Registration number:
Aces Couture Limited
for the Year Ended 31 August 2018
Aces Couture Limited
Contents
Company Information |
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Abridged Balance Sheet |
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Statement of Changes in Equity |
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Notes to the Abridged Financial Statements |
Aces Couture Limited
Company Information
Director |
Mrs R Jerath |
Company secretary |
Mrs R Jerath |
Registered office |
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Accountants |
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Page 1 |
Aces Couture Limited
(Registration number: 05612552)
Abridged Balance Sheet as at 31 August 2018
Note |
2018 |
2017 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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- |
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Current assets |
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Stocks |
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- |
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Debtors |
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- |
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Cash at bank and in hand |
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Prepayments and accrued income |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
( |
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Accruals and deferred income |
( |
( |
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Net (liabilities)/assets |
( |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
( |
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Total equity |
( |
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For the financial year ending 31 August 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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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.
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.
All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.
Page 2 |
Aces Couture Limited
(Registration number: 05612552)
Abridged Balance Sheet as at 31 August 2018
Approved and authorised by the
.........................................
Mrs R Jerath
Company secretary and director
Page 3 |
Aces Couture Limited
Statement of Changes in Equity for the Year Ended 31 August 2018
Share capital |
Profit and loss account |
Total |
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At 1 September 2017 |
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Loss for the year |
- |
( |
( |
Total comprehensive income |
- |
( |
( |
At 31 August 2018 |
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( |
( |
Page 4 |
Aces Couture Limited
Notes to the Abridged Financial Statements for the Year Ended 31 August 2018
General information |
The company is a private company limited by share capital, incorporated in Other.
The address of its registered office is:
The principal place of business is:
Bebe House
Dukesway
Team Valley Trading Estate
Gateshead
Tyne and Wear
NE11 0PZ
These financial statements were authorised for issue by the
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 abridged 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 abridged 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.
Going concern
Included within other creditors is £83,160 owed to Bebe Clothing (UK) Limited, a company in which R Jerath is a director. It has been agreed that this will not be drawn to the detriment of other creditors. The financial statements have therefore been prepared on a going concern basis.
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.
Page 5 |
Aces Couture Limited
Notes to the Abridged Financial Statements for the Year Ended 31 August 2018
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.
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 |
Plant and machinery |
25% straight line |
Goodwill
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.
Intangible assets
Separately acquired trademarks and licences are shown at historical cost.
Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.
Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Patents and licences |
20% straight line |
Goodwill |
20% straight line |
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Page 6 |
Aces Couture Limited
Notes to the Abridged Financial Statements for the Year Ended 31 August 2018
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.
Trade creditors
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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Page 7 |
Aces Couture Limited
Notes to the Abridged Financial Statements for the Year Ended 31 August 2018
Intangible assets |
Total |
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Cost or valuation |
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At 1 September 2017 |
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Additions acquired separately |
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At 31 August 2018 |
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Amortisation |
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At 1 September 2017 |
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Amortisation charge |
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At 31 August 2018 |
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Carrying amount |
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At 31 August 2018 |
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At 31 August 2017 |
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Tangible assets |
Other tangible assets |
Total |
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Cost or valuation |
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At 1 September 2017 |
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Additions |
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At 31 August 2018 |
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Depreciation |
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At 1 September 2017 |
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Charge for the year |
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At 31 August 2018 |
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Carrying amount |
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At 31 August 2018 |
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Stocks |
2018 |
2017 |
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Other inventories |
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- |
Page 8 |
Aces Couture Limited
Notes to the Abridged Financial Statements for the Year Ended 31 August 2018
Share capital |
Allotted, called up and fully paid shares
2018 |
2017 |
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No. |
£ |
No. |
£ |
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1,000 |
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1,000 |
Related party transactions |
R Jerath is also a director of Bebe Clothing (UK) Limited. Aces Couture Limited purchased goods totalling £314,214 from Bebe Clothing (UK) Limited during the year (2017 - nil). Bebe Clothing (UK) Limited advanced a loan of £83,160 during the period which was outstanding at 31st August 2018.
Page 9 |