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REGISTERED NUMBER: 05325159 (England and Wales)











Unaudited Financial Statements

for the Year Ended 31 December 2021

for

Corporate Wear Limited

Corporate Wear Limited (Registered number: 05325159)






Contents of the Financial Statements
for the Year Ended 31 December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Corporate Wear Limited

Company Information
for the Year Ended 31 December 2021







DIRECTORS: R M Chuck
Ms V K Morgan
P N Morgan





REGISTERED OFFICE: Suite L Radford Business Centre
Radford Way
Billericay
Essex
CM12 0BZ





REGISTERED NUMBER: 05325159 (England and Wales)





ACCOUNTANTS: DANIEL JAMES
Unit L
Radford Business Centre
Radford Way
Billericay
Essex
CM12 0BZ

Corporate Wear Limited (Registered number: 05325159)

Balance Sheet
31 December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 113,851 82,723
Tangible assets 5 33,104 14,052
Investments 6 - 80,000
146,955 176,775

CURRENT ASSETS
Stocks 78,160 76,230
Debtors 7 121,801 77,016
Cash at bank and in hand 193,753 97,333
393,714 250,579
CREDITORS
Amounts falling due within one year 8 251,925 161,767
NET CURRENT ASSETS 141,789 88,812
TOTAL ASSETS LESS CURRENT
LIABILITIES

288,744

265,587

CREDITORS
Amounts falling due after more than one
year

9

(132,500

)

(150,000

)

PROVISIONS FOR LIABILITIES (2,186 ) -
NET ASSETS 154,058 115,587

CAPITAL AND RESERVES
Called up share capital 109 109
Share premium 39,991 39,991
Retained earnings 113,958 75,487
154,058 115,587

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

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

Corporate Wear Limited (Registered number: 05325159)

Balance Sheet - continued
31 December 2021


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 6 July 2022 and were signed on its behalf by:




Ms V K Morgan - Director



R M Chuck - Director


Corporate Wear Limited (Registered number: 05325159)

Notes to the Financial Statements
for the Year Ended 31 December 2021

1. STATUTORY INFORMATION

Corporate Wear 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 as modified by the revaluation of certain assets.

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.

Computer software is being amortised evenly over its estimated useful life of ten 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 - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

Corporate Wear Limited (Registered number: 05325159)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

2. ACCOUNTING POLICIES - continued

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 19 (2020 - 20 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2021 91,914
Additions 44,800
At 31 December 2021 136,714
AMORTISATION
At 1 January 2021 9,191
Charge for year 13,672
At 31 December 2021 22,863
NET BOOK VALUE
At 31 December 2021 113,851
At 31 December 2020 82,723

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2021 18,839 101,299 120,138
Additions - 40,028 40,028
At 31 December 2021 18,839 141,327 160,166
DEPRECIATION
At 1 January 2021 18,839 87,247 106,086
Charge for year - 20,976 20,976
At 31 December 2021 18,839 108,223 127,062
NET BOOK VALUE
At 31 December 2021 - 33,104 33,104
At 31 December 2020 - 14,052 14,052

Corporate Wear Limited (Registered number: 05325159)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2021

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST OR VALUATION
At 1 January 2021 80,000
Revaluations (80,000 )
At 31 December 2021 -
NET BOOK VALUE
At 31 December 2021 -
At 31 December 2020 80,000

Cost or valuation at 31 December 2021 is represented by:

Shares in
group
undertakings
£   
Valuation in 2021 (80,000 )
Cost 80,000

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade debtors 110,240 52,360
Other debtors 11,561 24,656
121,801 77,016

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade creditors 131,191 85,058
Taxation and social security 61,730 12,100
Other creditors 59,004 64,609
251,925 161,767

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.21 31.12.20
£    £   
Bank loans 132,500 150,000