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REGISTERED NUMBER: 05975238 (England and Wales)


















Financial Statements

for the Year Ended 31 March 2023

for

Essex Waistcoats Limited

Essex Waistcoats Limited (Registered number: 05975238)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

Essex Waistcoats Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Miss L L Smith
S Austwick





SECRETARY: Miss L L Smith





REGISTERED OFFICE: Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ





BUSINESS ADDRESS: Unit 10, Mayland Green Industrial Estate
Steeple Road
Mayland
Essex
CM3 6AX





REGISTERED NUMBER: 05975238 (England and Wales)





ACCOUNTANTS: Mudd Partners LLP
Chartered Accountants
Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ

Essex Waistcoats Limited (Registered number: 05975238)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 14,619 18,694

CURRENT ASSETS
Stocks 8,607 11,479
Debtors 5 1,071 461
Cash at bank 799 2,137
10,477 14,077
CREDITORS
Amounts falling due within one year 6 24,418 24,490
NET CURRENT LIABILITIES (13,941 ) (10,413 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

678

8,281

CREDITORS
Amounts falling due after more than one year 7 30,037 41,417
NET LIABILITIES (29,359 ) (33,136 )

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings (29,459 ) (33,236 )
SHAREHOLDERS' FUNDS (29,359 ) (33,136 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

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.

Essex Waistcoats Limited (Registered number: 05975238)

Balance Sheet - continued
31 March 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 Board of Directors and authorised for issue on 5 March 2024 and were signed on its behalf by:





S Austwick - Director


Essex Waistcoats Limited (Registered number: 05975238)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Essex Waistcoats 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.

At the balance sheet date, the company's liabilities exceeded its assets. The directors are confident that the company will make trading profits in the future as the economic environment improves. The company has received assurance from the directors that they will continue to give financial support to the company for twelve months from the date of signing these financial statements and the company is reliant on support from their bank.

On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above not be forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise. The accounts do not include any adjustments to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate.

Turnover
Turnover represents net invoiced sales of goods, excluding VAT (having regard to the fulfilment of contractual obligations).

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery etc - 25% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.


Essex Waistcoats Limited (Registered number: 05975238)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued
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 or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2022 56,074
Additions 957
Disposals (2,905 )
At 31 March 2023 54,126
DEPRECIATION
At 1 April 2022 37,380
Charge for year 4,873
Eliminated on disposal (2,746 )
At 31 March 2023 39,507
NET BOOK VALUE
At 31 March 2023 14,619
At 31 March 2022 18,694

Essex Waistcoats Limited (Registered number: 05975238)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 41,924
DEPRECIATION
At 1 April 2022 25,711
Charge for year 4,053
At 31 March 2023 29,764
NET BOOK VALUE
At 31 March 2023 12,160
At 31 March 2022 16,213

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 454 461
Other debtors 617 -
1,071 461

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 2,563 2,530
Hire purchase contracts 4,404 6,361
Trade creditors 7,237 3,597
Taxation and social security 3,092 9,474
Other creditors 7,122 2,528
24,418 24,490

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans 17,809 20,620
Hire purchase contracts - 4,404
Other creditors 12,228 16,393
30,037 41,417

Essex Waistcoats Limited (Registered number: 05975238)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR - continued
31.3.23 31.3.22
£    £   
Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalments 6,891 9,842
6,891 9,842

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Hire purchase contracts 4,404 10,765

Hire purchase contracts are secured over the assets to which they relate.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
100 Ordinary £1 100 100

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Essex Waistcoats Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Essex Waistcoats Limited for the year ended 31 March 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Essex Waistcoats Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Essex Waistcoats Limited and state those matters that we have agreed to state to the Board of Directors of Essex Waistcoats Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Essex Waistcoats Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Essex Waistcoats Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Essex Waistcoats Limited. You consider that Essex Waistcoats Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Essex Waistcoats Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Mudd Partners LLP
Chartered Accountants
Lakeview House
4 Woodbrook Crescent
Billericay
Essex
CM12 0EQ


5 March 2024