REGISTERED NUMBER: 04706615 (England and Wales)

SHUGON BAGS & LEATHER GOODS LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

to

4

DIRECTOR:

G Halfon

REGISTERED OFFICE:

20 Eversley Road

Bexhill-on-Sea

East Sussex

TN40 1HE

REGISTERED NUMBER:

04706615 (England and Wales)

ACCOUNTANTS:

Gibbons Mannington & Phipps LLP

Chartered Accountants

20 Eversley Road

Bexhill-on-Sea

East Sussex

TN40 1HE

FIXED ASSETS

Tangible assets

4

710

946

CURRENT ASSETS

Stocks

428,810

526,010

Debtors

5

1,335,737

846,964

Cash at bank

209,191

252,628

1,973,738

1,625,602

CREDITORS

Amounts falling due within one year

6

413,269

351,971

NET CURRENT ASSETS

1,560,469

1,273,631

TOTAL ASSETS LESS CURRENT LIABILITIES

1,561,179

1,274,577

PROVISIONS FOR LIABILITIES

177

236

NET ASSETS

1,561,002

1,274,341

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

1,560,902

1,274,241

SHAREHOLDERS' FUNDS

1,561,002

1,274,341

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 September 2025 and were signed by:

G Halfon - Director

1.	STATUTORY INFORMATION

Shugon Bags & Leather Goods Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are physically delivered to the customer.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Equipment

-

25% on reducing balance

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

FOREIGN CURRENCIES

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Equipment

£

COST

At 1 January 2024

and 31 December 2024

32,754

DEPRECIATION

At 1 January 2024

31,808

Charge for year

236

At 31 December 2024

32,044

NET BOOK VALUE

At 31 December 2024

710

At 31 December 2023

946

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

391,849

303,211

Other debtors

943,888

543,753

1,335,737

846,964

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade creditors

66,956

68,880

Taxation and social security

105,336

15,291

Other creditors

240,977

267,800

413,269

351,971

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100