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REGISTERED NUMBER: 05669057















STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

CHADWICK TEXTILES LIMITED

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Strategic Report 2

Report of the Directors 4

Report of the Independent Auditors 6

Income Statement 10

Other Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Notes to the Financial Statements 14


CHADWICK TEXTILES LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: J D Chadwick
J Wilmott
T E Roberts





REGISTERED OFFICE: 92 George Richards Way
Broadheath
Altrincham
Cheshire
WA14 5ZR





REGISTERED NUMBER: 05669057





AUDITORS: Harold Sharp Limited
Statutory Auditors and Chartered Accountants
5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their strategic report for the year ended 31 December 2023.

REVIEW OF BUSINESS
This report aims to present a balanced view of the development and the performance of the company.

PRINCIPAL ACTIVITIES
The principal activities of the company are the design and sale of leading unbranded sportswear. The company is committed to the provision of high performance non branded clothing for sports teams, clubs & schools together with outstanding customer service and support with the objective of providing affordable high performance team wear.

RESULTS AND DIVIDENDS
Chadwick Textiles Limited continued to trade successfully through a period of an unsettled global market which brings on cost base challenges.

Ordinary dividends were paid during the year of £216,222 (2022: £216,222).

The company's results for the year are included within these financial statements.

FUTURE DEVELOPMENTS AND INVESTMENT
The company will continue to invest in the continuous improvement of its existing products and in the development of new innovative products to facilitate sales growth, long term sustainability and efficiency gains across a range of market sectors. This ongoing investment will ensure the company provides ever increasing levels of product quality, performance, customer service and satisfaction.

Cyber security continues to be a focus for investment and is integrated into the organisation wide governance frameworks, including strategy, risk management processes and compliance and audit procedures.

PRINCIPAL RISKS AND UNCERTAINTIES
FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
Effective working capital management is a priority to ensure the associated risks are controlled and balanced against the challenging market environment in which we operate.

The main financial risks facing the company are those relating to rising labour costs, foreign currency exchange and the widely publicised global supply chain issues and the subsequent rising container costs. The directors policy agreed for managing these financial risks remain unchanged. The directors work closely to manage any foreign exchange fluctuations and working directly with fright forwarders to ensure we have secured space on vessels from China to the UK , managing pricing and delays caused by the global impact of the current wars.


NON - FINANCIAL RISKS AND UNCERTAINTIES
The management of the business and the execution of the company's strategy is robust and have few risks associated. The key business risks and uncertainties affecting the company are considered to relate to a certain level of dependence on the strength of our customer base and any government changes and in addition, the company's ability to maintain adequate continuity of supply chain within the context of global uncertainties on raw material availability and demand.

NON-FINANCIAL PERFORMANCE INDICATORS
The company's key non-financial indicators are those related to employee health, safety and well-being, training, development, quality, community, and customer satisfaction. The company and our employees continue to support a wide variety of community projects.


CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

SUPPLIERS
The company commits to regular engagement and collaboration with our supply chain and are committed to paying in line with supplier payment terms.

OUR COMMITMENT TO THE ENVIRONMENT
Corporate objectives continue to focus on doing the right thing for our community and the environment in everything we do, we have significantly reduced paper and plastic usage throughout both manufacturing and office activities and continue to find ways of 'recycling and reusing'.

POST BALANCE SHEET EVENTS
Post year end the company demerged. The company operates two distinct trading activities: Fabrics and Garments. The directors of the group have separated the two trades for several reasons. The fabric and garments are imported from overseas, and the costs associated with the challenging logistics worldwide have been difficult to manage. The directors would like to minimise risk and exposure from adverse trading conditions by separating the two trades as a means of protection going forward. In addition to protecting each trade from the other, the directors of the company have been reflecting that each trade has its own challenges, and the separation of the trade will provide two distinct companies with differing objectives. The directors and senior management team believe the separation will provide focus with objectives being met more efficiently to improve trading going forward. The separation will give clarity of the trading expenses per division. The directors' expectation is that the major focus will be on growing Garments as the margin here can be stronger and ultimately very attractive for outside investment within a period of 2 to 3 years. Fabrics already has a solid margin with a slight steadier and simpler cost base.

ON BEHALF OF THE BOARD:





J Wilmott - Director


26 September 2024

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


The directors present their report with the financial statements of the company for the year ended 31 December 2023.

PRINCIPAL ACTIVITIES
The principal activity of the company in the year under review was the business of producing fabric worldwide to the activewear / sportswear and casual wear industry, along with the design, manufacture and development of performance training and team wear apparel.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2023 will be £222,216 (2022: £222,216).

