Ghia Menswear Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 04715694

Ghia Menswear Limited

Filleted unaudited financial statements

31 December 2024

Ghia Menswear Limited

Statement of financial position

31 December 2024

	2024		2023
Note	£	£	£

Fixed assets

Intangible assets	5	–	11,250
Tangible assets	6	3,998	4,696
		--------	--------
		3,998	15,946

Current assets

Stocks		53,872	67,497
Debtors	7	982	810
Cash at bank and in hand		157,033	154,518
		---------	---------
		211,887	222,825

Creditors: amounts falling due within one year	8	( 114,075)		( 124,970)
		---------		---------
Net current assets			97,812	97,855
			---------	---------
Total assets less current liabilities			101,810	113,801

Creditors: amounts falling due after more than one year	9		( 5,000)	( 15,000)

Provisions

Taxation including deferred tax	( 760)	( 892)
	---------	---------
Net assets	96,050	97,909
	---------	---------

Ghia Menswear Limited

Statement of financial position (continued)

31 December 2024

	2024		2023
Note	£	£	£

Capital and reserves

Called up share capital		1,000	1,000
Profit and loss account	10	95,050	96,909
		--------	--------
Shareholders funds		96,050	97,909
		--------	--------

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 statement of income and retained earnings has not been delivered.

For the year ending 31st December 2024 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 .

These financial statements were approved by the board of directors and authorised for issue on 30 September 2025 , and are signed on behalf of the board by:

G Fawcett

Director

Company registration number: 04715694

Ghia Menswear Limited

Notes to the financial statements

Year ended 31st December 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2 Ropergate, Pontefract, West Yorkshire, WF8 1LP.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Revenue in respect of turnover is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.

Income tax

Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset is realised.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:

	Goodwill	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Fixtures and fittings	-	15% reducing balance
Computer equipment	-	15% reducing balance

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.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash Short-term trade and other debtors and creditors Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.

Defined contribution plans

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the income statement when due.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 3 (2023: 3 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1st January 2024 and 31st December 2024	225,000
	---------
Amortisation
At 1st January 2024	213,750
Charge for the year	11,250
	---------
At 31st December 2024	225,000
	---------
Carrying amount
At 31st December 2024	–
	---------
At 31st December 2023	11,250
	---------

6. Tangible assets

	Fixtures and fittings	Computer equipment	Total
	£	£	£
Cost
At 1st January 2024 and 31st December 2024	8,246	19,026	27,272
	--------	--------	--------
Depreciation
At 1st January 2024	7,912	14,664	22,576
Charge for the year	48	650	698
	--------	--------	--------
At 31st December 2024	7,960	15,314	23,274
	--------	--------	--------
Carrying amount
At 31st December 2024	286	3,712	3,998
	--------	--------	--------
At 31st December 2023	334	4,362	4,696
	--------	--------	--------

7. Debtors

	2024	2023
	£	£
Other debtors	982	810
	--------	--------

8. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	10,078	10,000
Trade creditors	40,807	37,386
Corporation tax	2,805	1,800
Social security and other taxes	11,435	13,128
Other creditors	48,950	62,656
	---------	---------
	114,075	124,970
	---------	---------

9. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	5,000	15,000
	--------	--------

10. Reserves

Profit and loss account - This reserve records retained earnings and accumulated losses.

11. Directors' advances, credits and guarantees

No advances were made to the director during the year and no amounts in respect of advances to the director were outstanding at the year end. The company has not provided any guarantees on behalf of the director during the year.

12. Related party transactions

The company traded rent free from a property owned by the directors during the year.