Eness Ltd 08465696 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is direct to garment printing. Digita Accounts Production Advanced 6.30.9574.0 true true 08465696 2023-04-01 2024-03-31 08465696 2024-03-31 08465696 bus:OrdinaryShareClass1 2024-03-31 08465696 bus:OrdinaryShareClass2 2024-03-31 08465696 bus:OrdinaryShareClass3 2024-03-31 08465696 bus:OrdinaryShareClass4 2024-03-31 08465696 core:HirePurchaseContracts core:CurrentFinancialInstruments 2024-03-31 08465696 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2024-03-31 08465696 core:CurrentFinancialInstruments 2024-03-31 08465696 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08465696 core:Non-currentFinancialInstruments 2024-03-31 08465696 core:Non-currentFinancialInstruments core:AfterOneYear 2024-03-31 08465696 core:Goodwill 2024-03-31 08465696 core:FurnitureFittingsToolsEquipment 2024-03-31 08465696 core:OtherPropertyPlantEquipment 2024-03-31 08465696 bus:SmallEntities 2023-04-01 2024-03-31 08465696 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08465696 bus:FilletedAccounts 2023-04-01 2024-03-31 08465696 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08465696 bus:RegisteredOffice 2023-04-01 2024-03-31 08465696 bus:Director1 2023-04-01 2024-03-31 08465696 bus:Director2 2023-04-01 2024-03-31 08465696 bus:Director3 2023-04-01 2024-03-31 08465696 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 08465696 bus:OrdinaryShareClass2 2023-04-01 2024-03-31 08465696 bus:OrdinaryShareClass3 2023-04-01 2024-03-31 08465696 bus:OrdinaryShareClass4 2023-04-01 2024-03-31 08465696 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08465696 core:Goodwill 2023-04-01 2024-03-31 08465696 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 08465696 core:OfficeEquipment 2023-04-01 2024-03-31 08465696 core:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 08465696 core:PlantMachinery 2023-04-01 2024-03-31 08465696 countries:AllCountries 2023-04-01 2024-03-31 08465696 2023-03-31 08465696 core:Goodwill 2023-03-31 08465696 core:FurnitureFittingsToolsEquipment 2023-03-31 08465696 core:OtherPropertyPlantEquipment 2023-03-31 08465696 2022-04-01 2023-03-31 08465696 2023-03-31 08465696 bus:OrdinaryShareClass1 2023-03-31 08465696 bus:OrdinaryShareClass2 2023-03-31 08465696 bus:OrdinaryShareClass3 2023-03-31 08465696 bus:OrdinaryShareClass4 2023-03-31 08465696 core:HirePurchaseContracts core:CurrentFinancialInstruments 2023-03-31 08465696 core:HirePurchaseContracts core:Non-currentFinancialInstruments 2023-03-31 08465696 core:CurrentFinancialInstruments 2023-03-31 08465696 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08465696 core:Non-currentFinancialInstruments 2023-03-31 08465696 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 08465696 core:Goodwill 2023-03-31 08465696 core:FurnitureFittingsToolsEquipment 2023-03-31 08465696 core:OtherPropertyPlantEquipment 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 08465696

Eness Ltd

trading as Shirt Monkey

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Eness Ltd

trading as Shirt Monkey

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 15

 

Eness Ltd

trading as Shirt Monkey

Company Information

Directors

Mr N M Simons

Mr P Simons

Mrs L Buckingham

Registered office

Unit 2 - 14
Premier Park
Winsford
Cheshire
CW7 3PH

Accountants

Meredith Accountancy Services Limited
Chartered Certified Accountants
Suite 3
12 Princess Street
Knutsford
Cheshire
WA16 6DD

 

Eness Ltd

trading as Shirt Monkey

(Registration number: 08465696)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

18,667

22,667

Tangible assets

5

3,877,829

3,078,208

 

3,896,496

3,100,875

Current assets

 

Stocks

6

490,000

460,000

Debtors

7

878,782

576,340

Cash at bank and in hand

 

157,832

66,463

 

1,526,614

1,102,803

Creditors: Amounts falling due within one year

8

(918,136)

(900,563)

Net current assets

 