EVENTS SINCE THE END OF THE YEAR
Information relating to events since the end of the year is given in the notes to the financial statements.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report.

J D Chadwick
T E Roberts

Other changes in directors holding office are as follows:

J Wilmott - appointed 15 May 2023

DIRECTORS' INDEMNITY
The company has made qualifying third party provisions for the benefit of its directors which remain in force at the date of this report.

DISCLOSURE IN THE STRATEGIC REPORT
The directors have chosen to disclose future developments, risk management, engagement with employees, supplier information, environment information and post balance sheet events in the strategic report.

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

REPORT OF THE DIRECTORS
FOR THE YEAR ENDED 31 DECEMBER 2023


STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





J Wilmott - Director


26 September 2024

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHADWICK TEXTILES LIMITED


Opinion
We have audited the financial statements of Chadwick Textiles Limited (the 'company') for the year ended 31 December 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2023 and of its loss for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHADWICK TEXTILES LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page four, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHADWICK TEXTILES LIMITED


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

As part of our planning process:
- We enquired of management the systems and controls the company has in place, the areas of the financial statements that are mostly susceptible to the risk of irregularities and fraud, and whether there was any known, suspected or alleged fraud.
- We obtained an understanding of the legal and regulatory frameworks applicable to the company. We determined that the following were most relevant: FRS 102, Companies Act 2006, health and safety, and employment law.
- We considered the incentives and opportunities that exist in the company, including the extent of management bias, which present a potential for irregularities and fraud to be perpetuated, and tailored our risk assessment accordingly.
- Using our knowledge of the company, together with the discussions held with the company at the planning stage, we formed a conclusion on the risk of misstatement due to irregularities including fraud and tailored our procedures according to this risk assessment.

The key procedures we undertook to detect irregularities including fraud during the course of the audit included:
- Identifying and testing journal entries and the overall accounting records, in particular those that were significant and unusual.
- Reviewing the financial statement disclosures and determining whether accounting policies have been appropriately applied.
- Reviewing and challenging the assumptions and judgements used by management in their significant accounting estimates, in particular in relation to stock provision, and accrued stock costs.
- Assessing the extent of compliance, or lack of, with the relevant laws and regulations in particular those that are central to the entities ability to continue in operation.
- Testing key revenue lines, in particular cut-off, for evidence of management bias.
-Performing a physical verification of key assets, including stock.
- Obtaining third-party confirmation of material bank and loan balances.
- Documenting and verifying all significant related party balances and transactions.
- Reviewing documentation such as the company board minutes, correspondence with solicitors, for discussions of irregularities including fraud.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements even though we have properly planned and performed our audit in accordance with auditing standards. The primary responsibility for the prevention and detection of irregularities and fraud rests with the directors and management.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
CHADWICK TEXTILES LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Karen Dent (Senior Statutory Auditor)
for and on behalf of Harold Sharp Limited
Statutory Auditors and Chartered Accountants
5 Brooklands Place
Brooklands Road
Sale
Cheshire
M33 3SD

26 September 2024

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

INCOME STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £    £    £   

TURNOVER 3 10,657,810 10,505,256

Cost of sales 5,087,256 5,312,445
GROSS PROFIT 5,570,554 5,192,811

Distribution costs 451,434 326,997
Administrative expenses 3,958,515 3,401,633
4,409,949 3,728,630
OPERATING PROFIT 5 1,160,605 1,464,181

Write off of intercompany loan 6 750,000 -
410,605 1,464,181

Interest payable and similar expenses 7 107,713 89,297
PROFIT BEFORE TAXATION 302,892 1,374,884

Tax on profit 8 407,824 278,013
(LOSS)/PROFIT FOR THE FINANCIAL
YEAR

(104,932

)

1,096,871

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023 2022
Notes £    £   

(LOSS)/PROFIT FOR THE YEAR (104,932 ) 1,096,871


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

(104,932

)

1,096,871

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 10 313,338 239,524

CURRENT ASSETS
Stocks 11 3,085,488 4,503,199
Debtors 12 2,284,450 2,785,351
Cash at bank 253,072 81,082
5,623,010 7,369,632
CREDITORS
Amounts falling due within one year 13 2,050,859 3,428,449
NET CURRENT ASSETS 3,572,151 3,941,183
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,885,489

4,180,707

CREDITORS
Amounts falling due after more than one year 14 (70,509 ) (40,756 )

