Company Registration No. 06839157 (England and Wales)
The London Coat Company Ltd
Unaudited accounts
for the year ended 30 November 2020
The London Coat Company Ltd
Unaudited accounts
Contents
The London Coat Company Ltd
Company Information
for the year ended 30 November 2020
Company Number
06839157 (England and Wales)
Registered Office
212 STAMFORD HILL
LONDON
N16 6RA
ENGLAND
The London Coat Company Ltd
Statement of financial position
as at 30 November 2020
Tangible assets
91,442
108,238
Inventories
289,487
395,401
Cash at bank and in hand
269,381
-
Creditors: amounts falling due within one year
(275,667)
(259,515)
Net current assets
293,103
140,246
Total assets less current liabilities
384,545
248,484
Creditors: amounts falling due after more than one year
(50,000)
-
Net assets
334,545
248,484
Called up share capital
1
1
Profit and loss account
334,544
248,483
Shareholders' funds
334,545
248,484
For the year ending 30 November 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 23 November 2021 and were signed on its behalf by
Mrs R Dreyfuss
Director
Company Registration No. 06839157
The London Coat Company Ltd
Notes to the Accounts
for the year ended 30 November 2020
The London Coat Company Ltd is a private company, limited by shares, registered in England and Wales, registration number 06839157. The registered office is 212 STAMFORD HILL, LONDON, N16 6RA, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Land & buildings
15% Reducing Balance
Fixtures & fittings
15% Reducing Balance
Computer equipment
33% Reducing Balance
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
The London Coat Company Ltd
Notes to the Accounts
for the year ended 30 November 2020
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
.
Basic financial instruments
.
Trade and other debtors
.
Trade and other debtors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.
.
Trade and other creditors
.
Trade and other creditors are recognised initially at transaction price less attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method. If the arrangement constitutes a financing transaction, for example if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate for a similar debt instrument.
4
Tangible fixed assets
Land & buildings
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At 1 December 2019
10,000
174,495
20,718
205,213
At 30 November 2020
10,000
174,960
21,138
206,098
At 1 December 2019
7,684
75,314
13,977
96,975
Charge for the year
347
14,947
2,387
17,681
At 30 November 2020
8,031
90,261
16,364
114,656
At 30 November 2020
1,969
84,699
4,774
91,442
At 30 November 2019
2,316
99,181
6,741
108,238
5
Debtors: amounts falling due within one year
2020
2019
Amounts due from group undertakings etc.
-
701
Accrued income and prepayments
274
1,397
The London Coat Company Ltd
Notes to the Accounts
for the year ended 30 November 2020
6
Creditors: amounts falling due within one year
2020
2019
Bank loans and overdrafts
-
4,756
Trade creditors
88,302
123,412
Taxes and social security
92,382
53,512
Other creditors
67,136
57,849
Included in creditors is an amount due to Clockwork Estates Ltd of £63,623 (2019: £38,380) the director of Clockwork Estates Ltd is a close family member of the director of this company. The loan is interest free and repayable on demand.
7
Creditors: amounts falling due after more than one year
2020
2019
The bank loan is guaranteed by the government under the Bounce back loan scheme. The loan accrues interest at 2.5%, of which the first 12 months are covered by the governments Business Interruption payments grant.
8
Average number of employees
During the year the average number of employees was 11 (2019: 12).
