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REGISTERED NUMBER: 08771802 (England and Wales)













Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Academy Wear UK Ltd

Academy Wear UK Ltd (Registered number: 08771802)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Academy Wear UK Ltd

Company Information
for the Year Ended 30 November 2023







DIRECTORS: A P Anderson
J R Anderson





REGISTERED OFFICE: Kepier House
Belmont Business Park
Durham
DH1 1TW





REGISTERED NUMBER: 08771802 (England and Wales)





ACCOUNTANTS: Clive Owen LLP
Chartered Accountants
Kepier House
Belmont Business Park
Durham
DH1 1TW

Academy Wear UK Ltd (Registered number: 08771802)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 23,649 19,599

CURRENT ASSETS
Stocks 100,231 182,388
Debtors 5 126,754 108,030
Cash at bank 10,569 1,934
237,554 292,352
CREDITORS
Amounts falling due within one year 6 234,431 266,115
NET CURRENT ASSETS 3,123 26,237
TOTAL ASSETS LESS CURRENT
LIABILITIES

26,772

45,836

CREDITORS
Amounts falling due after more than one
year

7

(22,667

)

(42,055

)

PROVISIONS FOR LIABILITIES 10 (3,287 ) (2,360 )
NET ASSETS 818 1,421

CAPITAL AND RESERVES
Called up share capital 11 100 100
Retained earnings 718 1,321
SHAREHOLDERS' FUNDS 818 1,421

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 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.

Academy Wear UK Ltd (Registered number: 08771802)

Balance Sheet - continued
30 November 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 Profit and Loss Account 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:





A P Anderson - Director


Academy Wear UK Ltd (Registered number: 08771802)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. STATUTORY INFORMATION

Academy Wear UK 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

There were no material departures from that standard.

The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.

Going concern
The financial statements are prepared on the going concern basis which assumes that the company will continue to trade. However, the validity of the going concern basis is dependent upon the company's ability to continue to operate with the support of the directors of the company. If the company is unable to continue to trade, adjustments would be required to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

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

Income Recognition
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 10% on cost
Plant and machinery - 25% on cost
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 20% on reducing balance
Computer equipment - 25% on reducing balance

Tangible fixed assets are measured at cost less accumulated depreciation and impairment.

Stocks
Stocks are valued at the lower of cost and selling price less estimated costs to sell, after making due allowance for obsolete and slow moving items.

Financial instruments
Basic financial instruments are recognised at amortised cost with changes recognised in profit and loss.


Academy Wear UK Ltd (Registered number: 08771802)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 December 2022 8,676 2,100 13,255
Additions - 5,000 2,384
At 30 November 2023 8,676 7,100 15,639
DEPRECIATION
At 1 December 2022 1,132 612 4,823
Charge for year 868 942 2,456
At 30 November 2023 2,000 1,554 7,279
NET BOOK VALUE
At 30 November 2023 6,676 5,546 8,360
At 30 November 2022 7,544 1,488 8,432

Academy Wear UK Ltd (Registered number: 08771802)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 December 2022 - 5,358 29,389
Additions 1,600 - 8,984
At 30 November 2023 1,600 5,358 38,373
DEPRECIATION
At 1 December 2022 - 3,223 9,790
Charge for year 133 535 4,934
At 30 November 2023 133 3,758 14,724
NET BOOK VALUE
At 30 November 2023 1,467 1,600 23,649
At 30 November 2022 - 2,135 19,599

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 60,272 39,019
Other debtors 54,630 41,578
Directors' current accounts 11,852 27,433
126,754 108,030

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 8) 16,000 14,745
Trade creditors 59,816 176,607
Taxation and social security 8,716 14,758
Other creditors 109,081 28,377
Invoice discounting 39,368 30,178
Accruals and deferred income 1,450 1,450
234,431 266,115

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 8) 22,667 42,055

Academy Wear UK Ltd (Registered number: 08771802)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

8. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank loans 16,000 14,745

Amounts falling due between one and two years:
Bank loans - 1-2 years 16,000 15,117

Amounts falling due between two and five years:
Bank loans - 2-5 years 6,667 26,938

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Invoice discounting 39,368 30,178

The invoice discounting facilities are secured via fixed and floating charges over all the assets of the company.

10. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 3,287 2,360

Deferred
tax
£   
Balance at 1 December 2022 2,360
Accelerated capital allowances 927
Balance at 30 November 2023 3,287

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

Academy Wear UK Ltd (Registered number: 08771802)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 30 November 2023 and 30 November 2022:

2023 2022
£    £   
A P Anderson
Balance outstanding at start of year 27,433 6,630
Amounts advanced 35,283 35,751
Amounts repaid (50,864 ) (14,948 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 11,852 27,433

J R Anderson
Balance outstanding at start of year - 6,631
Amounts advanced - 14,624
Amounts repaid - (21,255 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -

13. RELATED PARTY DISCLOSURES

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions conducted at market rate.

There were no related party transactions other than those concluded under normal market conditions except for those detailed below:

2023 2022
£ £
Amounts owed by directors 11,852 27,433

No interest was charged.