REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Period 1 April 2022 to 31 December 2022 |
for |
Uneek Clothing Company Limited |
REGISTERED NUMBER: |
Strategic Report, Report of the Directors and |
Financial Statements for the Period 1 April 2022 to 31 December 2022 |
for |
Uneek Clothing Company Limited |
Uneek Clothing Company Limited (Registered number: 03172736) |
Contents of the Financial Statements |
for the Period 1 April 2022 to 31 December 2022 |
Page |
Company Information | 1 |
Strategic Report | 2 |
Report of the Directors | 4 |
Report of the Independent Auditors | 6 |
Income Statement | 9 |
Other Comprehensive Income | 10 |
Balance Sheet | 11 |
Statement of Changes in Equity | 12 |
Cash Flow Statement | 13 |
Notes to the Cash Flow Statement | 14 |
Notes to the Financial Statements | 15 |
Uneek Clothing Company Limited |
Company Information |
for the Period 1 April 2022 to 31 December 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
SENIOR STATUTORY AUDITOR: |
AUDITORS: |
Statutory Auditor |
5 North End Road |
London |
NW11 7RJ |
Uneek Clothing Company Limited (Registered number: 03172736) |
Strategic Report |
for the Period 1 April 2022 to 31 December 2022 |
The directors present their strategic report for the period 1 April 2022 to 31 December 2022. |
Uneek is a family owned and controlled business. The company a is well established importer of clothing apparel and related products. It has been trading successfully for more than 25 years with a B2B model. |
The company sells its products to wholesale, retail and online customers. The company's customer base is extremely diverse and includes sports & leisure, work & safety wear, PPE, education, health & beauty etc. |
During the period, the turnover increased by £2m (5.82%- on pro-rata basis when compared to 12 months period in the prior period), however the gross profit rate decreased from 26 % to 23%. |
The increase in turnover predominantly driven by the post pandemic recovery of sales and nominal increase in price of the goods which helped in achieving the required turnover. The increase in cost of sales due to inflation and high frieght costs have effected the gross profit margins. |
REVIEW OF BUSINESS |
The performance of the company during the 9 month period to 31 December 2022 has produced the following results. |
The company has made significant progress throughout the period in relation to key elements of its strategy. The Board monitors the progress of the company by reference to the followings: |
31.12.2022 | 31.03.2022 |
£ | £ |
Turnover | 38,512,219 | 48,592,182 |
Profit after tax | 4,379,189 | 6,678,986 |
Shareholders funds | 21,770,532 | 42,410,450 |
The company will continue to consolidate its position and concentrate its efforts on achieving maximum growth in its existing market segments in the next financial year. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The company possesses the required management expertise to monitor and manage risk. The principal risks and uncertainties facing the company are as follows: |
Economic Risks |
Any economic downturn is likely to lead to a reduction in the overall demand of the goods in the market. |
Price Risks |
Price risks arise on the company's product range due to changes in product prices. There is a management team dedicated to monitoring product prices to ensure exposure is limited. |
Uneek Clothing Company Limited (Registered number: 03172736) |
Strategic Report |
for the Period 1 April 2022 to 31 December 2022 |
Financial Risks |
The company reduces its exposure to variability of foreign exchange rates by mostly buying and selling its product in the same currency. This limits the risk to any surplus which collects in foreign currency accounts. |
Credit risk |
A risk that one party will cause financial loss to another party by failing to discharge an obligation. It is the company's policy to minimise such losses by ensuring deferred terms are only granted to those customers who demonstrate an appropriate payment history and satisfy credit worthiness procedures. At the balance sheet date most of the total trade debtors were within assigned terms. |
Liquidity risk |
The risk that the company may encounter difficulty in meeting its obligations associated with financial liabilities. |
Operational Risks |
The emerging risk & uncertainty arising from the pandemic had severely affected the economic conditions globally. A re-emergence of a pandemic and lockdowns, especially in the nations where suppliers are based, such as China, Pakistan and Bangladesh can impact all areas of business from supply chain to revenue. |
