Caseware UK (AP4) 2023.0.135 2023.0.135 2024-06-302024-06-30falsetruefalse2024-01-01falseClothing sales5936The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 12611252 2024-01-01 2024-06-30 12611252 2023-01-01 2023-12-31 12611252 2024-06-30 12611252 2023-12-31 12611252 c:Director3 2024-01-01 2024-06-30 12611252 d:PlantMachinery 2024-01-01 2024-06-30 12611252 d:PlantMachinery 2024-06-30 12611252 d:PlantMachinery 2023-12-31 12611252 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-01-01 2024-06-30 12611252 d:FurnitureFittings 2024-01-01 2024-06-30 12611252 d:FurnitureFittings 2024-06-30 12611252 d:FurnitureFittings 2023-12-31 12611252 d:FurnitureFittings d:OwnedOrFreeholdAssets 2024-01-01 2024-06-30 12611252 d:OfficeEquipment 2024-01-01 2024-06-30 12611252 d:OfficeEquipment 2024-06-30 12611252 d:OfficeEquipment 2023-12-31 12611252 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-01-01 2024-06-30 12611252 d:OwnedOrFreeholdAssets 2024-01-01 2024-06-30 12611252 d:PatentsTrademarksLicencesConcessionsSimilar 2024-01-01 2024-06-30 12611252 d:PatentsTrademarksLicencesConcessionsSimilar 2024-06-30 12611252 d:PatentsTrademarksLicencesConcessionsSimilar 2023-12-31 12611252 d:Goodwill 2024-01-01 2024-06-30 12611252 d:Goodwill 2024-06-30 12611252 d:Goodwill 2023-12-31 12611252 d:CurrentFinancialInstruments 2024-06-30 12611252 d:CurrentFinancialInstruments 2023-12-31 12611252 d:Non-currentFinancialInstruments 2024-06-30 12611252 d:Non-currentFinancialInstruments 2023-12-31 12611252 d:CurrentFinancialInstruments d:WithinOneYear 2024-06-30 12611252 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12611252 d:Non-currentFinancialInstruments d:AfterOneYear 2024-06-30 12611252 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 12611252 d:ShareCapital 2024-06-30 12611252 d:ShareCapital 2023-12-31 12611252 d:RetainedEarningsAccumulatedLosses 2024-06-30 12611252 d:RetainedEarningsAccumulatedLosses 2023-12-31 12611252 d:AcceleratedTaxDepreciationDeferredTax 2024-06-30 12611252 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 12611252 d:OtherDeferredTax 2024-06-30 12611252 d:OtherDeferredTax 2023-12-31 12611252 c:OrdinaryShareClass1 2024-01-01 2024-06-30 12611252 c:OrdinaryShareClass1 2024-06-30 12611252 c:OrdinaryShareClass1 2023-12-31 12611252 c:FRS102 2024-01-01 2024-06-30 12611252 c:AuditExempt-NoAccountantsReport 2024-01-01 2024-06-30 12611252 c:FullAccounts 2024-01-01 2024-06-30 12611252 c:PrivateLimitedCompanyLtd 2024-01-01 2024-06-30 12611252 d:PatentsTrademarksLicencesConcessionsSimilar d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-06-30 12611252 d:Goodwill d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-06-30 12611252 6 2024-01-01 2024-06-30 12611252 d:ExternallyAcquiredIntangibleAssets 2024-01-01 2024-06-30 12611252 d:Goodwill d:OwnedIntangibleAssets 2024-01-01 2024-06-30 12611252 d:PatentsTrademarksLicencesConcessionsSimilar d:OwnedIntangibleAssets 2024-01-01 2024-06-30 12611252 e:PoundSterling 2024-01-01 2024-06-30 iso4217:GBP xbrli:shares xbrli:pure

Company Registration Number 12611252























CORPORATE TRADE SUPPLIES UK LIMITED





UNAUDITED
FINANCIAL STATEMENTS





 30 JUNE 2024
























 
CORPORATE TRADE SUPPLIES UK LIMITED
REGISTERED NUMBER: 12611252

BALANCE SHEET
AS AT 30 JUNE 2024

30 June
31 December
2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
697,529
235,695

Tangible assets
 6 
540,455
465,609

Investments
 7 
300,051
273,551

  
1,538,035
974,855

Current assets
  

Stocks
  
4,767,113
1,669,644

Debtors: amounts falling due within one year
 8 
2,848,158
3,823,693

Cash at bank and in hand
 9 
268,428
585,223

  
7,883,699
6,078,560

Creditors: amounts falling due within one year
 10 
(4,671,919)
(5,031,980)

Net current assets
  
 
 
3,211,780
 
 
1,046,580

Total assets less current liabilities
  
4,749,815
2,021,435

Creditors: amounts falling due after more than one year
 11 
(3,663,378)
(1,671,594)

Provisions for liabilities
  

Deferred tax
 12 
(85,000)
(17,598)

  
 
 
(85,000)
 
 
(17,598)

Net assets
  
1,001,437
332,243

Page 1

 
CORPORATE TRADE SUPPLIES UK LIMITED
REGISTERED NUMBER: 12611252

BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2024

30 June
31 December
2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
 13 
122
122

Profit and loss account
  
1,001,315
332,121

  
1,001,437
332,243


The directors consider 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 period in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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: 




R A H Davies
Director

Date: 23 August 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
CORPORATE TRADE SUPPLIES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

1.


