6 false false false false false false false false false false true false false false false false false No description of principal activity 2024-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 320 160 160 xbrli:pure xbrli:shares iso4217:GBP NI005447 2024-02-01 2025-01-25 NI005447 2025-01-25 NI005447 2024-01-31 NI005447 2023-02-01 2024-01-31 NI005447 2024-01-31 NI005447 2023-01-31 NI005447 core:LandBuildings core:OwnedOrFreeholdAssets 2024-02-01 2025-01-25 NI005447 core:FurnitureFittings 2024-02-01 2025-01-25 NI005447 bus:OrdinaryShareClass1 2024-02-01 2025-01-25 NI005447 bus:PreferenceShareClass1 2024-02-01 2025-01-25 NI005447 bus:Director1 2024-02-01 2025-01-25 NI005447 bus:Director2 2024-02-01 2025-01-25 NI005447 core:RevaluationReserve 2023-02-01 2024-01-31 NI005447 core:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 NI005447 core:RevaluationReserve 2024-02-01 2025-01-25 NI005447 core:RetainedEarningsAccumulatedLosses 2024-02-01 2025-01-25 NI005447 core:WithinOneYear 2025-01-25 NI005447 core:WithinOneYear 2024-01-31 NI005447 core:AfterOneYear 2025-01-25 NI005447 core:AfterOneYear 2024-01-31 NI005447 core:UKTax 2024-02-01 2025-01-25 NI005447 core:UKTax 2023-02-01 2024-01-31 NI005447 core:ShareCapital 2025-01-25 NI005447 core:ShareCapital 2024-01-31 NI005447 core:RevaluationReserve 2025-01-25 NI005447 core:RevaluationReserve 2024-01-31 NI005447 core:RetainedEarningsAccumulatedLosses 2025-01-25 NI005447 core:RetainedEarningsAccumulatedLosses 2024-01-31 NI005447 core:ShareCapital 2023-01-31 NI005447 core:RevaluationReserve 2023-01-31 NI005447 core:RetainedEarningsAccumulatedLosses 2023-01-31 NI005447 core:DeferredTaxation 2024-02-01 2025-01-25 NI005447 core:AcceleratedTaxDepreciationDeferredTax 2025-01-25 NI005447 core:AcceleratedTaxDepreciationDeferredTax 2024-01-31 NI005447 core:DeferredTaxation 2024-01-31 NI005447 core:DeferredTaxation 2025-01-25 NI005447 bus:SmallEntities 2024-02-01 2025-01-25 NI005447 bus:AuditExemptWithAccountantsReport 2024-02-01 2025-01-25 NI005447 bus:SmallCompaniesRegimeForAccounts 2024-02-01 2025-01-25 NI005447 bus:PrivateLimitedCompanyLtd 2024-02-01 2025-01-25 NI005447 bus:AbridgedAccounts 2024-02-01 2025-01-25 NI005447 bus:OrdinaryShareClass1 2025-01-25 NI005447 bus:OrdinaryShareClass1 2024-01-31 NI005447 bus:PreferenceShareClass1 2025-01-25 NI005447 bus:PreferenceShareClass1 2024-01-31 NI005447 1 2024-02-01 2025-01-25
COMPANY REGISTRATION NUMBER: NI005447

McKillens (Fashions) Limited

Filleted Unaudited Abridged Financial Statements

25 January 2025

McKillens (Fashions) Limited

Abridged Statement of Financial Position

25 January 2025

| 25 Jan 25 | 31 Jan 24
Note | £ | £ | £

Fixed assets

Tangible assets | 8 |  | 368,641 | 373,281

Current assets

Stocks | 155,972 |  | 132,176
Debtors | 263,761 |  | 247,618
Cash at bank and in hand | 18,944 |  | 26,075
| --------- |  | ---------
| 438,677 |  | 405,869

Creditors: amounts falling due within one year | 72,664 |  | 60,525
| --------- |  | ---------
Net current assets |  | 366,013 | 345,344
|  | --------- | ---------
Total assets less current liabilities |  | 734,654 | 718,625

Creditors: amounts falling due after more than one year | 9 |  | 10,000 | 10,000

Provisions

Taxation including deferred tax | 10 |  | 160 | 320
|  | --------- | ---------
Net assets |  | 724,494 | 708,305
|  | --------- | ---------

Capital and reserves

Called up share capital | 13 |  | 10,000 | 10,000
Revaluation reserve | 14 |  | 301,510 | 302,704
Profit and loss account | 14 |  | 412,984 | 395,601
|  | --------- | ---------
Shareholders funds |  | 724,494 | 708,305
|  | --------- | ---------

These abridged 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 abridged statement of comprehensive income has not been delivered.
For the period ending 25 January 2025 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 abridged financial statements for the period 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 abridged financial statements .