ENVIRONMENT, SOCIAL AND GOVERNANCE (ESG) |
In order to reduce environmental impact caused by the garment industry, the company has proactive measures in reducing the such impact by increasing product ranges from organically produced cotton and reducing the product ranges from synthetic fabrics. |
FUTURE DEVELOPMENTS |
Despite the setbacks in the prior years caused by events such as Brexit, Covid-19 pandemic and continuous uncertainty regarding the current inflation and cost of living crises, the directors are of the opinion that the orders and current demand levels along with the company's broad client base, the company will continue to develop and progress. |
ON BEHALF OF THE BOARD: |
Uneek Clothing Company Limited (Registered number: 03172736) |
Report of the Directors |
for the Period 1 April 2022 to 31 December 2022 |
The directors present their report with the financial statements of the company for the period 1 April 2022 to 31 December 2022. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the period under review was that of importer of men's, women and children's garments. |
DIVIDENDS |
The total distribution of dividends for the period ended 31 December 2022 will be £25m. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 April 2022 to the date of this report. |
POLITICAL DONATIONS AND EXPENDITURE |
Charitable donations made during the period as follows: |
Period ended | Year ended |
31.12.2022 | 31.03.2022 |
£ | £ |
Donations - UK charities | 190,151 | 55,390 |
Donations - Others | - | 10,000 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information. |
Uneek Clothing Company Limited (Registered number: 03172736) |
Report of the Directors |
for the Period 1 April 2022 to 31 December 2022 |
AUDITORS |
The auditors, Martin+Heller, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Uneek Clothing Company Limited |
Opinion |
We have audited the financial statements of Uneek Clothing Company Limited (the 'company') for the period ended 31 December 2022 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the company's affairs as at 31 December 2022 and of its profit for the period then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Members of |
Uneek Clothing Company Limited |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- We identified areas of laws and regulations that could reasonably be expected to have a material effect on the |
financial statements. We discussed with management the extent of compliance with those laws and regulations as |
part of our audit procedures. |
- We had regard to laws and regulations in areas that directly affect the financial statements including financial |
reporting and taxation legislation. We considered that extent of compliance with those laws and regulations as |
part of our procedures on the related financial statement items. |
- With the exception of any known or possible non-compliance, and as required by auditing standards, our work in |
respect of these was limited to enquiry of the directors. |
- We communicated identified laws and regulations throughout our team and remained alert to any indications of |
non-compliance throughout the audit. |
- We addressed the risk of fraud through management override of controls, by testing the appropriateness of |
journal entries and other adjustments, assessing whether the judgements made in making accounting estimates |
are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are |
unusual or outside the normal course of business. |
- Our audit procedures were designed to identify and assess risks of material misstatement in the financial |
statements, whether due to fraud or error. The risk of not detecting a material misstatement due to fraud is higher |
than the risk of not detecting one resulting from error, as fraud may involve collusion, forgery, omissions, |
misrepresentations, or management override of controls. |
- There are inherent limitations in the audit procedures performed. Our responsibility is to conclude whether the |
financial statements represent the underlying financial position and activities of the company and to ensure that |
the overall content and presentation of the financial statements gives a fair view |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Uneek Clothing Company Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
5 North End Road |
London |
NW11 7RJ |
Uneek Clothing Company Limited (Registered number: 03172736) |
