REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
T.W.KEMPTON (CORPORATE CLOTHING) |
LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
T.W.KEMPTON (CORPORATE CLOTHING) |
LIMITED |
T.W.KEMPTON (CORPORATE CLOTHING) |
LIMITED (REGISTERED NUMBER: 02415517) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
T.W.KEMPTON (CORPORATE CLOTHING) |
LIMITED |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MARCH 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
BANKERS: |
Gateway House |
4 Penman Way |
Enderby |
Leicester |
LE19 1SY |
SOLICITORS: |
Two Colton Walk |
Leicester |
Leicestershire |
LE1 1QH |
T.W.KEMPTON (CORPORATE CLOTHING) |
LIMITED (REGISTERED NUMBER: 02415517) |
BALANCE SHEET |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 8 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
PENSION ASSET | 10 |
NET ASSETS |
T.W.KEMPTON (CORPORATE CLOTHING) |
LIMITED (REGISTERED NUMBER: 02415517) |
BALANCE SHEET - continued |
31 MARCH 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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. |
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 |
T.W.KEMPTON (CORPORATE CLOTHING) |
LIMITED (REGISTERED NUMBER: 02415517) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2023 |
1. | STATUTORY INFORMATION |
T.W.Kempton (Corporate Clothing) Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Related party exemption |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
Turnover |
Turnover is the amount derived from the sale of goods falling within the company's ordinary activities after deduction of trade discounts and value added tax. In all cases turnover is recognised when the risks and rewards of ownership are transferred and this is defined to be on dispatch of the goods. |
Goodwill |
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. |
Tangible fixed assets |
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
For all other tangible fixed assets depreciation is calculated to write down their cost to their estimated residual values by annual instalments over the period of their estimated useful lives at the following rates: |
Land and buildings leasehold | - 20% straight line on leasehold building only |
Plant and machinery | - 20% - 25% straight line |
Motor vehicles | - 20% straight line |
T.W.KEMPTON (CORPORATE CLOTHING) |
LIMITED (REGISTERED NUMBER: 02415517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs comprise of direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. |
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. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet 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. |
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. |
T.W.KEMPTON (CORPORATE CLOTHING) |
LIMITED (REGISTERED NUMBER: 02415517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Pension costs and other post-retirement benefits |
The company operates a defined benefit pension scheme. An actuarial valuation of the scheme is carried out by an independent professionally qualified actuary every three years. In between triennial actuarial valuations the directors of the company obtain an updated valuation from a qualified actuary. The cost of the pension scheme is charged to the profit and loss account over the expected service lives of participating employees. The accounting policy follows the funding policy, the effect of which is to spread any deficiency or surplus arising over the expected service lives of the participating employees. Investment gains and administration costs of the pension scheme itself are recognised in the profit and loss account. Actuarial gains and losses and deferred taxation in relation to the scheme are recognised directly in other comprehensive income. |
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in the profit and loss as other finance revenue or cost. |
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods. |
The defined net pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme. |
Cash and cash equivalents |
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
T.W.KEMPTON (CORPORATE CLOTHING) |
LIMITED (REGISTERED NUMBER: 02415517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Basic financial assets |
Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
Other financial assets |
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or less, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment. |
Impairment on financial assets |
Financial assets, other than those held at fair value through profit and loss, are assessed for indications of impairment at each reporting end date. |
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
T.W.KEMPTON (CORPORATE CLOTHING) |
LIMITED (REGISTERED NUMBER: 02415517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
2. | ACCOUNTING POLICIES - continued |
Financial liabilities |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Basic financial liabilities |
