IRIS Accounts Production v23.3.1.45 02202222 director 1.7.22 30.6.23 30.6.23 false true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh022022222022-06-30022022222023-06-30022022222022-07-012023-06-30022022222021-06-30022022222021-07-012022-06-30022022222022-06-3002202222ns10:Originalns15:EnglandWales2022-07-012023-06-3002202222ns14:PoundSterlingns10:Original2022-07-012023-06-3002202222ns10:Originalns10:Director12022-07-012023-06-3002202222ns10:Original2022-07-012023-06-3002202222ns10:Original2023-06-3002202222ns10:Originalns10:PrivateLimitedCompanyLtd2022-07-012023-06-3002202222ns10:Originalns10:SmallEntities2022-07-012023-06-3002202222ns10:Originalns10:AuditExempt-NoAccountantsReport2022-07-012023-06-3002202222ns10:Originalns10:SmallCompaniesRegimeForDirectorsReport2022-07-012023-06-3002202222ns10:SmallCompaniesRegimeForAccountsns10:Original2022-07-012023-06-3002202222ns10:Originalns10:FullAccounts2022-07-012023-06-3002202222ns10:Originalns10:OrdinaryShareClass12022-07-012023-06-3002202222ns10:Originalns10:RegisteredOffice2022-07-012023-06-3002202222ns10:Original2022-06-3002202222ns10:Originalns5:CurrentFinancialInstruments2023-06-3002202222ns10:Originalns5:CurrentFinancialInstruments2022-06-3002202222ns10:Originalns5:Non-currentFinancialInstruments2023-06-3002202222ns10:Originalns5:Non-currentFinancialInstruments2022-06-3002202222ns5:ShareCapitalns10:Original2023-06-3002202222ns5:ShareCapitalns10:Original2022-06-3002202222ns10:Originalns5:RetainedEarningsAccumulatedLosses2023-06-3002202222ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-06-3002202222ns10:Original2021-07-012022-06-3002202222ns10:Originalns5:PlantMachinery2022-06-3002202222ns10:Originalns5:PlantMachinery2022-07-012023-06-3002202222ns10:Originalns5:PlantMachinery2023-06-3002202222ns10:Originalns5:PlantMachinery2022-06-3002202222ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-06-3002202222ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-06-3002202222ns5:Securedns10:Original2023-06-3002202222ns5:Securedns10:Original2022-06-3002202222ns10:Originalns10:OrdinaryShareClass12023-06-30
REGISTERED NUMBER: 02202222 (England and Wales)











Madewell Products Limited

Unaudited Financial Statements

for the Year Ended 30 June 2023






Madewell Products Limited (Registered number: 02202222)

Contents of the Financial Statements
for the Year Ended 30 June 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Madewell Products Limited

Company Information
for the Year Ended 30 June 2023







DIRECTOR: R Gibson





REGISTERED OFFICE: Unit 26
Sandy Way
Amington Industrial Estate
Tamworth
Staffordshire
B77 4DS





REGISTERED NUMBER: 02202222 (England and Wales)





ACCOUNTANTS: Haines Watts Tamworth Limited
Sterling House
97 Lichfield Street
Tamworth
Staffordshire
B79 7QF

Madewell Products Limited (Registered number: 02202222)

Balance Sheet
30 June 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 358,694 280,217

CURRENT ASSETS
Stocks 223,499 208,000
Debtors 5 1,108,537 1,548,396
Cash at bank and in hand 851,326 745,243
2,183,362 2,501,639
CREDITORS
Amounts falling due within one year 6 808,822 1,076,890
NET CURRENT ASSETS 1,374,540 1,424,749
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,733,234

1,704,966

CREDITORS
Amounts falling due after more than one year 7 (120,034 ) (70,327 )

PROVISIONS FOR LIABILITIES (65,042 ) (48,271 )
NET ASSETS 1,548,158 1,586,368

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 1,548,058 1,586,268
SHAREHOLDERS' FUNDS 1,548,158 1,586,368

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Madewell Products Limited (Registered number: 02202222)

Balance Sheet - continued
30 June 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 director and authorised for issue on 2 October 2023 and were signed by:





R Gibson - Director


Madewell Products Limited (Registered number: 02202222)

Notes to the Financial Statements
for the Year Ended 30 June 2023


1. STATUTORY INFORMATION

Madewell Products 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery5 - 15% reducing balance and straight line
Fixtures and fixtures20% reducing balance and straight line
Motor vehicles25% reducing balance

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

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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible assets and depreciated over the shorter of the lease term and their useful lives. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

Madewell Products Limited (Registered number: 02202222)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


2. ACCOUNTING POLICIES - continued

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 50 (2022 - 53 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 July 2022 2,469,219
Additions 306,862
Disposals (120,147 )
At 30 June 2023 2,655,934
DEPRECIATION
At 1 July 2022 2,189,002
Charge for year 127,271
Eliminated on disposal (19,033 )
At 30 June 2023 2,297,240
NET BOOK VALUE
At 30 June 2023 358,694
At 30 June 2022 280,217

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 923,567 1,110,552
Amounts owed by group undertakings 40,789 40,789
Other debtors 144,181 397,055
1,108,537 1,548,396

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 69,803 9,748
Hire purchase contracts 39,374 45,192
Trade creditors 466,186 616,393
Taxation and social security 141,874 219,991
Other creditors 91,585 185,566
808,822 1,076,890

Madewell Products Limited (Registered number: 02202222)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2023


7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 88,378 30,745
Hire purchase contracts 31,656 39,582
120,034 70,327

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 158,181 40,493
Hire purchase contracts 71,030 84,774
229,211 125,267

Hire purchase liabilities are secured by way of a charge over the assets to which they relate.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

10. RELATED PARTY DISCLOSURES

At the end of the year, the company was owed £40,789 (2022 - £40,789) by associated companies.