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REGISTERED NUMBER: 04248565 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2023

for

Xamax Clothing Company Limited

Xamax Clothing Company Limited (Registered number: 04248565)






Contents of the Financial Statements
for the Year Ended 31 August 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Xamax Clothing Company Limited

Company Information
for the Year Ended 31 August 2023







DIRECTORS: Mrs S Stewart
Mrs J Thompson
Mr G Thompson





SECRETARY: Mrs S Stewart





REGISTERED OFFICE: Unit 5b
Roundwood Industrial Estate
Ossett
West Yorkshire
WF5 9SQ





REGISTERED NUMBER: 04248565 (England and Wales)





ACCOUNTANTS: Crowther Chartered Accountants
Abacus House
Pennine Business Park
Longbow Close
Huddersfield
West Yorkshire
HD2 1GQ

Xamax Clothing Company Limited (Registered number: 04248565)

Balance Sheet
31 August 2023

31.8.23 31.8.22
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 9,812 10,043
Tangible assets 5 1,171,237 1,281,393
Investments 6 100 100
1,181,149 1,291,536

CURRENT ASSETS
Stocks 7 162,804 180,787
Debtors 8 410,399 529,022
Cash at bank and in hand 73,555 7,899
646,758 717,708
CREDITORS
Amounts falling due within one year 9 594,712 662,614
NET CURRENT ASSETS 52,046 55,094
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,233,195

1,346,630

CREDITORS
Amounts falling due after more than one
year

10

(534,905

)

(628,553

)

PROVISIONS FOR LIABILITIES (85,548 ) (99,535 )
NET ASSETS 612,742 618,542

CAPITAL AND RESERVES
Called up share capital 100 100
Other reserves 4,360 2,827
Retained earnings 608,282 615,615
SHAREHOLDERS' FUNDS 612,742 618,542

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2023.

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

Xamax Clothing Company Limited (Registered number: 04248565)

Balance Sheet - continued
31 August 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:




Mrs J Thompson - Director Mr G Thompson - Director




Mrs S Stewart - Director


Xamax Clothing Company Limited (Registered number: 04248565)

Notes to the Financial Statements
for the Year Ended 31 August 2023

1. STATUTORY INFORMATION

Xamax Clothing Company 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
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 is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

Computer software are being amortised evenly over their estimated useful life of ten years.

Website is being amortised evenly over its estimated useful life of two years.

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.

At each reporting date the company assess whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and property- In accordance with the property
Plant and machinery- 15% reducing balance
Fixtures and fittings- 15% reducing balance
Motor vehicles- 25% reducing balance
Computer equipment- 25% on cost

No depreciation charge is provided in respect of freehold land, however, the depreciation charge for freehold property is assessed on an annual basis after taking into consideration the condition and value of the property. Subject to this assessment, depreciation is accounted for where deemed necessary.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.


Xamax Clothing Company Limited (Registered number: 04248565)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 32 (2022 - 32 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software Website Totals
£ £ £
COST
At 1 September 2022 8,873 42,294 51,167
Additions - 2,311 2,311
At 31 August 2023 8,873 44,605 53,478
AMORTISATION
At 1 September 2022 222 40,902 41,124
Amortisation for year 887 1,655 2,542
At 31 August 2023 1,109 42,557 43,666
NET BOOK VALUE
At 31 August 2023 7,764 2,048 9,812
At 31 August 2022 8,651 1,392 10,043

Xamax Clothing Company Limited (Registered number: 04248565)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
COST
At 1 September 2022 1,050,000 861,293 93,622
Additions - 300 1,005
Disposals - (52,000 ) -
At 31 August 2023 1,050,000 809,593 94,627
DEPRECIATION
At 1 September 2022 106,000 582,292 71,765
Charge for year 12,800 34,054 3,335
At 31 August 2023 118,800 616,346 75,100
NET BOOK VALUE
At 31 August 2023 931,200 193,247 19,527
At 31 August 2022 944,000 279,001 21,857

