Street Clothes Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01456300 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 March 2019

for

Street Clothes Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

10,857

14,211

Investment property

5

3,100,000

3,110,857

3,114,211

CURRENT ASSETS

Debtors

6

20,679

20,142

Cash at bank

99,930

135,895

120,609

156,037

CREDITORS

Amounts falling due within one year

7

67,626

113,758

NET CURRENT ASSETS

52,983

42,279

TOTAL ASSETS LESS CURRENT
LIABILITIES

3,163,840

3,156,490

CREDITORS

Amounts falling due after more than one
year

8

(8,143

)

(10,382

)

PROVISIONS FOR LIABILITIES

(267,273

)

(298,842

)

NET ASSETS

2,888,424

2,847,266

CAPITAL AND RESERVES

Called up share capital

10

30,000

Retained earnings

11

2,858,424

2,817,266

SHAREHOLDERS' FUNDS

2,888,424

2,847,266

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 Profit and Loss Account has not been delivered.

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

J A Thompson - Director

Ms S A Newell - Director

1.	STATUTORY INFORMATION

Street Clothes Limited 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:

01456300

Registered office:

Duncan Chambers

9 Duncan Street

Leeds

West Yorkshire

LS1 6DQ

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 UK and Republic of Ireland" and the Companies Act

2006 as applicable to companies subject to the small companies regime. The disclosure requirements

of section 1A of FRS 102 have been applied other than where additional disclosure is required to show

a true and fair view.

The financial statements have been prepared under the historical cost convention, modified to include

certain items at fair value.

Tangible fixed assets

Tangible fixed assets are stated at purchase cost, net of depreciation.

Depreciation is provided on all tangible assets at rates calculated to write off the cost less estimated

residual value of each asset over its expected useful life as follows:

Improvements to property

- 25% on cost

Plant and machinery

- 33% on cost

Motor vehicles

- 25% on reducing balance

Computer equipment

- 33% on cost

Residual value represents the estimated amount which would currently be obtained from disposal of an

asset after deducting estimated costs of disposal, if the asset were already at an age and in the

condition expected at the end of its estimated useful life.

The gain or loss arising on the disposal of an asset is determined on the difference between the sale

proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

Investment property

Investment properties for which fair value can be measured reliably without undue cost or effort on an

ongoing basis are measured at fair value annually with any charge recognised in the profit and loss

account.

Taxation

Current tax, including UK corporation tax is provided at amounts expected to be paid (or recovered)

using the tax rates and laws that have been enacted or substantively enacted by the balance sheet

date.

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

the balance sheet date where transactions or events that result in an obligation to pay more tax in the

future or a right to pay less tax in the future have occurred at the balance sheet date. Timing

differences are differences between the company's taxable profits and its results as stated in the

financial statements that arise from the inclusion of gains and losses in tax assessments in periods

different from those in which they are recognised in the financial statements.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively

enacted by the balance sheet date and are expected to apply to the reversal of the timing difference.

Deferred tax relating to investment property is measured using tax rates and allowances that apply to

the sale of the asset.

Pension costs and other post-retirement benefits

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

company's pension scheme and that of directors' personal pension schemes are charged to profit or

loss in the period to which they relate.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are

recognised when paid. Final equity dividends are recognised when approved by the shareholders at an

Annual General Meeting.

Financial instruments

Financial assets and financial liabilities are recognised when the company becomes a party to the

contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual

arrangements entered into. An equity instrument is any contract that evidences a residual interest in

the assets of the company after deducting all of its liabilities.

All financial assets and liabilities are initially measured at transaction price (including transaction

costs), except for those financial assets classified as at fair value through profit and loss, which are

initially measured at fair value (which is normally the transaction price excluding transaction costs),

unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing

transaction, the financial asset or financial liability is measured at the present value of the future

payments discounted at a market rate of interest for a similar debt instrument.

The following assets and liabilities are classified as basic financial instruments - cash and bank

balances and trade creditors.

Cash and bank balances and trade creditors are measured at the amortised cost equivalent to the

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

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each

balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in

profit and loss as described below.

Non financial assets

An asset is impaired when there is objective evidence that, as a result of one or more events that

occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The

recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.

Financial assets

For financial assets carried at cost less impairment, the impairment loss is the difference between the

asset's carrying amount and the best estimate of the amount that would be received for the asset if it

were sold at the reporting date.

Where indicators exist for a decrease in impairment loss, and the decrease can be related objectively

to an event occurring after the impairment was recognised, the prior impairment loss is tested to

determine reversal. An impairment loss is reversed on an individual impaired financial asset to the

extent that the revised recoverable value does not lead to a revised carrying amount higher than the

carrying value had the impairment loss not been recognised.

Critical accounting judgements and sources of estimation uncertainty

In the application of the company's accounting policies, management is required to make judgements,

estimates and assumptions about the carrying values of assets and liabilities that are not readily

apparent from other sources. The estimates and associated assumptions are based on historical

experience and other factors that are considered to be relevant. Actual results may differ from these

estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting

estimates are recognised in the period in which the estimate is revised if the revision affects only that

period, or in the period of the revision and future periods if the revision affects both current and future

periods.

The critical judgements that the directors have made in applying the company's accounting policies

and the key sources of estimation uncertainty that have had the most significant effect on the amounts

recognised in the financial statements are described below:

Investment property

The company makes an estimate of the fair value of investment properties at each reporting date. The

last valuation of the company's investment property portfolio was performed at 31 March 2019. The

directors undertake a review of the property portfolio at each reporting date to assess whether the fair

value has changed significantly since the previous reporting date. When assessing the fair values,

management considers current commercial property trends and rental yields.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2018

57,083

Additions

217

Disposals

(36,983

)

At 31 March 2019

20,317

DEPRECIATION

At 1 April 2018

42,872

Charge for year

3,571

Eliminated on disposal

(36,983

)

At 31 March 2019

9,460

NET BOOK VALUE

At 31 March 2019

10,857

At 31 March 2018

14,211

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

and 31 March 2019

3,100,000

NET BOOK VALUE

At 31 March 2019

3,100,000

At 31 March 2018

3,100,000

Investment properties were revalued as at 31 March 2019. This valuation was based on market value.

The historic cost of the investment properties is £678,814.

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

Other debtors

20,679

20,142

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

Hire purchase contracts

2,239

Trade creditors

3,454

1,032

Taxation and social security

7,041

18,602

Other creditors

54,892

91,885

67,626

113,758

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2019

2018

£

Hire purchase contracts

8,143

10,382

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

Hire purchase contracts

10,382

12,621

Hire purchase contracts are secured upon the assets to which they relate.

10.	CALLED UP SHARE CAPITAL

2019

2018

£

Allotted, issued and fully paid

30,000

11.

RESERVES

At 31 March 2019 within retained earnings is a non-distributable amount of £2,155,800 (2018:

£2,155,800) relating to fair value adjustments to investment property and the recognition of the

associated deferred tax liability.

Street Clothes Limited - Accounts to registrar (filleted) - small 18.2

Street Clothes Limited - Accounts to registrar (filleted) - small 18.2