ACCOUNTS - Final Accounts preparation

JUST ELEGANT LIMITED - Company Information

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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 2020

JUST ELEGANT LIMITED

REGISTERED NUMBER: 02419130

BALANCE SHEET

AS AT 31 DECEMBER 2020

		2020		2019
Note		£		£

Fixed assets
Tangible assets	4		37,801		35,527
			37,801		35,527
Current assets
Stocks		460,275		527,913
Debtors: amounts falling due within one year	5	97,998		236,679
Cash at bank and in hand	6	26,335		26,096
		584,608		790,688
Creditors: amounts falling due within one year	7	(311,357)		(508,189)
Net current assets			273,251		282,499
Total assets less current liabilities			311,052		318,026
Creditors: amounts falling due after more than one year	8		(45,000)		-

Net assets			266,052		318,026

Capital and reserves
Called up share capital	100	100
Profit and loss account	265,952	317,926
	266,052	318,026

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 2020

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:

Mr M Ashraf	Mrs A P Ashraf
Director	Director

Date: 18 April 2021	Date:18 April 2021

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 2020

1.	General information

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 181 Commercial Road, London, E1 2DA.
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

2.1

Basis of preparation of financial statements

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.

2.2

Going concern

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

2.3

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

2.4

Tangible fixed assets

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.

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JUST ELEGANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

2.Accounting policies (continued)

2.4

Tangible fixed assets (continued)

Depreciation is provided on the following basis in order to write off the assets over their estimated useful lives, using the reducing balance method:

Fixtures and fittings

15%

2.5

Stocks

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.

2.6

Government grants

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.

2.7

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.8

Pensions

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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JUST ELEGANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Employees

The average monthly number of employees, including directors, during the year was 23 (2019 - 23).

4.	Tangible fixed assets

		Fixtures and fittings
		£
	Cost or valuation
	At 1 January 2020	213,869
	Additions	8,954
	At 31 December 2020	222,823
	Depreciation
	At 1 January 2020	178,342
	Charge for the year on owned assets	6,680
	At 31 December 2020	185,022
	Net book value
	At 31 December 2020	37,801
	At 31 December 2019	35,527

Debtors

					2020	2019
					£	£


Trade debtors	79,716	191,548
Prepayments and accrued income	18,282	45,131
	97,998	236,679

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JUST ELEGANT LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

6.	Cash and cash equivalents
		2020	2019
		£	£

Cash at bank and in hand	26,335	26,096
Less: bank overdrafts	(53,434)	(201,539)
	(27,099)	(175,443)

7.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Bank overdrafts (secured)	53,434	201,539
Bank loans	5,000	-
Trade creditors	160,671	232,971
Other taxation and social security	47,669	39,099
Other creditors	35,989	25,251
Accruals and deferred income	8,594	9,329
	311,357	508,189

8.	Creditors: Amounts falling due after more than one year
		2020	2019
		£	£

Bank loans	45,000	-
	45,000	-

9.	Pension commitments

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 £7,171 (2019: £8,711). At the year end there was an outstanding balance of £683 (2019: £29).

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