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Registration number: 02594505

Oxford Shirt Company Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Oxford Shirt Company Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Oxford Shirt Company Limited

Company Information

Directors

Mr Neil Duncan Turnbull Lauder

Mr Hamish Nicholas Lauder

Oliver Neil Lauder

Company secretary

Helen Colbert Lauder

Registered office

54 High Street
Burford
Oxfordshire
OX18 4QF

Accountants

ReesRussell LLP
Chartered Accountants
37 Market Square
Witney
Oxfordshire
OX28 6RE

 

Oxford Shirt Company Limited

(Registration number: 02594505)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,514,830

2,045,201

Current assets

 

Stocks

5

1,446,636

1,349,033

Debtors

6

302,385

210,443

Cash at bank and in hand

 

695,056

1,105,558

 

2,444,077

2,665,034

Creditors: Amounts falling due within one year

7

(273,971)

(171,389)

Net current assets

 

2,170,106

2,493,645

Total assets less current liabilities

 

4,684,936

4,538,846

Provisions for liabilities

(15,416)

(15,416)

Net assets

 

4,669,520

4,523,430

Capital and reserves

 

Called up share capital

830,000

830,000

Retained earnings

3,839,520

3,693,430

Shareholders' funds

 

4,669,520

4,523,430

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 31 October 2024 and signed on its behalf by:
 

 

Oxford Shirt Company Limited

(Registration number: 02594505)
Balance Sheet as at 31 January 2024

.........................................
Oliver Neil Lauder
Director

 

Oxford Shirt Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
54 High Street
Burford
Oxfordshire
OX18 4QF

These financial statements were authorised for issue by the Board on 31 October 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are recorded at the exchange rate ruling at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the closing rates at the balance sheet date. All exchange differences are included in the profit and loss account.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Oxford Shirt Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture and equipment

20% reducing balance

Fixtures and fittings

20% reducing balance

Motor vehicles

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Oxford Shirt Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 18 (2023 - 16).

 

Oxford Shirt Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Property improvements
£

Plant and machinery
 £

Fixtures and Fittings
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 February 2023

2,016,168

200,324

540,586

31,000

2,788,078

Additions

483,539

-

3,519

-

487,058

At 31 January 2024

2,499,707

200,324

544,105

31,000

3,275,136

Depreciation

At 1 February 2023

53,250

185,635

478,345

25,647

742,877

Charge for the year

-

2,938

13,152

1,339

17,429

At 31 January 2024

53,250

188,573

491,497

26,986

760,306

Carrying amount

At 31 January 2024

2,446,457

11,751

52,608

4,014

2,514,830

At 31 January 2023

1,962,918

14,689

62,241

5,353

2,045,201

Included within the net book value of land and buildings above is £2,446,457 (2023 - £1,962,918) in respect of freehold land and buildings.
 

There was no capital expenditure contracted for at the balance sheet date (2023 - none).

5

Stocks

2024
£

2023
£

Finished goods and goods for resale

1,446,636

1,349,033

6

Debtors

Current

Note

2024
£

2023
£

Trade debtors

 

(2,043)

(959)

Amounts owed by related parties

8

13,298

14,535

Prepayments

 

3,410

4,030

Other debtors

 

287,720

192,837

   

302,385

210,443

 

Oxford Shirt Company Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

7

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

98,184

84,279

Taxation and social security

123,783

66,771

Accruals and deferred income

1,057

882

Other creditors

50,947

19,457

273,971

171,389

8

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

46,200

49,200

Contributions paid to money purchase schemes

1,011

1,097

47,211

50,297