IRIS Accounts Production v23.2.0.158 05319323 Board of Directors 1.1.22 31.12.22 31.12.22 false true false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure053193232021-12-31053193232022-12-31053193232022-01-012022-12-31053193232020-12-31053193232021-01-012021-12-31053193232021-12-3105319323ns16:EnglandWales2022-01-012022-12-3105319323ns15:PoundSterling2022-01-012022-12-3105319323ns11:Director12022-01-012022-12-3105319323ns11:PrivateLimitedCompanyLtd2022-01-012022-12-3105319323ns11:SmallEntities2022-01-012022-12-3105319323ns11:AuditExemptWithAccountantsReport2022-01-012022-12-3105319323ns11:SmallCompaniesRegimeForDirectorsReport2022-01-012022-12-3105319323ns11:SmallCompaniesRegimeForAccounts2022-01-012022-12-3105319323ns11:FullAccounts2022-01-012022-12-3105319323ns11:Director22022-01-012022-12-3105319323ns11:Director32022-01-012022-12-3105319323ns11:Director42022-01-012022-12-3105319323ns11:CompanySecretary12022-01-012022-12-3105319323ns11:RegisteredOffice2022-01-012022-12-3105319323ns6:CurrentFinancialInstruments2022-12-3105319323ns6:CurrentFinancialInstruments2021-12-3105319323ns6:Non-currentFinancialInstruments2022-12-3105319323ns6:Non-currentFinancialInstruments2021-12-3105319323ns6:ShareCapital2022-12-3105319323ns6:ShareCapital2021-12-3105319323ns6:SharePremium2022-12-3105319323ns6:SharePremium2021-12-3105319323ns6:RetainedEarningsAccumulatedLosses2022-12-3105319323ns6:RetainedEarningsAccumulatedLosses2021-12-3105319323ns6:PlantMachinery2022-01-012022-12-3105319323ns6:PlantMachinery2021-12-3105319323ns6:PlantMachinery2022-12-3105319323ns6:PlantMachinery2021-12-3105319323ns6:WithinOneYearns6:CurrentFinancialInstruments2022-12-3105319323ns6:WithinOneYearns6:CurrentFinancialInstruments2021-12-3105319323ns6:Secured2022-12-3105319323ns6:Secured2021-12-31
REGISTERED NUMBER: 05319323 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2022

for

King Apparel Limited

King Apparel Limited (Registered number: 05319323)






Contents of the Financial Statements
for the Year Ended 31 December 2022




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


King Apparel Limited

Company Information
for the Year Ended 31 December 2022







DIRECTORS: T D Hoad
P A Linton
A Sarwar
S Turner





SECRETARY: T D Hoad





REGISTERED OFFICE: Suite 339
Stratford Workshops
Burford Road
Stratford
London
E15 2SP





REGISTERED NUMBER: 05319323 (England and Wales)





ACCOUNTANTS: Sterlings Accountancy Solutions Limited
131-133 Roman Road
Mountnessing
Brentwood
Essex
CM15 0UD

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
King Apparel Limited

The following reproduces the text of the report prepared for the directors 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 Balance Sheet. Readers are cautioned that the 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 King Apparel Limited for the year ended 31 December 2022 which comprise the Statement of Income and Retained Earnings, Balance Sheet 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 King Apparel Limited, as a body, in accordance with the terms of our engagement letter dated 26 June 2006. Our work has been undertaken solely to prepare for your approval the financial statements of King Apparel Limited and state those matters that we have agreed to state to the Board of Directors of King Apparel 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 King Apparel Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that King Apparel 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 loss of King Apparel Limited. You consider that King Apparel 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 King Apparel 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.






Sterlings Accountancy Solutions Limited
131-133 Roman Road
Mountnessing
Brentwood
Essex
CM15 0UD


29 September 2023

King Apparel Limited (Registered number: 05319323)

Balance Sheet
31 December 2022

31.12.22 31.12.21
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 2,925 1,695

CURRENT ASSETS
Stocks 462,130 214,939
Debtors 5 152,484 119,961
Cash at bank 140 3,740
614,754 338,640
CREDITORS
Amounts falling due within one year 6 777,084 251,808
NET CURRENT (LIABILITIES)/ASSETS (162,330 ) 86,832
TOTAL ASSETS LESS CURRENT
LIABILITIES

(159,405

)

88,527

CREDITORS
Amounts falling due after more than one year 7 26,615 36,465
NET (LIABILITIES)/ASSETS (186,020 ) 52,062

CAPITAL AND RESERVES
Called up share capital 1,788 1,100
Share premium 204,283 24,900
Retained earnings (392,091 ) 26,062
SHAREHOLDERS' FUNDS (186,020 ) 52,062

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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.

King Apparel Limited (Registered number: 05319323)

Balance Sheet - continued
31 December 2022


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 September 2023 and were signed on its behalf by:





P A Linton - Director


King Apparel Limited (Registered number: 05319323)

Notes to the Financial Statements
for the Year Ended 31 December 2022

1. STATUTORY INFORMATION

King Apparel 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
The company's financial statements have been prepared on the going concern basis. This is based on the continued operations of the company, the financial support of the directors and shareholders and the availability of overdraft and loan facilities from the company's bank.

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.
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 Statement of Income and Retained Earnings, 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.

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.

King Apparel Limited (Registered number: 05319323)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 8 (2021 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 January 2022 29,359
Additions 2,219
Disposals (1,057 )
At 31 December 2022 30,521
DEPRECIATION
At 1 January 2022 27,664
Charge for year 975
Eliminated on disposal (1,043 )
At 31 December 2022 27,596
NET BOOK VALUE
At 31 December 2022 2,925
At 31 December 2021 1,695

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Trade debtors 115,477 119,638
Other debtors 37,007 323
152,484 119,961

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.22 31.12.21
£    £   
Bank loans and overdrafts 43,613 38,588
Hire purchase contracts - 79
Trade creditors 213,377 126,865
Taxation and social security 36,342 36,926
Other creditors 483,752 49,350
777,084 251,808

King Apparel Limited (Registered number: 05319323)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2022

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.22 31.12.21
£    £   
Bank loans 26,615 36,465

8. SECURED DEBTS

The following secured debts are included within creditors:

31.12.22 31.12.21
£    £   
Bank overdrafts 33,764 28,982
Bank loans 36,464 46,071
70,228 75,053

9. ULTIMATE CONTROLLING PARTY

There is no ultimate controlling party.