PROVISIONS FOR LIABILITIES 18 (31,223 ) (29,046 )
NET ASSETS 3,783,757 4,110,905

CAPITAL AND RESERVES
Called up share capital 19 1 1
Retained earnings 20 3,783,756 4,110,904
SHAREHOLDERS' FUNDS 3,783,757 4,110,905

The financial statements were approved by the Board of Directors and authorised for issue on 26 September 2024 and were signed on its behalf by:





J Wilmott - Director


CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2022 1 3,236,249 3,236,250

Changes in equity
Dividends - (222,216 ) (222,216 )
Total comprehensive income - 1,096,871 1,096,871
Balance at 31 December 2022 1 4,110,904 4,110,905

Changes in equity
Dividends - (222,216 ) (222,216 )
Total comprehensive income - (104,932 ) (104,932 )
Balance at 31 December 2023 1 3,783,756 3,783,757

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

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


1. STATUTORY INFORMATION

Chadwick Textiles Limited is a private company limited by shares, incorporated in England and Wales. The company's registered number is 05669057 and the registered office is 92 George Richards Way, Broadheath, Altrincham, Cheshire, WA14 5ZR. The principal activity of the company is the manufacture of quality sportswear.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements represent the results of the individual entity. The functional and presentation currency is £ sterling.

Financial Reporting Standard 102 - reduced disclosure exemptions
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows;
the requirement of paragraph 3.17(d);
the requirements of paragraphs 11.42, 11.44, 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of paragraphs 12.26, 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of paragraphs 26.18(b), 26.19 to 26.21 and 26.23;
the requirements of paragraphs 29.28(b) and 29.29;
the requirement of paragraph 33.7;
the requirements of paragraph 24(b) of IFRS 6.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

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


2. ACCOUNTING POLICIES - continued

Critical accounting judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Provisions
A provision is recognised in the balance sheet when the entity has a present legal or constructive obligation as a result of a past event, that can be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Stock provision
Stocks are initially measured at the transaction price and subsequently measured at cost, less obsolescence provision. The directors make estimates as to the recoverability of these stocks and provide for them accordingly.


Accrued stock costs
Accrued stock expenditure is estimated by directors at each year end to ensure that all known liabilities are accounted for in the financial statements.

From a completeness perspective, the directors are not aware of any other critical judgements within the company that give rise to a significant risk of material adjustment within the next financial year.

Turnover
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive of value added tax.

Revenue from the sale of goods (garments and fabric) is recognised when the significant risks and benefits of ownership of the product have been transferred to the buyer, which may be upon shipment, completion of the product or the product being ready for delivery, based on specific contract terms.

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

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


2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Short leasehold - 20% on cost and 10% on cost
Plant and machinery - 20% on cost and 10% on cost
Fixtures and fittings - 33% on cost
Motor vehicles - 20% on cost
Computer equipment - 33% on cost

All fixed assets are initially recorded at cost. Assets are not depreciated until they are brought into use.

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

Short leasehold refers to improvements to a rented property.

At each balance sheet date, the company reviews the carrying amounts of its furniture and equipment to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

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

Cost is based on purchase invoice plus freight and duty cost after allowing for exchange conversion to sterling.

Stocks comprise garments and fabric.

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

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


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets, which include trade debtors, other debtors, amounts due from group undertakings, amounts owed by related parties, directors' current accounts and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

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.

Basic financial liabilities, including bank loans and overdrafts, trade creditors, other creditors, amounts owed to related parties and accrued expenses that are classified as debt, 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.

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

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


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of the company. The annual contributions payable are charged to the profit and loss account.

Invoice discounting
The company has an invoice discounting agreement that enables it to receive advances against its sales invoices. The company discloses both the debtors and creditors relating to this agreement separately within its balance sheet.

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.

Going concern
In advance of the post year end restructuring of the group the company wrote off the debt of £750,000 which was due from its ultimate parent company. This write off has led to the company making a loss for the year. At the balance sheet date of 31 December 2023, the company made a loss for the year of £104,932 (2022: £1,096,871 profit), and had net assets at that date of £3,783,757 (2022: £4,110,905).

The company has cash reserves as at the date of approval of the financial statements. The directors consider that the company has sufficient working capital to enable it to continue to trade and meet its liabilities as they fall due for at least the next twelve months from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements for the year ended 31 December 2023.

3. TURNOVER

The turnover and profit before taxation are attributable to the principal activities of the company.

