Caseware UK (AP4) 2023.0.135 2023.0.135 2023-07-312023-07-31true2022-10-01truetruetruefalseNo description of principal activity4435falsetrue 07827645 2022-10-01 2023-07-31 07827645 2021-10-01 2022-09-30 07827645 2023-07-31 07827645 2022-09-30 07827645 2021-10-01 07827645 c:Director1 2022-10-01 2023-07-31 07827645 c:Director2 2022-10-01 2023-07-31 07827645 c:RegisteredOffice 2022-10-01 2023-07-31 07827645 d:Buildings d:LongLeaseholdAssets 2022-10-01 2023-07-31 07827645 d:Buildings d:LongLeaseholdAssets 2023-07-31 07827645 d:Buildings d:LongLeaseholdAssets 2022-09-30 07827645 d:LandBuildings 2023-07-31 07827645 d:LandBuildings 2022-09-30 07827645 d:FurnitureFittings 2022-10-01 2023-07-31 07827645 d:FurnitureFittings 2023-07-31 07827645 d:FurnitureFittings 2022-09-30 07827645 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-10-01 2023-07-31 07827645 d:OfficeEquipment 2022-10-01 2023-07-31 07827645 d:OfficeEquipment 2023-07-31 07827645 d:OfficeEquipment 2022-09-30 07827645 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-07-31 07827645 d:ComputerEquipment 2022-10-01 2023-07-31 07827645 d:ComputerEquipment 2023-07-31 07827645 d:ComputerEquipment 2022-09-30 07827645 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-10-01 2023-07-31 07827645 d:OwnedOrFreeholdAssets 2022-10-01 2023-07-31 07827645 d:CurrentFinancialInstruments 2023-07-31 07827645 d:CurrentFinancialInstruments 2022-09-30 07827645 d:Non-currentFinancialInstruments 2023-07-31 07827645 d:Non-currentFinancialInstruments 2022-09-30 07827645 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 07827645 d:CurrentFinancialInstruments d:WithinOneYear 2022-09-30 07827645 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 07827645 d:Non-currentFinancialInstruments d:AfterOneYear 2022-09-30 07827645 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 07827645 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-09-30 07827645 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 07827645 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-09-30 07827645 d:ShareCapital 2023-07-31 07827645 d:ShareCapital 2022-09-30 07827645 d:ShareCapital 2021-10-01 07827645 d:RetainedEarningsAccumulatedLosses 2022-10-01 2023-07-31 07827645 d:RetainedEarningsAccumulatedLosses 2023-07-31 07827645 d:RetainedEarningsAccumulatedLosses 2021-10-01 2022-09-30 07827645 d:RetainedEarningsAccumulatedLosses 2022-09-30 07827645 d:RetainedEarningsAccumulatedLosses 2021-10-01 07827645 c:FRS102 2022-10-01 2023-07-31 07827645 c:Audited 2022-10-01 2023-07-31 07827645 c:FullAccounts 2022-10-01 2023-07-31 07827645 c:PrivateLimitedCompanyLtd 2022-10-01 2023-07-31 07827645 c:SmallCompaniesRegimeForAccounts 2022-10-01 2023-07-31 07827645 d:Right-of-useInvestmentProperty 2022-10-01 2023-07-31 07827645 d:Right-of-useInvestmentProperty 2023-07-31 07827645 e:PoundSterling 2022-10-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 07827645









VARLEY CLOTHING LIMITED









DIRECTORS' REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 JULY 2023

 
VARLEY CLOTHING LIMITED
 
 
COMPANY INFORMATION


Directors
Benjamin Mead 
Lara Mead 




Registered number
07827645



Registered office
101 New Cavendish Street
1st Floor South

London

W1W 6XH




Independent auditors
Harris & Trotter LLP
Chartered Accountants & Business Advisers

101 New Cavendish Street

1st Floor South

London

W1W 6XH





 
VARLEY CLOTHING LIMITED
 

CONTENTS



Page
Directors' Report
1 - 2
Independent Auditors' Report
3 - 6
Statement of Comprehensive Income
7
Statement of Financial Position
8 - 9
Statement of Changes in Equity
10
Notes to the Financial Statements
11 - 18


 
VARLEY CLOTHING LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 JULY 2023

The directors present their report and the financial statements for the period ended 31 July 2023.

