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Registered number: 03076583












CARHARTT WIP UK (WHOLESALE) LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

 

CARHARTT WIP UK (WHOLESALE) LIMITED

CONTENTS



Page
Company information
 
1
Balance sheet
 
2 - 3
Notes to the financial statements
 
4 - 12


 

CARHARTT WIP UK (WHOLESALE) LIMITED
 
COMPANY INFORMATION


Directors
E Fah 
K Collins 




Company secretary
K Collins



Registered number
03076583



Registered office
16 Great Queen Street
Covent Garden

London

United Kingdom

WC2B 5AH




Independent auditor
Blick Rothenberg Audit LLP
Chartered Accountants & Statutory Auditor

16 Great Queen Street

Covent Garden

London

WC2B 5AH




Page 1


 
REGISTERED NUMBER:03076583
CARHARTT WIP UK (WHOLESALE) LIMITED

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
134,835

  
-
134,835

Current assets
  

Debtors: amounts falling due within one year
 5 
2,069,121
2,775,752

Cash at bank and in hand
  
515,505
77,315

  
2,584,626
2,853,067

Creditors: amounts falling due within one year
 6 
(942,165)
(86,163)

Net current assets
  
 
 
1,642,461
 
 
2,766,904

Total assets less current liabilities
  
1,642,461
2,901,739

Creditors: amounts falling due after more than one year
 7 
-
(13,435)

Provisions for liabilities
  

Deferred tax
 9 
-
(5,432)

  
 
 
-
 
 
(5,432)

Net assets
  
1,642,461
2,882,872


Capital and reserves
  

Called up share capital 
 10 
800,100
800,100

Profit and loss account
  
842,361
2,082,772

Total equity
  
1,642,461
2,882,872


Page 2


 
REGISTERED NUMBER:03076583
CARHARTT WIP UK (WHOLESALE) LIMITED
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

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 profit and loss account 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: 




E Fah
Director

Date: 25 September 2024

The notes on pages 4 to 12 form part of these financial statements.

Page 3

 

CARHARTT WIP UK (WHOLESALE) LIMITED

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

1.


General information

Carhartt WIP UK (Wholesale) Limited is a private company limited by shares incorporated in England and Wales. The address of its registered office is 16 Great Queen Street, Covent Garden, London, United Kingdom, WC2B 5AH.
The financial statements are presented in Sterling (£), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

On 31 December 2023, the group restructured some of its UK operations, during which the company entered into a Business Transfer Agreement with a fellow group company and ceased trading. Pursuant to the terms of this Agreement, the company's trade, assets and liabilities were transferred to a fellow group company on this date, with the exception of some of the company’s property agreements where landlord consent is required. Subject to landlord consent being obtained and all agreements being novated, the directors intend to wind-up the company in an orderly manner. Accordingly, the financial statements have been prepared on a basis other than going concern.
The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and meet its liabilities as they fall due up to the eventual cessation of the company and no material adjustments have arisen as a result of not adopting the going concern basis in preparing the financial statements.

 
2.3

Revenue

Revenue represents amounts receivable for services and commissions receivable on agency sales and reimbursed marketing expenses are recognised when the company is contractually entitled to the income.

 
2.4

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.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 4

 

CARHARTT WIP UK (WHOLESALE) LIMITED

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

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Long-term leasehold property
-
10%
Straight-line
Plant and machinery
-
33%
Straight-line
Motor vehicles
-
25%
Straight-line
Fixtures and fittings
-
20%
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.


2.5

Financial instruments

The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.

Financial assets and financial liabilities are recognised when the company becomes party to the contractual provisions of the instrument. 

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. 
 
The company’s policies for its major classes of financial assets and financial liabilities are set out below. 

Financial assets
Basic financial assets, including other debtors, cash and bank balances, intercompany working capital balances, and intercompany financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Financial liabilities

Basic financial liabilities, including trade and other creditors, and loans from fellow group companies, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Page 5

 

CARHARTT WIP UK (WHOLESALE) LIMITED

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

2.Accounting policies (continued)





Financial instruments (continued)

Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account. 

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date. 

For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions. 
 
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.6

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

  
2.7

Share capital

Ordinary shares are classified as equity.

