FAVOURITE MENSWEAR LIMITED - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02923133 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

FAVOURITE MENSWEAR LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M R H Koby

Mrs D Koby

SECRETARY:

Mrs D Koby

REGISTERED OFFICE:

Unit 3, 1st Floor North, Cavendish House

369-391 Burnt Oak Broadway

Edgware

Middlesex

HA8 5AW

REGISTERED NUMBER:

02923133 (England and Wales)

ACCOUNTANTS:

Reed Taylor Benedict

Unit 3, 1st Floor North

Cavendish House

369-391 Burnt Oak Broadway

Edgware

Middlesex

HA8 5AW

FIXED ASSETS

Tangible assets

4

1

1

CURRENT ASSETS

Stocks

-

1,477

Debtors

5

3,393

3,724

Cash at bank

13,615

13,361

17,008

18,562

CREDITORS

Amounts falling due within one year

6

2,109

2,409

NET CURRENT ASSETS

14,899

16,153

TOTAL ASSETS LESS CURRENT LIABILITIES

14,900

16,154

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

14,800

16,054

SHAREHOLDERS' FUNDS

14,900

16,154

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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 15 April 2021 and were signed on its behalf by:

M R H Koby - Director

Mrs D Koby - Director

1.	STATUTORY INFORMATION

FAVOURITE MENSWEAR 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.

Tangible fixed assets

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

Computer equipment

-

20% 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.

Going concern

During the financial year the World Health Organisation (WHO) declared Covid-19 as a worldwide pandemic. There has been no material impact on the financial position of the company as a result. In relation to this the director has reviewed the company's performance, and has implemented a plan for the future. As a result, he believes that the preparation of the financial statements on the going concern basis is appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2020

and 31 December 2020

4,572

DEPRECIATION

At 1 January 2020

and 31 December 2020

4,571

NET BOOK VALUE

At 31 December 2020

1

At 31 December 2019

1

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade debtors

3,393

3,724

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Trade creditors

-

132

Tax

-

4

Social security and other taxes

207

79

Directors' current accounts

1,067

1,459

Accrued expenses

835

735

2,109

2,409