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as 'creditors: amounts falling due within one year' if payment is due within one year or less. If not, they are presented as 'creditors: amounts falling due after more than one year'. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
Government grants |
The amounts received for government grants are included within the accounts on an accruals basis. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 April 2022 |
and 31 March 2023 |
AMORTISATION |
At 1 April 2022 |
Charge for year |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
T.W.KEMPTON (CORPORATE CLOTHING) |
LIMITED (REGISTERED NUMBER: 02415517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
5. | TANGIBLE FIXED ASSETS |
Land and | Plant and | Motor |
buildings | machinery | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 April 2022 |
Additions |
Disposals | ( |
) | ( |
) |
At 31 March 2023 |
DEPRECIATION |
At 1 April 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Included in other debtors is an amount held by the bank to cover amounts owed. |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
T.W.KEMPTON (CORPORATE CLOTHING) |
LIMITED (REGISTERED NUMBER: 02415517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years |
by instalment |
- | 4,167 |
9. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2022 |
Profit for the year |
Dividends | ( |
) |
Actuarial gain / (deficit) on |
defined benefit pension |
scheme | 120,000 |
At 31 March 2023 |
10. | EMPLOYEE BENEFIT OBLIGATIONS |
The company operates a defined benefit type pension scheme for senior managers and directors, the assets of the scheme being held in a separate trust administered insured fund managed independently. Contributions to the scheme are charged to the profit and loss account so as to spread the cost of pensions over the employees' working lives with the company. The contributions are determined by a qualified actuary on the basis of triennial valuations using the projected units method. The most recent accounts of the pension scheme showed that the fair value of the scheme's assets were £2,426,000 (2022: £2,666,000) after allowing for expected future increases in earnings. |
T.W.KEMPTON (CORPORATE CLOTHING) |
LIMITED (REGISTERED NUMBER: 02415517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
The amounts recognised in the balance sheet are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Present value of funded obligations | ( |
) | ( |
) |
Fair value of plan assets |
593,000 | 453,000 |
Present value of unfunded obligations |
Surplus |
Net asset |
The amounts recognised in profit or loss are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Current service cost |
Net interest from net defined benefit asset/liability |
(12,000 |
) |
- |
Past service cost |
Gains / losses on settlements | - | (83,000 | ) |
(12,000 | ) | (69,000 | ) |
Actual return on plan assets | ( |
) |
T.W.KEMPTON (CORPORATE CLOTHING) |
LIMITED (REGISTERED NUMBER: 02415517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
Changes in the present value of the defined benefit obligation are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Opening defined benefit obligation |
Current service cost |
Contributions by scheme participants |
Interest cost |
Actuarial losses/(gains) | ( |
) | ( |
) |
Benefits paid | ( |
) | ( |
) |
Settlements | ( |
) |
Changes in the fair value of scheme assets are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Opening fair value of scheme assets |
Contributions by employer |
Contributions by scheme participants |
Expected return | 72,000 | 66,000 |
Actuarial gains/(losses) | ( |
) |
Benefits paid | (163,000 | ) | (1,606,000 | ) |
The amounts recognised in other comprehensive income are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Actuarial gains/(losses) |
120,000 | 409,000 |
T.W.KEMPTON (CORPORATE CLOTHING) |
LIMITED (REGISTERED NUMBER: 02415517) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2023 |
10. | EMPLOYEE BENEFIT OBLIGATIONS - continued |
The major categories of scheme assets as amounts of total scheme assets are as follows: |
Defined benefit |
pension plans |
2023 | 2022 |
£ | £ |
Equities |
Bonds |
Insured pensions | 47,000 | 32,000 |
Cash | 225,000 | 259,000 |
2,426,000 | 2,666,000 |
Principal actuarial assumptions at the balance sheet date (expressed as weighted averages): |
2023 | 2022 |
Discount rate |
Future pension increases |
Retail price index (RPI) |
Consumer price index (CPI) | 2.50% | 2.90% |
Mortality assumptions |
2023 | 2022 |
Assumed life expectations on retirement at age 65: | Years | Years |
Retiring today |
- Males | 23.3 | 20.8 |
- Females | 25.1 | 22.7 |
Retiring in 20 years |
- Males | 24.6 | 21.5 |
- Females | 26.5 | 23.7 |
Defined contribution scheme |
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund. |
The charge to the profit and loss in respect of defined contribution scheme was £53,090 (2022: £48,375). |