Income Statement |
for the Period 1 April 2022 to 31 December 2022 |
Period |
1/4/22 |
to | Year Ended |
31/12/22 | 31/3/22 |
Notes | £ | £ |
TURNOVER | 3 |
Cost of sales |
GROSS PROFIT |
Administrative expenses |
5,518,644 | 8,372,582 |
Other operating income |
OPERATING PROFIT | 6 |
Interest payable and similar expenses | 8 |
PROFIT BEFORE TAXATION |
Tax on profit | 9 |
PROFIT FOR THE FINANCIAL PERIOD |
Uneek Clothing Company Limited (Registered number: 03172736) |
Other Comprehensive Income |
for the Period 1 April 2022 to 31 December 2022 |
Period |
1/4/22 |
to | Year Ended |
31/12/22 | 31/3/22 |
Notes | £ | £ |
PROFIT FOR THE PERIOD |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD |
Uneek Clothing Company Limited (Registered number: 03172736) |
Balance Sheet |
31 December 2022 |
31.12.22 | 31.3.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
CURRENT ASSETS |
Stocks | 12 |
Debtors | 13 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 14 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 16 |
Retained earnings | 17 |
SHAREHOLDERS' FUNDS |
The financial statements were approved by the Board of Directors and authorised for issue on |
Uneek Clothing Company Limited (Registered number: 03172736) |
Statement of Changes in Equity |
for the Period 1 April 2022 to 31 December 2022 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 April 2021 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 March 2022 |
Changes in equity |
Dividends | - | ( |
) | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Uneek Clothing Company Limited (Registered number: 03172736) |
Cash Flow Statement |
for the Period 1 April 2022 to 31 December 2022 |
Period |
1/4/22 |
to | Year Ended |
31/12/22 | 31/3/22 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | ( |
) |
Interest paid | ( |
) | ( |
) |
Tax paid | ( |
) | ( |
) |
Net cash from operating activities | ( |
) |
Cash flows from investing activities |
Purchase of tangible fixed assets | ( |
) | ( |
) |
Sale of fixed asset investments |
Sale of investment property |
Net cash from investing activities | ( |
) |
Cash flows from financing activities |
Loan from parent company |
Equity dividends paid | ( |
) | ( |
) |
Net cash from financing activities | ( |
) | ( |
) |
Decrease in cash and cash equivalents | ( |
) | ( |
) |
Cash and cash equivalents at beginning of period |
2 |
5,648,965 |
Cash and cash equivalents at end of period |
2 |
1,258,611 |
3,210,682 |
Uneek Clothing Company Limited (Registered number: 03172736) |
Notes to the Cash Flow Statement |
for the Period 1 April 2022 to 31 December 2022 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
Period |
1/4/22 |
to | Year Ended |
31/12/22 | 31/3/22 |
£ | £ |
Profit before taxation |
Depreciation charges |
Loss on disposal of fixed assets |
Finance costs | 125,975 | 115,212 |
5,576,836 | 8,491,547 |
Increase in stocks | ( |
) | ( |
) |
Decrease/(increase) in trade and other debtors | ( |
) |
Increase in trade and other creditors |
Cash generated from operations | ( |
) |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Period ended 31 December 2022 |
31/12/22 | 1/4/22 |
£ | £ |
Cash and cash equivalents | 1,258,611 | 3,210,682 |
Year ended 31 March 2022 |
31/3/22 | 1/4/21 |
£ | £ |
Cash and cash equivalents | 3,210,682 | 5,648,965 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1/4/22 | Cash flow | At 31/12/22 |
£ | £ | £ |
Net cash |
Cash at bank | 3,210,682 | (1,952,071 | ) | 1,258,611 |
3,210,682 | ( |
) | 1,258,611 |
Total | 3,210,682 | (1,952,071 | ) | 1,258,611 |
Uneek Clothing Company Limited (Registered number: 03172736) |
Notes to the Financial Statements |
for the Period 1 April 2022 to 31 December 2022 |
1. | STATUTORY INFORMATION |
Uneek Clothing Company Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements are prepared in Sterling (£) and figures rounded to nearest £1. |
Significant judgements and estimates |
Preparation of the financial statements requires management to make significant judgements ,estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. |
The items in the financial statements where these judgments and estimates have been made include: |
Trade debtors |
The majority of trade debtors are paid within the agreed conditions. Management makes judgements regarding recoverability of aged debtors using external evidence of the credit status of the counterparty and where necessary will impair the carrying values. |
Stock |
