Caseware UK (AP4) 2021.0.152 2021.0.152 2022-03-312022-03-31372021-04-01falseNo description of principal activity38truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 03927154 2021-04-01 2022-03-31 03927154 2020-04-01 2021-03-31 03927154 2022-03-31 03927154 2021-03-31 03927154 c:Director1 2021-04-01 2022-03-31 03927154 c:Director2 2021-04-01 2022-03-31 03927154 d:PlantMachinery 2021-04-01 2022-03-31 03927154 d:PlantMachinery 2022-03-31 03927154 d:PlantMachinery 2021-03-31 03927154 d:PlantMachinery d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 03927154 d:MotorVehicles 2021-04-01 2022-03-31 03927154 d:MotorVehicles 2022-03-31 03927154 d:MotorVehicles 2021-03-31 03927154 d:MotorVehicles d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 03927154 d:FurnitureFittings 2021-04-01 2022-03-31 03927154 d:FurnitureFittings 2022-03-31 03927154 d:FurnitureFittings 2021-03-31 03927154 d:FurnitureFittings d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 03927154 d:OwnedOrFreeholdAssets 2021-04-01 2022-03-31 03927154 d:FreeholdInvestmentProperty 2022-03-31 03927154 d:FreeholdInvestmentProperty 2021-03-31 03927154 d:CurrentFinancialInstruments 2022-03-31 03927154 d:CurrentFinancialInstruments 2021-03-31 03927154 d:Non-currentFinancialInstruments 2022-03-31 03927154 d:Non-currentFinancialInstruments 2021-03-31 03927154 d:CurrentFinancialInstruments d:WithinOneYear 2022-03-31 03927154 d:CurrentFinancialInstruments d:WithinOneYear 2021-03-31 03927154 d:Non-currentFinancialInstruments d:AfterOneYear 2022-03-31 03927154 d:Non-currentFinancialInstruments d:AfterOneYear 2021-03-31 03927154 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-03-31 03927154 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2021-03-31 03927154 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-03-31 03927154 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-03-31 03927154 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-03-31 03927154 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-03-31 03927154 d:ShareCapital 2022-03-31 03927154 d:ShareCapital 2021-03-31 03927154 d:RevaluationReserve 2021-04-01 2022-03-31 03927154 d:RevaluationReserve 2022-03-31 03927154 d:RevaluationReserve 2021-03-31 03927154 d:RetainedEarningsAccumulatedLosses 2021-04-01 2022-03-31 03927154 d:RetainedEarningsAccumulatedLosses 2022-03-31 03927154 d:RetainedEarningsAccumulatedLosses 2021-03-31 03927154 c:FRS102 2021-04-01 2022-03-31 03927154 c:AuditExempt-NoAccountantsReport 2021-04-01 2022-03-31 03927154 c:FullAccounts 2021-04-01 2022-03-31 03927154 c:PrivateLimitedCompanyLtd 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure

Registered number: 03927154









S & P CASUALS LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2022

 
S & P CASUALS LIMITED
REGISTERED NUMBER: 03927154

BALANCE SHEET
AS AT 31 MARCH 2022

2022
2022
2021
2021
Note
£
£
£
£

Fixed assets
  

Tangible assets
 5 
65,595
54,204

Investment property
 6 
530,000
530,000

  
595,595
584,204

Current assets
  

Stocks
  
2,165,891
2,882,006

Debtors
 7 
2,598,769
2,706,655

Cash at bank and in hand
 8 
643,973
164,051

  
5,408,633
5,752,712

Creditors: amounts falling due within one year
 9 
(2,425,968)
(2,480,364)

Net current assets
  
 
 
2,982,665
 
 
3,272,348

Total assets less current liabilities
  
3,578,260
3,856,552

Creditors: amounts falling due after more than one year
 10 
(335,417)
(901,470)

  

Net assets
  
3,242,843
2,955,082


Capital and reserves
  

Called up share capital 
  
1,020
1,020

Revaluation reserve
 12 
28,625
28,625

Profit and loss account
 12 
3,213,198
2,925,437

  
3,242,843
2,955,082


Page 1

 
S & P CASUALS LIMITED
REGISTERED NUMBER: 03927154
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2022

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 7 September 2022.




C S Bajaj
P Bajaj
Director
Director


The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
S & P CASUALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

1.


