2023-07-012024-06-302024-06-30false05455870ALAN PAINE KNITWEAR 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ALAN PAINE KNITWEAR LIMITED

Registered Number
05455870
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

ALAN PAINE KNITWEAR LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Directors

FLYNN, Henry Mcmillan
HEALY, Mark
HINTON, James Donald
SAHOTA, Kamaljit Singh
SEVERN, Ashley

Company Secretary

CLOUSTON, John Alan

Registered Address

Unit 4a Hamilton Way
Oakham Business Park
Mansfield
NG18 5BU

Registered Number

05455870 (England and Wales)
ALAN PAINE KNITWEAR LIMITED
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets4262,506321,759
262,506321,759
Current assets
Stocks1,602,4771,879,450
Debtors196,595220,714
Cash at bank and on hand797,726605,367
2,596,7982,705,531
Creditors amounts falling due within one year5(994,672)(1,303,513)
Net current assets (liabilities)1,602,1261,402,018
Total assets less current liabilities1,864,6321,723,777
Creditors amounts falling due after one year(40,283)(87,283)
Provisions for liabilities(49,876)(61,125)
Net assets1,774,4731,575,369
Capital and reserves
Called up share capital11,53011,530
Share premium30,00030,000
Profit and loss account1,732,9431,533,839
Shareholders' funds1,774,4731,575,369
The financial statements were approved and authorised for issue by the Board of Directors on 4 September 2024, and are signed on its behalf by:
HINTON, James Donald
Director
Registered Company No. 05455870
ALAN PAINE KNITWEAR LIMITED
Notes to the Financial Statements
for the year ended 30 June 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Revenue from sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets constitute goodwill arising on purchased businesses which has been fulling amortised over its useful life.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Fixtures and fittings25-
Vehicles-20
Office Equipment-20
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
2.Average number of employees

20242023
Average number of employees during the year2524
3.Intangible assets

Total

£
Cost or valuation
At 01 July 23483,109
At 30 June 24483,109
Amortisation and impairment
At 01 July 23483,109
At 30 June 24483,109
Net book value
At 30 June 24-
At 30 June 23-
4.Tangible fixed assets

Total

£
Cost or valuation
At 01 July 23624,663
Additions83,452
Disposals(50,780)
At 30 June 24657,335
Depreciation and impairment
At 01 July 23302,905
Charge for year114,730
On disposals(22,806)
At 30 June 24394,828
Net book value
At 30 June 24262,506
At 30 June 23321,759
5.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables376,318742,997
Taxation and social security243,489175,802
Finance lease and HP contracts43,443-
Other creditors152,654112,435
Accrued liabilities and deferred income178,768272,279
Total994,6721,303,513
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
6.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts40,28387,234
7.Capital commitments
Capital commitments are due on hire purchase contracts as follows: within one year £43,443, between 1 and 2 years £10,402 and between 2 and 3 years £29,880 (30 June 2023: within one year £30,347, between1 and 2 years £34,586 and between 2 and 3 years £22,300)
8.Other commitments
Other financial commitments total £175,372 on the rental of the company premises over the next 3 years (30 June 2023 £243,258).