The Accessory Outlet Limited 31/08/2023 iXBRL
The Accessory Outlet Limited 31/08/2023 iXBRL
Company registration number:
06859169
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Directors and other information
Directors |
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(Resigned 24 March 2023) | ||
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Company number |
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Registered office |
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Accountants |
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Chartered Accountants | |||
First Floor | |||
99 Bancroft | |||
Hitchin | |||
Hertfordshire | |||
SG5 1NQ | |||
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of The Accessory Outlet Limited
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Accessory Outlet Limited for the year ended 31 August 2023 which comprise the statement of financial position 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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of The Accessory Outlet Limited, as a body, in accordance with the terms of our engagement letter dated 19 April 2022. Our work has been undertaken solely to prepare for your approval the financial statements of The Accessory Outlet Limited and state those matters that we have agreed to state to the board of directors of The Accessory Outlet Limited as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Accessory Outlet Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that The Accessory Outlet 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 profit of The Accessory Outlet Limited. You consider that The Accessory Outlet 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 The Accessory Outlet 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.
Chartered Accountants
First Floor
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
15 April 2024
Statement of financial position
31 August 2023
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Note | £ | £ | £ | £ | |||||
Fixed assets | |||||||||
Tangible assets | 5 |
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Current assets | |||||||||
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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Creditors: amounts falling due | |||||||||
within one year | 7 |
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Net current assets |
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Total assets less current liabilities |
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Provisions for liabilities |
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Net assets |
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Capital and reserves | |||||||||
Called up share capital |
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Profit and loss account |
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Shareholders funds |
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Directors responsibilities:
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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;
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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 were approved by the
board of directors
and authorised for issue on
15 April 2024
, and are signed on behalf of the board by:
Director
Company registration number:
06859169
Notes to the financial statements
Year ended 31 August 2023
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Solution House, Sandon Road, Therfield, Royston, Hertfordshire, SG8 9RE.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
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
Foreign currencies
Tangible assets
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 | - |
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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.
Stocks
Provisions
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
Defined contribution plans
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
9
(2022:
10
).
5.
Tangible assets
Fixtures, fittings and equipment | Total | ||
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Cost | |||
At 1 September 2022 |
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Additions |
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At 31 August 2023 |
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Depreciation | |||
At 1 September 2022 |
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Charge for the year |
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At 31 August 2023 |
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Carrying amount | |||
At 31 August 2023 |
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At 31 August 2022 |
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6.
Debtors
2023 | 2022 | |||
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Trade debtors |
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Other debtors |
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7.
Creditors: amounts falling due within one year
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Trade creditors |
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Corporation tax |
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Social security and other taxes |
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Other creditors |
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Within other creditors is a loan from Dawson Garwood Limited of £55,000 (2022: £30,000). The loan is unsecured, interest free and repayable on demand.
8.
Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company: | |||||
2023 | |||||
Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
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2022 | |||||
Balance brought forward | Advances /(credits) to the directors | Amounts repaid | Balance o/standing | ||
£ | £ | £ | £ | ||
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The above loans are unsecured, interest free and repayable on demand.