Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-302023-12-302022-12-31falseInvestment company22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false SC455867 2022-12-31 2023-12-30 SC455867 2023-12-30 SC455867 2022-01-01 2022-12-30 SC455867 2022-12-30 SC455867 2022-12-31 SC455867 c:Director1 2022-12-31 2023-12-30 SC455867 d:MotorVehicles 2022-12-31 2023-12-30 SC455867 d:MotorVehicles 2023-12-30 SC455867 d:MotorVehicles 2022-12-30 SC455867 d:CurrentFinancialInstruments 2023-12-30 SC455867 d:CurrentFinancialInstruments 2022-12-30 SC455867 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-30 SC455867 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-30 SC455867 d:ShareCapital 2023-12-30 SC455867 d:ShareCapital 2022-12-30 SC455867 d:CapitalRedemptionReserve 2023-12-30 SC455867 d:CapitalRedemptionReserve 2022-12-30 SC455867 d:RetainedEarningsAccumulatedLosses 2023-12-30 SC455867 d:RetainedEarningsAccumulatedLosses 2022-12-30 SC455867 c:FRS102 2022-12-31 2023-12-30 SC455867 c:AuditExempt-NoAccountantsReport 2022-12-31 2023-12-30 SC455867 c:FullAccounts 2022-12-31 2023-12-30 SC455867 c:PrivateLimitedCompanyLtd 2022-12-31 2023-12-30 SC455867 2 2022-12-31 2023-12-30 SC455867 6 2022-12-31 2023-12-30 SC455867 e:PoundSterling 2022-12-31 2023-12-30 iso4217:GBP xbrli:pure

Company Registration Number SC455867























121 WORKWEAR LTD





UNAUDITED
FINANCIAL STATEMENTS





 30 DECEMBER 2023




















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121 WORKWEAR LTD
REGISTERED NUMBER: SC455867

STATEMENT OF FINANCIAL POSITION
AS AT 30 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
195,000
-

Investments
 5 
605,749
-

  
800,749
-

Current assets
  

Debtors: amounts falling due within one year
 6 
1,460,717
2,582,314

Cash at bank and in hand
  
522,611
596,464

  
1,983,328
3,178,778

Creditors: amounts falling due within one year
 7 
(121,779)
(285,161)

Net current assets
  
 
 
1,861,549
 
 
2,893,617

Total assets less current liabilities
  
2,662,298
2,893,617

  

Net assets
  
2,662,298
2,893,617

Page 1

 
121 WORKWEAR LTD
REGISTERED NUMBER: SC455867

STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 30 DECEMBER 2023

2023
2022
Note
£
£

Capital and reserves
  

Called up share capital 
  
100
100

Capital redemption reserve
  
25
25

Profit and loss account
  
2,662,173
2,893,492

  
2,662,298
2,893,617


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 Company has opted not to file the statement of income and retained earnings in accordance with 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: 




A J Swinbank
Director

Date: 1 August 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
121 WORKWEAR LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

1.


General information

121 Workwear Ltd is a private company, limited by shares, registered in Scotland.  The company's registered number and registered office address can be found on the Company Information page.
The presentation currency of the financial statements is pound sterling (£).

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

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.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

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 3

 
121 WORKWEAR LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.6

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, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
20%

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.

 
2.7

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of income and retained earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.8

Debtors

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

 
2.9

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.

Page 4

 
121 WORKWEAR LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Creditors

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

 
2.11

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.
Debt instruments (other than those wholly repayable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.  Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.  However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including the director, during the year was as follows:


        2023
        2022
            No.
            No.







Average number of employees
2
2

Page 5

 
121 WORKWEAR LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

4.


Tangible fixed assets





Motor vehicles

£



Cost or valuation


Additions
195,000



At 30 December 2023

195,000






Net book value



At 30 December 2023
195,000



At 30 December 2022
-


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


Additions
605,749



At 30 December 2023
605,749





6.


Debtors

2023
2022
£
£


Other debtors
1,460,717
2,582,314

1,460,717
2,582,314


Page 6

 
121 WORKWEAR LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
-
3,280

Corporation tax
95,243
251,243

Other taxation and social security
26,398
26,796

Other creditors
138
3,842

121,779
285,161



8.


Transactions with directors

Included in other debtors are amounts owed by the director to the company.  At the start of the period the director owed the company £748,607. During the year the director repaid £601,020.  At the year end the director owed the company £147,587.  The loan is interest free with no set terms for repayment.


9.


Related party transactions

Included in other debtors are related party loans totalling £1,275,284 (2023: £1,729,862).  The loans are interest free with no set terms for repayment.


10.


Controlling party

The company is under the control of A J Swinbank.

Page 7