Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true2023-01-01falseNo description of principal activity102102trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 01992953 2023-01-01 2023-12-31 01992953 2022-01-01 2022-12-31 01992953 2023-12-31 01992953 2022-12-31 01992953 c:Director1 2023-01-01 2023-12-31 01992953 d:Buildings d:ShortLeaseholdAssets 2023-01-01 2023-12-31 01992953 d:Buildings d:ShortLeaseholdAssets 2022-12-31 01992953 d:MotorVehicles 2023-01-01 2023-12-31 01992953 d:MotorVehicles 2022-12-31 01992953 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01992953 d:FurnitureFittings 2023-01-01 2023-12-31 01992953 d:FurnitureFittings 2022-12-31 01992953 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01992953 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01992953 d:CurrentFinancialInstruments 2023-12-31 01992953 d:CurrentFinancialInstruments 2022-12-31 01992953 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01992953 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01992953 d:ShareCapital 2023-12-31 01992953 d:ShareCapital 2022-12-31 01992953 d:RetainedEarningsAccumulatedLosses 2023-12-31 01992953 d:RetainedEarningsAccumulatedLosses 2022-12-31 01992953 c:FRS102 2023-01-01 2023-12-31 01992953 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 01992953 c:FullAccounts 2023-01-01 2023-12-31 01992953 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01992953 d:Buildings d:ShortLeaseholdAssets d:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 01992953 d:MotorVehicles d:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 01992953 d:FurnitureFittings d:PriorPeriodIncreaseDecrease 2023-01-01 2023-12-31 01992953 2 2023-01-01 2023-12-31 01992953 d:AcceleratedTaxDepreciationDeferredTax 2023-12-31 01992953 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 01992953 e:PoundSterling 2023-01-01 2023-12-31 01992953 d:PriorPeriodErrorIncreaseDecrease 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 01992953










THE FACTORY SHOPS (ESSEX) LIMITED








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
THE FACTORY SHOPS (ESSEX) LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF THE FACTORY SHOPS (ESSEX) LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of The Factory Shops (Essex) Limited for the year ended 31 December 2023 which comprise  the 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 at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of The Factory Shops (Essex) Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Factory Shops (Essex) Limited and state those matters that we have agreed to state to the Board of directors of The Factory Shops (Essex) Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Factory Shops (Essex) Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that The Factory Shops (Essex) Limited 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 The Factory Shops (Essex) Limited. You consider that The Factory Shops (Essex) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of The Factory Shops (Essex) Limited. 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.

  



MWS
 
Chartered Accountants
  
Kingsridge House
601 London Road
Westcliff-on-Sea
Essex
SS0 9PE
10 September 2024
Page 1

 
THE FACTORY SHOPS (ESSEX) LIMITED
REGISTERED NUMBER: 01992953

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
135,224
104,386

  
135,224
104,386

Current assets
  

Stocks
 5 
1,274,554
997,382

Debtors: amounts falling due within one year
 6 
2,280,536
2,305,451

Cash at bank and in hand
 7 
1,204,385
1,089,407

  
4,759,475
4,392,240

Creditors: amounts falling due within one year
 8 
(827,468)
(524,189)

Net current assets
  
 
 
3,932,007
 
 
3,868,051

Total assets less current liabilities
  
4,067,231
3,972,437

Provisions for liabilities
  

Deferred tax
 9 
(30,315)
(12,577)

  
 
 
(30,315)
 
 
(12,577)

Net assets
  
4,036,916
3,959,860


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
4,036,816
3,959,760

  
4,036,916
3,959,860

Page 2

 
THE FACTORY SHOPS (ESSEX) LIMITED
REGISTERED NUMBER: 01992953

BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 year 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 on 10 September 2024.




W. Cantor
Director

The notes on pages 4 to 9 form part of these financial statements.
Page 3

 
THE FACTORY SHOPS (ESSEX) LIMITED
 

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

1.


General information

The Factory Shops (Essex) Limited is a limited company incorporated in Wales. The Registered Office is 601 London Road, Westcliff on Sea, Essex SS0 9PE. The registered number of the company is 01992953. 
The principle activity of the company remained that of retailers of household goods. 

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.


 
2.3

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.

Page 4

 
THE FACTORY SHOPS (ESSEX) LIMITED
 

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

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Short-term leasehold property
-
Straight line over the life of the lease
Motor vehicles
-
25% reducing balance
Fixtures, fittings and equipment
-
15% reducing balance / 33% straight line

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.

 
2.4

Operating leases: Lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

  
2.5
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. 
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.

 
2.6

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.

  
2.7
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.

 
2.8

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.

Page 5

 
THE FACTORY SHOPS (ESSEX) LIMITED
 

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

2.Accounting policies (continued)

 
2.9

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

  
2.11
Pensions

Defined contribution pension plan
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payments obligations.
The contributions are recognised as an expense in the Profit and loss account as paid. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.13

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 6

 
THE FACTORY SHOPS (ESSEX) LIMITED
 

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

2.Accounting policies (continued)

 
2.14

Current and deferred taxation

The tax expense for the year 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.



3.


Employees

The average monthly number of employees, including directors, during the year was 102 (2022 - 102).

Page 7

 
THE FACTORY SHOPS (ESSEX) LIMITED
 

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

4.


Tangible fixed assets





Short-term leasehold property
Motor vehicles
Fixtures, fittings and equipment
Total

£
£
£
£



Cost 


At 1 January 2023
182,917
26,614
1,119,294
1,328,825


Additions
3,133
-
66,700
69,833



At 31 December 2023
186,050
26,614
1,185,994
1,398,658



Depreciation


At 1 January 2023
168,105
21,390
1,034,945
1,224,440


Charge for the year on owned assets
14,486
1,306
23,202
38,994



At 31 December 2023
182,591
22,696
1,058,147
1,263,434



Net book value



At 31 December 2023
3,459
3,918
127,847
135,224



At 31 December 2022
14,813
5,224
84,349
104,386


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
1,274,554
997,382

1,274,554
997,382



6.


Debtors

2023
2022
£
£


Trade debtors
7,222
5,281

Amounts owed by associated undertakings
2,205,523
2,243,441

Other debtors
8,413
2,577

Prepayments and accrued income
59,378
54,152

2,280,536
2,305,451


Page 8

 
THE FACTORY SHOPS (ESSEX) LIMITED
 

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

7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
1,204,385
1,089,407

1,204,385
1,089,407



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
606,543
349,318

Corporation tax
18,242
20,555

Other taxation and social security
202,683
154,316

827,468
524,189



9.


Deferred taxation




2023


£






At beginning of year
12,579


Charged to the profit or loss
17,736



At end of year
30,315

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
30,315
12,579

30,315
12,579


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £34,380 (2022 - £16,753). Contributions totalling £nil (2022 £nil) were payable to the fund at the balance sheet date and are included in creditors. 


Page 9