Just So Clothing & Merchandise Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06846334 (England and Wales)

Financial Statements for the Year Ended 31 March 2020

for

Just So Clothing & Merchandise Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A T Cowell

SECRETARY:

A T Cowell

REGISTERED OFFICE:

19 Victoria Terrace

Hove

East Sussex

BN3 2WB

REGISTERED NUMBER:

06846334 (England and Wales)

ACCOUNTANTS:

A.K & Co (Accountancy Services) Ltd

19 Victoria Terrace

Hove

East Sussex

BN3 2WB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

27,660

21,611

27,660

21,611

CURRENT ASSETS

Stocks

15,700

15,700

Debtors

6

44,363

13,155

Cash at bank and in hand

-

28,039

60,063

56,894

CREDITORS

Amounts falling due within one year

7

62,238

64,314

NET CURRENT LIABILITIES

(2,175

)

(7,420

)

TOTAL ASSETS LESS CURRENT LIABILITIES

25,485

14,191

CREDITORS

Amounts falling due after more than one year

8

(48,679

)

(38,333

)

PROVISIONS FOR LIABILITIES

9

(4,264

)

(3,811

)

NET LIABILITIES

(27,458

)

(27,953

)

CAPITAL AND RESERVES

Called up share capital

10

101

101

Retained earnings

(27,559

)

(28,054

)

SHAREHOLDERS' FUNDS

(27,458

)

(27,953

)

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 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 31 December 2020 and were signed by:

A T Cowell - Director

1.	STATUTORY INFORMATION

Just So Clothing & Merchandise 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.

Going Concern

The company's day to day working capital is met through a loan account with the director.The director has given his undertaking not to draw down on the loan to the detriment of the company and he therefore considers it appropriate to prepare the financial statements on a going concern basis.

For the current financial year the company has made taxable profits to fund the day to day working capital which has been met in the past by loans from the director and other bank loans.

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 2012, is being amortised evenly over its estimated useful life of five 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 or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

25% on cost

Plant and machinery

-

25% on cost

Computer equipment

-

25% on cost

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 5 (2019 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2019

and 31 March 2020

40,256

AMORTISATION

At 1 April 2019

and 31 March 2020

40,256

NET BOOK VALUE

At 31 March 2020

-

At 31 March 2019

-

5.	TANGIBLE FIXED ASSETS

Improvements

to

Plant and

Computer

property

machinery

equipment

Totals

£

£

£

£

COST

At 1 April 2019

2,924

30,994

12,277

46,195

Additions

-

14,613

734

15,347

At 31 March 2020

2,924

45,607

13,011

61,542

DEPRECIATION

At 1 April 2019

2,924

10,994

10,666

24,584

Charge for year

-

7,923

1,375

9,298

At 31 March 2020

2,924

18,917

12,041

33,882

NET BOOK VALUE

At 31 March 2020

-

26,690

970

27,660

At 31 March 2019

-

20,000

1,611

21,611

Fixed assets, included in the above, which are held under hire purchase contracts or finance leases are as follows:

Plant and

machinery

£

COST

Additions

14,613

At 31 March 2020

14,613

DEPRECIATION

Charge for year

2,923

At 31 March 2020

2,923

NET BOOK VALUE

At 31 March 2020

11,690

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

1,999

4,591

Other debtors

42,364

8,564

44,363

13,155

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

9,101

3,611

Trade creditors

20,610

45,522

Taxation and social security

9,166

4,520

Other creditors

23,361

10,661

62,238

64,314

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Other creditors

48,679

38,333

9.	PROVISIONS FOR LIABILITIES

2020

2019

£

£

Deferred tax

Accelerated capital allowances

5,132

3,955

Tax losses carried forward

(868

)

(144

)

4,264

3,811

Deferred

tax

£

Balance at 1 April 2019

3,811

Accelerated capital allowances

1,177

Tax losses carried forward

(724

)

Balance at 31 March 2020

4,264

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

101

Ordinary

1

101

101

11.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2020 and 31 March 2019:

2020

2019

£

£

A T Cowell and A T Cowell

Balance outstanding at start of year

8,564

(18,506

)

Amounts advanced

31,186

33,228

Amounts repaid

(8,603

)

(6,158

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

31,147

8,564

12.	ULTIMATE CONTROLLING PARTY

The controlling party is A T Cowell.