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REGISTERED NUMBER: 05499037 (England and Wales)












CLIFFORD SEWING MACHINES LTD

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 AUGUST 2023






CLIFFORD SEWING MACHINES LTD (REGISTERED NUMBER: 05499037)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Chartered Accountants' Report 8

CLIFFORD SEWING MACHINES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 AUGUST 2023







DIRECTORS: M Hancock
Mrs D Hancock





SECRETARY: Mrs D Hancock





REGISTERED OFFICE: C/O Bevan Buckland LLP
Ground Floor, Cardigan House
Swansea
SA7 9LA





REGISTERED NUMBER: 05499037 (England and Wales)





ACCOUNTANTS: Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA

CLIFFORD SEWING MACHINES LTD (REGISTERED NUMBER: 05499037)

BALANCE SHEET
31 AUGUST 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 16,500 13,844
16,500 13,844

CURRENT ASSETS
Stocks 2,500 2,000
Debtors 6 10,175 4,324
Cash at bank and in hand 28,861 65,228
41,536 71,552
CREDITORS
Amounts falling due within one year 7 37,322 42,009
NET CURRENT ASSETS 4,214 29,543
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,714

43,387

CREDITORS
Amounts falling due after more than one year 8 (16,528 ) (35,940 )

PROVISIONS FOR LIABILITIES (4,125 ) (3,461 )
NET ASSETS 61 3,986

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (39 ) 3,886
SHAREHOLDERS' FUNDS 61 3,986

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

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

CLIFFORD SEWING MACHINES LTD (REGISTERED NUMBER: 05499037)

BALANCE SHEET - continued
31 AUGUST 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 August 2024 and were signed on its behalf by:





M Hancock - Director


CLIFFORD SEWING MACHINES LTD (REGISTERED NUMBER: 05499037)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1. STATUTORY INFORMATION

Clifford Sewing Machines Ltd 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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of five 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.

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 etc - 33% on cost and 25% reducing balance

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 Statement of Income and Retained Earnings, 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.

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.

CLIFFORD SEWING MACHINES LTD (REGISTERED NUMBER: 05499037)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

2. ACCOUNTING POLICIES - continued

Cash at bank and cash in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors
Short term debtors are measured at transaction price, less any impairment.

Creditors
Short term creditors are measured at transaction price.

Provision for liabilities
Provisions are recognised when the company has a present obligation (legal and constructive) from a past event that will probably result in a transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

Functional and Presentation Currency
The company's functional and presentation currency is pounds sterling.

Going Concern
The company continues to adopt the going concern basis in preparing its financial statements.

Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial instruments Issues' of FRS 102 to all of its financial instruments.Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.Financial assets classified as receivable within one year are not amortised

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset
expire or are settled, or when the company transfers the financial asset and substantially all the risks
and rewards of ownership to another entity, or if some significant risks and rewards of ownership are
retained but control of the asset has transferred to another party that is able to sell the asset in its
entirety to an unrelated third party.

Basic financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

CLIFFORD SEWING MACHINES LTD (REGISTERED NUMBER: 05499037)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 September 2022
and 31 August 2023 100,000
AMORTISATION
At 1 September 2022
and 31 August 2023 100,000
NET BOOK VALUE
At 31 August 2023 -
At 31 August 2022 -

5. TANGIBLE FIXED ASSETS
Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 September 2022 27,925 9,321 37,246
Additions 16,500 - 16,500
Disposals (27,925 ) - (27,925 )
At 31 August 2023 16,500 9,321 25,821
DEPRECIATION
At 1 September 2022 14,081 9,321 23,402
Eliminated on disposal (14,081 ) - (14,081 )
At 31 August 2023 - 9,321 9,321
NET BOOK VALUE
At 31 August 2023 16,500 - 16,500
At 31 August 2022 13,844 - 13,844

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 2,793 4,324
Directors' loan accounts 7,382 -
10,175 4,324

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 3,973 4,259
Hire purchase contracts 3,385 3,250
Trade creditors 10,310 11,257
Tax 8,051 10,948
VAT 7,165 7,813
Commercial Card 363 1,882
Accrued expenses 4,075 2,600
37,322 42,009

CLIFFORD SEWING MACHINES LTD (REGISTERED NUMBER: 05499037)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years 8,249 11,511
Bank loans - 2-5 years 733 1,385
Hire purchase contracts 7,546 8,375
Directors' loan accounts - 14,669
16,528 35,940

9. RELATED PARTY DISCLOSURES

During the year amounts owing by the Directors of £7,382 (2022: £14,669 owed). This amount will be repaid within 9 months of the year end.

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS
ON THE UNAUDITED FINANCIAL STATEMENTS OF
CLIFFORD SEWING MACHINES LTD

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Clifford Sewing Machines Ltd for the year ended 31 August 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Clifford Sewing Machines Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Clifford Sewing Machines Ltd and state those matters that we have agreed to state to the Board of Directors of Clifford Sewing Machines Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Clifford Sewing Machines Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Clifford Sewing Machines Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Clifford Sewing Machines Ltd. You consider that Clifford Sewing Machines Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Clifford Sewing Machines Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Bevan Buckland LLP
Ground Floor Cardigan House
Castle Court
Swansea Enterprise Park
Swansea
SA7 9LA


Date: .............................................