General information

Corporate Trade Supplies UK Ltd is a private company, limited by shares and registered in England. The principal activity of the company is printing and embroidery of uniforms and garments  It’s registered office and principal place of business is Unit 4 Mile House Business Park, Northallerton, North Yorkshire, DL6 2NW. Presentational and functional currency 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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. Revenue is recognised on the date at which goods are despatched and the significant risks and rewards of ownership transfer to the buyer.

 
2.3

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.

 
2.4

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 3

 
CORPORATE TRADE SUPPLIES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
2.5

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of its identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis to the Statement of income and retained earnings over its useful economic life.

Other intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Portal and website
-
5
years
Goodwill
-
10
years

 
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, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
Straight line method
Fixtures and fittings
-
20%
Straight line method
Office equipment
-
20%
Straight line method

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.

Page 4

 
CORPORATE TRADE SUPPLIES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

2.Accounting policies (continued)

 
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 balance sheet 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 balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.8

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 first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet 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.

 
2.9

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.

 
2.10

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.

 
2.11

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.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 5

 
CORPORATE TRADE SUPPLIES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimate and assumptions about the carrying amount of assets and liabilites that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may difer from these estimates.
The estimates and assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects on that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Inventory provisioning
The company prints and embroiders uniforms and garments for corporate companies and is subject to changing consumer demands. As a result it is necessary to consider the recoverability of the cost of inventory and the associated provisioning required. When calculating the inventory provision, management consider the nature and condition of the inventory, as well as applying assumptions around anticipated salability of finished goods.
Impairment of debtors
The company makes an estimate of the recoverable value of trade and other debtors. When assessing impairment of trade and other debtors, management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Page 6

 
CORPORATE TRADE SUPPLIES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

4.


Employees

The average monthly number of employees, including directors, during the period was 59 (2023 - 36).


5.


Intangible assets






Portal and website
Goodwill
Total

£
£
£



Cost


At 1 January 2024
258,514
-
258,514


Additions
17,106
450,000
467,106



At 30 June 2024

275,620
450,000
725,620



Amortisation


At 1 January 2024
22,819
-
22,819


Charge for the period on owned assets
5,272
-
5,272



At 30 June 2024

28,091
-
28,091



Net book value



At 30 June 2024
247,529
450,000
697,529



At 31 December 2023
235,695
-
235,695

During the year goodwill of £450,000 was introduced following the purchase of the AJS database.



Page 7

 
CORPORATE TRADE SUPPLIES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

6.


Tangible fixed assets







Plant and machinery
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2024
464,231
102,444
71,384
638,059


Additions
104,082
739
33,443
138,264



At 30 June 2024

568,313
103,183
104,827
776,323



Depreciation


At 1 January 2024
102,826
50,694
18,930
172,450


Charge for the period on owned assets
47,056
8,356
8,006
63,418



At 30 June 2024

149,882
59,050
26,936
235,868



Net book value



At 30 June 2024
418,431
44,133
77,891
540,455



At 31 December 2023
361,405
51,750
52,454
465,609

Page 8

 
CORPORATE TRADE SUPPLIES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

7.


Fixed asset investments








Investments in subsidiary companies

£



Cost or valuation


At 1 January 2024
273,551


Additions
26,500



At 30 June 2024
300,051





8.


Debtors

30 June
31 December
2024
2023
£
£


Trade debtors
2,815,899
3,229,609

Other debtors
21,359
44,007

Prepayments and accrued income
10,900
550,077

2,848,158
3,823,693



9.


Cash and cash equivalents

30 June
31 December
2024
2023
£
£

Cash at bank and in hand
268,428
585,223

268,428
585,223


Page 9

 
CORPORATE TRADE SUPPLIES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

10.


Creditors: Amounts falling due within one year

30 June
31 December
2024
2023
£
£

Invoice factoring
2,483,057
2,569,325

Trade creditors
1,195,932
1,124,440

Corporation tax
176,226
-

Other taxation and social security
142,841
249,511

Obligations under finance lease and hire purchase contracts
69,844
69,844

Other creditors
597,099
5,994

Accruals and deferred income
6,920
1,012,866

4,671,919
5,031,980


Hire purchase liabilities are secured against the asset on which the loan is taken out against.

The following liabilities were secured:

30 June
31 December
2024
2023
£
£



Invoice factoring
2,483,057
2,569,325

2,483,057
2,569,325

Details of security provided:

The loans are secured on both fixed and floating charges over the company's assets.


11.


Creditors: Amounts falling due after more than one year

30 June
31 December
2024
2023
£
£

Other loans
3,538,983
1,512,277

Net obligations under finance leases and hire purchase contracts
124,395
159,317

3,663,378
1,671,594


Hire purchase liabilities are secured against the asset on which the loan is taken out against.

Page 10

 
CORPORATE TRADE SUPPLIES UK LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 JUNE 2024

12.


Deferred taxation






2024


£






At beginning of year
(17,598)


Charged to profit or loss
(67,402)



At end of year
(85,000)

The provision for deferred taxation is made up as follows:

30 June
31 December
2024
2023
£
£


Accelerated capital allowances
85,000
12,344

Other timing differences
-
5,254

85,000
17,598


13.


Share capital

30 June
31 December
2024
2023
£
£
Allotted, called up and fully paid



12,196 (2023 - 12,196) Ordinary shares of £0.01 each
122
122



14.


Related party transactions

Included in other loans is £1,536,387 (2023: £1,512,277) owed to 121 Workwear Limited, a company under common control.
The company also has two subsidiary companies, Safeguard Supplies UK Limited and Revco UK Limited.
 


15.


Controlling party

The company is controlled by A J Swinbank by virtue of their shareholding.

Page 11