Toogood Outerwear Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08972154 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

FOR

TOOGOOD OUTERWEAR LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mrs F Gibberd

Miss E Toogood

SECRETARY:

Tayler Bradshaw Limited

REGISTERED OFFICE:

Cambridge House

16 High Street

Saffron Walden

Essex

CB10 1AX

REGISTERED NUMBER:

08972154 (England and Wales)

ACCOUNTANTS:

Tayler Bradshaw

Cambridge House

16 High Street

Saffron Walden

Essex

CB10 1AX

FIXED ASSETS

Intangible assets

4

1,628

-

Tangible assets

5

6,573

4,228

8,201

4,228

CURRENT ASSETS

Stocks

21,000

21,000

Debtors

6

402,466

222,921

Cash at bank and in hand

191,005

205,438

614,471

449,359

CREDITORS

Amounts falling due within one year

7

468,575

399,220

NET CURRENT ASSETS

145,896

50,139

TOTAL ASSETS LESS CURRENT LIABILITIES

154,097

54,367

PROVISIONS FOR LIABILITIES

1,249

803

NET ASSETS

152,848

53,564

CAPITAL AND RESERVES

Called up share capital

2

2

Retained earnings

152,846

53,562

SHAREHOLDERS' FUNDS

152,848

53,564

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 13 December 2021 and were signed on its behalf by:

Mrs F Gibberd - Director

1.	STATUTORY INFORMATION

Toogood Outerwear 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.

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

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

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

-

25% on reducing balance

Government grants

The company has adopted the accrual model for recognising government grants received.

Grants received in this financial year have been received under the Coronavirus Job Retention Scheme, amounting to £27,806.

Stocks

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

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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2020 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

Additions

1,628

At 31 March 2021

1,628

NET BOOK VALUE

At 31 March 2021

1,628

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 April 2020

6,238

Additions

3,820

At 31 March 2021

10,058

DEPRECIATION

At 1 April 2020

2,010

Charge for year

1,475

At 31 March 2021

3,485

NET BOOK VALUE

At 31 March 2021

6,573

At 31 March 2020

4,228

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

as

restated

£

£

Trade debtors

292,541

201,425

Other debtors

109,925

21,496

402,466

222,921

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31/3/21

31/3/20

as

restated

£

£

Trade creditors

210,243

126,408

Taxation and social security

47,584

33,784

Other creditors

210,748

239,028

468,575

399,220

8.	RELATED PARTY DISCLOSURES

The ultimate controlling party is company director F Gibberd.

During the year, fees amounting to £106,205 (2020: £28,726) were charged in the normal course of business by Studio Toogood Limited, a company ultimately controlled by F Gibberd.

During the year, fees amounting to £NIL (2020: £152,784) were charged in the normal course of business to Studio Toogood Limited.

At the reporting date, £37,986 was due from Studio Toogood Limited (2020: £55,560 due to Studio Toogood Limited).

At the reporting date, £2,121 was due from Toogood Holdings Limited (2020: £1,298 due to Toogood Holdings Limited), the parent company.

9.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs F Gibberd.

The ultimate controlling party is director Faye Gibberd, as a result of her majority shareholding in Toogood Holdings Limited, the controlling parent company of Toogood Outerwear Limited.