Caseware UK (AP4) 2023.0.135 2023.0.135 2023-10-312023-10-31false2022-11-01false13repair of mobile phones and retail of iPhone accessories15truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08742544 2022-11-01 2023-10-31 08742544 2021-11-01 2022-10-31 08742544 2023-10-31 08742544 2022-10-31 08742544 c:Director1 2022-11-01 2023-10-31 08742544 d:PlantMachinery 2022-11-01 2023-10-31 08742544 d:PlantMachinery 2023-10-31 08742544 d:PlantMachinery 2022-10-31 08742544 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 08742544 d:MotorVehicles 2022-11-01 2023-10-31 08742544 d:MotorVehicles 2023-10-31 08742544 d:MotorVehicles 2022-10-31 08742544 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 08742544 d:OwnedOrFreeholdAssets 2022-11-01 2023-10-31 08742544 d:CopyrightsPatentsTrademarksServiceOperatingRights 2023-10-31 08742544 d:CopyrightsPatentsTrademarksServiceOperatingRights 2022-10-31 08742544 d:CurrentFinancialInstruments 2023-10-31 08742544 d:CurrentFinancialInstruments 2022-10-31 08742544 d:Non-currentFinancialInstruments 2023-10-31 08742544 d:Non-currentFinancialInstruments 2022-10-31 08742544 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 08742544 d:CurrentFinancialInstruments d:WithinOneYear 2022-10-31 08742544 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 08742544 d:Non-currentFinancialInstruments d:AfterOneYear 2022-10-31 08742544 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 08742544 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-10-31 08742544 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 08742544 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-10-31 08742544 d:ShareCapital 2023-10-31 08742544 d:ShareCapital 2022-10-31 08742544 d:RetainedEarningsAccumulatedLosses 2023-10-31 08742544 d:RetainedEarningsAccumulatedLosses 2022-10-31 08742544 c:OrdinaryShareClass1 2022-11-01 2023-10-31 08742544 c:OrdinaryShareClass1 2023-10-31 08742544 c:FRS102 2022-11-01 2023-10-31 08742544 c:AuditExempt-NoAccountantsReport 2022-11-01 2023-10-31 08742544 c:FullAccounts 2022-11-01 2023-10-31 08742544 c:PrivateLimitedCompanyLtd 2022-11-01 2023-10-31 08742544 2 2022-11-01 2023-10-31 08742544 d:CopyrightsPatentsTrademarksServiceOperatingRights d:OwnedIntangibleAssets 2022-11-01 2023-10-31 08742544 e:PoundSterling 2022-11-01 2023-10-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 08742544









28 TRADING LIMITED







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2023

 
28 TRADING LIMITED
REGISTERED NUMBER: 08742544

STATEMENT OF FINANCIAL POSITION
AS AT 31 OCTOBER 2023


2023

2022
Note
£
£
£
£

Fixed assets
  

Intangible assets
 4 
4,277
5,470

Tangible assets
 5 
10,559
14,341

  
14,836
19,811

Current assets
  

Stocks
 6 
765,200
1,362,042

Debtors: amounts falling due within one year
 7 
1,297,812
986,141

Cash at bank and in hand
 8 
19,114
51,973

  
2,082,126
2,400,156

Creditors: amounts falling due within one year
 9 
(3,589,075)
(2,855,664)

Net current liabilities
  
 
 
(1,506,949)
 
 
(455,508)

Total assets less current liabilities
  
(1,492,113)
(435,697)

Creditors: amounts falling due after more than one year
 10 
(115,194)
(221,666)

  

Net liabilities
  
(1,607,307)
(657,363)


Capital and reserves
  

Called up share capital 
 12 
500
500

Profit and loss account
  
(1,607,807)
(657,863)

  
(1,607,307)
(657,363)


Page 1

 
28 TRADING LIMITED
REGISTERED NUMBER: 08742544
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 OCTOBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the Statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 October 2024.




I Seth
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
28 TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

1.


