Heena Fashion Ltd. - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03629990 (England and Wales)

HEENA FASHION LTD.

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2018

Page

Statement of Financial Position

1

Notes to the Financial Statements

3

Fixed assets

Tangible assets

4

40,275

51,942

Current assets

Stocks

684,600

596,000

Debtors

5

943,371

795,965

Cash at bank and in hand

30,553

44,262

1,658,524

1,436,227

Creditors

Amounts falling due within one year

6

1,603,200

1,387,680

Net current assets

55,324

48,547

Total assets less current liabilities

95,599

100,489

Provisions for liabilities

7,095

9,155

Net assets

88,504

91,334

Capital and reserves

Called up share capital

100

100

Retained earnings

88,404

91,234

88,504

91,334

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 24 June 2019 and were signed on its behalf by:

Mr Mohsin Alli - Director

Mr Makbool Alli - Director

1.	Statutory information

Heena Fashion Ltd. is a private company, limited by shares , registered in England and Wales. The

company's registered number and registered office address are as below:

Registered number:

03629990

Registered office:

Unit 1 Woolwich Street

Furthergate Industrial Park

Blackburn

Lancashire

BB1 3AF

2.	Accounting policies

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts,

rebates, value added tax and other sales taxes. Grants are credited to deferred revenue. Revenue

from the sale of goods is recognised when the significant risks and rewards of ownership have

transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured

reliably; it is probable that the associated economic benefits will flow to the entity and the costs

incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit

and loss account over the expected useful life of the assets. Grants towards revenue expenditure are

released to the profit and loss account as the related expenditure is incurred.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for

obsolete and slow moving items.

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. Basic financial instruments are initially recognised at the

transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at

the present value of the future payments discounted at a market rate of interest for a similar debt

instrument.

Debt instruments are subsequently measured at amortised cost.

Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the

undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of

impairment at the end of each reporting date. If there is objective evidence of impairment, an

impairment loss is recognised in profit or loss immediately.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal

does not result in a carrying amount of the financial asset that exceeds what the carrying amount

would have been had the impairment not previously been recognised.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement,

except to the extent that it relates to items recognised in other comprehensive income or directly in

equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been

enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods

different from those in which they are recognised in financial statements. Deferred tax is measured

using tax rates and laws that have been enacted or substantively enacted by the year end and that are

expected to apply to the reversal of the timing difference.

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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at

the statement of financial position date. Transactions in foreign currencies are translated into sterling

at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account

in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the

period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the

company's pension scheme are charged to profit or loss in the period to which they relate.

Impairment

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.

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

are 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.

3.	Employees and directors

The average number of employees during the year was 56 (2017 - 60 ) .

4.	Tangible fixed assets

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Totals

£

£

£

£

Cost

At 1 October 2017

and 30 September 2018

81,744

118,963

33,852

234,559

Depreciation

At 1 October 2017

68,558

91,951

22,108

182,617

Charge for year

1,979

6,752

2,936

11,667

At 30 September 2018

70,537

98,703

25,044

194,284

Net book value

At 30 September 2018

11,207

20,260

8,808

40,275

At 30 September 2017

13,186

27,012

11,744

51,942

5.

Debtors: amounts falling due within one year

2018

2017

£

£

Trade debtors

573,414

521,318

Other debtors

369,957

274,647

943,371

795,965

6.	Creditors less than one year

2018

2017

£

£

Trade creditors

1,504,145

1,222,982

Taxation and social security

45,851

68,168

Other creditors

53,204

96,530

1,603,200

1,387,680

Bank borrowings are secured by a debenture dated 19 June 2017 over the assets of the company.

Proceeds of factored debts are secured by a debenture dated 31 March 2017 over the assets of the

company which include gross debts of £573,414 (2017: £521,318).

7.	Directors' advances, credits and guarantees

Included in other debtors are directors' loan balances with Mr Mohsin Alli of £53,804 and Mr Makbool

Alli of £28,635 (2017: £10,001 owed to Mr Mohsin Alli and £18,452 owed to Makbool Alli). During the

year Mr Mohsin Alli introduced £4,000 (including undrawn dividends) and withdrew £67,805 in

aggregate, and Mr Makbool Alli introduced £4,000 (including undrawn dividends) and withdrew

£51,087 in aggregate. These loans were unsecured, interest free and repayable upon demand. These

loans were repaid by the directors after the year end.