Registered number
06482574
The Workwear Stores Limited
Filleted Accounts
31 January 2024
The Workwear Stores Limited
Registered number: 06482574
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 178,798 182,297
Current assets
Stocks 22,515 9,365
Debtors 4 13,030 27,698
Cash at bank and in hand 128,003 136,954
163,548 174,017
Creditors: amounts falling due within one year 5 (102,564) (101,361)
Net current assets 60,984 72,656
Total assets less current liabilities 239,782 254,953
Creditors: amounts falling due after more than one year 6 (20,000) (35,000)
Net assets 219,782 219,953
Capital and reserves
Called up share capital 1 1
Profit and loss account 219,781 219,952
Shareholder's funds 219,782 219,953
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
Mark Alderson
Director
Approved by the board on 29 August 2024
The Workwear Stores Limited
Notes to the Accounts
for the year ended 31 January 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 2% straight line
Plant, fixtures & fittings 25% straight line
Motor vehicles 25% straight line
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant fixtures & fittings Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 205,000 362,734 16,446 584,180
At 31 January 2024 205,000 362,734 16,446 584,180
Depreciation
At 1 February 2023 23,100 362,337 16,446 401,883
Charge for the year 3,300 199 - 3,499
At 31 January 2024 26,400 362,536 16,446 405,382
Net book value
At 31 January 2024 178,600 198 - 178,798
At 31 January 2023 181,900 397 - 182,297
4 Debtors 2024 2023
£ £
Trade debtors 11,512 7,355
Other debtors & prepayments 1,518 20,343
13,030 27,698
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 15,000 15,000
Trade creditors 508 19,828
Taxation and social security costs 10,029 9,918
Director's account 60,507 38,007
Other creditors & accruals 16,520 18,608
102,564 101,361
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 20,000 35,000
7 Contingent liabilities
Lloyds Bank plc holds a fixed and floating charge debenture dated 27 September 2012 over the company's undertaking and all property and assets. It also holds a mortgage deed dated 26 September 2012 over the company's freehold property at 3 Weston Lane Industrial Estate, Weston Lane, Birmingham, B11 3RR. The mortgage on the property was repaid in full on 14 April 2021.
8 Related party transactions
The company shares premises with First Editions Limited on an informal basis. The company charged First Editions Limited £13,000 (2023 - £15,000) for its share of the expenses which The Workwear Stores Limited had incurred.
During the year, The Workwear Stores Limited purchased goods to the value of £88,140 (2023 - £85,582) from First Editions Limited and also paid £7,552 (2023 - £7,965) in respect of carriage charges which First Editions Limited had incurred on its behalf. All transactions were on an arm's length basis. The balance owing to First Editions Limited at the year end was £312 (2023 - £15,290).
9 Controlling party
The company is controlled by Brian Alderson, director, by virtue of a 100 per cent controlling interest in the authorised and issued ordinary share capital. The dividend payable to the director was £32,500 (2023 - £19,750).
10 Other information
The Workwear Stores Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 5 Weston Lane Ind Est
Weston Lane
Birmingham
B11 3RR
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