Company registration number 09885173 (England and Wales)
QUAYSIDE 2015 LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
QUAYSIDE 2015 LIMITED
COMPANY INFORMATION
Directors
Mr M Conway
Mr D Cox
Mr S Turner
Mr S Jones
Mr M Thomas
Mr P Fairclough
Company number
09885173
Registered office
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Auditor
Lopian Gross Barnett & Co
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
Business address
Unit 9, Wheel Forge Way
Ashburton Road West
Trafford Park
Manchester
M17 1EH
QUAYSIDE 2015 LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2
Directors' responsibilities statement
3
Independent auditor's report
4 - 6
Profit and loss account
7
Group statement of comprehensive income
8
Group balance sheet
9
Company balance sheet
10
Group statement of changes in equity
11
Company statement of changes in equity
12
Group statement of cash flows
13
Notes to the financial statements
14 - 28
QUAYSIDE 2015 LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 1 -

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

Business Model

Quayside 2015 Limited is a group whose principal activity is the manufacture and supply of custom branded clothing for retail and business customers.

 

Group Performance

The group had another successful year in a tough trading environment reporting a profit (before exceptional items) of £511,638 (2022 - £482,493).

 

After the balance sheet date, the group concluded a review working collaboratively with HMRC, and the financial effect of this review is stated in the "Profit and loss Reserves/Restatement" section of the notes to the accounts.

 

Key Performance Indicators (KPI’s)

The directors use the following combination of KPI’s as a method of determining how well the group is performing against its objectives and overall strategy.

 

 

Review of the Group

Our mission is to be the UK’s favourite custom branded clothing business.

The financial year to December 2023 exceeded expectations overall with revenues, profit and net assets all showing strong performance. This performance was delivered through the continuing attention of the management and the group's wider team on ensuring that the delivery of our products and services remains of the highest quality available and meeting the high expectations that we have of ourselves.

The directors believe that the group is in an excellent position to benefit from further sustainable growth in the coming years with continued growing demand for its products and services. Investment in the business will continue to improve efficiencies and provide a strong platform for growth.

Principal risks and uncertainties

Liquidity Risk

The company has sufficient resources and banking facilities to cover its current working capital requirements. It regularly monitors cashflows, and forecasts, to ensure any risks are addressed on a timely basis.

 

Credit Risk

The company’s credit risk, is primarily attributable to its trade debtors. This risk is managed by maintaining a strict credit policy and effective credit rating of all prospective customers. All trade receivables are rigorously monitored.

 

Operational Risk

The company has solid reporting systems, and produces timely and accurate management information which is regularly reviewed by the directors and other stakeholders.

 

The company monitors risk through preparation of detailed monthly management accounts which includes variance analysis of actual and budgeted figures. The directors will implement action where necessary.

On behalf of the board

Mr M Conway
Director
30 September 2024
QUAYSIDE 2015 LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -

The directors present their annual report and financial statements for the year ended 31 December 2023.

Principal activities

The principal activity of the company and group continued to be the provision of digital printing and embroidery services for clothing.

Results and dividends

The results for the year are set out on page 8.

Ordinary dividends were paid amounting to £360,000. The directors do not recommend payment of a further dividend.

Directors

The directors who held office during the year and up to the date of signature of the financial statements were as follows:

Mr M Conway
Mr D Cox
Mr S Turner
Mr S Jones
Mr M Thomas
Mr P Fairclough
Auditor

Lopian Gross Barnett & Co were appointed as auditor to the group and in accordance with section 485 of the Companies Act 2006, a resolution proposing that they be re-appointed will be put at a General Meeting.

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized group exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

On behalf of the board
Mr M Conway
Director
30 September 2024
QUAYSIDE 2015 LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -

The directors are responsible for preparing the Annual Report 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). 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 group and company, and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to:

 

 

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the group’s and company’s transactions and disclose with reasonable accuracy at any time the financial position of the group and 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 group and company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

QUAYSIDE 2015 LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUAYSIDE 2015 LIMITED
- 4 -
Opinion

We have audited the financial statements of Quayside 2015 Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the group profit and loss account, the group statement of comprehensive income, the group balance sheet, the company balance sheet, the group statement of changes in equity, the company statement of changes in equity, the group statement of cash flows and notes to the financial statements, including 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:

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 Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent 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 group's and parent 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 other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. 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. 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 course of 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 our audit:

QUAYSIDE 2015 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUAYSIDE 2015 LIMITED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the directors' responsibilities statement, 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 is 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 parent 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 parent company or to cease operations, or have no realistic alternative but to do so.