608,478

202,240

Total assets less current liabilities

 

4,504,974

3,303,115

Creditors: Amounts falling due after more than one year

8

(2,327,002)

(1,707,563)

Provisions for liabilities

(480,823)

(306,413)

Net assets

 

1,697,149

1,289,139

Capital and reserves

 

Called up share capital

9

73

73

Retained earnings

1,697,076

1,289,066

Shareholders' funds

 

1,697,149

1,289,139

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

Directors' responsibilities:

 

Eness Ltd

trading as Shirt Monkey

(Registration number: 08465696)
Balance Sheet as at 31 March 2024

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 26 November 2024 and signed on its behalf by:
 

.........................................
Mr P Simons
Director

 

Eness Ltd

trading as Shirt Monkey

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

1

General information

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

The address of its registered office is:
Unit 2 - 14
Premier Park
Winsford
Cheshire
CW7 3PH

The principal place of business is:
Unit 2 - 14
Premier Park
Winsford
Cheshire
CW7 3PH

These financial statements were authorised for issue by the Board on 26 November 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.

Going concern

The financial statements have been prepared on a going concern basis.

 

Eness Ltd

trading as Shirt Monkey

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

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.

Tax

The tax expense for the period comprises deferred 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.

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, less estimated residual value, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% & 25% reducing balance

Fixtures and fittings

25% reducing balance

Computer equipment

33.33% reducing balance

 

Eness Ltd

trading as Shirt Monkey

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

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

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.

 

Eness Ltd

trading as Shirt Monkey

Notes to the Unaudited Financial Statements for the Year Ended 31 March 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Eness Ltd

trading as Shirt Monkey

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

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.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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.

 

Eness Ltd

trading as Shirt Monkey

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 44 (2023 - 34).

 

Eness Ltd

trading as Shirt Monkey

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2023

27,000

27,000

At 31 March 2024

27,000

27,000

Amortisation

At 1 April 2023

3,333

3,333

Amortisation charge

5,000

5,000

At 31 March 2024

8,333

8,333

Carrying amount

At 31 March 2024

18,667

18,667

At 31 March 2023

22,667

22,667

 

Eness Ltd

trading as Shirt Monkey

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

5

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

106,412

3,977,805

4,084,217

Additions

265

1,103,589

1,103,854

At 31 March 2024

106,677

5,081,394

5,188,071

Depreciation

At 1 April 2023

44,335

961,276

1,005,611

Charge for the year

5,799

231,219

237,018

Eliminated on disposal

-

67,613

67,613

At 31 March 2024

50,134

1,260,108

1,310,242

Carrying amount

At 31 March 2024

56,543

3,821,286

3,877,829

At 31 March 2023

62,077

3,016,131

3,078,208

6

Stocks

2024
£

2023
£

Other inventories

490,000

460,000

7

Debtors

 

Eness Ltd

trading as Shirt Monkey

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

Current

2024
£

2023
£

Trade debtors

828,782

440,123

Prepayments

50,000

50,000

Other debtors

-

86,217

 

878,782

576,340

 

Eness Ltd

trading as Shirt Monkey

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

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

208,133

572,760

Trade creditors

 

489,059

201,336

Taxation and social security

 

96,110

9,713

Accruals and deferred income

 

106,710

114,414

Other creditors

 

18,124

2,340

 

918,136

900,563

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10

713,656

1,707,563

Other non-current financial liabilities

 

1,613,346

-

 

2,327,002

1,707,563

9

Share capital

Allotted, called up and fully paid shares

 

Eness Ltd

trading as Shirt Monkey

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

2024

2023

No.

£

No.

£

Ordinary of £1 each

70

70

70

70

Ordinary A of £1 each

1

1

1

1

Ordinary B of £1 each

1

1

1

1

Ordinary C of £1 each

1

1

1

1

73

73

73

73

10

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

30,802

53,443

Hire purchase contracts

682,854

1,654,120

713,656

1,707,563

Current loans and borrowings

2024
£

2023
£

Bank borrowings

20,513

19,464

Hire purchase contracts

187,620

553,296

208,133

572,760

11

Related party transactions

 

Eness Ltd

trading as Shirt Monkey

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

25,779

23,796