An analysis of turnover by class of business is given below:

2023 2022
£    £   
Garments 9,016,810 8,920,037
Fabrics 1,641,000 1,585,219
10,657,810 10,505,256

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

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


3. TURNOVER - continued

An analysis of turnover by geographical market is given below:

2023 2022
£    £   
United Kingdom 10,179,349 10,067,981
Europe 473,043 430,190
ROW 5,418 7,085
10,657,810 10,505,256

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 2,804,732 2,293,672
Social security costs 286,014 274,976
Other pension costs 77,843 56,996
3,168,589 2,625,644

The average number of employees during the year was as follows:
2023 2022

Admin 10 7
Sales 9 8
Operations 29 27
48 42

2023 2022
£    £   
Directors' remuneration 938,742 859,653
Directors' pension contributions to money purchase schemes 24,197 6,193

The number of directors to whom retirement benefits were accruing was as follows:

Money purchase schemes 2 1

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 625,059 711,250

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

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


5. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Other operating leases 6,594 2,827
Depreciation - owned assets 95,827 91,773
Depreciation - assets on hire purchase contracts 26,552 19,020
Loss on disposal of fixed assets 9,440 -
Auditors remuneration 11,000 8,500

Auditors remuneration for non audit services is £1,400 (2022: £3,775).

6. WRITE OFF OF INTERCOMPANY LOAN
2023 2022
£    £   
Write off of intercompany loan 750,000 -

7. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 45,488 42,557
Other interest 17,137 14,903
Stock financing interest 45,088 31,837
107,713 89,297

8. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 259,498 279,336
Prior year underprovision 146,148 -
Total current tax 405,646 279,336

Deferred tax 2,178 (1,323 )
Tax on profit 407,824 278,013

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

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


8. TAXATION - continued

Reconciliation of total tax charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 302,892 1,374,884
Profit multiplied by the standard rate of corporation tax in the UK of 25% (2022 -
19%)

75,723

261,228

Effects of:
Expenses not deductible for tax purposes 200,029 5,797
Depreciation in excess of capital allowances 68 12,311
Effect of rate change (16,322 ) -
Deferred tax 2,178 (1,323 )
R&D repayment 146,148 -
Total tax charge 407,824 278,013

9. DIVIDENDS
2023 2022
£    £   
Ordinary share of £1
Interim 222,216 222,216

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

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


10. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 January 2023 84,350 135,487 132,118
Additions - 41,250 49,529
Disposals (11,685 ) (8,525 ) (41,650 )
At 31 December 2023 72,665 168,212 139,997
DEPRECIATION
At 1 January 2023 49,760 57,138 63,216
Charge for year 16,480 20,263 49,381
Eliminated on disposal (11,685 ) (8,525 ) (41,651 )
At 31 December 2023 54,555 68,876 70,946
NET BOOK VALUE
At 31 December 2023 18,110 99,336 69,051
At 31 December 2022 34,590 78,349 68,902

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 January 2023 110,483 21,183 483,621
Additions 119,826 2,527 213,132
Disposals (70,488 ) (8,979 ) (141,327 )
At 31 December 2023 159,821 14,731 555,426
DEPRECIATION
At 1 January 2023 62,284 11,699 244,097
Charge for year 29,540 6,715 122,379
Eliminated on disposal (53,548 ) (8,979 ) (124,388 )
At 31 December 2023 38,276 9,435 242,088
NET BOOK VALUE
At 31 December 2023 121,545 5,296 313,338
At 31 December 2022 48,199 9,484 239,524

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

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


10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 January 2023 - 110,483 110,483
Additions 29,300 78,849 108,149
Disposals - (70,488 ) (70,488 )
Transfer to ownership - (39,995 ) (39,995 )
At 31 December 2023 29,300 78,849 108,149
DEPRECIATION
At 1 January 2023 - 62,284 62,284
Charge for year 5,860 20,692 26,552
Eliminated on disposal - (53,548 ) (53,548 )
Transfer to ownership - (21,588 ) (21,588 )
At 31 December 2023 5,860 7,840 13,700
NET BOOK VALUE
At 31 December 2023 23,440 71,009 94,449
At 31 December 2022 - 48,199 48,199

11. STOCKS
2023 2022
£    £   
Finished goods 3,085,488 4,503,199

12. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,229,299 1,339,673
Other debtors 485,936 178,255
Directors' current accounts 492,104 522,059
Prepayments 77,111 60,364
2,284,450 2,100,351

Amounts falling due after more than one year:
Amounts owed by group undertakings - 685,000

Aggregate amounts 2,284,450 2,785,351

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

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


12. DEBTORS - continued

The amount of invoice discounted debts included within trade debtors at the year end is £1,089,878 (2022: £1,240,936).

