The 1922 Clothing Company Limited - Accounts to registrar - small 17.1

REGISTERED NUMBER: 06478752 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2017

FOR

THE 1922 CLOTHING COMPANY LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

M H Grant

S Grant

REGISTERED OFFICE:

Churchill House

120 Bunns Lane

London

NW7 2AS

REGISTERED NUMBER:

06478752 (England and Wales)

ACCOUNTANTS:

J.D. Bregman & Co Limited

Churchill House

120 Bunns Lane

Mill Hill

NW7 2AS

FIXED ASSETS

Tangible assets

4

191,781

237,028

CURRENT ASSETS

Stocks

195,750

290,516

Debtors

5

674,844

867,343

Cash at bank and in hand

615,473

1,104,228

1,486,067

2,262,087

CREDITORS

Amounts falling due within one year

6

689,696

1,128,889

NET CURRENT ASSETS

796,371

1,133,198

TOTAL ASSETS LESS CURRENT LIABILITIES

988,152

1,370,226

PROVISIONS FOR LIABILITIES

38,057

37,517

NET ASSETS

950,095

1,332,709

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

949,995

1,332,609

SHAREHOLDERS' FUNDS

950,095

1,332,709

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 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.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors on 25 October 2017 and were signed on its behalf by:

M H Grant - Director

1.	STATUTORY INFORMATION

The 1922 Clothing Company 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 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.

The prior year financial statements were restated for material adjustments on adoption of FRS 102 in the current

year. There were no material adjustments on transition to FRS 102, 1 February 2015.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions

that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for

revenues and expenses during the year. However, the nature of estimation means that actual outcomes could

differ from those estimates. Judgements in respect of stocks, accruals and prepayments have had the most

significant effects on amounts recognised in the financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

over the life of the lease

Plant and machinery etc

-

25% on reducing balance

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 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of

exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the

operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2016 - 20 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 February 2016

3,320

349,136

352,456

Additions

-

13,907

13,907

At 31 January 2017

3,320

363,043

366,363

DEPRECIATION

At 1 February 2016

3,320

112,108

115,428

Charge for year

-

59,154

59,154

At 31 January 2017

3,320

171,262

174,582

NET BOOK VALUE

At 31 January 2017

-

191,781

191,781

At 31 January 2016

-

237,028

237,028

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Trade debtors

274,662

436,122

Other debtors

400,182

431,221

674,844

867,343

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.17

31.1.16

£

£

Trade creditors

395,416

924,718

Taxation and social security

162,527

161,247

Other creditors

131,753

42,924

689,696

1,128,889

7.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.1.17

31.1.16

£

£

In more than five years

82,500

82,500

8.	PENSION COMMITMENTS

The company operates a defined contribution pension scheme. The assets of the scheme are held separately from

those of the company in an independenly administered fund. The contributions paid by the company to the fund

in the year was £Nil (2016 : £460,000).

9.	RELATED PARTY DISCLOSURES

10.	ULTIMATE CONTROLLING PARTY