Directors

The directors who served during the period were:

Benjamin Mead 
Lara Mead 

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 for the Company's financial statements and then apply them consistently;

make judgments 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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

 
VARLEY CLOTHING LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2023


Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsHarris & Trotter LLPwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





Benjamin Mead
Director

Date: 30 July 2024

Page 2

 
VARLEY CLOTHING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VARLEY CLOTHING LIMITED
UNDER SECTION 449 OF THE COMPANIES ACT 2006
 

Opinion


We have audited the financial statements of Varley Clothing Limited (the 'Company') for the period ended 31 July 2023, which comprise the Statement of Comprehensive Income, the Statement of Financial Position, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policiesThe 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 July 2023 and of its loss 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 United Kingdom, including the Financial Reporting Council'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.


Page 3

 
VARLEY CLOTHING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VARLEY CLOTHING LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Opinion 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 Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report has been prepared in accordance with applicable legal requirements.


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 Directors' Report.


We have nothing to report in respect of the following matters in relation to which 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; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.


Page 4

 
VARLEY CLOTHING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VARLEY CLOTHING LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 1, 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 is 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 an Auditors' Report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the company and the industry in which it operates, we identified that the principle
risks of non-compliance with laws and regulations related to the acts by the company, which were contrary to
applicable laws and regulations including fraud, and we considered the extent to which non-compliance might
have a material effect on the financial statements. We also considered those laws and regulations that have a
direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated
management's incentives and opportunities for fraudulent manipulation of the financial statements (including the
risk of override of controls), and determined that the principle risks were related to inflated revenue and profit.
Audit procedures performed included: review of the financial statement disclosures to underlying supporting
documentation, review of correspondence with and reports to the regulators, review of correspondence with legal advisors, enquiries of management and review of internal audit reports in so far as they related to the financial statements, and testing of journals and evaluating whether there was evidence of bias by the Directors that represented a risk of material misstatement due to fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


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 Auditors' Report.


Page 5

 
VARLEY CLOTHING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VARLEY CLOTHING LIMITED (CONTINUED)
UNDER SECTION 449 OF THE COMPANIES ACT 2006


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 2006Our 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 an Auditors' Report 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.





Daniel Walters (Senior Statutory Auditor)
  
for and on behalf of
Harris & Trotter LLP
 
Chartered Accountants & Business Advisers
  
101 New Cavendish Street
1st Floor South
London
W1W 6XH

30 July 2024
Page 6

 
VARLEY CLOTHING LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 JULY 2023

2023
2022
£
£


Turnover
7,050,731
5,407,800

Cost of sales
(1,263,541)
(1,148,608)

Gross profit
5,787,190
4,259,192

Distribution costs
(828,244)
(717,726)

Administrative expenses
(5,368,576)
(4,412,781)

Operating loss
(409,630)
(871,315)

Interest payable and similar expenses
(731)
(4,664)

Loss before tax
(410,361)
(875,979)

Loss for the financial period
(410,361)
(875,979)

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 11 to 18 form part of these financial statements.

Page 7

 
VARLEY CLOTHING LIMITED
REGISTERED NUMBER: 07827645

STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023

31 July
30 September
2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
138,511
108,660

Assets under construction
 5 
618,605
-

  
757,116
108,660

Current assets
  

Stocks
 6 
2,190,360
1,507,539

Debtors: amounts falling due within one year
 7 
1,358,143
1,411,581

Cash at bank and in hand
 8 
17,985
41,690

  
3,566,488
2,960,810

Creditors: amounts falling due within one year
 9 
(6,997,242)
(5,324,407)

Net current liabilities
  
 
 
(3,430,754)
 
 
(2,363,597)

Total assets less current liabilities
  
(2,673,638)
(2,254,937)

Creditors: amounts falling due after more than one year
 10 
(19,933)
(28,273)

  

Net liabilities
  
(2,693,571)
(2,283,210)


Capital and reserves
  

Called up share capital 
  
200
200

Profit and loss account
  
(2,693,771)
(2,283,410)

  
(2,693,571)
(2,283,210)


Page 8

 
VARLEY CLOTHING LIMITED
REGISTERED NUMBER: 07827645
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Benjamin Mead
Director

Date: 30 July 2024

The notes on pages 11 to 18 form part of these financial statements.
Page 9

 
VARLEY CLOTHING LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JULY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£


At 1 October 2021
200
(1,407,431)
(1,407,231)



Loss for the year
-
(875,979)
(875,979)



At 1 October 2022
200
(2,283,410)
(2,283,210)



Loss for the period
-
(410,361)
(410,361)


At 31 July 2023
200
(2,693,771)
(2,693,571)


The notes on pages 11 to 18 form part of these financial statements.
Page 10

 
VARLEY CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

1.


