Commercial Fashions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 04282176 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2020

FOR

COMMERCIAL FASHIONS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr M Anwar

SECRETARY:

Miss N Sardar

REGISTERED OFFICE:

8 Dalton Way

Priory Walk

Birmingham

West Midlands

B4 7LD

REGISTERED NUMBER:

04282176 (England and Wales)

ACCOUNTANTS:

Brindleys Limited

2 Wheeleys Road

Edgbaston

Birmingham

West Midlands

B15 2LD

BANKERS:

Lloyds TSB Bank Plc

32-34 Alcester Road South

Kings Heath

Birmingham

B14 7PU

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

7,945

9,347

7,945

9,347

CURRENT ASSETS

Stocks

336,150

337,250

Debtors

6

265,941

165,941

Cash at bank and in hand

202,113

143,819

804,204

647,010

CREDITORS

Amounts falling due within one year

7

230,829

151,369

NET CURRENT ASSETS

573,375

495,641

TOTAL ASSETS LESS CURRENT LIABILITIES

581,320

504,988

CREDITORS

Amounts falling due after more than one year

8

50,000

-

NET ASSETS

531,320

504,988

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

9

531,318

504,986

SHAREHOLDERS' FUNDS

531,320

504,988

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 director and authorised for issue on 22 December 2020 and were signed by:

Mr M Anwar - Director

1.	STATUTORY INFORMATION

Commercial Fashions Limited 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.

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.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2001, is being amortised evenly over its estimated useful life of ten years.

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.

Tangible fixed assets

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

Plant and machinery etc

-

15% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 balance sheet date.

Deferred tax

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

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 4 (2019 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 September 2019

and 31 August 2020

10,000

AMORTISATION

At 1 September 2019

and 31 August 2020

10,000

NET BOOK VALUE

At 31 August 2020

-

At 31 August 2019

-

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 September 2019

and 31 August 2020

28,669

DEPRECIATION

At 1 September 2019

19,322

Charge for year

1,402

At 31 August 2020

20,724

NET BOOK VALUE

At 31 August 2020

7,945

At 31 August 2019

9,347

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Other debtors

265,941

165,941

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade creditors

54,409

43,045

Tax

39,418

21,233

Social security and other taxes

4,090

2,761

VAT

29,937

8,021

Other creditors

104

95

Directors' current accounts

100,994

74,437

Accrued expenses

1,877

1,777

230,829

151,369

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 1-2 years

10,000

-

Bank loans - 2-5 years

40,000

-

50,000

-

9.

RESERVES

Retained

earnings

£

At 1 September 2019

504,986

Profit for the year

76,332

Dividends

(50,000

)

At 31 August 2020

531,318

10.	ULTIMATE CONTROLLING PARTY

The ultimate controlling party of the company are Mr Mohammed Anwar and Mrs Naghmana Sadaf Anwar.