McKillens (Fashions) Limited

Abridged Statement of Financial Position (continued)

25 January 2025
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the period ending 25 January 2025 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 22 October 2025 , and are signed on behalf of the board by:

Mr S Glasgow | Miss H. Cameron
Director | Director

Company registration number: NI005447

McKillens (Fashions) Limited

Statement of Changes in Equity

Period from 1 February 2024 to 25 January 2025

| Called up share capital | Revaluation reserve | Profit and loss account | Total
| £ | £ | £ | £
At 1 February 2023 | 10,000 | 303,898 | 381,951 | 695,849
Profit for the period |  |  | 12,456 | 12,456
Other comprehensive income for the period: |  |  |  |
| Reclassification from revaluation reserve to profit and loss account | – | ( 1,194) | 1,194 | –
| -------- | --------- | --------- | ---------
Total comprehensive income for the period | – | ( 1,194) | 13,650 | 12,456
At 31 January 2024 | 10,000 | 302,704 | 395,601 | 708,305
Profit for the period |  |  | 16,189 | 16,189
Other comprehensive income for the period: |  |  |  |
| Reclassification from revaluation reserve to profit and loss account | – | ( 1,194) | 1,194 | –
| -------- | --------- | --------- | ---------
Total comprehensive income for the period | – | ( 1,194) | 17,383 | 16,189
| -------- | --------- | --------- | ---------
At 25 January 2025 | 10,000 | 301,510 | 412,984 | 724,494
| -------- | --------- | --------- | ---------

McKillens (Fashions) Limited

Notes to the Abridged Financial Statements

Period from 1 February 2024 to 25 January 2025
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 23/29 Broughshane Street, Ballymena, BT43 6EB, N. Ireland.
2. Statement of compliance
These abridged 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
These financial statements are prepared on a going concern basis, under the historical cost convention, as modified by the revaluation of land and buildings and certain financial assets and liabilities measured at fair value through profit or loss. The preparation of financial statements in conformity with FRS 102 requires the use of certain critical accounting estimates. It also requires the directors to exercise their judgement in the process of applying the company's accounting policies. The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed below. The financial statements are prepared in sterling, the functional currency of the company .
Going concern
The financial position of the company, its cash flows, liquidity position and borrowing facilities are reflected in the financial statements. The company meets its day-to-day working capital requirements through an overdraft facility that is renewed periodically by the company's bank. The company's forecasts and projection show that the company should be able to operate within the level of its current facilities. The company has held discussions with its bankers about its future borrowing needs and no matters have been drawn to its attention to suggest that renewal may not be forthcoming on acceptable terms. The directors have reasonable expectation that the company has adequate resources to continue in operation existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.
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. Judgements made in applying accounting policies To be a key judgement, the subject matter must relate to something other than assumptions about the future or making estimates and typically relate to significant issues in applying accounting standards where management applied judgement in situations where a different judgement might have led to a materially different accounting treatment. Trading period The results for the year comprise store sales and related costs for the 52 weeks (2024: 52 weeks) ended 25 January 2025 (2024: 52 weeks to 27 January 2024). Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. They are, by nature, subjective and result in a risk that a material adjustment to the carrying amount of assets or liabilities may be required as a result of changes in those assumptions or estimates in the next period. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Depreciation The company has a significant tangible fixed asset class which is subject to depreciation. Depreciation rates are based upon the expected economic lives of the related tangible fixed assets. Any variation in the useful economic lives of the asset class will have an impact on both the balance sheet and financial position of the company. The useful economic lives of tangible fixed assets are uncertain and, therefore, the actual economic life of an asset may be shorter or longer than expected. Furthermore, in calculating the depreciation charge on property assets, the value of land is not taken into account. This value is uncertain. There have been no significant revisions to the estimated lives or land values during the current financial year. Property valuation The carrying value of the company's property is based upon the directors' review of their fair values. Stocks In calculating the net realisable value of stocks, management takes into account the most reliable evidence available at the year end, which involves applying departmental margins to the majority of stock held. These margins are standardised across each department - however, individual items of stock may have varying margins.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, and discounts allowed by the company and value added taxes. The company operates a retail clothing store. Sales of goods are recognised on sale to the customer, which is considered the point of delivery. Retail sales are usually by cash, credit or payment card. The company does not operate any loyalty programmes.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference. Deferred tax is provided in full on temporary timing differences in respect of revaluation reserve. The difference between the fair value at transition, being the revalued cost less accumulated depreciation, and historic cost, adjusted for indexation at transition date is provided in full. Any deferred tax liability that is recognised follows the original accounting entry and is written off against the revaluation reserve .
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss. Tangible assets are derecognised on disposal or when no future economic benefits are expected. On disposal, the difference between the net disposal proceeds and the carrying amount is recognised in profit or loss.
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:

