Caseware UK (AP4) 2022.0.179 2022.0.179 2022-11-302022-11-30trueNo description of principal activity2021-12-01false04trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 02710774 2021-12-01 2022-11-30 02710774 2020-12-01 2021-11-30 02710774 2022-11-30 02710774 2021-11-30 02710774 c:Director1 2021-12-01 2022-11-30 02710774 d:CurrentFinancialInstruments 2022-11-30 02710774 d:CurrentFinancialInstruments 2021-11-30 02710774 d:Non-currentFinancialInstruments 2022-11-30 02710774 d:Non-currentFinancialInstruments 2021-11-30 02710774 d:CurrentFinancialInstruments d:WithinOneYear 2022-11-30 02710774 d:CurrentFinancialInstruments d:WithinOneYear 2021-11-30 02710774 d:Non-currentFinancialInstruments d:AfterOneYear 2022-11-30 02710774 d:Non-currentFinancialInstruments d:AfterOneYear 2021-11-30 02710774 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-11-30 02710774 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2021-11-30 02710774 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2022-11-30 02710774 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2021-11-30 02710774 d:ShareCapital 2022-11-30 02710774 d:ShareCapital 2021-11-30 02710774 d:RetainedEarningsAccumulatedLosses 2022-11-30 02710774 d:RetainedEarningsAccumulatedLosses 2021-11-30 02710774 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2022-11-30 02710774 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2021-11-30 02710774 c:FRS102 2021-12-01 2022-11-30 02710774 c:AuditExempt-NoAccountantsReport 2021-12-01 2022-11-30 02710774 c:FullAccounts 2021-12-01 2022-11-30 02710774 c:PrivateLimitedCompanyLtd 2021-12-01 2022-11-30 iso4217:GBP xbrli:pure

Registered number: 02710774









AWARD APPAREL LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2022

 
AWARD APPAREL LIMITED
REGISTERED NUMBER: 02710774

BALANCE SHEET
AS AT 30 NOVEMBER 2022

2022
2021
Note
£
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
504,952
530,055

Current asset investments
 5 
50,000
50,000

Cash at bank and in hand
 6 
401,716
460,882

  
956,668
1,040,937

Creditors: amounts falling due within one year
 7 
(270,396)
(338,018)

Net current assets
  
 
 
686,272
 
 
702,919

Total assets less current liabilities
  
686,272
702,919

Creditors: amounts falling due after more than one year
 8 
472,329
466,622

  

Net assets
  
1,158,601
1,169,541


Capital and reserves
  

Called up share capital 
  
50,000
50,000

Profit and loss account
  
1,108,601
1,119,541

  
1,158,601
1,169,541


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Page 1

 
AWARD APPAREL LIMITED
REGISTERED NUMBER: 02710774
    
BALANCE SHEET (CONTINUED)
AS AT 30 NOVEMBER 2022

................................................
Amarjit Singh Dassan
Director

Date: 27 November 2023

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
AWARD APPAREL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

1.


General information

Award Apparel Limited is a private company, limited by shares, registered in England and Wales. The company's registered number is 02710774  and registered office address is The Courtyard, 14a Sydenham Road, Croydon, United Kingdom, England, CR0 2EE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
AWARD APPAREL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Page 4

 
AWARD APPAREL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

Investments in non-derivative instruments that are equity to the issuer are measured:
at fair value with changes recognised in the Statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
at cost less impairment for all other investments.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Page 5

 
AWARD APPAREL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

2.Accounting policies (continued)


2.10
Financial instruments (continued)

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.


3.


Employees

The average monthly number of employees, including directors, during the year was 0 (2021 - 4).


4.


Debtors

2022
2021
£
£


Trade debtors
412,157
429,418

Amounts owed by group undertakings
92,075
89,049

Other debtors
720
11,404

Prepayments and accrued income
-
184

504,952
530,055



5.


Current asset investments

2022
2021
£
£

Shares in group undertakings
50,000
50,000

50,000
50,000


Page 6

 
AWARD APPAREL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

6.


Cash and cash equivalents

2022
2021
£
£

Cash at bank and in hand
401,716
460,882

401,716
460,882



7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
266,317
337,828

Corporation tax
1,000
-

Other creditors
2,329
15

Accruals and deferred income
750
175

270,396
338,018



8.


Creditors: Amounts falling due after more than one year

2022
2021
£
£

Bank loans
44,293
50,000

Other loans
(516,622)
(516,622)

(472,329)
(466,622)


Page 7

 
AWARD APPAREL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2022

9.


Loans


Analysis of the maturity of loans is given below:


2022
2021
£
£



Amounts falling due 2-5 years

Bank loans
44,293
50,000


44,293
50,000

Amounts falling due after more than 5 years

Other loans
(516,622)
(516,622)

(516,622)
(516,622)

(472,329)
(466,622)



10.


Financial instruments

2022
2021
£
£

Financial assets


Financial assets measured at fair value through profit or loss
401,716
460,882




Financial assets measured at fair value through profit or loss comprise...

 
Page 8