An impairment loss is recognised where the selling price (less cost to sell) is less than the cost. In arriving at this impairment loss, judgements and estimates have been used to assess the anticipated future selling prices of stocks held at year end, particularly for slow moving and discontinued stock items. |
Revenue recognition |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, VAT and other sales taxes or duty. Carriage charge made to customers are included in revenue. |
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have been passed to the buyer, usually on despatch of goods. |
Tangible fixed assets |
Freehold property | - |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Tangible Fixed Assets are stated at historical cost less accumulated depreciation and accumulated impairment loss. Cost includes expenditure directly attributable to making the asset capable of operating as intended. |
Uneek Clothing Company Limited (Registered number: 03172736) |
Notes to the Financial Statements - continued |
for the Period 1 April 2022 to 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Stocks |
Cost includes all cost of purchase and any other costs incurred in bringing stock to its present position and condition. |
The stock is valued at lower of cost and selling price less costs to sell. |
The ownership of stock is recognised when the significant risks and rewards of the goods have been passed to the company, usually at port of shipment of the supplier. |
Financial instruments |
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all of its Financial Instruments. |
Financial Instruments are recognised in the company's balance sheet when the company become party to the contractual provisions of the instrument. |
Taxation |
Taxation for the period 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 period 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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Non monetary items measured at historical cost are translated using the exchange rate at the date of the tramonetary Non moentary items measured at fair value are measured using the exchange rate when fair value was determined. |
Exchange differences are taken into account in arriving at the operating result. |
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. |
Uneek Clothing Company Limited (Registered number: 03172736) |
Notes to the Financial Statements - continued |
for the Period 1 April 2022 to 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
Trade debtors |
The goods when sold to customers on short-term credit, a receivable is recognised at the undiscounted amount of cash receivable, normally the invoice price. |
Trade creditors |
Trade payables 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 payment is due within one year or less. If not, they are presented as non current liabilities. |
Cash |
Cash and cash equivalents include cash in hand, deposits held at call with banks. Bank overdrafts, when applicable, are shown within borrowings in current liabilities |
3. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the company. |
An analysis of turnover by geographical market is given below: |
Period |
1/4/22 |
to | Year Ended |
31/12/22 | 31/3/22 |
£ | £ |
United Kingdom |
Europe |
4. | EMPLOYEES AND DIRECTORS |
Period |
1/4/22 |
to | Year Ended |
31/12/22 | 31/3/22 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
The average number of employees during the period was as follows: |
Period |
1/4/22 |
to | Year Ended |
31/12/22 | 31/3/22 |
Administration | 28 | 29 |
Distribution | 69 | 69 |
Uneek Clothing Company Limited (Registered number: 03172736) |
Notes to the Financial Statements - continued |
for the Period 1 April 2022 to 31 December 2022 |
5. | DIRECTORS' EMOLUMENTS |
Period |
1/4/22 |
to | Year Ended |
31/12/22 | 31/3/22 |
£ | £ |
Directors' remuneration |
The number of directors to whom retirement benefits were accruing was as follows: |
Defined benefit schemes |
6. | OPERATING PROFIT |
The operating profit is stated after charging: |
Period |
1/4/22 |
to | Year Ended |
31/12/22 | 31/3/22 |
£ | £ |
Depreciation - owned assets |
Loss on disposal of fixed assets |
7. | AUDITORS' REMUNERATION |
Period |
1/4/22 |
to | Year Ended |
31/12/22 | 31/3/22 |
£ | £ |
Fees payable to the company's auditors for the audit of the company's financial statements |
25,000 |
25,000 |
8. | INTEREST PAYABLE AND SIMILAR EXPENSES |
Period |
1/4/22 |
to | Year Ended |
31/12/22 | 31/3/22 |
£ | £ |
Factoring charges |
Uneek Clothing Company Limited (Registered number: 03172736) |
Notes to the Financial Statements - continued |
