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Registered number: 07005657






 


 
STEDMAN APPAREL LTD.

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
STEDMAN APPAREL LTD.
 

COMPANY INFORMATION


DIRECTOR
M. Schweigert  




REGISTERED NUMBER
07005657



REGISTERED OFFICE
1st Floor Sackville House
143-149 Fenchurch Street

London

EC3M 6BN




INDEPENDENT AUDITORS
Wilder Coe Ltd
Chartered Accountants & Statutory Auditors

1st Floor Sackville House

143-149 Fenchurch Street

London

EC3M 6BN





 
STEDMAN APPAREL LTD.
 

CONTENTS



Page
Balance Sheet
 
1
Notes to the Financial Statements
 
2 - 5


 
STEDMAN APPAREL LTD.
REGISTERED NUMBER: 07005657

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

  

CURRENT ASSETS
  

Debtors
 4 
8
-

Bank and cash balances
  
384,804
390,551

  
384,812
390,551

Creditors: amounts falling due within one year
 5 
(7,563)
(10,600)

NET ASSETS
  
377,249
379,951


CAPITAL AND RESERVES
  

Allotted, called up and fully paid share capital
  
910,000
910,000

Profit and loss account
  
(532,751)
(530,049)

EQUITY SHAREHOLDERS' FUNDS
  
377,249
379,951


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 Director's Report and the Statement of Income and Retained Earnings in accordance with provisions applicable to companies subject to the small companies regime, under Section 444 of the Companies Act 2006.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on
 19 September 2024.




M. Schweigert
Director

The notes on pages 2 to 5 form part of these financial statements.

Page 1

 
STEDMAN APPAREL LTD.
 

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

1.


GENERAL INFORMATION

Stedman Apparel Ltd. (company number: 07005657), having its registered office at 1st Floor Sackville House, 143-149 Fenchurch Street, London, EC3M 6BN, is a private limited company incorporated in England and Wales.
The company's trading address is Charlottenburger Allee 27-29, 52068 Aachen, Germany.

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

STATEMENT OF CASH FLOWS

The Company has taken advantage of the exemption in Financial Reporting Standard 102, Section 1A.7 from the requirement to provide a Statement of Cash Flows on the grounds that it is a small company.

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover 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 turnover is recognised:

Sale of goods

Turnover 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 turnover 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.

 
2.4

DEBTORS

Short-term debtors are measured at transaction price, less any impairment.

 
2.5

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.

Page 2

 
STEDMAN APPAREL LTD.
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.6

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties and investments in ordinary shares.
Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the Balance Sheet date. 

 
2.7

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.

 
2.8

FOREIGN CURRENCY TRANSLATION

Functional and presentation currency

The Company's functional and presentational currency is British Pound Sterling (GBP).

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
STEDMAN APPAREL LTD.
 

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

2.ACCOUNTING POLICIES (CONTINUED)

 
2.9

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement
of Income and Retained Earnings.

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. 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 1 (2022 - 1).

Page 4

 
STEDMAN APPAREL LTD.
 

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

4.


DEBTORS

2023
2022
£
£

Due within one year

Other debtors
8
-



5.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Other taxation and social security
-
237

Accruals and deferred income
7,563
10,363

7,563
10,600



6.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption in FRS 102 Section 33 from disclosing transactions with members of the same group that are wholly owned.


7.


PARENT UNDERTAKING

At the year end, the Company is a 100% owned subsidiary of Stedman Invest GmbH, a private limited company incorporate in Germany.
The parent company's registered address is Charlottenburger Allee 27-29, 52068 Aachen, Germany.
At the year end, the Company's ultimate parent undertaking was Next Level Holding Company, LLC, whose registered office is 1570 S Figueroa St, Gardena, California, 90248, United States. 
Next Level Holding Company, LLC is the parent of the smallest group which draws up consolidated financial statements in which the Company's financial results are included.


8.


AUDITORS' INFORMATION

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 19 September 2024 by Bee-Lean Chew MSc BA (Hons) FCA (Senior Statutory Auditor) on behalf of Wilder Coe Ltd.


Page 5