Suits Me Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 07349753 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

FOR

SUITS ME LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

M W Sanders

R M Lynch

REGISTERED OFFICE:

The Old Shippon

Moseley Hall Farm

Chelford Road

Knutsford

Cheshire

WA16 8RB

REGISTERED NUMBER:

07349753 (England and Wales)

ACCOUNTANTS:

Murray Smith LLP

Chartered Accountants

Darland House

44 Winnington Hill

Northwich

Cheshire

CW8 1AU

FIXED ASSETS

Intangible assets

4

1,433,157

517,525

Tangible assets

5

12,532

-

1,445,689

517,525

CURRENT ASSETS

Stocks

6

97,840

25,000

Debtors

7

154,433

332,283

Cash at bank

421,360

77,817

673,633

435,100

CREDITORS

Amounts falling due within one year

8

4,192,938

1,440,217

NET CURRENT LIABILITIES

(3,519,305

)

(1,005,117

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,073,616

)

(487,592

)

CREDITORS

Amounts falling due after more than one year

9

34,847

45,833

NET LIABILITIES

(2,108,463

)

(533,425

)

CAPITAL AND RESERVES

Called up share capital

10

10,000

10,000

Retained earnings

(2,118,463

)

(543,425

)

SHAREHOLDERS' FUNDS

(2,108,463

)

(533,425

)

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2021 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 28 September 2022 and were signed on its behalf by:

M W Sanders - Director

1.	STATUTORY INFORMATION

Suits Me 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 financial statements have been prepared on a going concern basis as the director, M W Sanders, has confirmed that he will continue to support the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Turnover is recognised at the point when amounts become due from individual card holders.

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.

Computer software costs are being amortised evenly over their estimated useful life of three years.

Costs incurred in the development of computer software which will be used to generate income are capitalised in accordance with FRS102.

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

-

33% 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.

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 48 (2020 - 24 ) .

4.	INTANGIBLE FIXED ASSETS

Computer

software

costs

£

COST

At 1 January 2021

517,525

Additions

1,299,174

At 31 December 2021

1,816,699

AMORTISATION

Amortisation for year

383,542

At 31 December 2021

383,542

NET BOOK VALUE

At 31 December 2021

1,433,157

At 31 December 2020

517,525

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 January 2021

3,000

Additions

15,523

At 31 December 2021

18,523

DEPRECIATION

At 1 January 2021

3,000

Charge for year

2,991

At 31 December 2021

5,991

NET BOOK VALUE

At 31 December 2021

12,532

At 31 December 2020

-

6.

STOCKS

2021

2020

£

£

Stocks

97,840

25,000

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

51,859

-

Corporation tax

-

33,130

Prepayments and accrued income

102,574

299,153

154,433

332,283

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

10,528

4,167

Trade creditors

740,698

244,443

Social security and other taxes

42,678

21,416

Other creditors

17,933

14,365

Amounts due to related undertakings

112,507

107,149

Directors' current accounts

3,247,025

1,035,000

Accrued expenses

21,569

13,677

4,192,938

1,440,217

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans - 1-2 years

9,890

8,333

Bank loans - 2-5 years

24,957

25,000

Bank loans more than 5 years

-

12,500

34,847

45,833

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more than 5 years

-

12,500

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2021

2020

value:

£

£

10,000

Ordinary

1

10,000

10,000