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Registered number: 02419130
JUST ELEGANT LIMITED
UNAUDITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 DECEMBER 2021
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JUST ELEGANT LIMITED
REGISTERED NUMBER: 02419130
BALANCE SHEET
AS AT 31 DECEMBER 2021
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
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JUST ELEGANT LIMITED
REGISTERED NUMBER: 02419130
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2021
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 3 to 6 form part of these financial statements.
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JUST ELEGANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
Just Elegant Limited is a company limited by shares incorporated in England and Wales within the United Kingdom. The address of the registered office is 11 Crafton Street West, Leicester, United Kingdom, LE1 2DE.
The principal activity during the year continued to be that of wholesale and retail of garments.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The financial statements have been prepared on the going concern basis. The company has continued support from the directors which is sufficient to ensure the company is able to meet its business plans and honour its debts as they fall due within the agreed terms for the foreseeable future.
The company is engaged in the wholesale and retail of clothing and during the financial year the United Kingdom, like many countries, entered a lockdown period as a consequence of the pandemic of Covid-19 (coronavirus). The situation has been monitored carefully by the directors. It is unquestionable that the pandemic has created challenges for the sector but recent developments concerning the vaccination programme has restored considerable confidence as to the outlook for the company. The continuing existence of the pandemic continues to create uncertainty as to the foreseeable future, however, the directors remain confident that the support given by stakeholders and government will more than likely ensure that the company is able to continue its operations and operate successfully into the future.
Consequently, the directors are satisfied that the company has adequate funds and support to operate for the foreseeable future and the going concern basis is appropriate for the preparation of the financial statements
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
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JUST ELEGANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
2.Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is provided on the following basis in order to write off the assets over their estimated useful lives, using the reducing balance method:
Stock is valued at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Finished goods include labour and attributable overhead.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
The company operates a defined contribution pension scheme for its employees. Contributions are charged to the Profit and Loss account as they become payable in accordance with the rules of the scheme.
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The average monthly number of employees, including directors, during the year was 22 (2020 - 23).
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JUST ELEGANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Charge for the year on owned assets
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Prepayments and accrued income
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Cash and cash equivalents
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JUST ELEGANT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2021
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Creditors: Amounts falling due after more than one year
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The company operated a defined contribution pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £5,029 (2020: £7,171). At the year end there was an outstanding balance of £29 (2020: £683).
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