Tuxedo Express Limited - Accounts to registrar - small 17.2

REGISTERED NUMBER: 04236432 (England and Wales)

Tuxedo Express Limited

Abridged Unaudited Financial Statements

for the Year Ended 31 March 2017

Page

Company Information

1

Chartered Accountants' Report

2

Statement of Financial Position

3

Notes to the Financial Statements

5

DIRECTORS:

Mr S Kemal

Mr D S Kemal

Mr J S Kemal

SECRETARY:

Mrs A Kemal

REGISTERED OFFICE:

Chedworth No. 20

Coombe Lane West

Kingston Upon Thames

Surrey

KT2 7BX

REGISTERED NUMBER:

04236432 (England and Wales)

ACCOUNTANTS:

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

The following reproduces the text of the report prepared for the directors and members in respect of

the company's annual unaudited financial statements. In accordance with the Companies Act 2006,

the company is only required to file a Statement of Financial Position. Readers are cautioned that the

Abridged Income Statement and certain other primary statements and the Report of the Directors are

not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your

approval the financial statements of Tuxedo Express Limited for the year ended 31 March 2017 which

comprise the Abridged Income Statement, Other Comprehensive Income, Statement of Financial Position,

and the 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Tuxedo Express Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Tuxedo Express Limited and state those matters that we have agreed to state to the Board of Directors of Tuxedo Express Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Tuxedo Express Limited Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Tuxedo Express 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 Tuxedo Express Limited. You consider that Tuxedo Express 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 Tuxedo Express 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.

Alton & Co

Chartered Accountants

239-241 Kennington Lane

London

SE11 5QU

2 October 2017

FIXED ASSETS

Property, plant and equipment

4

197,792

187,907

CURRENT ASSETS

Inventories

5

38,365

84,185

Debtors

6

884,443

363,884

Cash in hand

114,791

51,811

1,037,599

499,880

CREDITORS

Amounts falling due within one year

7

365,956

223,292

NET CURRENT ASSETS

671,643

276,588

TOTAL ASSETS LESS CURRENT LIABILITIES

869,435

464,495

CREDITORS

Amounts falling due after more than one year

8

(836,753

)

(433,978

)

PROVISIONS FOR LIABILITIES

9

(27,595

)

(27,564

)

NET ASSETS

5,087

2,953

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

11

4,087

1,953

SHAREHOLDERS' FUNDS

5,087

2,953

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2017 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement for the year ended 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 2 October 2017 and were signed on its behalf by:

Mr S Kemal - Director

1.	STATUTORY INFORMATION

Tuxedo Express 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" 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.

Turnover is recognised when the customers take delivery of their clothing and is derived from normal

trading activities of the business.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Short leasehold

-

straight line over the life of the lease

Improvements to property

-

Nil

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on cost

Stocks

Inventories and work in progress are valued at the lower of cost and net realisable value, after making

due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling

costs in bringing inventories to their present location and condition.

Net realisable value is based on the sales value of the stock less any costs to sell.

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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at

the statement of financial position 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held

under finance leases are depreciated over their estimated useful lives or the lease term, whichever is

the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period

of the lease.

Going concern

In the director's assessment of the company's ability to continue as a going concern, there are no

material uncertainties that may cast significant doubt about the company's ability to continues as a

going concern.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2016 - 24 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Improvements

Short

to

Plant and

leasehold

property

machinery

£

£

£

COST

At 1 April 2016

57,485

7,973

430,560

Additions

20,365

-

39,415

At 31 March 2017

77,850

7,973

469,975

DEPRECIATION

At 1 April 2016

52,254

-

270,335

Charge for year

3,993

-

49,910

At 31 March 2017

56,247

-

320,245

NET BOOK VALUE

At 31 March 2017

21,603

7,973

149,730

At 31 March 2016

5,231

7,973

160,225

Fixtures

and

Motor

fittings

vehicles

Totals

£

£

£

COST

At 1 April 2016

22,599

19,520

538,137

Additions

11,489

-

71,269

At 31 March 2017

34,088

19,520

609,406

DEPRECIATION

At 1 April 2016

20,003

7,638

350,230

Charge for year

3,521

3,960

61,384

At 31 March 2017

23,524

11,598

411,614

NET BOOK VALUE

At 31 March 2017

10,564

7,922

197,792

At 31 March 2016

2,596

11,882

187,907

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

Reclassification/transfer

84,000

At 31 March 2017

84,000

DEPRECIATION

Charge for year

15,750

Reclassification/transfer

21,000

At 31 March 2017

36,750

NET BOOK VALUE

At 31 March 2017

47,250

5.	INVENTORIES

2017

2016

£

£

Work-in-progress

27,473

71,209

Finished goods

10,892

12,976

38,365

84,185

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Trade debtors

153,431

27,654

Rent deposit

32,250

12,000

MMS Properties Limited

656,553

291,877

Prepayments

42,209

32,353

884,443

363,884

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2017

2016

£

£

Bank loans and overdrafts

39,428

107,115

Hire purchase contracts

14,835

-

Trade creditors

110,203

29,878

Corporation tax payable

72,441

21,116

Social security and other taxes

22,755

13,457

VAT

102,617

19,576

Net wages cont account

-

28,741

Directors' current accounts

297

279

Accrued expenses

3,380

3,130

365,956

223,292

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2017

2016

£

£

Bank loans - 1-2 years

30,515

29,897

Bank loans - 2-5 years

91,545

87,383

Bank loans more 5 yr by instal

668,952

316,698

Hire purchase contracts

45,741

-

836,753

433,978

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

668,952

316,698

9.	PROVISIONS FOR LIABILITIES

2017

2016

£

£

Deferred tax

27,595

27,564

Deferred

tax

£

Balance at 1 April 2016

27,564

Charge to Abridged Income Statement during year

31

Rounding Difference

Balance at 31 March 2017

27,595

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2017

2016

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.

RESERVES

Retained

earnings

£

At 1 April 2016

1,953

Profit for the year

252,134

Dividends

(250,000

)

At 31 March 2017

4,087

12.	RELATED PARTY DISCLOSURES

During the year, total dividends of £175,000 (2016 - £108,000) were paid to the directors .

Mr S Kemal

Director & majority shareholder.

Amount due to related party at balance sheet date was £297 (2016: £279).

M.M.S. Properties Limited

A company in which Mr S Kemal holds 100% of the issued share capital.

Amount due from related party at balance sheet date was £656,553 (2016: £291,877). The existing

NatWest bank loan is secured against the property owned by the related party.

13.	ULTIMATE CONTROLLING PARTY

Mr S & Mrs A Kemal are the ultimate controlling party as they jointly hold 60% of the share capital.