Auditor's 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 an auditor's report 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.

QUAYSIDE 2015 LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUAYSIDE 2015 LIMITED
- 6 -

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

 

 

 

 

 

 

 

 

 

Due 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. For example, as with any audit, there remained a higher risk of non-detection of irregularities, as these may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. We are not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 an auditor's report 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.

Jonathan Brodie FCA (Senior Statutory Auditor)
For and on behalf of Lopian Gross Barnett & Co
30 September 2024
Chartered Accountants
Statutory Auditor
1st Floor, Cloister House
Riverside
New Bailey Street
Manchester
M3 5FS
QUAYSIDE 2015 LIMITED
GROUP PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
2023
2022
as restated
Notes
£
£
Turnover
3
16,064,790
14,561,969
Cost of sales
(5,827,970)
(5,320,288)
Gross profit
10,236,820
9,241,681
Distribution costs
(907,027)
(969,640)
Administrative expenses
(8,738,942)
(7,677,855)
Operating profit
5
590,851
594,186
Interest receivable and similar income
8
16,442
-
0
Interest payable and similar expenses
9
(95,655)
(111,693)
Exceptional items
4
(451,449)
-
Profit before taxation
60,189
482,493
Tax on profit
10
25,202
(53,023)
Profit for the financial year
85,391
429,470
Profit for the financial year is all attributable to the owners of the parent company.
QUAYSIDE 2015 LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023
- 8 -
2023
2022
as restated
£
£
Profit for the year
85,391
429,470
Other comprehensive income
-
-
Total comprehensive income for the year
85,391
429,470
Total comprehensive income for the year is all attributable to the owners of the parent company.
QUAYSIDE 2015 LIMITED
GROUP BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 9 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
13
836,459
955,764
Investments
14
1
-
0
836,460
955,764
Current assets
Stocks
17
514,289
513,524
Debtors
18
1,247,791
1,587,580
Cash at bank and in hand
1,586,753
1,425,924
3,348,833
3,527,028
Creditors: amounts falling due within one year
19
(3,848,983)
(3,474,956)
Net current (liabilities)/assets
(500,150)
52,072
Total assets less current liabilities
336,310
1,007,836
Creditors: amounts falling due after more than one year
20
(3,889)
(370,346)
Provisions for liabilities
Deferred tax liability
23
208,249
238,709
(208,249)
(238,709)
Net assets
124,172
398,781
Capital and reserves
Called up share capital
25
460,000
460,000
Profit and loss reserves
(335,828)
(61,219)
Total equity
124,172
398,781

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
30 September 2024
Mr M Conway
Director
Company registration number 09885173 (England and Wales)
QUAYSIDE 2015 LIMITED
COMPANY BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 10 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
14
460,000
460,000
Current assets
Debtors
18
460,000
460,000
Creditors: amounts falling due within one year
19
(460,000)
(460,000)
Net current assets
-
-
Net assets
460,000
460,000
Capital and reserves
Called up share capital
25
460,000
460,000

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s profit for the year was £360,000 (2022 - £326,154 profit).

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

The financial statements were approved by the board of directors and authorised for issue on 30 September 2024 and are signed on its behalf by:
30 September 2024
Mr M Conway
Director
Company registration number 09885173 (England and Wales)
QUAYSIDE 2015 LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
460,000
366,847
826,847
Year ended 31 December 2022:
Profit and total comprehensive income
-
429,470
429,470
Dividends
11
-
(326,154)
(326,154)
Prior year adjustments
-
(531,382)
(531,382)
Balance at 31 December 2022
460,000
(61,219)
398,781
Year ended 31 December 2023:
Profit and total comprehensive income
-
85,391
85,391
Dividends
11
-
(360,000)
(360,000)
Balance at 31 December 2023
460,000
(335,828)
124,172
QUAYSIDE 2015 LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2022
460,000
-
0
460,000
Year ended 31 December 2022:
Profit and total comprehensive income for the year
-
326,154
326,154
Dividends
11
-
(326,154)
(326,154)
Balance at 31 December 2022
460,000
-
0
460,000
Year ended 31 December 2023:
Profit and total comprehensive income
-
360,000
360,000
Dividends
11
-
(360,000)
(360,000)
Balance at 31 December 2023
460,000
-
0
460,000
QUAYSIDE 2015 LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 13 -
2023
2022
as restated
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
31
1,921,837
821,566
Interest paid
(95,655)
(111,693)
Income taxes paid
(148,099)
(72,867)
Net cash inflow from operating activities
1,678,083
637,006
Investing activities
Exceptional items
(451,449)
-
Purchase of tangible fixed assets
(291,501)
(326,402)
Proceeds from disposal of tangible fixed assets
-
675
Proceeds from disposal of investments
(1)
-
Repayment of loans
27,357
(51,976)
Interest received
16,442
-
0
Net cash used in investing activities
(699,152)
(377,703)
Financing activities
Repayment of bank loans
(351,666)
(266,667)
Payment of finance leases obligations
(106,436)
(310,038)
Dividends paid to equity shareholders
(360,000)
(326,154)
Net cash used in financing activities
(818,102)
(902,859)
Net increase/(decrease) in cash and cash equivalents
160,829
(643,556)
Cash and cash equivalents at beginning of year
1,425,924
2,600,862
Effect of prior year adjustments
-
0
(531,382)
Cash and cash equivalents at end of year
1,586,753
1,425,924
QUAYSIDE 2015 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 14 -
1
Accounting policies
Company information

