state.

1.9
Leases
As lessor

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

1.10

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of discounting would be immaterial. In such cases, the receivables are stated at cost less impairment losses for bad and doubtful debts.

1.11

Other creditors

Other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost.

STITCHES LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
2
Employees

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

2025
2024
Number
Number
Total
16
15
3
Intangible fixed assets
Goodwill
£
Cost
At 1 April 2024 and 31 March 2025
150,000
Amortisation and impairment
At 1 April 2024
30,000
Amortisation charged for the year
15,000
At 31 March 2025
45,000
Carrying amount
At 31 March 2025
105,000
At 31 March 2024
120,000
4
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2024
14,317
12,485
26,802
Additions
1,955
-
0
1,955
At 31 March 2025
16,272
12,485
28,757
Depreciation and impairment
At 1 April 2024
11,821
6,302
18,123
Depreciation charged in the year
1,113
1,546
2,659
At 31 March 2025
12,934
7,848
20,782
Carrying amount
At 31 March 2025
3,338
4,637
7,975
At 31 March 2024
2,496
6,183
8,679
STITCHES LEEDS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
20,605
32,234
Other debtors
9,306
8,693
29,911
40,927
6
Creditors: amounts falling due within one year
2025
2024
£
£
Taxation and social security
43,531
47,640
Other creditors
84,089
109,366
127,620
157,006
7
Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
110,000
128,333
8
Related party transactions
Transactions with related parties

At the reporting date, the company owed £74,299 to companies under common control (2024: £104,299). This amount has been included within other creditors.

9
Directors' transactions

Included in other creditors is a balance owed to the director of £1,850 (2024: £NIL). This represents an interest-free loan and is repayable on demand.

Dividends totalling £30,000 (2024 - £34,000) were paid in the year in respect of shares held by the company's directors.

10
Parent company

The ultimate controlling party is Mr M Meric by virtue of his shareholding in the company.

2025-03-312024-04-01falsefalsefalse09 June 2025CCH SoftwareCCH Accounts Production 2025.100No description of principal activityMr M Meric130197092024-04-012025-03-31130197092025-03-31130197092024-03-3113019709core:NetGoodwill2025-03-3113019709core:NetGoodwill2024-03-3113019709core:PlantMachinery2025-03-3113019709core:FurnitureFittings2025-03-3113019709core:PlantMachinery2024-03-3113019709core:FurnitureFittings2024-03-3113019709core:CurrentFinancialInstrumentscore:WithinOneYear2025-03-3113019709core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3113019709core:ShareCapital2025-03-3113019709core:ShareCapital2024-03-3113019709core:RetainedEarningsAccumulatedLosses2025-03-3113019709core:RetainedEarningsAccumulatedLosses2024-03-3113019709core:ShareCapital2023-03-3113019709core:RetainedEarningsAccumulatedLosses2023-03-3113019709bus:Director12024-04-012025-03-3113019709core:RetainedEarningsAccumulatedLosses2023-04-012024-03-31130197092023-04-012024-03-3113019709core:RetainedEarningsAccumulatedLosses2024-04-012025-03-3113019709core:Goodwill2024-04-012025-03-3113019709core:PlantMachinery2024-04-012025-03-3113019709core:FurnitureFittings2024-04-012025-03-3113019709core:NetGoodwill2024-03-3113019709core:NetGoodwill2024-04-012025-03-3113019709core:PlantMachinery2024-03-3113019709core:FurnitureFittings2024-03-31130197092024-03-3113019709core:CurrentFinancialInstruments2025-03-3113019709core:CurrentFinancialInstruments2024-03-3113019709core:WithinOneYear2025-03-3113019709core:WithinOneYear2024-03-3113019709bus:PrivateLimitedCompanyLtd2024-04-012025-03-3113019709bus:SmallCompaniesRegimeForAccounts2024-04-012025-03-3113019709bus:FRS1022024-04-012025-03-3113019709bus:AuditExemptWithAccountantsReport2024-04-012025-03-3113019709bus:FullAccounts2024-04-012025-03-31xbrli:purexbrli:sharesiso4217:GBP