General information

S & P Casuals Limited is a company incorporated and domiciled in England.  Its registered office and principal place of business is The James Darby Building, Lowmoor Business Park, Kirkby-in-Ashfield, Nottinghamshire NG17 7LA.  
The principal activity of the company is the wholesale supply of affordable fashion clothing for adults and children. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company relies on financial support given by the bank in the form of medium and long term loans and an overdraft facility.
The COVID-19 pandemic initially had a significant impact on the company’s operations. Trade has picked up since COVID-19 and the company has adjusted to new ways of selling i.e. increased online sales. The company has utilised the various support mechanisms instigated by the UK government.
On the basis of their assessment of the company's financial position looking at forecasts and projections, the directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future.  Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Page 3

 
S & P CASUALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the company has transferred the significant risks and rewards of ownership to the buyer;
the company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Government grants

Grants of a revenue nature are recognised in the statement of comprehensive income in the same period as the related expenditure.

Page 4

 
S & P CASUALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
15%
straight line
Motor vehicles
-
25%
straight line
Fixtures, fittings and equipment
-
15%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
S & P CASUALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

2.Accounting policies (continued)

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.12

Financial instruments

The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

Preparation of the financial statements requires management to make significant judgements and estimates.  The items in the financial statements where these judgements and estimates have been made include:
Depreciation of tangible fixed assets
Determining the appropriate rate of depreciation of tangible fixed assets requires an estimation of the useful economic life and ultimate net realisable value.  The useful economic life is determined to be the period during which each asset will generate positive cash flows for the company.
Stock valuation
Stock is valued at the lower of cost and net realisable value.  Cost is determined on a first in, first out basis and includes attributable overheads.  Stock is affected by seasonality.
Provision is made to reduce the value of stock for slow moving and obsolete stock.  Each line is individually considered and, where management considers it appropriate, the value is written down accordingly.    


4.


Employees

The average monthly number of employees, including directors, during the year was 38 (2021 - 37).

Page 6

 
S & P CASUALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£



Cost or valuation


At 1 April 2021
34,967
139,405
109,130
283,502


Additions
5,250
13,092
-
18,342



At 31 March 2022

40,217
152,497
109,130
301,844



Depreciation


At 1 April 2021
16,709
123,253
89,336
229,298


Charge for the year on owned assets
435
-
6,516
6,951



At 31 March 2022

17,144
123,253
95,852
236,249



Net book value



At 31 March 2022
23,073
29,244
13,278
65,595



At 31 March 2021
18,258
16,152
19,794
54,204


6.


Investment property


Freehold investment property

£



Valuation


At 1 April 2021
530,000



At 31 March 2022
530,000

The 2022 valuations were made by the directors, on an open market value for existing use basis.




Page 7

 
S & P CASUALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

7.


Debtors


2022
2021
£
£

Due after more than one year

Trade debtors
1,250,786
1,359,343

Amounts owed by joint ventures and associated undertakings
336,335
399,984

1,587,121
1,759,327

Due within one year

Trade debtors
799,416
732,680

Other debtors
14,856
11,477

Prepayments and accrued income
100,315
102,107

Tax recoverable
97,061
101,064

2,598,769
2,706,655



8.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
643,973
164,051

Less: bank overdrafts
-
(74,575)

643,973
89,476



9.


Creditors: Amounts falling due within one year

2022
2021
£
£

Bank overdrafts
-
74,575

Bank loans
1,420,743
1,172,294

Trade creditors
473,624
927,279

Corporation tax
48,449
8,825

Other taxation and social security
60,942
31,493

Other creditors
366,881
160,969

Accruals and deferred income
55,329
104,929

2,425,968
2,480,364


Page 8

 
S & P CASUALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

10.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
335,417
901,470



11.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£

Amounts falling due within one year

Bank loans
1,420,743
1,172,294

Amounts falling due 1-2 years

Bank loans
175,000
250,251

Amounts falling due 2-5 years

Bank loans
160,417
561,312

Amounts falling due after more than 5 years

Bank loans
-
89,907

1,756,160
2,073,764


The CBILS facility and other bank borrowings are secured by a legal charge over the investment property and a debenture over the remaining assets and undertakings of the company.  Security for the company's borrowings has also been given by the directors and their family in the form of personal guarantees and fixed charges over properties.


12.


Reserves

Revaluation reserve

Unrealised surpluses on revaluation of investment properties are carried forward in the revaluation reserve.

Profit and loss account

Total comprehensive income for the year after dividends is retained and carried forward in the profit and loss account.

Page 9

 
S & P CASUALS LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2022

13.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £16,512 (2021 - £12,540). Contributions totalling £359 (2021 - £295) were payable to the fund at the balance sheet date.

 
Page 10