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Registration number: 04196231

Smart Image Workwear Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Smart Image Workwear Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Smart Image Workwear Limited

Company Information

Directors

Mr W P Rawlinson

Mrs G Rawlinson

Company secretary

Miss N L Rawlinson

Registered office

40 Chorley Road
Walton-le-Dale
Preston
Lancashire
PR5 4JA

 

Smart Image Workwear Limited

(Registration number: 04196231)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

200,378

207,457

Current assets

 

Stocks

6

834,269

728,772

Debtors

7

501,995

452,156

Cash at bank and in hand

 

432,607

581,583

 

1,768,871

1,762,511

Creditors: Amounts falling due within one year

8

(496,938)

(499,307)

Net current assets

 

1,271,933

1,263,204

Total assets less current liabilities

 

1,472,311

1,470,661

Creditors: Amounts falling due after more than one year

8

(19,908)

(29,923)

Provisions for liabilities

(24,125)

(15,310)

Net assets

 

1,428,278

1,425,428

Capital and reserves

 

Called up share capital

100

100

Retained earnings

1,428,178

1,425,328

Shareholders' funds

 

1,428,278

1,425,428

 

Smart Image Workwear Limited

(Registration number: 04196231)
Balance Sheet as at 30 June 2023

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 November 2023 and signed on its behalf by:
 

.........................................
Mr W P Rawlinson
Director

 

Smart Image Workwear Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
40 Chorley Road
Walton-le-Dale
Preston
Lancashire
PR5 4JA

These financial statements were authorised for issue by the Board on 29 November 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Smart Image Workwear Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Tenant improvement to property

Over 15 years

Office equipment

25% reducing balance

Fixtures and fittings

15% reducing balance

Motor vehicles

25% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Over 20 years

 

Smart Image Workwear Limited

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

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

 

Smart Image Workwear Limited

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

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2022 - 25).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 July 2022

15,000

15,000

At 30 June 2023

15,000

15,000

Amortisation

At 1 July 2022

15,000

15,000

At 30 June 2023

15,000

15,000

Carrying amount

At 30 June 2023

-

-

 

Smart Image Workwear Limited

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

5

Tangible assets

Tenant improvement to property
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Plant and Machinery
£

Total
£

Cost or valuation

At 1 July 2022

323,806

74,929

39,838

88,770

527,343

Additions

-

19,850

-

14,500

34,350

At 30 June 2023

323,806

94,779

39,838

103,270

561,693

Depreciation

At 1 July 2022

198,340

47,220

25,444

48,882

319,886

Charge for the year

21,587

8,810

3,599

7,433

41,429

At 30 June 2023

219,927

56,030

29,043

56,315

361,315

Carrying amount

At 30 June 2023

103,879

38,749

10,795

46,955

200,378

At 30 June 2022

125,466

27,709

14,394

39,888

207,457

Included within the net book value of land and buildings above is £103,879 (2022 - £147,053) in respect of long leasehold land and buildings.
 

 

Smart Image Workwear Limited

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

6

Stocks

2023
£

2022
£

Stock

834,269

728,772

7

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

493,929

401,168

Amounts owed by related parties

-

2,106

Accrued income

 

-

34,896

Prepayments

 

8,066

13,986

   

501,995

452,156

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

14,590

14,301

Trade creditors

 

378,955

345,169

Amounts owed to director

8

-

VAT and PAYE liability

 

52,804

34,912

Corporation tax liability

 

39,086

88,883

Accrued expenses

 

8,778

14,315

Defined contribution pension costs

 

2,717

1,727

 

496,938

499,307

Due after one year

 

Loans and borrowings

9

19,908

29,923

 

Smart Image Workwear Limited

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

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

19,908

29,923

2023
£

2022
£

Current loans and borrowings

Bank borrowings

10,015

9,768

Credit card account

4,575

4,533

14,590

14,301