Stitch It Promotions Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 05070021 (England and Wales)

Financial Statements for the Year Ended 31st March 2022

for

Stitch It Promotions Ltd

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

D J Snelson

REGISTERED OFFICE:

26 Wagg Street

Congleton

Cheshire

CW12 4BA

REGISTERED NUMBER:

05070021 (England and Wales)

ACCOUNTANTS:

Hammond McNulty LLP

Bank House

Market Square

Congleton

Cheshire

CW12 1ET

FIXED ASSETS

Tangible assets

4

20,003

15,251

CURRENT ASSETS

Stocks

3,000

3,000

Debtors

28,817

20,155

Cash at bank and in hand

87,821

64,776

119,638

87,931

CREDITORS

Amounts falling due within one year

29,008

14,816

NET CURRENT ASSETS

90,630

73,115

TOTAL ASSETS LESS CURRENT LIABILITIES

110,633

88,366

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

110,632

88,365

SHAREHOLDERS' FUNDS

110,633

88,366

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2022 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st March 2022 in accordance with Section 444(2A) of the Companies Act 2006.

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 21st December 2022 and were signed by:

D J Snelson - Director

1.	STATUTORY INFORMATION

Stitch It Promotions Ltd 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.

Going Concern

The directors have considered the potential impact of COVID-19 on the principal activities of the business and they believe that they have sufficient resources in place to operate for the foreseeable future. Thus, they continue to adopt the going concern basis of accounting in preparing the financial statements.

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

-

33% on reducing balance and 10% on reducing balance

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

The following assets and liabilities are classified as financial instruments - trade debtors and director's loans.

Directors loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.

Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of income and Retained Earnings.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2021 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st April 2021

51,718

Additions

7,349

At 31st March 2022

59,067

DEPRECIATION

At 1st April 2021

36,467

Charge for year

2,597

At 31st March 2022

39,064

NET BOOK VALUE

At 31st March 2022

20,003

At 31st March 2021

15,251