J L Black (Good Clothes) Limited Filleted accounts for Companies House (small and micro)

J.L.BLACK (GOOD CLOTHES) LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 00525799

J L Black (Good Clothes) Limited

Filleted Unaudited Financial Statements

31 January 2019

J L Black (Good Clothes) Limited

Financial Statements

Period from 4 February 2018 to 31 January 2019

Contents	Pages

Balance sheet	1 to 2

Notes to the financial statements	3 to 6

J L Black (Good Clothes) Limited

Balance Sheet

31 January 2019

	31 Jan 19	3 Feb 18
Note	£	£

Fixed assets

Tangible assets	5	64,773	70,373

Current assets

Stocks		304,683	346,775
Debtors	6	63,355	55,561
Cash at bank and in hand		188	50
		---------	---------
		368,226	402,386

Creditors: amounts falling due within one year	7	237,888	251,346
		---------	---------
Net current assets		130,338	151,040
		---------	---------
Total assets less current liabilities		195,111	221,413

Creditors: amounts falling due after more than one year	8	3,198	20,848
		---------	---------
Net assets		191,913	200,565
		---------	---------

Capital and reserves

Called up share capital	6,486	6,486
Capital redemption reserve	2,594	2,594
Profit and loss account	182,833	191,485
	---------	---------
Shareholders funds	191,913	200,565
	---------	---------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the period ending 31 January 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

J L Black (Good Clothes) Limited

Balance Sheet (continued)

31 January 2019

These financial statements were approved by the board of directors and authorised for issue on 22 October 2019 , and are signed on behalf of the board by:

M Kirkham

Director

Company registration number: 00525799

J L Black (Good Clothes) Limited

Notes to the Financial Statements

Period from 4 February 2018 to 31 January 2019

1. General information

The company is a private company limited by shares, registered in England and Wales, registration number 00525799 . The address of the registered office is 1 Pepper Street, Newcastle-under-Lyme, Staffordshire, ST5 1PR.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

Monetary amounts in these financial statements are rounded to the nearest £.

Judgements and key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: As described in the accounting policies of the financial statements, depreciation of tangible fixed assets has been based on estimated useful lives and residual values deemed appropriate by the director. Estimated useful lives are reviewed annually and revised as appropriate. Revisions take in to account actual asset lives and residual values as evidenced by disposals during current and prior accounting periods.

Revenue recognition

Turnover comprises the value of sales (exclusive of VAT) of goods provided in the normal course of business. Revenue is recognised when goods are sold as per the till records, at which point the risks and rewards of ownership pass to the buyer.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis. Lease income is recognised in profit or loss on a straight line basis over the lease term. This has been offset against rental payments in the year.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Leasehold Property	-	over the term of the lease
Fixtures, Fittings and equipment	-	15% reducing balance, 25% on cost for computers

Impairment of fixed assets

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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.

Stocks

Stock is valued at the lower of cost and net realisable value. Cost represents the purchase invoice cost. Net realisable value is the estimated proceeds from the sale of stock items.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal values. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objective evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and cash in hand. Trade Creditors Trade creditors are not interest bearing and are stated at their nominal value. Loans Loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 11 (2018: 11 ).

5. Tangible assets

	Leasehold Property	Fixtures, fittings and equipment	Total
	£	£	£
Cost
At 4 February 2018 and 31 January 2019	79,245	175,108	254,353
	--------	---------	---------
Depreciation
At 4 February 2018	19,158	164,822	183,980
Charge for the period	3,964	1,636	5,600
	--------	---------	---------
At 31 January 2019	23,122	166,458	189,580
	--------	---------	---------
Carrying amount
At 31 January 2019	56,123	8,650	64,773
	--------	---------	---------
At 3 February 2018	60,087	10,286	70,373
	--------	---------	---------

6. Debtors

	31 Jan 19	3 Feb 18
	£	£
Other debtors	63,355	55,561
	--------	--------

7. Creditors: amounts falling due within one year

	31 Jan 19	3 Feb 18
	£	£
Bank loans and overdrafts	60,589	65,239
Trade creditors	8,112	31,724
Social security and other taxes	60,056	71,239
Other creditors	109,131	83,144
	---------	---------
	237,888	251,346
	---------	---------

The bank loan and overdraft are secured on the assets of the company .

8. Creditors: amounts falling due after more than one year

	31 Jan 19	3 Feb 18
	£	£
Bank loans and overdrafts	3,198	20,848
	-------	--------

The bank loan and overdrafts are secured on the assets of the company.

9. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	31 Jan 19	3 Feb 18
	£	£
Not later than 1 year	57,000	61,277
Later than 1 year and not later than 5 years	216,333	228,000
Later than 5 years	201,367	246,700
	---------	---------
	474,700	535,977
	---------	---------

10. Directors' advances, credits and guarantees

During the year the directors have maintained a current account with the company, the total balance on this account at the start of the year was £27,016 (2018 - £44,430) and the total balance at the year end was £35,037 (2018 - £27,016), the maximum amount outstanding during the year was £44,430 (2018 - £44,430). Total advances were £143,381 (2018 - £181,041) and total monies repaid were £135,360 (2018 - £198,455). The advances were on an interest free basis.

11. Related party transactions

A director has provided personal guarantees on the bank loan and bank overdraft.