Registered number
07337344
The Embroidered & Printed Clothing Company Ltd
Filleted Accounts
31 March 2024
The Embroidered & Printed Clothing Company Ltd
Registered number: 07337344
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 432,976 465,944
Current assets
Stocks 47,500 46,000
Debtors 4 446,133 221,334
Cash at bank and in hand 39,560 336,790
533,193 604,124
Creditors: amounts falling due within one year 5 (751,706) (805,062)
Net current liabilities (218,513) (200,938)
Total assets less current liabilities 214,463 265,006
Creditors: amounts falling due after more than one year 6 (104,168) (149,070)
Net assets 110,295 115,936
Capital and reserves
Called up share capital 104 104
Profit and loss account 110,191 115,832
Shareholders' funds 110,295 115,936
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Justin Baker
Director
Approved by the board on 16 August 2024
The Embroidered & Printed Clothing Company Ltd
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Equipment over 20 years
Motor vehicles 15% reducing balance basis
Office equipment 20% reducing balance basis
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 41 44
3 Tangible fixed assets
Office equipment Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 April 2023 53,883 969,391 32,495 1,055,769
Additions - 1,000 13,975 14,975
At 31 March 2024 53,883 970,391 33,970 1,058,244
Depreciation
At 1 April 2023 39,512 532,237 18,076 589,825
Charge for the year 2,210 31,381 1,852 35,443
At 31 March 2024 41,722 563,618 19,928 625,268
Net book value
At 31 March 2024 12,161 406,773 14,042 432,976
At 31 March 2023 14,371 437,154 14,419 465,944
4 Debtors 2024 2023
£ £
Trade debtors 446,085 221,286
Other debtors 48 48
446,133 221,334
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans (CBILS) 41,667 194,770
Obligations under finance lease and hire purchase contracts 3,298 37,802
Trade creditors 554,115 430,820
Taxation and social security costs 140,177 136,570
Other creditors 12,449 5,100
751,706 805,062
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans (CBILS) 104,168 145,833
Obligations under finance lease and hire purchase contracts - 3,237
Other creditors - -
104,168 149,070
7 Other information
The Embroidered & Printed Clothing Company Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Premier House
82 Sweyn Road
Cliftonville, Margate
Kent
CT9 2DD
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