Banned Apparel Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09921180 (England and Wales)

Banned Apparel Ltd

Unaudited Financial Statements for the Year Ended 31 March 2020

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs J E Syal

S Syal

REGISTERED OFFICE:

Unit 2 Westfield Close

Rawreth Industrial Estate

Rayleigh

Essex

SS6 9RL

REGISTERED NUMBER:

09921180 (England and Wales)

ACCOUNTANTS:

Aggarwal & Co Limited

Chartered Accountants

5 London Road

Rainham

Gillingham

Kent

ME8 7RG

FIXED ASSETS

Intangible assets

4

6,324

441

Tangible assets

5

24,529

35,277

Investments

6

1,098

1,098

31,951

36,816

CURRENT ASSETS

Inventories

435,225

520,450

Debtors

7

3,565,138

2,561,109

Cash at bank and in hand

952,657

1,047,917

4,953,020

4,129,476

CREDITORS

Amounts falling due within one year

8

166,012

437,181

NET CURRENT ASSETS

4,787,008

3,692,295

TOTAL ASSETS LESS CURRENT LIABILITIES

4,818,959

3,729,111

PROVISIONS FOR LIABILITIES

10

4,292

5,558

NET ASSETS

4,814,667

3,723,553

CAPITAL AND RESERVES

Called up share capital

500

500

Retained earnings

4,814,167

3,723,053

SHAREHOLDERS' FUNDS

4,814,667

3,723,553

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 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 applicable to companies subject to the small companies regime.

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

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2020 and were signed on its behalf by:

S Syal - Director

Mrs J E Syal - Director

1.	STATUTORY INFORMATION

Banned Apparel Ltd is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Preparation of consolidated financial statements

The financial statements contain information about Banned Apparel Ltd as an individual company and do not

contain consolidated financial information as the parent of a group. The company is exempt under Section

399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Income recognition

Income represents the fair value of consideration received or receivable derived from the provision of goods

and services to customers during the year (excluding value added tax) and is recognised when the company

becomes entitled to it, usually on the rendering of an invoice.

Income is recognised when goods have been delivered to customers such that risks and rewards of ownership

have transferred to them.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost

less any accumulated amortisation and any accumulated impairment losses.

Trademarks are being amortised evenly over their estimated useful life of ten years.

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 etc

-

33% on cost and 25% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Inventories

Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell.

In respect of work in progress and finished goods, cost includes an appropriate proportion of attributable

overheads according to the stage of manufacture/completion.

Financial instruments

The Company enters into basic financial instruments that result in the recognition of financial assets and

liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and

loans to related parties.

Basic financial instruments are recognised at amortised cost with changes recognised in profit or loss.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 26 (2019 - 29 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 April 2019

504

Additions

6,420

At 31 March 2020

6,924

AMORTISATION

At 1 April 2019

63

Charge for year

537

At 31 March 2020

600

NET BOOK VALUE

At 31 March 2020

6,324

At 31 March 2019

441

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

66,735

Additions

3,267

At 31 March 2020

70,002

DEPRECIATION

At 1 April 2019

31,458

Charge for year

14,015

At 31 March 2020

45,473

NET BOOK VALUE

At 31 March 2020

24,529

At 31 March 2019

35,277

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2019

and 31 March 2020

1,098

NET BOOK VALUE

At 31 March 2020

1,098

At 31 March 2019

1,098

The company has investments in the following subsidiary undertakings.

Country of incorporation

Principal activity

Holding

%

Subsidiary undertakings

Banned Ecomm Ltd

England & Wales

Retailer

Ordinary shares

100

Syal sp. z.o.o.

Poland

Wholesaler

Ordinary shares

100

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,096,087

542,810

Other debtors

2,469,051

2,018,299

3,565,138

2,561,109

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

20,855

8,747

Taxation and social security

95,746

352,680

Other creditors

49,411

75,754

166,012

437,181

9.	LEASING AGREEMENTS

The company has total other operating lease commitments at 31 March 2020 of £66,000.

10.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

4,292

5,558

Deferred

tax

£

Balance at 1 April 2019

5,558

Credit to Income Statement during year

(1,266

)

Balance at 31 March 2020

4,292