IRIS Accounts Production v24.2.0.383 SC415651 Board of Directors 1.1.23 31.12.23 31.12.23 false true false false false true false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC4156512022-12-31SC4156512023-12-31SC4156512023-01-012023-12-31SC4156512021-12-31SC4156512022-01-012022-12-31SC4156512022-12-31SC415651ns15:Scotland2023-01-012023-12-31SC415651ns14:PoundSterling2023-01-012023-12-31SC415651ns10:Director12023-01-012023-12-31SC415651ns10:PrivateLimitedCompanyLtd2023-01-012023-12-31SC415651ns10:SmallEntities2023-01-012023-12-31SC415651ns10:AuditExempt-NoAccountantsReport2023-01-012023-12-31SC415651ns10:SmallCompaniesRegimeForDirectorsReport2023-01-012023-12-31SC415651ns10:SmallCompaniesRegimeForAccounts2023-01-012023-12-31SC415651ns10:FullAccounts2023-01-012023-12-31SC41565112023-01-012023-12-31SC415651ns10:Director22023-01-012023-12-31SC415651ns10:Director42023-01-012023-12-31SC415651ns10:RegisteredOffice2023-01-012023-12-31SC415651ns5:CurrentFinancialInstruments2023-12-31SC415651ns5:CurrentFinancialInstruments2022-12-31SC415651ns5:Non-currentFinancialInstruments2023-12-31SC415651ns5:Non-currentFinancialInstruments2022-12-31SC415651ns5:ShareCapital2023-12-31SC415651ns5:ShareCapital2022-12-31SC415651ns5:SharePremium2023-12-31SC415651ns5:SharePremium2022-12-31SC415651ns5:RetainedEarningsAccumulatedLosses2023-12-31SC415651ns5:RetainedEarningsAccumulatedLosses2022-12-31SC415651ns5:NetGoodwill2023-01-012023-12-31SC415651ns5:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-31SC415651ns5:PlantMachinery2023-01-012023-12-31SC415651ns5:FurnitureFittings2023-01-012023-12-31SC415651ns5:ComputerEquipment2023-01-012023-12-31SC415651ns5:NetGoodwill2022-12-31SC415651ns5:IntangibleAssetsOtherThanGoodwill2022-12-31SC415651ns5:NetGoodwill2023-12-31SC415651ns5:IntangibleAssetsOtherThanGoodwill2023-12-31SC415651ns5:NetGoodwill2022-12-31SC415651ns5:IntangibleAssetsOtherThanGoodwill2022-12-31SC415651ns5:LandBuildings2022-12-31SC415651ns5:PlantMachinery2022-12-31SC415651ns5:FurnitureFittings2022-12-31SC415651ns5:LandBuildings2023-01-012023-12-31SC415651ns5:LandBuildings2023-12-31SC415651ns5:PlantMachinery2023-12-31SC415651ns5:FurnitureFittings2023-12-31SC415651ns5:LandBuildings2022-12-31SC415651ns5:PlantMachinery2022-12-31SC415651ns5:FurnitureFittings2022-12-31SC415651ns5:MotorVehicles2022-12-31SC415651ns5:ComputerEquipment2022-12-31SC415651ns5:MotorVehicles2023-01-012023-12-31SC415651ns5:MotorVehicles2023-12-31SC415651ns5:ComputerEquipment2023-12-31SC415651ns5:MotorVehicles2022-12-31SC415651ns5:ComputerEquipment2022-12-31SC415651ns5:CostValuation2022-12-31SC415651ns5:CurrentFinancialInstrumentsns5:WithinOneYear2023-12-31SC415651ns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-12-31SC415651ns5:Secured2023-12-31SC415651ns5:Secured2022-12-31
REGISTERED NUMBER: SC415651 (Scotland)















Unaudited Financial Statements for the Year Ended 31 December 2023

for

Eribe Knitwear Limited

Eribe Knitwear Limited (Registered number: SC415651)






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




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Eribe Knitwear Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: Mrs R A Eribe James
D James
P D Cooper