Quayside 2015 Limited (“the company”) is a private limited company, limited by shares, domiciled and incorporated in England and Wales. The registered office is 1st Floor Cloister House, Riverside, New Bailey Street, Manchester, M3 5FS.

 

The group consists of Quayside 2015 Limited and all of its subsidiaries.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Quayside 2015 Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 December 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

1.3
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.4
Turnover

Turnover represents the provision of wholesale clothing items and is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

QUAYSIDE 2015 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 15 -
1.5
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years. Goodwill was fully amortised at the balance sheet date.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computer equipment
33% straight line
Fixtures and fittings
15-50% straight line

Additions of fixtures and fittings have specific estimates of useful life made on acquisition, resulting in the large variance in depreciation rates.

 

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.7
Fixed asset investments

In the parent company financial statements, investments in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.8
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

QUAYSIDE 2015 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 16 -
1.10
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and 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

Basic financial assets, which include debtors 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 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. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at cost less impairment. Any impairment losses are recognised in the profit and loss account.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

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 group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares 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 classified as payable within one year are not amortised.

 

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

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

QUAYSIDE 2015 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 17 -
1.11
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

QUAYSIDE 2015 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 18 -

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.16
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the group’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.

3
Turnover and other revenue
2023
2022
£
£
Turnover analysed by class of business
Provision of digital printing and embriodery services for clothing
16,064,790
14,561,969
2023
2022
£
£
Turnover analysed by geographical market
UK
15,202,915
13,742,467
Europe
472,800
367,363
Rest of the world
389,075
452,139
16,064,790
14,561,969
2023
2022
£
£
Other revenue
Interest income
16,442
-
4
Exceptional item

Exceptional items have arisen during the year due to one off expenditures incurred which are not part of normal trading performance.

QUAYSIDE 2015 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 19 -
5
Operating profit
2023
2022
£
£
Operating profit for the year is stated after charging/(crediting):
Exchange losses/(gains)
695
(10,092)
Depreciation of owned tangible fixed assets
410,806
350,083
Profit on disposal of tangible fixed assets
-
(675)
Operating lease charges
291,875
260,990
6
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
157
144
-
0
-
0

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
4,809,236
4,262,604
-
0
-
0
Social security costs
437,185
402,801
-
-
Pension costs
93,272
75,577
-
0
-
0
5,339,693
4,740,982
-
0
-
0
7
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
463,428
484,645
Company pension contributions to defined contribution schemes
26,129
20,071
489,557
504,716
QUAYSIDE 2015 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
7
Directors' remuneration
(Continued)
- 20 -
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2023
2022
£
£
Remuneration for qualifying services
141,225
143,564
Company pension contributions to defined contribution schemes
7,613
7,178

The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 6 (2021: 6).

8
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
14,072
-
0
Other interest income
2,370
-
Total income
16,442
-
0
9
Interest payable and similar expenses
2023
2022
£
£
Interest on bank overdrafts and loans
38,684
30,935
Interest on finance leases and hire purchase contracts
1,582
36,523
Other interest
55,389
44,235
Total finance costs
95,655
111,693
10
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
106,777
-
0
Adjustments in respect of prior periods
(101,519)
-
0
Total current tax
5,258
-
0
Deferred tax
Origination and reversal of timing differences
(30,460)
53,023
Total tax (credit)/charge
(25,202)
53,023

Of the charge to current tax in relation to discontinued operations, £0 relates to tax on profits and £0 arose on disposal.

