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Registered number: 09343935
Mens Formal Hire Limited
Unaudited Financial Statements
For The Year Ended 31 January 2025
TJ Accountancy Ltd
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 09343935
2025 2024
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 17,778 2,115
Tangible Assets 5 210,265 89,480
228,043 91,595
CURRENT ASSETS
Stocks 6 85,000 80,050
Debtors 7 115,181 52,390
Cash at bank and in hand 25,417 80,284
225,598 212,724
Creditors: Amounts Falling Due Within One Year 8 (89,496 ) (68,120 )
NET CURRENT ASSETS (LIABILITIES) 136,102 144,604
TOTAL ASSETS LESS CURRENT LIABILITIES 364,145 236,199
Creditors: Amounts Falling Due After More Than One Year 9 (279,495 ) (235,995 )
NET ASSETS 84,650 204
CAPITAL AND RESERVES
Called up share capital 10 100 100
Revaluation reserve 11 122,325 -
Profit and Loss Account (37,775 ) 104
SHAREHOLDERS' FUNDS 84,650 204
Page 1
Page 2
For the year ending 31 January 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Anthony Collins
Director
19/11/2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Mens Formal Hire Limited is a private company, limited by shares, incorporated in England & Wales, registered number 09343935 . The registered office is Unit 13 Cwmdu Industrial Estate, Carmarthen Road, Gendros, Swansea, SA5 8JF.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Research and Development
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research is recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised to ... on a straight line basis over their expected useful economic lives, which range from ... to ... years.
If it is not possible to distinguish between the research phase and the development phase of an internal project the expenditure is treated as if it were all incurred in the research phase only.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Freehold Over the term of the lease
Plant & Machinery 25% reducing balance basis
Motor Vehicles 25% reducing balance basis
Fixtures & Fittings 25% on cost
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. 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 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. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. 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 realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 7 (2024: 7)
7 7
4. Intangible Assets
Development Costs
£
Cost
As at 1 February 2024 5,286
Additions 20,900
As at 31 January 2025 26,186
Amortisation
As at 1 February 2024 3,171
Provided during the period 5,237
As at 31 January 2025 8,408
Net Book Value
As at 31 January 2025 17,778
As at 1 February 2024 2,115
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5. Tangible Assets
Land & Property
Freehold Plant & Machinery Motor Vehicles Fixtures & Fittings Total
£ £ £ £ £
Cost or Valuation
As at 1 February 2024 69,344 180,273 11,850 12,398 273,865
Additions - 5,417 - 2,205 7,622
Revaluation - 122,325 - - 122,325
As at 31 January 2025 69,344 308,015 11,850 14,603 403,812
Depreciation
As at 1 February 2024 33,130 135,617 5,725 9,913 184,385
Provided during the period 3,603 2,649 1,531 1,379 9,162
As at 31 January 2025 36,733 138,266 7,256 11,292 193,547
Net Book Value
As at 31 January 2025 32,611 169,749 4,594 3,311 210,265
As at 1 February 2024 36,214 44,656 6,125 2,485 89,480
6. Stocks
2025 2024
£ £
Stock 85,000 80,050
7. Debtors
2025 2024
£ £
Due within one year
Trade debtors - 1,935
Prepayments and accrued income 4,658 4,109
Other debtors 110,523 46,346
115,181 52,390
8. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors 42,984 24,279
Corporation tax 13,682 11,314
Other taxes and social security 8,704 2,542
VAT 17,371 18,691
Net wages - 23
Other creditors 5,925 6,929
Accruals and deferred income 830 4,342
89,496 68,120
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9. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Accruals and deferred income 279,495 235,995
10. Share Capital
2025 2024
£ £
Allotted, Called up and fully paid 100 100
11. Reserves
Revaluation reserve Profit and Loss Account
£ £
As at 1 February 2024 - 104
Profit for the year and total comprehensive income - 51,121
Dividends paid - (89,000)
Transfer to/from Profit & Loss Account 122,325 -
As at 31 January 2025 122,325 (37,775 )
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