Registered number
09614042
Somax Clothing Ltd
Unaudited Filleted Accounts
30 November 2024
Somax Clothing Ltd
Registered number: 09614042
Balance Sheet
as at 30 November 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 10,000 20,000
Tangible assets 4 18,845 24,217
28,845 44,217
Current assets
Stocks 21,112 73,048
Debtors 5 - 22,286
Cash at bank and in hand 22,409 413
43,521 95,747
Creditors: amounts falling due within one year 6 (12,429) (65,459)
Net current assets 31,092 30,288
Total assets less current liabilities 59,937 74,505
Creditors: amounts falling due after more than one year 7 (140,997) (131,703)
Net liabilities (81,060) (57,198)
Capital and reserves
Called up share capital 100 100
Profit and loss account (81,160) (57,298)
Shareholders' funds (81,060) (57,198)
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.
Laura Deambrogio
Director
Approved by the board on 11 July 2025
Somax Clothing Ltd
Notes to the Accounts
for the year ended 30 November 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Fixtures, fittings, tools and equipment 25% on reducing balance
Motor vehicles 25% on reducing balance
Computer equipment 25% on cost
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Goodwill:
Cost
At 1 December 2023 100,000
At 30 November 2024 100,000
Amortisation
At 1 December 2023 80,000
Provided during the year 10,000
At 30 November 2024 90,000
Net book value
At 30 November 2024 10,000
At 30 November 2023 20,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Fixtures and fittings Computer equipment Motor vehicles Total
£ £ £ £
Cost
At 1 December 2023 3,230 3,797 24,397 31,424
At 30 November 2024 3,230 3,797 24,397 31,424
Depreciation
At 1 December 2023 1,659 3,176 2,372 7,207
Charge for the year 786 621 3,965 5,372
At 30 November 2024 2,445 3,797 6,337 12,579
Net book value
At 30 November 2024 785 - 18,060 18,845
At 30 November 2023 1,571 621 22,025 24,217
5 Debtors 2024 2023
£ £
Trade debtors - 14,531
Other debtors - 7,755
- 22,286
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 1,508 12,060
Obligations under finance lease and hire purchase contracts 3,669 3,341
Trade creditors 3,199 16,180
Taxation and social security costs 4,053 9,978
Other creditors - 23,900
12,429 65,459
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 15,000 15,000
Obligations under finance lease and hire purchase contracts 13,497 16,703
Other creditors 112,500 100,000
140,997 131,703
8 Other information
Somax Clothing Ltd is a private company limited by shares and incorporated in England. Its registered office is:
38 Sandoits Road
Croydon
Surrey
CR0 5HG
Somax Clothing Ltd 09614042 false 2023-12-01 2024-11-30 2024-11-30 VT Final Accounts July 2024 Laura Deambrogio No description of principal activity 09614042 2022-12-01 2023-11-30 09614042 core:WithinOneYear 2023-11-30 09614042 core:AfterOneYear 2023-11-30 09614042 core:ShareCapital 2023-11-30 09614042 core:RetainedEarningsAccumulatedLosses 2023-11-30 09614042 2023-12-01 2024-11-30 09614042 bus:PrivateLimitedCompanyLtd 2023-12-01 2024-11-30 09614042 bus:AuditExemptWithAccountantsReport 2023-12-01 2024-11-30 09614042 bus:Director40 2023-12-01 2024-11-30 09614042 1 2023-12-01 2024-11-30 09614042 2 2023-12-01 2024-11-30 09614042 core:Goodwill 2023-12-01 2024-11-30 09614042 core:LandBuildings 2023-12-01 2024-11-30 09614042 core:PlantMachinery 2023-12-01 2024-11-30 09614042 core:Vehicles 2023-12-01 2024-11-30 09614042 countries:England 2023-12-01 2024-11-30 09614042 bus:FRS102 2023-12-01 2024-11-30 09614042 bus:FilletedAccounts 2023-12-01 2024-11-30 09614042 2024-11-30 09614042 core:WithinOneYear 2024-11-30 09614042 core:AfterOneYear 2024-11-30 09614042 core:ShareCapital 2024-11-30 09614042 core:RetainedEarningsAccumulatedLosses 2024-11-30 09614042 core:Goodwill 2024-11-30 09614042 core:LandBuildings 2024-11-30 09614042 core:PlantMachinery 2024-11-30 09614042 core:Vehicles 2024-11-30 09614042 2023-11-30 09614042 core:Goodwill 2023-11-30 09614042 core:LandBuildings 2023-11-30 09614042 core:PlantMachinery 2023-11-30 09614042 core:Vehicles 2023-11-30 iso4217:GBP xbrli:pure