for the Period 1 April 2022 to 31 December 2022 |
9. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the period was as follows: |
Period |
1/4/22 |
to | Year Ended |
31/12/22 | 31/3/22 |
£ | £ |
Current tax: |
UK corporation tax |
Tax on profit |
UK corporation tax has been charged at 19% . |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the period is higher than the standard rate of corporation tax in the UK. The difference is explained below: |
Period |
1/4/22 |
to | Year Ended |
31/12/22 | 31/3/22 |
£ | £ |
Profit before tax |
Profit multiplied by the standard rate of corporation tax in the UK of (2022 - |
Effects of: |
Expenses not deductible for tax purposes |
Depreciation in excess of capital allowances |
Other | (6,461 | ) | (11,203 | ) |
Total tax charge | 1,032,587 | 1,593,384 |
The current corporation rate will be changed in the foreseeable future to 25% which is expected to be implemented in the financial year of 2024. |
10. | DIVIDENDS |
Period |
1/4/22 |
to | Year Ended |
31/12/22 | 31/3/22 |
£ | £ |
Ordinary shares of £1 each |
Final |
Uneek Clothing Company Limited (Registered number: 03172736) |
Notes to the Financial Statements - continued |
for the Period 1 April 2022 to 31 December 2022 |
11. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | Plant and | and |
property | machinery | fittings |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 April 2022 |
Charge for period |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 March 2022 |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 April 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 April 2022 |
Charge for period |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 March 2022 |
No depreciation of the freehold properties is provided because in the directors opinion the depreciation is immaterial because of the long life of the assets and the standard the freehold properties are maintained. |
12. | STOCKS |
31.12.22 | 31.3.22 |
£ | £ |
Stocks of Finished Goods |
Uneek Clothing Company Limited (Registered number: 03172736) |
Notes to the Financial Statements - continued |
for the Period 1 April 2022 to 31 December 2022 |
13. | DEBTORS |
31.12.22 | 31.3.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Prepayments and accrued income |
Amounts falling due after more than one year: |
Uneek Clothing Gmbh | - | 1,214,053 |
Artful Investments Ltd | - | 10,149,312 |
Goldern Orchard Properties Ltd | - | 450,000 |
Aggregate amounts |
14. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.22 | 31.3.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
NEST payments due | 15,949 | 15,200 |
VAT | 663,457 | 530,169 |
Credit card | 19,079 | 5,859 |
Net wages control | 170,609 | 159,274 |
Directors' current accounts | 3,033 | 3,033 |
Accruals |
15. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
31.12.22 | 31.3.22 |
£ | £ |
Within one year |
16. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.12.22 | 31.3.22 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
Uneek Clothing Company Limited (Registered number: 03172736) |
Notes to the Financial Statements - continued |
for the Period 1 April 2022 to 31 December 2022 |
17. | RESERVES |
Retained |
earnings |
£ |
At 1 April 2022 |
Profit for the period |
Dividends | ( |
) |
At 31 December 2022 |
18. | ULTIMATE PARENT COMPANY |
Ennar Ltd is regarded by the directors as being the company's ultimate parent company. |
19. | RELATED PARTY DISCLOSURES |
The directors and the shareholders of the company have common interest in the following companies:- |
Soft (Pvt) Ltd- During the period, the company had availed itself of services worth £56,230 (YE 31.03.2022: £107,688) regarding IT & website services. |
Artful Investments Ltd- At the balance sheet date, the balance owed was £nil (YE 31.03.2022: £10,149,312). The amount was interest free and repayable on demand. |
Golden Orchard Properties Ltd- At the balance sheet date, the balance owed was £nil (YE 31.03.2022: £450,000).The amount was interest free and repayable on demand. |
Uneek Clothing Gmbh - At the balance sheet date, the balance owed from this entity was £462,452 (YE 31.03.2022: £2,262,197) for normal course of business. The amount was interest free and repayable on demand. The company also sold garments worth £1,288,070 ( YE 31.03.2022: £1,868,395), during the period. |
31.12.22 | 31.3.22 |
£ | £ |
Purchases |
20. | ULTIMATE CONTROLLING PARTY |
The company is controlled by Nasser Ali Khan (Director) by virtue of controlling 60% of the total share capital of the company. |