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SHORT'S OF HAWICK LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28TH FEBRUARY 2023






SHORT'S OF HAWICK LIMITED (REGISTERED NUMBER: SC184859)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

SHORT'S OF HAWICK LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28TH FEBRUARY 2023







DIRECTORS: K Short
Mrs M E Short
B Short
Miss E Short



SECRETARY: K Short



REGISTERED OFFICE: Ladylaw Mill
Bath Street
Hawick
TD9 7DP



REGISTERED NUMBER: SC184859 (Scotland)



ACCOUNTANTS: JRW
Chartered Accountants
19 Buccleuch Street
Hawick
Roxburghshire
TD9 0HL



BANKERS: Clydesdale Bank Plc
30 High Street
Hawick
TD9 9EH

SHORT'S OF HAWICK LIMITED (REGISTERED NUMBER: SC184859)

BALANCE SHEET
28TH FEBRUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 341,294 325,001

CURRENT ASSETS
Stocks 155,571 132,541
Debtors 5 145,383 193,839
Cash at bank and in hand 708,266 812,591
1,009,220 1,138,971
CREDITORS
Amounts falling due within one year 6 262,020 331,598
NET CURRENT ASSETS 747,200 807,373
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,088,494

1,132,374

PROVISIONS FOR LIABILITIES 21,300 17,250
NET ASSETS 1,067,194 1,115,124

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,067,094 1,115,024
SHAREHOLDERS' FUNDS 1,067,194 1,115,124

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28th February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28th February 2023 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.

SHORT'S OF HAWICK LIMITED (REGISTERED NUMBER: SC184859)

BALANCE SHEET - continued
28TH FEBRUARY 2023


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 21st April 2023 and were signed on its behalf by:




K Short - Director



B Short - Director


SHORT'S OF HAWICK LIMITED (REGISTERED NUMBER: SC184859)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28TH FEBRUARY 2023

1. STATUTORY INFORMATION

Short's of Hawick Limited is a private company, limited by shares , registered in Scotland. 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.

Turnover
Turnover represents the fair value, net of value added tax and discounts, of knitted goods provided to customers and work carried out in respect of services provided to customers. Revenue is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer. This is usually at the point when the customer has taken delivery of the goods.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Heritable Property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on cost

Stock & work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value. Cost includes direct materials, labour and manufacturing overheads incurred in bringing each product to its present location and condition. Net realisable value is based on estimated selling price less further costs to completion and selling costs.

Financial assets
Basic financial assets, including trade and other debtors and bank balances, are initially recognised at transaction price.
At the end of each reporting period financial assets measured at cost are assessed for evidence of impairment. Any impairment loss is recognised in the Income Statement.
Financial assets are derecognised when the contractual rights to the cash flows from the asset expire or are settled.

Financial liabilities
Basic financial liabilities, including trade and other creditors, are initially recognised at transaction price.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. These are classed as current liabilities as payment is due within one year or less. If not they are presented as non-current liabilities.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.


SHORT'S OF HAWICK LIMITED (REGISTERED NUMBER: SC184859)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

2. ACCOUNTING POLICIES - continued
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.

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.

Other investments
Other investments are stated at fair value. Any aggregate surplus or deficit arising from changes in fair value is transferred to the profit and loss account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2022 - 27 ) .

SHORT'S OF HAWICK LIMITED (REGISTERED NUMBER: SC184859)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

4. TANGIBLE FIXED ASSETS
Fixtures
Heritable Plant and and Motor
Property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1st March 2022 250,245 370,350 9,571 13,749 643,915
Additions - 55,000 - - 55,000
Disposals - (36,000 ) - - (36,000 )
At 28th February 2023 250,245 389,350 9,571 13,749 662,915
DEPRECIATION
At 1st March 2022 16,029 291,288 9,019 2,578 318,914
Charge for year 5,004 30,064 138 3,437 38,643
Eliminated on disposal - (35,936 ) - - (35,936 )
At 28th February 2023 21,033 285,416 9,157 6,015 321,621
NET BOOK VALUE
At 28th February 2023 229,212 103,934 414 7,734 341,294
At 28th February 2022 234,216 79,062 552 11,171 325,001

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 59,187 92,367
Other debtors 86,196 101,472
145,383 193,839

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 179,885 160,350
Taxation and social security 37,513 100,886
Other creditors 44,622 70,362
262,020 331,598

Trade creditors of £137,674 are subject to reservation of title.

SHORT'S OF HAWICK LIMITED (REGISTERED NUMBER: SC184859)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28TH FEBRUARY 2023

7. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 28th February 2023 and 28th February 2022:

2023 2022
£    £   
B Short
Balance outstanding at start of year 97,782 83,145
Amounts advanced - 185,717
Amounts repaid (97,782 ) (171,080 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - 97,782

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
SHORT'S OF HAWICK 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 Short's of Hawick Limited for the year ended 28th February 2023 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 ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Short's of Hawick Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Short's of Hawick Limited and state those matters that we have agreed to state to the Board of Directors of Short's of Hawick Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Short's of Hawick 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 profit of Short's of Hawick Limited. You consider that Short's of Hawick 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 Short's of Hawick 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.






JRW
Chartered Accountants
19 Buccleuch Street
Hawick
Roxburghshire
TD9 0HL


21st April 2023