QUAYSIDE 2015 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Taxation
(Continued)
- 21 -

The actual (credit)/charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
Profit before taxation
60,189
482,493
Expected tax charge based on the standard rate of corporation tax in the UK of 25.00% (2022: 19.00%)
15,047
91,674
Tax effect of expenses that are not deductible in determining taxable profit
100,000
208
Tax effect of income not taxable in determining taxable profit
-
0
(60)
Tax effect of utilisation of tax losses not previously recognised
(58,758)
-
0
Unutilised tax losses carried forward
-
0
45,166
Adjustments in respect of prior years
-
0
(122,703)
Effect of change in corporation tax rate
(5,589)
-
Depreciation on assets not qualifying for tax allowances
29,269
-
0
Under/(over) provided in prior years
(74,711)
-
0
Other tax adjustments
-
0
38,738
(30,460)
-
0
Taxation (credit)/charge
(25,202)
53,023
11
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
360,000
326,154
12
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 January 2023 and 31 December 2023
460,000
Amortisation and impairment
At 1 January 2023 and 31 December 2023
460,000
Carrying amount
At 31 December 2023
-
0
At 31 December 2022
-
0
The company had no intangible fixed assets at 31 December 2023 or 31 December 2022.
QUAYSIDE 2015 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 22 -
13
Tangible fixed assets
Group
Computer equipment
Fixtures and fittings
Total
£
£
£
Cost
At 1 January 2023
2,437
2,777,008
2,779,445
Additions
-
0
291,501
291,501
Disposals
-
0
(862,906)
(862,906)
At 31 December 2023
2,437
2,205,603
2,208,040
Depreciation and impairment
At 1 January 2023
1,108
1,822,573
1,823,681
Depreciation charged in the year
-
0
410,806
410,806
Eliminated in respect of disposals
-
0
(862,906)
(862,906)
At 31 December 2023
1,108
1,370,473
1,371,581
Carrying amount
At 31 December 2023
1,329
835,130
836,459
At 31 December 2022
1,329
954,435
955,764
The company had no tangible fixed assets at 31 December 2023 or 31 December 2022.

The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.

Group
Company
2023
2022
2023
2022
£
£
£
£
Fixtures and fittings
836,459
517,540
-
0
-
0
14
Fixed asset investments
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Investments in subsidiaries
15
-
0
-
0
460,000
460,000
Unlisted investments
1
-
0
-
0
-
0
1
-
0
460,000
460,000
QUAYSIDE 2015 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
14
Fixed asset investments
(Continued)
- 23 -
Movements in fixed asset investments
Group
Investments
£
Cost or valuation
At 1 January 2023
-
Additions
400,001
At 31 December 2023
400,001
Impairment
At 1 January 2023
-
Impairment losses
400,000
At 31 December 2023
400,000
Carrying amount
At 31 December 2023
1
At 31 December 2022
-
Movements in fixed asset investments
Company
Shares in subsidiaries
£
Cost or valuation
At 1 January 2023 and 31 December 2023
460,000
Carrying amount
At 31 December 2023
460,000
At 31 December 2022
460,000
15
Subsidiaries

Details of the company's subsidiaries at 31 December 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Clothes2order Limited
England & Wales
Ordinary shares
100.00
Quayside 2012 Limited
England & Wales
Ordinary shares
100.00
16
Financial instruments

There are no financial instruments held at fair value across the group.

QUAYSIDE 2015 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 24 -
17
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
514,289
513,524
-
0
-
0
18
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
432,281
396,745
-
0
-
0
Unpaid share capital
460,000
460,000
460,000
460,000
Corporation tax recoverable
39,105
-
0
-
0
-
0
Other debtors
246,907
643,135
-
0
-
0
Prepayments and accrued income
69,498
87,700
-
0
-
0
1,247,791
1,587,580
460,000
460,000
19
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
21
266,667
266,663
-
0
-
0
Obligations under finance leases
22
3,975
95,624
-
0
-
0
Payments received on account
155,408
109,472
-
0
-
0
Trade creditors
1,473,520
1,484,966
-
0
-
0
Amounts owed to group undertakings
-
0
-
0
460,000
460,000
Corporation tax payable
-
0
103,736
-
0
-
0
Other taxation and social security
1,626,755
1,121,660
-
-
Other creditors
3,062
(2,116)
-
0
-
0
Accruals and deferred income
319,596
294,951
-
0
-
0
3,848,983
3,474,956
460,000
460,000

The above hire purchase creditor is secured against the corresponding fixed assets held by the company.

