Registration number:
|
Chartered Accountants
Winton House
Stoke Road
Stoke on Trent
Staffordshire
ST4 2RW
A J B Fashions Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Financial Statements |
A J B Fashions Limited
Company Information
Director |
Mrs A J Bennett |
Company secretary |
Mr A D Bennett |
Registered office |
|
Accountants |
|
Page 1 |
A J B Fashions Limited
(Registration number: 05124391)
Balance Sheet as at 31 March 2020
Note |
2020 |
2019 |
|
Fixed assets |
|||
Tangible assets |
|
|
|
Current assets |
|||
Stocks |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current assets |
|
|
|
Total assets less current liabilities |
|
|
|
Provisions for liabilities |
( |
( |
|
Net assets |
|
|
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Profit and loss account |
|
|
|
Total equity |
|
|
For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of Financial Reporting Standard 102 (FRS 102) Section 1A - small entities.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Page 2 |
A J B Fashions Limited
(Registration number: 05124391)
Balance Sheet as at 31 March 2020
Approved and authorised by the
.........................................
Director
Page 3 |
A J B Fashions Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The company's presentational currency is pound sterling (£). The accounts are rounded to the nearest whole pound.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Page 4 |
A J B Fashions Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Furniture, fittings & equipment |
10% reducing balance basis |
Office equipment |
33% straight line basis |
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Financial instruments
Classification
Such assets are subsequently carried at amortised cost using the effective interest method.
Basic financial liabilities, including trade and other trade creditors, bank and other loans, 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.
Recognition and measurement
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.
Page 5 |
A J B Fashions Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Intangible assets |
Goodwill |
Total |
|
Cost or valuation |
||
At 1 April 2019 |
|
|
At 31 March 2020 |
|
|
Amortisation |
||
At 1 April 2019 |
|
|
At 31 March 2020 |
|
|
Carrying amount |
||
At 31 March 2020 |
- |
- |
Tangible assets |
Furniture, fittings and equipment |
Office equipment |
Total |
|
Cost or valuation |
|||
At 1 April 2019 |
|
|
|
Additions |
|
- |
|
At 31 March 2020 |
|
|
|
Depreciation |
|||
At 1 April 2019 |
|
|
|
Charge for the year |
|
|
|
At 31 March 2020 |
|
|
|
Carrying amount |
|||
At 31 March 2020 |
|
|
|
At 31 March 2019 |
|
|
|
Page 6 |
A J B Fashions Limited
Notes to the Financial Statements for the Year Ended 31 March 2020
Stocks |
2020 |
2019 |
|
Other inventories |
|
|
Creditors |
2020 |
2019 |
|
Due within one year |
||
Trade creditors |
|
|
Taxation and social security |
|
|
Other creditors |
|
|
Directors' loan account |
50,370 |
54,427 |
|
|
Non adjusting events after the financial period |
|
Going Concern |
The accounts have been prepared on a going concern basis. The company has been significantly affected by the Covid 19 pandemic due to lockdown. However, the company has utilised the government support available and has reserves available to it.
Page 7 |