Emily Bridal Wear Limited 31/05/2021 iXBRL

Emily Bridal Wear Limited 31/05/2021 iXBRL

EMILY BRIDALWEAR LIMITED - Company Information

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Company registration number: 08519040
Emily Bridal Wear Limited
Unaudited filleted financial statements
31 May 2021
Emily Bridal Wear Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Emily Bridal Wear Limited
Directors and other information
Directors Mrs E. M. Harrison
Mrs G. Harrison
Mrs H. L. Pavitt
Company number 08519040
Registered office 161 Neill Road
Sheffield
S11 8QJ
Business address 161 Neill Road
Sheffield
S11 8QJ
Accountants Henry Bramall & Co Limited
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
Emily Bridal Wear Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Emily Bridal Wear Limited
Year ended 31 May 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Emily Bridal Wear Limited for the year ended 31 May 2021 which comprise the statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Association of Chartered Certified Accountants , we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
This report is made solely to the board of directors of Emily Bridal Wear Limited, as a body, in accordance with the terms of our engagement letter dated 19 October 2020. Our work has been undertaken solely to prepare for your approval the financial statements of Emily Bridal Wear Limited and state those matters that we have agreed to state to the board of directors of Emily Bridal Wear Limited as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Emily Bridal Wear Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Emily Bridal Wear Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Emily Bridal Wear Limited. You consider that Emily Bridal Wear Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Emily Bridal Wear Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Henry Bramall & Co Limited
Chartered Certified Accountants
Unit 8 Acorn Business Park
Woodseats Close
Sheffield
S8 0TB
8 March 2022
Emily Bridal Wear Limited
Statement of financial position
31 May 2021
2021 2020
Note £ £ £ £
Fixed assets
Intangible assets 5 7,321 500
Tangible assets 6 24,023 23,922
_______ _______
31,344 24,422
Current assets
Stocks 229,430 151,503
Debtors 7 92,931 70,169
Cash at bank and in hand 148,382 11,712
_______ _______
470,743 233,384
Creditors: amounts falling due
within one year 8 ( 338,049) ( 202,032)
_______ _______
Net current assets 132,694 31,352
_______ _______
Total assets less current liabilities 164,038 55,774
Creditors: amounts falling due
after more than one year 9 ( 122,500) -
_______ _______
Net assets 41,538 55,774
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 41,537 55,773
_______ _______
Shareholders funds 41,538 55,774
_______ _______
For the year ending 31 May 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 08 March 2022 , and are signed on behalf of the board by:
Mrs E. M. Harrison
Director
Company registration number: 08519040
Emily Bridal Wear Limited
Statement of changes in equity
Year ended 31 May 2021
Called up share capital Profit and loss account Total
£ £ £
At 1 June 2019 1 53,201 53,202
(Loss)/profit for the year 9,572 9,572
_______ _______ _______
Total comprehensive income for the year - 9,572 9,572
Dividends paid and payable ( 7,000) ( 7,000)
_______ _______ _______
Total investments by and distributions to owners - ( 7,000) ( 7,000)
_______ _______ _______
At 31 May 2020 and 1 June 2020 1 55,773 55,774
(Loss)/profit for the year ( 2,236) ( 2,236)
_______ _______ _______
Total comprehensive income for the year - ( 2,236) ( 2,236)
Dividends paid and payable ( 12,000) ( 12,000)
_______ _______ _______
Total investments by and distributions to owners - ( 12,000) ( 12,000)
_______ _______ _______
At 31 May 2021 1 41,537 41,538
_______ _______ _______
Emily Bridal Wear Limited
Notes to the financial statements
Year ended 31 May 2021
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 161 Neill Road, Sheffield, S11 8QJ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
These accounts have been prepared on the Going Concern Basis. The company has suffered with clients postponing their weddings due to covid. However, the directors are confident that these will be fulfilled during the company year. The stock is at a heightened value due to this situation.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 20 %
Other tangible assets - 33.3 %
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 6 (2020: 6 ).
5. Intangible assets
Goodwill Other intangible assets Total
£ £ £
Cost
At 1 June 2020 20,000 - 20,000
Additions - 10,982 10,982
_______ _______ _______
At 31 May 2021 20,000 10,982 30,982
_______ _______ _______
Amortisation
At 1 June 2020 19,500 - 19,500
Charge for the year 500 3,661 4,161
_______ _______ _______
At 31 May 2021 20,000 3,661 23,661
_______ _______ _______
Carrying amount
At 31 May 2021 - 7,321 7,321
_______ _______ _______
At 31 May 2020 500 - 500
_______ _______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 June 2020 34,726 34,726
Additions 6,627 6,627
_______ _______
At 31 May 2021 41,353 41,353
_______ _______
Depreciation
At 1 June 2020 10,804 10,804
Charge for the year 6,526 6,526
_______ _______
At 31 May 2021 17,330 17,330
_______ _______
Carrying amount
At 31 May 2021 24,023 24,023
_______ _______
At 31 May 2020 23,922 23,922
_______ _______
7. Debtors
2021 2020
£ £
Trade debtors 19,770 13,273
Other debtors 73,161 56,896
_______ _______
92,931 70,169
_______ _______
The debtors above include the following amounts falling due after more than one year:
2021 2020
£ £
Other debtors - Taxation 15,289 10,000
_______ _______
8. Creditors: amounts falling due within one year
2021 2020
£ £
Bank loans and overdrafts 27,500 -
Trade creditors 87,203 46,273
Corporation tax 24,902 28,350
Social security and other taxes 35,794 13,346
Other creditors 162,650 114,063
_______ _______
338,049 202,032
_______ _______
9. Creditors: amounts falling due after more than one year
2021 2020
£ £
Bank loans 122,500 -
_______ _______
Bank loans over one year are represented by a Coronovirus Business Interuption Loan Scheme. The first repayment is to be paid in July 2021 with interest of 3.6% being charged.
Included within creditors: amounts falling due after more than one year is an amount of £ (2020 £ ) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.
10. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2021
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs E. M. Harrison 38,430 17,391 ( 13,350) 42,471
_______ _______ _______ _______
2020
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mrs E. M. Harrison 30,621 9,249 ( 1,440) 38,430
_______ _______ _______ _______
This loan is repayable on demand and no interest is payable by the director.
11. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2021 2020 2021 2020
£ £ £ £
Mr. T. Harrison 6,700 - 6,700 -
_______ _______ _______ _______
£6,700 has been loaned to Mr. T. Harrison, being the husband of a director of Emily Bridalwear Limited.