CLASSIC HATS LIMITED - Filleted accounts

Registered number

07076249

CLASSIC HATS LIMITED

Filleted Accounts

31 March 2025

CLASSIC HATS LIMITED
Registered number:		07076249
Balance Sheet
as at 31 March 2025

Notes			2025			2024
£				£
Fixed assets
Tangible assets	3		77,682			86,114
Investments	4		23,562			23,562
			101,244			109,676

Current assets
Stocks		320,510			237,830
Debtors	5	249,559			186,893
Cash at bank and in hand					23,888
		570,069			448,611

Creditors: amounts falling due within one year	6	(266,702)			(237,224)

Net current assets			303,367			211,387

Total assets less current liabilities			404,611			321,063

Creditors: amounts falling due after more than one year	7		(309,534)			(253,466)



Net assets			95,077			67,597

Capital and reserves
Called up share capital			100			100
Profit and loss account			94,977			67,497

Shareholders' funds			95,077			67,597

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.




ALEXANDER TORUN-SHAW
Director
Approved by the board on 29 October 2025

CLASSIC HATS LIMITED
Notes to the Accounts
for the year ended 31 March 2025


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.

	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:

	Leasehold land and buildings			over the lease term
	Plant and machinery			15% reducing balance
	Motor vehicles			15% reducing balance

	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.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees					2025		2024
Number							Number

	Average number of persons employed by the company					29		28


3	Tangible fixed assets
		Land and buildings		Plant and machinery etc		Motor vehicles		Total
£			£		£		£
	Cost
	At 1 April 2024	24,910		149,827		26,101		200,838
	At 31 March 2025	24,910		149,827		26,101		200,838

	Depreciation
	At 1 April 2024	19,546		88,353		6,825		114,724
	Charge for the year	805		5,806		1,821		8,432
	At 31 March 2025	20,351		94,159		8,646		123,156

	Net book value
	At 31 March 2025	4,559		55,668		17,455		77,682
	At 31 March 2024	5,364		61,474		19,276		86,114


4	Investments

Other
investments
£
	Cost
	At 1 April 2024							23,562

	At 31 March 2025							23,562


5	Debtors					2025		2024
£							£

	Other debtors					249,559		186,893


6	Creditors: amounts falling due within one year					2025		2024
£							£

	Bank loans and overdrafts					44,525		-
	Trade creditors					81,481		97,699
	Taxation and social security costs					121,543		136,097
	Other creditors					19,153		3,428
						266,702		237,224


7	Creditors: amounts falling due after one year					2025		2024
£							£

	Bank loans					309,534		253,466


8	Other information

	CLASSIC HATS LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
	FIRST FLOOR
	10 HAMPDEN SQUARE
	SOUTHGATE
	LONDON
	N14 5JR