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REGISTERED NUMBER: 08316196 (England and Wales)





UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

N G MENSWEAR LTD

N G MENSWEAR LTD (REGISTERED NUMBER: 08316196)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


N G MENSWEAR LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTOR: Mr N Gilbey





REGISTERED OFFICE: 869 High Road
London
N12 8QA





REGISTERED NUMBER: 08316196 (England and Wales)





ACCOUNTANTS: AC Partners LLP
Chartered Accountants
869 High Road
London
N12 8QA

N G MENSWEAR LTD (REGISTERED NUMBER: 08316196)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 35,831 45,004

CURRENT ASSETS
Stocks 22,946 20,188
Debtors 5 6,946 6,250
Cash at bank and in hand 8,393 22,506
38,285 48,944
CREDITORS
Amounts falling due within one year 6 60,467 61,300
NET CURRENT LIABILITIES (22,182 ) (12,356 )
TOTAL ASSETS LESS CURRENT LIABILITIES 13,649 32,648

CREDITORS
Amounts falling due after more than one year 7 17,741 28,997
NET (LIABILITIES)/ASSETS (4,092 ) 3,651

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (4,192 ) 3,551
SHAREHOLDERS' FUNDS (4,092 ) 3,651

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 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.

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 April 2024 and were signed by:





Mr N Gilbey - Director


N G MENSWEAR LTD (REGISTERED NUMBER: 08316196)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1. STATUTORY INFORMATION

N G Menswear Ltd 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.

The financial statements have been prepared on a going concern basis as the director is satisfied that the company will have adequate resources to meet its liabilities to third parties as they fall due.

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 each asset over its estimated useful life.
Short leasehold - Over the life of the lease
Motor vehicles - 20% on 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 statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 5 (2022 - 5 ) .

N G MENSWEAR LTD (REGISTERED NUMBER: 08316196)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Short Motor
leasehold vehicles Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 8,529 55,539 64,068
DEPRECIATION
At 1 January 2023 7,956 11,108 19,064
Charge for year 287 8,886 9,173
At 31 December 2023 8,243 19,994 28,237
NET BOOK VALUE
At 31 December 2023 286 35,545 35,831
At 31 December 2022 573 44,431 45,004

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 696 -
Other debtors 6,250 6,250
6,946 6,250

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 1,385 1,385
Trade creditors 13,436 24,298
Taxation and social security 15,228 14,215
Other creditors 20,418 11,402
60,467 61,300

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts 1,961 3,347
Other creditors 15,780 25,650
17,741 28,997

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Bounce back loan 15,780 25,650

8. ULTIMATE CONTROLLING PARTY

The company was under the joint control of its shareholders Mr N Gilbey and Mrs P Gilbey.