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

REGISTERED NUMBER: 01456300 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 March 2020

for

Street Clothes Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Tangible assets

4

8,120

10,857

Investment property

5

3,100,000

3,100,000

3,108,120

3,110,857

CURRENT ASSETS

Debtors

6

18,385

20,679

Cash at bank

123,548

99,930

141,933

120,609

CREDITORS

Amounts falling due within one year

7

58,117

67,626

NET CURRENT ASSETS

83,816

52,983

TOTAL ASSETS LESS CURRENT LIABILITIES

3,191,936

3,163,840

CREDITORS

Amounts falling due after more than one year

8

(5,904

)

(8,143

)

PROVISIONS FOR LIABILITIES

(298,618

)

(267,273

)

NET ASSETS

2,887,414

2,888,424

CAPITAL AND RESERVES

Called up share capital

10

30,000

30,000

Retained earnings

11

2,857,414

2,858,424

SHAREHOLDERS' FUNDS

2,887,414

2,888,424

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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 October 2020 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:

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.

Hire purchase and leasing commitments

Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the profit and loss account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

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

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 2020. 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 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2019

and 31 March 2020

20,317

DEPRECIATION

At 1 April 2019

9,460

Charge for year

2,737

At 31 March 2020

12,197

NET BOOK VALUE

At 31 March 2020

8,120

At 31 March 2019

10,857

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2019

and 31 March 2020

3,100,000

NET BOOK VALUE

At 31 March 2020

3,100,000

At 31 March 2019

3,100,000

Investment properties were revalued as at 31 March 2020. 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

2020

2019

£

£

Other debtors

18,385

20,679

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Hire purchase contracts

2,239

2,239

Trade creditors

1,932

3,454

Taxation and social security

16,797

7,041

Other creditors

37,149

54,892

58,117

67,626

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Hire purchase contracts

5,904

8,143

9.	SECURED DEBTS

The following secured debts are included within creditors:

2020

2019

£

£

Hire purchase contracts

8,143

10,382

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

10.	CALLED UP SHARE CAPITAL

2020

2019

£

£

Allotted, issued and fully paid

30,000

30,000

11.

RESERVES

At 31 March 2020 within retained earnings is a non-distributable amount of £2,155,800 (2019: £2,155,800) relating to fair value adjustments to investment property and the recognition of the associated deferred tax liability.

12.	POST BALANCE SHEET EVENTS

The Coronavirus (Covid-19) pandemic, which began as an outbreak in China in January 2020, very quickly spread across to Europe and the rest of the world and is affecting all businesses for an indeterminate period.

At the date of approval of the financial statements it has not been possible to quantify or ascertain with any certainty the financial impact of Covid-19. The impact of the pandemic is post the date of these financial statements and hence no adjustments have been made to any figures in these financial statements.