The 1922 Clothing Company Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 06478752 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 January 2021

for

The 1922 Clothing Company Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs S Grant

M Grant

REGISTERED OFFICE:

Spitalfields House

Stirling Way

Borehamwood

WD6 2FX

REGISTERED NUMBER:

06478752 (England and Wales)

FIXED ASSETS

Property, plant and equipment

4

167,236

200,639

CURRENT ASSETS

Inventories

306,372

358,955

Debtors

5

861,241

750,714

Cash at bank and in hand

906,417

331,176

2,074,030

1,440,845

CREDITORS

Amounts falling due within one year

6

(789,586

)

(662,875

)

NET CURRENT ASSETS

1,284,444

777,970

TOTAL ASSETS LESS CURRENT LIABILITIES

1,451,680

978,609

CREDITORS

Amounts falling due after more than one year

7

(347,727

)

-

PROVISIONS FOR LIABILITIES

(31,647

)

(37,964

)

NET ASSETS

1,072,306

940,645

CAPITAL AND RESERVES

Called up share capital

9

100

100

Retained earnings

1,072,206

940,545

SHAREHOLDERS' FUNDS

1,072,306

940,645

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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 26 October 2021 and were signed on its behalf by:

M Grant - Director

1.	STATUTORY INFORMATION

The 1922 Clothing Company 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.

Turnover

Revenue 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.

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on cost

Government grants

Government grants are recognised in income when received.

Stocks

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

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset , with the net amounts presented in the financial statements , when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at

transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and

preference shares that are classified as debt, are initially recognised at transaction price unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

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.

Going concern

The directors have considered the company's financial resources and performance and believe that the company is well placed to manage its business risks successfully and that the company has adequate resources to continue in operational existence for the foreseeable future. Consequently, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2020 - 26 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 February 2020

3,320

473,966

477,286

Additions

-

832

832

At 31 January 2021

3,320

474,798

478,118

DEPRECIATION

At 1 February 2020

3,320

273,327

276,647

Charge for year

-

34,235

34,235

At 31 January 2021

3,320

307,562

310,882

NET BOOK VALUE

At 31 January 2021

-

167,236

167,236

At 31 January 2020

-

200,639

200,639

5.

DEBTORS

31.1.21

31.1.20

£

£

Amounts falling due within one year:

Trade debtors

397,252

300,000

Other debtors

440,123

438,782

837,375

738,782

Amounts falling due after more than one year:

Other debtors

23,866

11,932

Aggregate amounts

861,241

750,714

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.1.20

£

£

Bank loans and overdrafts (see note 8)

81,818

-

Trade creditors

618,216

573,469

Taxation and social security

65,863

31,793

Other creditors

23,689

57,613

789,586

662,875

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.21

31.1.20

£

£

Bank loans (see note 8)

347,727

-

8.

LOANS

An analysis of the maturity of loans is given below:

31.1.21

31.1.20

£

£

Amounts falling due within one year or on demand:

Bank loans

81,818

-

Amounts falling due between two and five years:

Bank loans - 2-5 years

347,727

-

During the year, the Company took advantage of a business loan under the Government CBILS of £450,000 which carries an interest rate of base rate plus 2.41% per annum and is repayable over 66 monthly instalments. Interest on the loan for the year being £8,428 was covered under the Business Interruption Payment.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.21

31.1.20

value:

£

£

100

Ordinary

1

100

100

10.

COVID-19

The COVID-19 pandemic occurred during the company's year end. The directors have taken advantage of the Government grants during the pandemic and consider that the lifting of COVID-19 restrictions will enable the company to increase its turnover and profitability in the foreseeable future. The directors consider that the company has sufficient resources to enable it to remain in business for the foreseeable future.