General information

Varley Clothing Limited is a private company, limited by shares, incorporated in the United Kingdom and
registered in England and Wales (registered number 07827645). The company's registered office is 101
New Cavendish Street, 1st Floor South London, England, W1W 6XH.
The financial statements are presented in Sterling, which is the functional currency of the company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 26 Share-based Payment paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of Section 33 Related Party Disclosures paragraph 33.7;
the requirement of paragraph 24(b) of IFRS 6 Exploration for and Evaluation of Mineral Resources to disclose the operating and investing cash flows arising from the exploration for and evaluation of mineral resources (when applying this standard in accordance with paragraph 34.11 of FRS 102).

This information is included in the consolidated financial statements of Varley Clothing International Holdings as at 31st July 2023 and these financial statements may be obtained from Companies House.

Page 11

 
VARLEY CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 12

 
VARLEY CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
20%
straight line
Fixtures and fittings
-
25%
straight line
Office equipment
-
25%
straight line
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.9

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 13

 
VARLEY CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

2.Accounting policies (continued)

 
2.10

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is 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.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including the directors, during the period was as follows:


        2023
        2022
            No.
            No.







Employees
44
35

Page 14

 
VARLEY CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

4.


Tangible fixed assets







Long-term leasehold property
Fixtures and fittings
Office equipment
Computer equipment
Total

£
£
£
£
£



Cost or valuation


At 1 October 2022
52,362
-
43,631
94,016
190,009


Additions
39,084
16,310
18,106
35,478
108,978


Disposals
(36,856)
-
(5,230)
(1,208)
(43,294)



At 31 July 2023

54,590
16,310
56,507
128,286
255,693



Depreciation


At 1 October 2022
8,349
-
17,507
55,494
81,350


Charge for the period on owned assets
4,662
1,673
8,533
20,964
35,832



At 31 July 2023

13,011
1,673
26,040
76,458
117,182



Net book value



At 31 July 2023
41,579
14,637
30,467
51,828
138,511



At 30 September 2022
44,014
-
26,124
38,522
108,660




The net book value of land and buildings may be further analysed as follows:


31 July
30 September
2023
2022
£
£

Long leasehold
41,579
44,014

41,579
44,014


Page 15

 
VARLEY CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

5.


Assets under construction





Property under construction

£



Valuation


Additions at cost
618,605



At 31 July 2023
618,605










6.


Stocks

31 July
30 September
2023
2022
£
£

Raw materials and consumables
2,190,360
1,507,539

2,190,360
1,507,539



7.


Debtors

31 July
30 September
2023
2022
£
£


Trade debtors
100,371
259,971

Other debtors
1,097,531
1,064,958

Prepayments and accrued income
160,241
86,652

1,358,143
1,411,581


Page 16

 
VARLEY CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

8.


Cash and cash equivalents

31 July
30 September
2023
2022
£
£

Cash at bank and in hand
17,985
41,690

17,985
41,690



9.


Creditors: Amounts falling due within one year

31 July
30 September
2023
2022
£
£

Bank loans
10,015
9,808

Trade creditors
1,017,637
554,285

Other taxation and social security
92,107
116,275

Other creditors
5,646,482
4,525,965

Accruals and deferred income
231,001
118,074

6,997,242
5,324,407



10.


Creditors: Amounts falling due after more than one year

31 July
30 September
2023
2022
£
£

Bank loans
19,933
28,273

19,933
28,273


Page 17

 
VARLEY CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023

11.


Loans


Analysis of the maturity of loans is given below:


31 July
30 September
2023
2022
£
£

Amounts falling due within one year

Bank loans
10,015
9,808


10,015
9,808

Amounts falling due 1-2 years

Bank loans
10,293
10,059


10,293
10,059

Amounts falling due 2-5 years

Bank loans
9,640
18,214


9,640
18,214


29,948
38,081



12.


Controlling party

The ultimate controlling party of the entity is Varley Clothing International Holdings, a private Company incorporated in England & Wales (registered number: 12075176). The registered office of Varley Clothing IInternational Holdings is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.

 
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