| Kit Me Out Boutique Limited |
| Notes to the Accounts |
| for the year ended 31 March 2025 |
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| 1 |
Accounting policies |
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Basis of preparation |
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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). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover is revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. |
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Tangible fixed assets |
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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: |
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Plant and machinery |
over 4 years |
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Fixtures, fittings, tools and equipment |
over 4 years |
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Stocks |
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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. |
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Debtors |
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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. |
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Creditors |
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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. |
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Taxation |
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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. |
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Pensions |
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Contributions to defined contribution plans are expensed in the period to which they relate. |
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| 2 |
Employees |
2025 |
|
2024 |
| Number |
Number |
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Average number of persons employed by the company |
13 |
|
7 |
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| 3 |
Tangible fixed assets |
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Plant and machinery etc |
| £ |
|
Cost |
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At 1 April 2024 |
4,177 |
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Additions |
1,081 |
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At 31 March 2025 |
5,258 |
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Depreciation |
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At 1 April 2024 |
632 |
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Charge for the year |
1,218 |
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At 31 March 2025 |
1,850 |
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Net book value |
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At 31 March 2025 |
3,408 |
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At 31 March 2024 |
3,545 |
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| 4 |
Debtors |
2025 |
|
2024 |
| £ |
£ |
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Trade debtors |
- |
|
26,375 |
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Other debtors |
285,398 |
|
53,432 |
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|
285,398 |
|
79,807 |
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Amounts due after more than one year included above |
3,625 |
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3,625 |
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| 5 |
Creditors: amounts falling due within one year |
2025 |
|
2024 |
| £ |
£ |
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Bank loans and overdrafts |
3,274 |
|
- |
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Trade creditors |
70,940 |
|
256 |
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Taxation and social security costs |
53,487 |
|
64,132 |
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Other creditors |
98,641 |
|
5,618 |
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226,342 |
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70,006 |
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| 6 |
Other financial commitments |
2025 |
|
2024 |
| £ |
£ |
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Total future minimum payments under non-cancellable operating leases |
|
33,833 |
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48,333 |
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| 7 |
Loans to directors |
|
Description and conditions |
B/fwd |
Paid |
Repaid |
C/fwd |
| £ |
£ |
£ |
£ |
|
Charlotte Eastgate |
|
Interest free, unsecured and repayable on demand. Amounts are in aggregate. Maximum outstanding during the period was £50,551 (2024 - £53,133). |
48,351 |
|
27,077 |
|
(75,428) |
|
- |
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|
Timothy Eastgate |
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Interest free, unsecured and repayable on demand. Amounts are in aggregate. Maximum outstanding during the period was £180 (2024 - £5,000). |
- |
|
230 |
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(230) |
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- |
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48,351 |
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27,307 |
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(75,658) |
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- |
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| 8 |
Related party transactions |
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During the year a director made loans to the company of £34,207 (2024 - £Nil) in aggregate , which were interest free, unsecured and repayable on demand. Amounts of £1,532 (2024 - £Nil) in aggregate were repaid during the year. The amount due to the director at the balance sheet date was £32,675 (2024 - £Nil).
During the year another director made loans to the company of £73,822 (2024 - £2,618) in aggregate, which were interest free, unsecured and repayable on demand. Amounts of £15,701 (2024 - £Nil) in aggregate were repaid during the year. The amount due to the director at the balance sheet date was £60,739 (2024 - £2,618).
A director and shareholder of Kit Me Out Boutique Limited also controls another company. During the year Kit Me Out Boutique Limited made loans to the other company amounting to £267,737 (2024 - £Nil) in total, which were outstanding at the balance sheet date. The loans have no fixed repayment terms and are interest free. |
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| 9 |
Other information |
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Kit Me Out Boutique Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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62 Station Road |
|
Langford |
|
Bedfordshire |
|
SG18 9PG |