General information

28 Trading Limited is a company limited by shares, incorporated in England and Wales. The address of the registered office is Suite 120, Unit 3 Woodward Buildings, 1 Victoria Road, London, W3 6FA.
The company specialises in the repair of mobile phones and retail of iPhone accessories.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis, notwithstanding the Statement of financial position showing net liabilities of £1,607,307 (2022 - £657,363). The director has provided an undertaking that he will continue to support the company for the foreseeable future to enable the company's liabilities to be met as they fall due and specifically for a period of not less than twelve months from the date of signing these financial statements. On this basis, the director believes that the preparation of the accounts on a going concern basis is appropriate.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each year end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at year end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in other comprehensive income within 'other operating income'.

Page 3

 
28 TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight-line basis over the lease term.

 
2.6

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

Page 4

 
28 TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of comprehensive income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in the Statement of comprehensive income except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Trademarks
-
5 years

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
28 TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Plant and machinery
-
18% reducing balance
Motor vehicles
-
16% reducing balance

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of comprehensive income.

 
2.11

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
2.12

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.13

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.14

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.15

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.

Page 6

 
28 TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

3.


Employees

The average monthly number of employees, including directors, during the year was 13 (2022 - 15).


4.


Intangible assets




Trademarks

£



Cost


At 1 November 2022
5,967



At 31 October 2023

5,967



Amortisation


At 1 November 2022
497


Charge for the year 
1,193



At 31 October 2023

1,690



Net book value



At 31 October 2023
4,277



At 31 October 2022
5,470



Page 7

 
28 TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost


At 1 November 2022
18,862
39,890
58,752


Additions
8,000
-
8,000


Disposals
-
(39,890)
(39,890)



At 31 October 2023

26,862
-
26,862



Depreciation


At 1 November 2022
15,595
28,816
44,411


Charge for the year
708
(6,902)
(6,194)


Disposals
-
(21,914)
(21,914)



At 31 October 2023

16,303
-
16,303



Net book value



At 31 October 2023
10,559
-
10,559



At 31 October 2022
3,267
11,074
14,341


6.


Stocks

2023
2022
£
£

Finished goods and goods for resale
765,200
1,362,042

765,200
1,362,042


Page 8

 
28 TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

7.


Debtors

2023
2022
£
£


Trade debtors
912,344
969,350

Other debtors
385,468
16,791

1,297,812
986,141



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
19,114
51,973

19,114
51,973



9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
89,684
70,000

Trade creditors
3,407,499
2,646,087

Other taxation and social security
6,959
17,235

Other creditors
81,933
119,342

Accruals and deferred income
3,000
3,000

3,589,075
2,855,664



10.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
115,194
221,666

115,194
221,666


Page 9

 
28 TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

11.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
89,684
70,000

Amounts falling due 1-2 years

Bank loans
97,999
70,000

Amounts falling due 2-5 years

Bank loans
17,195
151,666


204,878
291,666



12.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



500 Ordinary shares of £1 each
500
500



13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company  to the fund and amounted to £5,298 (2022 - £6,317). Contributions totalling £1,974 (2022 - £419) were payable to the fund at the reporting date and are included in creditors.

Page 10

 
28 TRADING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023

14.


Related party transactions

Included within other debtors, is an amount of £19,426  (2022 - £55,585 due to) due from the director of the company.

Included within other debtors, is an amount of £342,857 (2022 - £404,307) due from a company under common control.
 
Included within trade debtors, is an amount of £117,769 (2022 - £35,403) due from a company controlled by close family members.
 
Included within other creditors due within one year is an amount of £12,448 (2022 - £Nil) due to a company under common control.
Included within other creditors due within one year is an amount of £15,000 
(2022 - £35,000) due to a company under common control.
Included within other creditors due within one year is an amount of £16,000 
(2022 - £Nil) due to a company controlled by close family members.
Included within trade debtors, is an amount of £312,016 
(2022 - £221,089) due from a company controlled by close family members.
 


15.


Ultimate parent undertaking and controlling party

The immediate and ultimate parent undertaking is 28 Holdings Limited, a company incorporated in England and Wales.
The ultimate controlling party of the company is the director by virtue of his 100% shareholding in the ultimate parent undertaking.


 
Page 11