| Freehold Property | - | 2% straight line
| Fixtures & Fittings | - | 20% straight line

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Cash at bank and in hand
Cash at bank and in hand includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition. Net realisable value is based on normal selling price, less further costs expected to be incurred to disposal. The majority of stock is valued at cost by applying a margin to the retail value. Margins are calculated and applied on a departmental basis. Certain stock is valued directly at cost without the need to apply a margin to the retail value.
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 abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Financial Assets Basic financial assets, including trade debtors and other receivables, cash and bank balances and investments in commercial paper, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method. At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except for investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. Financial assets are derecognised when: (a) the contractual rights to the cash flows from the asset expire or are settled or(b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. Financial liabilities Basic financial liabilities, including trade creditors and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Fees paid on the establishment of loan facilities are recognised as transaction costs of the loan to the extent that it is probable that some or all of the facility will be drawn down. In this case, the fee is deferred until the draw-down occurs. To the extent there is no evidence that it is probable that some or all of the facility will be drawn down, the fee is capitalised as a pre-payment for liquidity services and amortised over the period of the facility to which it relates. Preference shares, which result in fixed returns to the holder or are mandatorily redeemable on a specific date, are classified as liabilities. The dividends on these preference shares are recognised in the profit and loss account as an interest expense. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives. Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. Offsetting Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Defined contribution pension plans
Contributions to defined contribution pension plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Distributions to equity holders
Dividends and other distributions to company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.
Related party transactions
The company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose transactions with members of the same group that are wholly owned.
4. Turnover
Turnover arises from:

| Period from |
| 1 Feb 24 to | Year to
| 25 Jan 25 | 31 Jan 24
| £ | £
Sale of goods | 582,399 | 584,105
| --------- | ---------

The results for the year comprise store sales and related costs for the 52 weeks (2024 - 52 weeks) ended 25 January 2025 (2024 - 27 January 2024).
The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5. Employee numbers
The average number of persons employed by the company during the period amounted to 6 (2024: 6 ).
6. Tax on profit
Major components of tax expense

| Period from |
| 1 Feb 24 to | Year to
| 25 Jan 25 | 31 Jan 24
| £ | £

Current tax:

UK current tax expense | 4,937 | 4,081

Deferred tax:

Origination and reversal of timing differences | ( 160) | ( 281)
| ------- | -------
Tax on profit | 4,777 | 3,800
| ------- | -------

Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the period is lower than (2024: higher than) the standard rate of corporation tax in the UK of 25 % (2024: 19 %).

| Period from |
| 1 Feb 24 to | Year to
| 25 Jan 25 | 31 Jan 24
| £ | £
Profit on ordinary activities before taxation | 20,966 | 16,256
| -------- | --------
Profit on ordinary activities by rate of tax | 5,242 | 3,089
Effect of expenses not deductible for tax purposes | 25 | 19
Effect of capital allowances and depreciation | 1,160 | 973
Small companies relief | (1,490) | –
Deferred Tax - Origination and reversal of timing differences | (160) | (281)
| -------- | --------
Tax on profit | 4,777 | 3,800
| -------- | --------

7. Dividends
Dividends on shares classed as debt
Dividends paid during the period (excluding those for which a liability existed at the end of the prior period):

| 25 Jan 25 | 31 Jan 24
| £ | £
Dividends on shares classed as debt | 100 | 100
| ---- | ----

