McKillens (Fashions) Limited Filleted accounts for Companies House (small and micro)
McKillens (Fashions) Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
NI005447
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Abridged Statement of Financial Position |
2022 |
2021 |
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Note |
£ |
£ |
£ |
Fixed assets
Tangible assets |
8 |
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Current assets
Stocks |
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Debtors |
– |
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Cash at bank and in hand |
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--------- |
--------- |
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Creditors: amounts falling due within one year |
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--------- |
--------- |
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Net current assets |
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--------- |
--------- |
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Total assets less current liabilities |
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Creditors: amounts falling due after more than one year |
10 |
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Provisions
Taxation including deferred tax |
11 |
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--------- |
--------- |
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Net assets |
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--------- |
--------- |
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Capital and reserves
Called up share capital |
13 |
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Revaluation reserve |
14 |
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Profit and loss account |
14 |
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--------- |
--------- |
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Shareholders funds |
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--------- |
--------- |
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In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476
;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements
.
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Abridged Statement of Financial Position (continued) |
These abridged financial statements were approved by the
board of directors
and authorised for issue on
28 October 2022
, and are signed on behalf of the board by:
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Director |
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Company registration number:
NI005447
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Statement of Changes in Equity |
Year ended 31 January 2022
Called up share capital |
Revaluation reserve |
Profit and loss account |
Total |
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£ |
£ |
£ |
£ |
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At 1 February 2020 |
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Profit for the year |
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Other comprehensive income for the year: |
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Reclassification from revaluation reserve to profit and loss account |
– |
(
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– |
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-------- |
--------- |
--------- |
--------- |
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Total comprehensive income for the year |
– |
(
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At 31 January 2021 |
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Profit for the year |
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Other comprehensive income for the year: |
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Reclassification from revaluation reserve to profit and loss account |
– |
(
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– |
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-------- |
--------- |
--------- |
--------- |
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Total comprehensive income for the year |
– |
(
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-------- |
--------- |
--------- |
--------- |
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At 31 January 2022 |
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-------- |
--------- |
--------- |
--------- |
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Notes to the Abridged Financial Statements |
Year ended 31 January 2022
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is 23/29 Broughshane Street, Ballymena, BT43 6EB, N. Ireland.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Going concern
Judgements and key sources of estimation uncertainty
Revenue recognition
Income tax
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property |
- |
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Fixtures & Fittings |
- |
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Impairment of fixed assets
Cash at bank and in hand
Cash at bank and in hand includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are shown within borrowings in current liabilities.
Stocks
Government grants
Provisions
Financial instruments
Defined contribution pension plans
Share capital
Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.
Distributions to equity holders
Dividends and other distributions to company's shareholders are recognised as a liability in the financial statements in the period in which the dividends and other distributions are approved by the company's shareholders. These amounts are recognised in the statement of changes in equity.
Related party transactions
The company discloses transactions with related parties which are not wholly owned with the same group. It does not disclose transactions with members of the same group that are wholly owned.
4.
Turnover
Turnover arises from:
2022 |
2021 |
|
£ |
£ |
|
Sale of goods |
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--------- |
--------- |
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The whole of the turnover is attributable to the principal activity of the company wholly undertaken in the United Kingdom.
5.
Employee numbers
The average number of persons employed by the company during the year amounted to
6
(2021:
9
).
6.
Tax on profit
Major components of tax expense
2022 |
2021 |
|
£ |
£ |
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Current tax:
UK current tax expense |
|
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Deferred tax:
Origination and reversal of timing differences |
|
(
|
-------- |
------- |
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Tax on profit |
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-------- |
------- |
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Reconciliation of tax expense
The tax assessed on the profit on ordinary activities for the year is higher than (2021: higher than) the
standard rate of corporation tax in the UK
of
19
% (2021:
19
%).
2022 |
2021 |
|
£ |
£ |
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Profit on ordinary activities before taxation |
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--------- |
-------- |
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Profit on ordinary activities by rate of tax |
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Effect of expenses not deductible for tax purposes |
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Effect of capital allowances and depreciation |
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Deferred Tax - Origination and reversal of timing differences |
61
|
(419)
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--------- |
-------- |
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Tax on profit |
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--------- |
-------- |
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7.
Dividends
Dividends on shares classed as debt
Dividends paid during the year (excluding those for which a liability existed at the end of the prior year):
2022 |
2021 |
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£ |
£ |
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Dividends on shares classed as debt |
100 |
100 |
---- |
---- |
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8.
Tangible assets
£ |
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Cost |
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At 1 February 2021 |
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Additions |
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Disposals |
(
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--------- |
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At 31 January 2022 |
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--------- |
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Depreciation |
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At 1 February 2021 |
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Charge for the year |
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Disposals |
(
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--------- |
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At 31 January 2022 |
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--------- |
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Carrying amount |
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At 31 January 2022 |
384,903 |
--------- |
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At 31 January 2021 |
388,748 |
--------- |
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Tangible assets held at valuation
In respect of tangible assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
£ |
|
At 31 January 2022 |
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Aggregate cost |
200,303 |
Aggregate depreciation |
(125,394) |
--------- |
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Carrying value |
|
--------- |
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At 31 January 2021 |
|
Aggregate cost |
200,303 |
Aggregate depreciation |
(122,588) |
--------- |
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Carrying value |
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--------- |
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9.
Creditors: Amounts falling due within one year
Company overdrafts are secured by a debenture, incorporating fixed charges over properties and a cross company guarantee from the group parent company.
Amounts due to group undertakings are unsecured, interest free, have no fixed date of repayment and are repayable on demand.
10.
Creditors:
amounts falling due after more than one year
At the reporting date, there were 10,000 preference shares in issue. Each share has a nominal value of £1 and carry a fixed, non cumulative 1% dividend.
11.
Provisions
Deferred tax (note 12) |
|
£ |
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At 1 February 2021 |
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Additions |
|
---- |
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At 31 January 2022 |
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---- |
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12.
Deferred tax
The deferred tax included in the abridged statement of financial position is as follows:
2022 |
2021 |
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£ |
£ |
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Included in provisions (note 11) |
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---- |
---- |
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The deferred tax account consists of the tax effect of timing differences in respect of:
2022 |
2021 |
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£ |
£ |
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Accelerated capital allowances |
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---- |
---- |
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13.
Called up share capital
Authorised share capital
2022 |
2021 |
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No. |
£ |
No. |
£ |
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20,000 |
20,000 |
20,000 |
20,000 |
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10,000 |
10,000 |
10,000 |
10,000 |
-------- |
-------- |
-------- |
-------- |
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30,000 |
30,000 |
30,000 |
30,000 |
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-------- |
-------- |
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Issued, called up and fully paid
2022 |
2021 |
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No. |
£ |
No. |
£ |
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Amounts presented in equity:
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10,000 |
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10,000 |
-------- |
-------- |
-------- |
-------- |
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Amounts presented in liabilities:
|
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10,000 |
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10,000 |
-------- |
-------- |
-------- |
-------- |
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14.
Reserves
15.
Contingencies
16.
Related party transactions
During the year the company paid management charges of £60,000 (2021 - £45,000) to a group company. During the period, the company repaid net funds of £153,313 to group undertakings (2021 - received net funds of £168,243). At the balance sheet date, the company owed £3,905 to a group company on an interest free basis, which is repayable on demand (2021 - £157,218). At the balance sheet date the company owed a director £500 (2021 - £500).
17.
Controlling party