Registered number
03319018
Legwear International Limited
Report and Accounts
31 March 2023
Legwear International Limited
Report to the directors on the preparation of the unaudited statutory accounts of Legwear International Limited for the year ended 31 March 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Legwear International Limited for the year ended 31 March 2023 which comprise of the Profit and Loss Account, the 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/
Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163.
Coalesco Accountants Limited
Chartered Certified Accountants
156 Russell Drive
Wollaton
Nottingham
NG8 2BE
15 June 2023
Legwear International Limited
Registered number: 03319018
Balance Sheet
as at 31 March 2023
Notes 2023 2022
£ £
Fixed assets
Investment in associate company 502,500 50,000
Tangible assets 3 1,123,144 1,100,146
1,625,644 1,150,146
Current assets
Stocks 1,155,430 785,762
Debtors 4 215,682 490,577
Cash at bank and in hand 282,036 415,188
1,653,148 1,691,527
Creditors: amounts falling due within one year 5 (1,228,028) (672,083)
Net current assets 425,120 1,019,444
Total assets less current liabilities 2,050,764 2,169,590
Creditors: amounts falling due after more than one year 6 (773,977) (1,020,468)
Net assets 1,276,787 1,149,122
Capital and reserves
Called up share capital 900 900
Profit and loss account 1,275,887 1,148,222
Shareholders' funds 1,276,787 1,149,122
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
A J Falconer
Director
Approved by the board on 15 June 2023
Legwear International Limited
Notes to the Accounts
for the year ended 31 March 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Warehouse and security 20% straight line
IT hardware 33.3% straight line
Website 20% straight line
Fixtures and fittings 16.7% straight line
Motor vehicles 25% and 20% reducing balance
Buildings and facilities 10% straight line
Land and buildings 0% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 22 21
3 Tangible fixed assets
Plant and machinery etc Land and Buildings Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 165,828 966,441 158,590 1,290,859
Additions 17,184 11,818 88,432 117,434
Disposals - - (75,639) (75,639)
At 31 March 2023 183,012 978,259 171,383 1,332,654
Depreciation
At 1 April 2022 128,749 - 61,964 190,713
Charge for the year 33,664 - 23,396 57,060
On disposals - - (38,263) (38,263)
At 31 March 2023 162,413 - 47,097 209,510
Net book value
At 31 March 2023 20,599 978,259 124,286 1,123,144
At 31 March 2022 37,079 966,441 96,626 1,100,146
4 Debtors 2023 2022
£ £
Trade debtors 178,401 365,576
Amounts owed by associated company - 80,273
Other debtors 37,281 44,728
215,682 490,577
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 286,321 130,231
Obligations under finance lease and hire purchase contracts 20,576 20,576
Trade creditors 134,152 208,369
Directors loan account 447,365 9,173
Corporation tax 2,534 -
Other taxes and social security costs 103,309 73,261
Other creditors 233,771 230,473
1,228,028 672,083
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 751,257 955,271
Obligations under finance lease and hire purchase contracts 22,720 65,197
773,977 1,020,468
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 520,051 521,767
HSBC UK Ltd hold a charge dated March 2021 over the freehold property.
8 Other information
Legwear International Limited is a private company limited by shares and incorporated in England. Its registered office is:
10 Grange Close
Clover Nook Industrial Estate
Alfreton
Derbyshire
DE55 4QT
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