Registered number
04112874
DEE KAY KNITWEAR (UK) LTD
Filleted Accounts
30 November 2023
DEE KAY KNITWEAR (UK) LTD
Registered number: 04112874
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 1,706,489 1,746,538
Current assets
Debtors 4 127,297 109,566
Cash at bank and in hand 511,723 187,249
639,020 296,815
Creditors: amounts falling due within one year 5 (818,901) (418,326)
Net current liabilities (179,881) (121,511)
Total assets less current liabilities 1,526,608 1,625,027
Creditors: amounts falling due after more than one year 6 (616,108) (686,141)
Net assets 910,500 938,886
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 909,500 937,886
Shareholders' funds 910,500 938,886
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 members have 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.
K R Bagga
Director
Approved by the board on 13 September 2024
DEE KAY KNITWEAR (UK) LTD
Notes to the Accounts
for the year ended 30 November 2023
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.
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 and buildings, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Freehold land and buildings Not depreciated
Plant and machinery 10% per annum on cost
Fixtures, fittings, and equipment 10% per annum on cost
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 recognised at transaction price including any transaction costs, 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 recognised at transaction price net of any transaction costs.
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.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Freehold land and buildings Plant and machinery etc Fixtures, fittings & equipment Total
£ £ £ £
Cost
At 1 December 2022 1,375,409 840,440 114,945 2,330,794
Additions - 40,000 - 40,000
At 30 November 2023 1,375,409 880,440 114,945 2,370,794
Depreciation
At 1 December 2022 - 526,550 57,706 584,256
Charge for the year - 68,554 11,495 80,049
At 30 November 2023 - 595,104 69,201 664,305
Net book value
At 30 November 2023 1,375,409 285,336 45,744 1,706,489
At 30 November 2022 1,375,409 313,890 57,239 1,746,538
4 Debtors 2023 2022
£ £
Trade debtors 85,460 68,705
Prepayments 2,837 1,861
Other debtors 39,000 39,000
127,297 109,566
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 41,905 43,228
Obligations under finance lease and hire purchase contracts 29,450 29,450
Trade creditors 673,271 254,191
Accrued expenses 10,000 6,062
Taxation and social security costs 48,316 49,996
Other creditors 15,959 35,399
818,901 418,326
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 591,566 632,149
Obligations under finance lease and hire purchase contracts 24,542 53,992
616,108 686,141
7 Loans 2023 2022
£ £
Creditors include:
Instalments falling due for payment after more than five years 423,944 459,237
Secured bank loans 633,472 675,377
Bank loans and bank overdraft is secured by a charge over the freehold land and buildings owned by the company and an unlimited debenture incorporating a fixed and floating charge.
8 Controlling party
During the year ended 30 November 2023, Mr K R Bagga and Mrs D K Bagga controlled 100% of the share capital of the company.
9 Other information
DEE KAY KNITWEAR (UK) LTD is a private company limited by shares and incorporated in England. Its registered office is:
128A Evington Road
Leicester
LE2 1HL
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