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Registered number: 04116425









TOM HAGAN (UK) LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TOM HAGAN (UK) LIMITED
REGISTERED NUMBER: 04116425

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,436
1,813

  
1,436
1,813

Current assets
  

Stocks
 5 
141,934
209,430

Debtors: amounts falling due within one year
 6 
113,238
68,201

Cash at bank and in hand
 7 
8,912
7,768

  
264,084
285,399

Creditors: amounts falling due within one year
 8 
(403,260)
(466,288)

Net current liabilities
  
 
 
(139,176)
 
 
(180,889)

Total assets less current liabilities
  
(137,740)
(179,076)

Creditors: amounts falling due after more than one year
 9 
(29,867)
(34,343)

  

Net liabilities
  
(167,607)
(213,419)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(167,707)
(213,519)

  
(167,607)
(213,419)


Page 1

 
TOM HAGAN (UK) LIMITED
REGISTERED NUMBER: 04116425
    
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 by: 




................................................
M Dallal
Director

Date: 17 September 2024

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
TOM HAGAN (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Tom Hagan (UK) Limited is a company limited by shares incorporated in England and Wales. The address of the registered office is 124 High Road, Bushey Heath, Bushey, Hertfordshire, WD23 1GE.
The Company's principal activity is that of wholesale and distribution of textiles.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. 

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.

 
2.2

Going concern

The financial statements have been prepared on a going concern basis, the validity of which is dependent on the support of the directors. The directors have confirmed their intention to continue to support the company so that it can meet its current liabilities as they fall due.
As such, the directors are satisfied that the going concern basis is appropriate for the preparation of these financial statements.

 
2.3

Foreign currencies

Monetary assets and liabilities demoninated in foreign currencies are translated into sterling at rates of exchange ruling at the balance sheet date.
Transactions in foreign currencies are translated into sterling at the rate ruling on the date of transaction.
Exchange gains and losses are recognised in the Statement of Income and Retained Earnings. 

 
2.4

Revenue

Revenue represents income earned in respect of the wholesale of men's formal and casual wear, net of value added tax and trade discounts. 
Revenue is recognised upon delivery of the goods to their customer.

Page 3

 
TOM HAGAN (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

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.

 
2.6

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.7

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 provided on the following basis:

Fixtures and fittings
-
20%
reducing balance
Office equipment
-
20%
reducing balance

 
2.8

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to sell.


3.


Employees

2023
2022
£
£

Wages and salaries
19,008
19,008

Social security costs
115
160

19,123
19,168


The average monthly number of employees, including directors, during the year was 3 (2022 - 3).

Page 4

 
TOM HAGAN (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 January 2023
2,137
11,473
13,610



At 31 December 2023

2,137
11,473
13,610



Depreciation


At 1 January 2023
2,119
9,677
11,796


Charge for the year on owned assets
18
360
378



At 31 December 2023

2,137
10,037
12,174



Net book value



At 31 December 2023
-
1,436
1,436



At 31 December 2022
18
1,795
1,813


5.


Stocks

2023
2022
£
£

Finished goods and goods for resale
141,934
209,430

141,934
209,430


Page 5

 
TOM HAGAN (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
84,414
65,174

Other debtors
761
1,389

Prepayments and accrued income
28,063
1,638

113,238
68,201



7.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
8,912
7,768

8,912
7,768



8.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
5,514
6,552

Trade creditors
21,777
126,257

Other taxation and social security
13,768
8,120

Other creditors
360,201
323,544

Accruals and deferred income
2,000
1,815

403,260
466,288


The bank overdraft facility is guaranteed by a trade creditor of the Company. The guarantee and the amount owing to the trade creditor amounting to £nil (2022: £93,541) are secured by a debenture over the assets of the Company.

Page 6

 
TOM HAGAN (UK) LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other creditors
29,867
34,343

29,867
34,343


 
Page 7