At 31 December 2023 the company was owed £nil (2022: £685,000) by Team Edge Limited, its ultimate parent company. Team Edge Limited is controlled by the director J Chadwick. The debt was written off to the profit and loss account in the year, which resulted in the company making a loss.

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 15) 235,309 434,272
Hire purchase contracts (see note 16) 53,134 82,277
Trade creditors 707,262 641,281
Tax 259,497 522,708
Social security and other taxes 408,245 456,791
Other creditors 61,427 889,226
Amounts owed to related parties 30,450 30,450
Accrued expenses 295,535 371,444
2,050,859 3,428,449

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Hire purchase contracts (see note 16) 70,509 40,756

15. LOANS

An analysis of the maturity of loans is given below:

2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 235,309 434,272

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 53,134 82,277
Between one and five years 70,509 40,756
123,643 123,033

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

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


16. LEASING AGREEMENTS - continued

Non-cancellable operating leases
2023 2022
£    £   
Within one year 126,000 126,000
Between one and five years 252,000 378,000
378,000 504,000

Operating leases include rental commitments for the property that the group transacts its business from.

17. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank overdrafts 235,309 434,272
Hire purchase 123,643 123,033
Invoice discounting facility - 836,118
358,952 1,393,423

The bank borrowings of the company represent amounts owed in respect of an import loan facility and are secured by a debenture on the company's assets in favour of HSBC.

At 31 December 2023 other creditors includes liabilities relating to an invoice discounting facility amounting to a creditor of £nil (2022: £836,118 creditor) which is secured by a debenture over the assets of the company, in favour of HSBC. The balance for invoice discounting at 31 December 2023 was a debtor of £391k.

Hire purchase creditors are secured on the assets they are in respect of.

18. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 31,223 29,046

Deferred
tax
£   
Balance at 1 January 2023 29,046
Movement in year 2,177
Balance at 31 December 2023 31,223

The balance comprises the tax effect of accelerated capital allowances of £31,223 (2022 : £29,046).

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

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


19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

Ordinary shares have full voting rights.

20. RESERVES
Retained
earnings
£   

At 1 January 2023 4,110,904
Deficit for the year (104,932 )
Dividends (222,216 )
At 31 December 2023 3,783,756

21. PENSION COMMITMENTS

The company operates defined contribution pension schemes for the benefit of the directors and employees. The assets of the schemes are administered by trustees in funds independent from those of the company.

22. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
J D Chadwick
Balance outstanding at start of year 522,059 411,345
Amounts advanced 349,318 310,714
Amounts repaid (379,273 ) (200,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 492,104 522,059

The directors loan balance is interest free and gets cleared each year by bonuses and dividends.

CHADWICK TEXTILES LIMITED (REGISTERED NUMBER: 05669057)

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


23. RELATED PARTY DISCLOSURES

Included within creditors is a balance of £30,450 (2022: £30,450) owed to CT Pension Scheme Altrincham, a pension scheme that the director J Chadwick is a beneficiary of. The balance arises due to rental of property owned by the pension scheme. Included within other debtors is a balance of £34,000 (2022: £34,000) owed by CT Pension Scheme Altrincham.

Included within other debtors is a rent deposit of £60,900 (2022: £60,900) in respect of the property rented from CT Pension Scheme Altrincham.

Included within wages is an amount of £524,002 (2022: £164,794) in respect of design and implementation costs for C Chadwick, wife of the director, J Chadwick.

Included within the commissions expenses from 15/05/23 onwards is an amount of £68,000 (2022: £nil) is respect of consultancy fees for M Wilmott, husband of the director, J Wilmott.

Included within other creditors is a balance of £7,554 (2022: £83,355 owed from) owed to David Chadwick, a director of Edge Trainingwear Limited. The loan is interest free and has been repaid since the year end.

At the year end the company wrote off the debt of £750,000 due from its parent company. This is included within exceptional items within the profit and loss account.

Key management personnel are the directors.

24. POST BALANCE SHEET EVENTS

On 9 February 2024 the company transferred its fabric trade by way of dividend in specie to its parent company C T Holdings Limited. On 10 February 2024 C T Holdings Limited was de-merged from the group.

25. ULTIMATE CONTROLLING PARTY

The company's immediate parent company is C T Holdings Limited and its ultimate parent company is Team Edge Limited,incorporated in England whose registered office is 92 George Richards Way, Broadheath, Altrincham, WA14 5ZR. Group accounts are available from Companies House.

The ultimate controlling party is the director and majority shareholder, J D Chadwick.

26. PROPOSED DIVIDEND

The company resolved on 31 August 2024 to pay a dividend in respect of the year ended 31 December 2023 of £222,216.