8. Tangible assets

| £
Cost |
At 1 February 2024 and 25 January 2025 | 437,343
| ---------
Depreciation |
At 1 February 2024 | 64,062
Charge for the period | 4,640
| ---------
At 25 January 2025 | 68,702
| ---------
Carrying amount |
At 25 January 2025 | 368,641
| ---------
At 31 January 2024 | 373,281
| ---------

Tangible assets held at valuation
The fair values of revalued land and buildings have been assessed by the directors, who have compared their net book values at the date of the statement of financial position, to those of similar properties in the area. Accordingly, the directors' are satisfied that the values of these properties are accurately reflected, at their fair value, at the date of the statement of financial position. An independent professional valuation has not been obtained by the directors. Where appropriate, provision has been made on the revalued assets for deferred tax. Deferred tax is provided in full on temporary timing differences in respect of revaluation reserve. Where fair value exceeds historic cost, the difference between fair value and historic cost, adjusted for indexation, is provided in full. Any deferred tax liability that is recognised follows the original accounting entry and is written off against the revaluation reserve. Included within freehold property is land of £200,000 which is not depreciated .
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:

| £
At 25 January 2025 |
Aggregate cost | 200,303
Aggregate depreciation | (133,812)
| ---------
Carrying value | 66,491
| ---------

At 31 January 2024 |
Aggregate cost | 200,303
Aggregate depreciation | (131,006)
| ---------
Carrying value | 69,297
| ---------

9. Creditors: amounts falling due after more than one year
At the reporting date, there were 10,000 preference shares in issue. Each share has a nominal value of £1 and carry a fixed, non cumulative 1% dividend.
10. Provisions

| Deferred tax (note 11)
| £
At 1 February 2024 | 320
Charge against provision | ( 160)
| ----
At 25 January 2025 | 160
| ----

11. Deferred tax
The deferred tax included in the abridged statement of financial position is as follows:

| 25 Jan 25 | 31 Jan 24
| £ | £
Included in provisions (note 10) | 160 | 320
| ---- | ----

The deferred tax account consists of the tax effect of timing differences in respect of:

| 25 Jan 25 | 31 Jan 24
| £ | £
Accelerated capital allowances | 160 | 320
| ---- | ----

12. Collateral
From time to time, the company utilises bank borrowings as a source of finance. Company bank loans and overdrafts are secured by a debenture, incorporating fixed charges over properties, a cross company guarantee from a subsidiary company, a debenture over the assets of a subsidiary company, and a charge over the property owned by a subsidiary company.
13. Called up share capital
Authorised share capital

| 25 Jan 25 | 31 Jan 24
| No. | £ | No. | £
Ordinary shares of £ 1 each | 20,000 | 20,000 | 20,000 | 20,000
Preference shares of £ 1 each | 10,000 | 10,000 | 10,000 | 10,000
| -------- | -------- | -------- | --------
| 30,000 | 30,000 | 30,000 | 30,000
| -------- | -------- | -------- | --------

Issued, called up and fully paid

| 25 Jan 25 | 31 Jan 24
| No. | £ | No. | £

Amounts presented in equity:

Ordinary shares of £ 1 each | 10,000 | 10,000 | 10,000 | 10,000
| -------- | -------- | -------- | --------

Amounts presented in liabilities:

Preference shares of £ 1 each | 10,000 | 10,000 | 10,000 | 10,000
| -------- | -------- | -------- | --------

14. Reserves
Revaluation reserve - this reserve records the value of asset revaluations and fair value movements on assets recognised in other comprehensive income . Profit and loss account - this reserve records retained earnings and accumulated losses .
15. Contingencies
The company has given an inter-company cross guarantee to the bank of its parent entity, which includes a debenture over the company's assets, legal charge over the company's property and a guarantee, as part security for the banking facilities available to its parent company.
16. Related party transactions
During the year the company paid management charges of £60,000 (2024 - £60,000) to a group company. During the period, the company paid net funds of £15,465 to group undertakings (2024 - £124,141). At the balance sheet date, the company is owed £251,474 from a group company on an interest free basis, which is repayable on demand (2024 - £236,009). Amounts due from group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand. At the balance sheet date the company owed a director £nil (2024 - £500). Amounts due to the directors are repayable on demand.
17. Controlling party
Cameron Retail Furnishings (NI) Limited, (company number NI010615, registered office address 23/29 Broughshane Street, Ballymena, Co. Antrim, BT43 6EB), is the company's parent undertaking. The estate of Mr. John Cameron is the company's ultimate controlling party .