Motor Computer
vehicles equipment Totals
£ £ £
COST
At 1 September 2022 77,363 53,410 2,135,688
Additions - 649 1,954
Disposals - - (52,000 )
At 31 August 2023 77,363 54,059 2,085,642
DEPRECIATION
At 1 September 2022 44,068 50,170 854,295
Charge for year 8,324 1,597 60,110
At 31 August 2023 52,392 51,767 914,405
NET BOOK VALUE
At 31 August 2023 24,971 2,292 1,171,237
At 31 August 2022 33,295 3,240 1,281,393

Included within the net book value is £67,024 (2022 - £83,072), which relates to assets held under hire purchase agreements. The depreciation charge to the financial statements in the year in respect of such assets amounted to £13,384 (2022 - £14,930).

Xamax Clothing Company Limited (Registered number: 04248565)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 September 2022
and 31 August 2023 100
NET BOOK VALUE
At 31 August 2023 100
At 31 August 2022 100

7. STOCKS
31.8.23 31.8.22
£ £
Stocks 162,804 180,787

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£ £
Trade debtors 211,626 321,445
I'm From Ltd 194,515 196,715
Other debtors 541 -
Prepayments 3,717 10,862
410,399 529,022

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£ £
Bank loans and overdrafts (see note 11) 80,404 86,447
Hire purchase contracts (see note 12) 26,088 24,821
Trade creditors 299,120 416,055
Amounts owed to associates 8,978 6,360
Tax 66,758 39,661
Social security and other tax 18,969 7,157
VAT 70,335 54,045
Company credit card 3,058 -
Pension fund 2,874 -
Other creditors - 11,167
Directors' loan accounts - 2,311
Accrued expenses 18,128 14,590
594,712 662,614

Xamax Clothing Company Limited (Registered number: 04248565)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£ £
Bank loans (see note 11) 502,242 579,108
Hire purchase contracts (see note 12) 9,838 34,646
Directors' loan accounts 22,825 14,799
534,905 628,553

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 189,901 261,765

11. LOANS

An analysis of the maturity of loans is given below:

31.8.23 31.8.22
£ £
Amounts falling due within one year or on demand:
Bank overdrafts - 8,186
Bank loans 80,404 78,261
80,404 86,447

Amounts falling due between one and two years:
Bank loans - 1-2 years 82,777 80,404

Amounts falling due between two and five years:
Bank loans - 2-5 years 229,564 236,939

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 189,901 261,765

12. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.8.23 31.8.22
£ £
Net obligations repayable:
Within one year 26,088 24,821
Between one and five years 9,838 34,646
35,926 59,467

Xamax Clothing Company Limited (Registered number: 04248565)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2023

12. LEASING AGREEMENTS - continued

Non-cancellable
operating leases
31.8.23 31.8.22
£ £
Within one year - 1,560

13. SECURED DEBTS

The following secured debts are included within creditors:

31.8.23 31.8.22
£ £
Bank loans 582,646 657,369
Hire purchase contracts 35,926 59,467
618,572 716,836

14. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

Included in creditors: amounts falling due within one year is a loan from the directors of £nil (2022 - £2,311). The loan is interest free with no fixed date for repayment.

Included in creditors: amounts falling due more than one year is a loan from the directors of £22,825 (2022 - £14,799). The loan is interest free with no fixed date for repayment.

15. RELATED PARTY DISCLOSURES

At the balance sheet date the company was owed £194,515 (2022 - £196,715) from I'm From Limited. Xamax Clothing Company Limited own 100% of the shares in I'm From Limited.

At the balance sheet date the company owed £8,978 (2022 - £6,360) to Xamax Pension Scheme. Xamax Clothing Company Limited is the sponsoring employer for Xamax Pension Scheme.

16. ULTIMATE CONTROLLING PARTY

The controlling party is its directors.