REGISTERED OFFICE: Rose House
Dingleton Road
Melrose
Roxburghshire
TD6 9QY





REGISTERED NUMBER: SC415651 (Scotland)





ACCOUNTANTS: EQ Accountants (Trading name)
Douglas Home & Co Ltd
47-49 The Square
Kelso
Roxburghshire
TD5 7HW

Eribe Knitwear Limited (Registered number: SC415651)

Balance Sheet
31 December 2023

31/12/23 31/12/22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 11,591 11,591
Property, plant and equipment 5 635,555 649,407
Investments 6 100 100
647,246 661,098

CURRENT ASSETS
Inventories 603,450 577,270
Debtors 7 708,091 529,794
Cash at bank and in hand 1,382,972 1,069,760
2,694,513 2,176,824
CREDITORS
Amounts falling due within one year 8 755,820 862,040
NET CURRENT ASSETS 1,938,693 1,314,784
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,585,939

1,975,882

CREDITORS
Amounts falling due after more than one
year

9

(314,738

)

(361,245

)

PROVISIONS FOR LIABILITIES (22,838 ) (28,500 )
NET ASSETS 2,248,363 1,586,137

CAPITAL AND RESERVES
Called up share capital 112 110
Share premium 7,833 -
Retained earnings 2,240,418 1,586,027
SHAREHOLDERS' FUNDS 2,248,363 1,586,137

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 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.

Eribe Knitwear Limited (Registered number: SC415651)

Balance Sheet - continued
31 December 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 15 August 2024 and were signed on its behalf by:





Mrs R A Eribe James - Director


Eribe Knitwear Limited (Registered number: SC415651)

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

1. STATUTORY INFORMATION

Eribe Knitwear Limited 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.

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

Goodwill
Goodwill being the amount paid in connection with the acquisition of a business in 2012, which was amortised evenly over its estimated useful life of ten years.

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 not being amortised.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

Stocks
Inventories 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 inventories 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.


Eribe Knitwear Limited (Registered number: SC415651)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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.

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 23 (2022 - 22 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 January 2023
and 31 December 2023 175,000 11,591 186,591
AMORTISATION
At 1 January 2023
and 31 December 2023 175,000 - 175,000
NET BOOK VALUE
At 31 December 2023 - 11,591 11,591
At 31 December 2022 - 11,591 11,591

Eribe Knitwear Limited (Registered number: SC415651)

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

5. PROPERTY, PLANT AND EQUIPMENT
Fixtures
Freehold Plant and and
property machinery fittings
£    £    £   
COST
At 1 January 2023 536,003 211,065 29,858
Additions - - 605
At 31 December 2023 536,003 211,065 30,463
DEPRECIATION
At 1 January 2023 - 121,602 22,107
Charge for year - 22,365 2,007
At 31 December 2023 - 143,967 24,114
NET BOOK VALUE
At 31 December 2023 536,003 67,098 6,349
At 31 December 2022 536,003 89,463 7,751

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 - 58,847 835,773
Additions 10,000 5,347 15,952
At 31 December 2023 10,000 64,194 851,725
DEPRECIATION
At 1 January 2023 - 42,657 186,366
Charge for year 833 4,599 29,804
At 31 December 2023 833 47,256 216,170
NET BOOK VALUE
At 31 December 2023 9,167 16,938 635,555
At 31 December 2022 - 16,190 649,407

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 January 2023
and 31 December 2023 100
NET BOOK VALUE
At 31 December 2023 100
At 31 December 2022 100

Eribe Knitwear Limited (Registered number: SC415651)

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

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Trade debtors 345,728 278,936
Other debtors 362,363 250,858
708,091 529,794

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31/12/23 31/12/22
£    £   
Bank loans and overdrafts 36,252 25,997
Trade creditors 103,110 221,911
Taxation and social security 201,677 272,018
Other creditors 414,781 342,114
755,820 862,040

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31/12/23 31/12/22
£    £   
Bank loans 314,738 361,245

10. SECURED DEBTS

The following secured debts are included within creditors:

31/12/23 31/12/22
£    £   
Bank loans 350,990 387,242