20
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
21
3,889
355,559
-
0
-
0
Obligations under finance leases
22
-
0
14,787
-
0
-
0
3,889
370,346
-
-
QUAYSIDE 2015 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 25 -
21
Loans and overdrafts
Group
Company
2023
2022
2023
2022
£
£
£
£
Bank loans
270,556
622,222
-
0
-
0
Payable within one year
266,667
266,663
-
0
-
0
Payable after one year
3,889
355,559
-
0
-
0

Details on the bank loan can be seen in Note 20 of the accounts.

22
Finance lease obligations
Group
Company
2023
2022
2023
2022
£
£
£
£
Future minimum lease payments due under finance leases:
Within one year
3,975
110,411
-
0
-
0

Finance lease payments represent rentals payable by the company or group for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 2 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.

23
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
2023
2022
Group
£
£
Accelerated capital allowances
208,249
238,709
The company has no deferred tax assets or liabilities.
Group
Company
2023
2023
Movements in the year:
£
£
Liability at 1 January 2023
238,709
-
Credit to profit or loss
(30,460)
-
Liability at 31 December 2023
208,249
-
QUAYSIDE 2015 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
23
Deferred taxation
(Continued)
- 26 -

A similar level of deferred tax movement is expected in next year's accounts.

24
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
93,272
75,577

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

25
Share capital
Group and company
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary "A" shares of £1 each
450,800
450,800
450,800
450,800
Ordinary "B" shares of £1 each
9,200
9,200
9,200
9,200
460,000
460,000
460,000
460,000
26
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
195,674
134,640
-
-
Between two and five years
260,156
168,569
-
-
455,830
303,209
-
-
27
Events after the reporting date

There were no events, other than the matter disclosed in the "Profit and Loss Reserves/Restatement" note, after the reporting period end date which require disclosure at the balance sheet date.

QUAYSIDE 2015 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 27 -
28
Related party transactions
Transactions with related parties

During the year the group entered into the following transactions with related parties:

Income
Income
Expenditure
Expenditure
2023
2022
2023
2022
£
£
£
£
Group
Entities with control, joint control or significant influence over the group
23,323
-
169,686
-

The following amounts were outstanding at the reporting end date:

Amounts due to related parties
2023
2022
£
£
Group
Entities with control, joint control or significant influence over the group
38,928
-

The following amounts were outstanding at the reporting end date:

Amounts due from related parties
2023
2022
Balance
Balance
£
£
Group
Entities with control, joint control or significant influence over the group
272,049
614,609
Other information

No interest was charged on the loans and they are repayable on demand.

 

There were no other related party transactions which require disclosure.

29
Directors' transactions

An overdrawn loan account was outstanding with one of the Directors at the balance sheet date. The loan balance, which is repayable on demand, is classified in debtors and no interest was charged. This amount was cleared post year-end.

Description
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Director
257,632
332,871
(360,228)
230,275
257,632
332,871
(360,228)
230,275
QUAYSIDE 2015 LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 28 -
30
Profit and loss reserves/restatement

The group has concluded a review working collaboratively with HMRC which relates to a period from 1 May 2020 to 31 December 2023 and has resulted in changes to its processes causing financial adjustments to the results in the above period.

 

The profit and loss adjustment for the above period (£1,029,692) is split between FY2023 (£283,384), FY2022 (£214,926) and Prior Year Adjustment (£531,382 – seen in the Group Statement of Changes in Equity) and amends the figures for turnover, administrative expenses, interest payable. The amendments to the balance sheet have inevitably impacted on debtors, creditors and profit and loss reserves.

 

31
Cash generated from group operations
2023
2022
£
£
Profit for the year after tax
85,391
429,470
Adjustments for:
Taxation (credited)/charged
(25,202)
53,023
Finance costs
95,655
111,693
Investment income
(16,442)
-
0
Gain on disposal of tangible fixed assets
-
(675)
Exceptional items
451,449
-
Depreciation and impairment of tangible fixed assets
410,806
350,083
Movements in working capital:
Increase in stocks
(765)
(136,046)
Decrease/(increase) in debtors
351,537
(275,732)
Increase in creditors
569,408
289,750
Cash generated from operations
1,921,837
821,566
32
Analysis of changes in net funds - group
1 January 2023
Cash flows
31 December 2023
£
£
£
Cash at bank and in hand
1,425,924
160,829
1,586,753
Borrowings excluding overdrafts
(622,222)
351,666
(270,556)
Obligations under finance leases
(110,411)
106,436
(3,975)
693,291
618,931
1,312,222
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