Page 6

 

CARHARTT WIP UK (WHOLESALE) LIMITED

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

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Operating leases: the company as lessee

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.10

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 payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.11

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is Sterling (£).

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.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss.

 
2.12

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Page 7

 

CARHARTT WIP UK (WHOLESALE) LIMITED

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

2.Accounting policies (continued)

 
2.13

Provisions for liabilities

Provisions are made where an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.

 
2.14

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 or by written resolution.

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.
Current tax is the amount of income tax payable in respect of taxable profit for the year or prior years.
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 arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. These timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
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 7 (2022 - 7).

Page 8

 

CARHARTT WIP UK (WHOLESALE) LIMITED

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

4.


Tangible fixed assets





Long-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£
£
£
£
£



Cost


At 1 January 2023
11,930
13,927
28,290
591,113
645,260


Additions
93,640
1,124
-
28,437
123,201


Transfers intra group
(105,570)
(15,051)
(28,290)
(619,550)
(768,461)



At 31 December 2023

-
-
-
-
-





At 1 January 2023
6,760
10,558
10,609
482,498
510,425


Charge for the year
3,940
2,621
7,072
75,540
89,173


Transfers intra group
(10,700)
(13,179)
(17,681)
(558,038)
(599,598)



At 31 December 2023

-
-
-
-
-



Net book value



At 31 December 2023
-
-
-
-
-



At 31 December 2022
5,170
3,369
17,681
108,615
134,835


5.


Debtors

2023
2022
£
£


Trade debtors
-
9,928

Amounts owed by group undertakings
1,607,371
2,624,674

Other debtors
425,980
72,955

Prepayments and accrued income
35,770
68,195

2,069,121
2,775,752


Amounts owed by group undertakings are interest free, have no fixed repayment date and are repayable on demand.

Page 9

 

CARHARTT WIP UK (WHOLESALE) LIMITED

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

6.


Creditors: amounts falling due within one year

2023
2022
£
£

Trade creditors
30,034
20,421

Amounts owed to group undertakings
863,377
3,280

Other taxation and social security
27,840
34,412

Obligations under finance lease and hire purchase contracts
-
791

Other creditors
-
7,504

Accruals and deferred income
20,914
19,755

942,165
86,163


Amounts owed to group undertakings are interest free, have no fixed repayment date and are repayable on demand.


7.


Creditors: amounts falling due after more than one year

2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
-
13,435



8.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
-
791

Between 1-5 years
-
13,435

-
14,226

Page 10

 

CARHARTT WIP UK (WHOLESALE) LIMITED

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

9.


Deferred taxation




2023


£






At beginning of year
(5,432)


Charged to profit or loss
5,432



At end of year
-

The deferred taxation balance is made up as follows:

2023
2022
£
£


Accelerated capital allowances
-
(5,432)


10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



800,100 (2022 - 800,100) Ordinary shares of £1.00 each
800,100
800,100

The holders of ordinary shares are entitled to receive dividends as declared from time to time and are entitled to one vote per share at meetings of the company. 


Page 11

 

CARHARTT WIP UK (WHOLESALE) LIMITED

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

11.


Related party transactions

The company has taken advantage of the exemption contained in  FRS102 Section 33 "Related Party Disclosures" from disclosing transactions with any entites which are a wholly owned part of the group.


12.


Parent undertaking

The immediate parent undertaking is WIP Trading AG, a company registered in Switzerland. 
The smallest and largest group that prepares group accounts and for which the company is a member is that headed by WIP Trading AG. Their registered office is Kirschgartenstrasse 5, 4041, Basel, Switzerland.


13.


Auditor's information

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

In their report, the auditor emphasised the following matter without qualifying their report:

We draw attention to note 2.2 to the financial statements which explains that following a group restructure in December 2023, the company ceased trading and its trade, assets and liabilities were transferred to a fellow group company. The directors intend to wind-up the company and therefore the financial statements have been prepared on a basis other than going concern. Our opinion is not modified in respect of this matter.

The audit report was signed on 25 September 2024 by Marc Levy FCA (senior statutory auditor) on behalf of Blick Rothenberg Audit LLP.

 
Page 12