REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 August 2023 |
for |
Xamax Clothing Company Limited |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
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 |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Stocks | 7 |
Debtors | 8 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 9 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
10 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings |
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. |
Xamax Clothing Company Limited (Registered number: 04248565) |
Balance Sheet - continued |
31 August 2023 |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
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 |
4. | INTANGIBLE FIXED ASSETS |
Computer |
software | Website | Totals |
£ | £ | £ |
COST |
At 1 September 2022 |
Additions |
At 31 August 2023 |
AMORTISATION |
At 1 September 2022 |
Amortisation for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
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 |
Additions |
Disposals | ( |
) |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 September 2022 |
Additions |
Disposals | ( |
) |
At 31 August 2023 |
DEPRECIATION |
At 1 September 2022 |
Charge for year |
At 31 August 2023 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
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 |
NET BOOK VALUE |
At 31 August 2023 |
At 31 August 2022 |
7. | STOCKS |
31.8.23 | 31.8.22 |
£ | £ |
Stocks |
8. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Trade debtors |
I'm From Ltd |
Other debtors | 541 | - |
Prepayments |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans and overdrafts (see note 11) |
Hire purchase contracts (see note 12) |
Trade creditors |
Amounts owed to associates | 8,978 | 6,360 |
Tax |
Social security and other tax |
VAT | 70,335 | 54,045 |
Company credit card |
Pension fund | 2,874 | - |
Other creditors | - | 11,167 |
Directors' loan accounts | - | 2,311 |
Accrued expenses |
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) |
Hire purchase contracts (see note 12) |
Directors' loan accounts | 22,825 | 14,799 |
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 |
Bank loans |
Amounts falling due between one and two years: |
Bank loans - 1-2 years |
Amounts falling due between two and five years: |
Bank loans - 2-5 years |
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 |
Between one and five years |
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 |
13. | SECURED DEBTS |
The following secured debts are included within creditors: |
31.8.23 | 31.8.22 |
£ | £ |
Bank loans |
Hire purchase contracts | 35,926 | 59,467 |
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. |