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REGISTERED NUMBER: 03422649 (England and Wales)















Financial Statements for the Year Ended 31 July 2023

for

Socks World International Limited

Socks World International Limited (Registered number: 03422649)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Socks World International Limited

Company Information
for the Year Ended 31 July 2023







DIRECTOR: A Erdal





REGISTERED OFFICE: Unit 10, io Centre
Hatfield Business Park
Hearle Way
AL10 9EW





REGISTERED NUMBER: 03422649 (England and Wales)





ACCOUNTANTS: Musalar & Co Accountants
International Accountant &Tax Consultant
FAIA, FFA, FIPA, FCPA, FFTA
536 Lordship Lane
London
N22 5BY

Socks World International Limited (Registered number: 03422649)

Balance Sheet
31 July 2023

31.7.23 31.7.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 11,186 10,429
Tangible assets 5 40,050 12,294
51,236 22,723

CURRENT ASSETS
Stocks 6 2,204,520 2,599,530
Debtors 7 1,530,774 2,083,961
Cash at bank and in hand 3,233,628 3,699,983
6,968,922 8,383,474
CREDITORS
Amounts falling due within one year 8 1,396,630 3,320,917
NET CURRENT ASSETS 5,572,292 5,062,557
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,623,528

5,085,280

CAPITAL AND RESERVES
Called up share capital 9 80,000 80,000
Retained earnings 10 5,543,528 5,005,280
SHAREHOLDERS' FUNDS 5,623,528 5,085,280

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

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

Socks World International Limited (Registered number: 03422649)

Balance Sheet - continued
31 July 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 director and authorised for issue on 12 April 2024 and were signed by:





A Erdal - Director


Socks World International Limited (Registered number: 03422649)

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

1. STATUTORY INFORMATION

Socks World International 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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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 balance sheet date.


Socks World International Limited (Registered number: 03422649)

Notes to the Financial Statements - continued
for the Year Ended 31 July 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
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 10 (2022 - 12 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 August 2022 40,498
Additions 5,341
At 31 July 2023 45,839
AMORTISATION
At 1 August 2022 30,069
Amortisation for year 4,584
At 31 July 2023 34,653
NET BOOK VALUE
At 31 July 2023 11,186
At 31 July 2022 10,429

Socks World International Limited (Registered number: 03422649)

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

5. TANGIBLE FIXED ASSETS
Short Plant and
leasehold machinery Totals
£    £    £   
COST
At 1 August 2022 20,593 251,942 272,535
Additions - 34,695 34,695
At 31 July 2023 20,593 286,637 307,230
DEPRECIATION
At 1 August 2022 20,593 239,648 260,241
Charge for year - 6,939 6,939
At 31 July 2023 20,593 246,587 267,180
NET BOOK VALUE
At 31 July 2023 - 40,050 40,050
At 31 July 2022 - 12,294 12,294

6. STOCKS
31.7.23 31.7.22
£    £   
Stocks 2,204,520 2,599,530

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade debtors 1,496,242 2,083,961
VAT 34,532 -
1,530,774 2,083,961

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.23 31.7.22
£    £   
Trade creditors 1,247,877 3,127,791
PAYE 14,554 14,370
Tax 133,702 170,309
VAT - 8,447
Other creditors 497 -
1,396,630 3,320,917

Socks World International Limited (Registered number: 03422649)

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

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.23 31.7.22
value: £    £   
80,000 Ordinary shares class A 1.00 80,000 80,000

10. RESERVES
Retained
earnings
£   

At 1 August 2022 5,005,280
Profit for the year 538,248
At 31 July 2023 5,543,528