Picture Book Fashion Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC403574 (Scotland)

Unaudited Financial Statements

for the Year Ended 31 October 2021

for

Picture Book Fashion Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

A J Molloy

SECRETARY:

REGISTERED OFFICE:

20 South Frederick Street

GLASGOW

G1 1HJ

REGISTERED NUMBER:

SC403574 (Scotland)

ACCOUNTANTS:

AMS Chartered Accountants

Unit 23

St James Avenue

EAST KILBRIDE

Lanarkshire

G74 5QD

FIXED ASSETS

Tangible assets

4

1,448

1,929

CURRENT ASSETS

Stocks

32,797

991

Debtors

5

474,822

202,504

Cash at bank and in hand

1,786,234

1,319,059

2,293,853

1,522,554

CREDITORS

Amounts falling due within one year

6

634,255

444,572

NET CURRENT ASSETS

1,659,598

1,077,982

TOTAL ASSETS LESS CURRENT LIABILITIES

1,661,046

1,079,911

CREDITORS

Amounts falling due after more than one year

7

23,748

23,748

NET ASSETS

1,637,298

1,056,163

CAPITAL AND RESERVES

Called up share capital

54,217

54,217

Share premium

5,783

5,783

Retained earnings

1,577,298

996,163

SHAREHOLDERS' FUNDS

1,637,298

1,056,163

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 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 20 July 2022 and were signed by:

A J Molloy - Director

1.	STATUTORY INFORMATION

Picture Book Fashion Ltd is a private company, limited by shares , registered in Scotland. 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.

Plant and machinery etc

-

25% 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.

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 8 (2020 - 5 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2020

and 31 October 2021

9,695

DEPRECIATION

At 1 November 2020

7,766

Charge for year

481

At 31 October 2021

8,247

NET BOOK VALUE

At 31 October 2021

1,448

At 31 October 2020

1,929

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

£

Trade debtors

452,943

170,564

Other debtors

21,879

31,940

474,822

202,504

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.10.21

31.10.20

£

£

Trade creditors

463,013

349,715

Taxation and social security

157,824

81,302

Other creditors

13,418

13,555

634,255

444,572

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.10.21

31.10.20

£

£

Other creditors

23,748

23,748

8.	RELATED PARTY DISCLOSURES

Molloy Agencies is controlled by Andrew Molloy, the director. All transactions are through the purchase ledger.