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REGISTERED NUMBER: SC050138 (Scotland)















Financial Statements

for the Year Ended 31 December 2023

for

Clyde Knitwear Limited

Clyde Knitwear Limited (Registered number: SC050138)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Clyde Knitwear Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: T S Kainth
B Rakhra





REGISTERED OFFICE: 98 Commerce Street
Glasgow
G5 8DW





REGISTERED NUMBER: SC050138 (Scotland)





ACCOUNTANTS: KPP Glasgow South Ltd
Chartered Certified Accountants
Unit 3 , 37 Rosyth Road
Morris Park
Glasgow
G5 0YE

Clyde Knitwear Limited (Registered number: SC050138)

Balance Sheet
31 December 2023

31.12.23 31.12.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 38,843 43,159
Tangible assets 5 172,748 101,501
211,591 144,660

CURRENT ASSETS
Stocks 6 597,883 751,219
Debtors 7 588,507 352,547
Cash at bank - 17,767
1,186,390 1,121,533
CREDITORS
Amounts falling due within one year 8 399,777 433,804
NET CURRENT ASSETS 786,613 687,729
TOTAL ASSETS LESS CURRENT
LIABILITIES

998,204

832,389

CREDITORS
Amounts falling due after more than one
year

9

35,964

34,239
NET ASSETS 962,240 798,150

CAPITAL AND RESERVES
Called up share capital 10 1,000 1,000
Retained earnings 11 961,240 797,150
SHAREHOLDERS' FUNDS 962,240 798,150

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Clyde Knitwear Limited (Registered number: SC050138)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 July 2024 and were signed on its behalf by:





B Rakhra - Director


Clyde Knitwear Limited (Registered number: SC050138)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Clyde Knitwear Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

CKL Website is being amortised evenly over its estimated useful life of nil years.

Ckl website
Depreciation charge - 20 % reducing balance

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - At variable rates
Website development - At variable rates
Plant and machinery - At variable rates
Fixtures and fittings - At variable rates

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


Clyde Knitwear Limited (Registered number: SC050138)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2022 - 9 ) .

4. INTANGIBLE FIXED ASSETS
CKL
Website
£   
COST
At 1 January 2023
and 31 December 2023 117,301
AMORTISATION
At 1 January 2023 74,142
Amortisation for year 4,316
At 31 December 2023 78,458
NET BOOK VALUE
At 31 December 2023 38,843
At 31 December 2022 43,159

Clyde Knitwear Limited (Registered number: SC050138)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS
Short Website Plant and
leasehold development machinery
£    £    £   
COST
At 1 January 2023 204,431 61,383 99,896
Additions - - 79,293
At 31 December 2023 204,431 61,383 179,189
DEPRECIATION
At 1 January 2023 176,721 48,883 49,193
Charge for year 2,771 1,250 7,774
At 31 December 2023 179,492 50,133 56,967
NET BOOK VALUE
At 31 December 2023 24,939 11,250 122,222
At 31 December 2022 27,710 12,500 50,703

Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 January 2023 87,141 36,210 489,061
Additions - 4,818 84,111
At 31 December 2023 87,141 41,028 573,172
DEPRECIATION
At 1 January 2023 78,504 34,259 387,560
Charge for year 864 205 12,864
At 31 December 2023 79,368 34,464 400,424
NET BOOK VALUE
At 31 December 2023 7,773 6,564 172,748
At 31 December 2022 8,637 1,951 101,501

6. STOCKS
31.12.23 31.12.22
£    £   
Stocks 597,883 751,219

Clyde Knitwear Limited (Registered number: SC050138)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Trade debtors 98,841 263,538
Other debtors 423,666 23,009
Prepayments 66,000 66,000
588,507 352,547

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.12.22
£    £   
Bank loans and overdrafts 5,663 10
Trade creditors 294,919 173,229
Gallowgate Market Ltd 43,450 43,450
Social security and other taxes 2,673 1,609
VAT 53,072 226
Directors' current accounts - 215,280
399,777 433,804

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.12.22
£    £   
Bank loans - 1-2 years 35,964 34,239

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.23 31.12.22
value: £    £   
1,000 Ordinary £1 1,000 1,000

11. RESERVES
Retained
earnings
£   

At 1 January 2023 797,150
Profit for the year 171,290
Dividends (7,200 )
At 31 December 2023 961,240