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REGISTERED NUMBER: 06678242 (England and Wales)












Unaudited Financial Statements

for the Year Ended 30 November 2023

for

Lambton Clothing Company Limited

Lambton Clothing Company Limited (Registered number: 06678242)






Contents of the Financial Statements
for the year ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Accountants' Report 7

Lambton Clothing Company Limited

Company Information
for the year ended 30 November 2023







DIRECTORS: E R Lambert
M Norton
Mrs R Arcangelo
J Begbie





SECRETARY: E R Lambert





REGISTERED OFFICE: Lobley Cottage
Ilton
Ripon
North Yorkshire
HG4 4JY





REGISTERED NUMBER: 06678242 (England and Wales)





ACCOUNTANTS: Beaumonts Partnership Limited
8 Navigation Court
Calder Park
Wakefield
West Yorkshire
WF2 7BJ

Lambton Clothing Company Limited (Registered number: 06678242)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 99,681 145,644
Tangible assets 5 56,100 61,956
Investments 6 726,463 726,463
882,244 934,063

CURRENT ASSETS
Stocks 921,137 979,819
Debtors 7 1,264,321 1,081,623
Cash at bank and in hand 2,726 31,457
2,188,184 2,092,899
CREDITORS
Amounts falling due within one year 8 2,676,152 2,450,702
NET CURRENT LIABILITIES (487,968 ) (357,803 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

394,276

576,260

CREDITORS
Amounts falling due after more than one
year

9

199,254

308,553
NET ASSETS 195,022 267,707

CAPITAL AND RESERVES
Called up share capital 1,690 1,690
Retained earnings 193,332 266,017
SHAREHOLDERS' FUNDS 195,022 267,707

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Lambton Clothing Company Limited (Registered number: 06678242)

Balance Sheet - continued
30 November 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2024 and were signed on its behalf by:




E R Lambert - Director



M Norton - Director


Lambton Clothing Company Limited (Registered number: 06678242)

Notes to the Financial Statements
for the year ended 30 November 2023

1. STATUTORY INFORMATION

Lambton Clothing Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of manufactured high quality tailored clothing relating to the period, excluding value added tax.

Goodwill
Goodwill is included at cost and amortised through the profit and loss account over the period to 30 November 2021.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Computer software is being amortised evenly over its estimated useful life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold property improvements - 20% on cost
Plant and machinery - 15% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on cost
Computer equipment - 33% on cost

Stocks
Stocks are stated at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Lambton Clothing Company Limited (Registered number: 06678242)

Notes to the Financial Statements - continued
for the year ended 30 November 2023

2. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit and loss over the relevant period. The capital element of the future payments is treated as a liability.

Fixed asset investments
Fixed asset investments are stated at cost less provision for permanent impairment in value.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2022 - 40 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
Goodwill assets Totals
£    £    £   
COST
At 1 December 2022 132,615 308,540 441,155
Additions - 3,600 3,600
At 30 November 2023 132,615 312,140 444,755
AMORTISATION
At 1 December 2022 132,615 162,896 295,511
Charge for year - 49,563 49,563
At 30 November 2023 132,615 212,459 345,074
NET BOOK VALUE
At 30 November 2023 - 99,681 99,681
At 30 November 2022 - 145,644 145,644

5. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and Computer
leasehold machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 December 2022 7,436 71,138 11,087 22,152 111,813
Additions - 1,149 727 9,421 11,297
At 30 November 2023 7,436 72,287 11,814 31,573 123,110
DEPRECIATION
At 1 December 2022 6,000 23,268 10,140 10,449 49,857
Charge for year 556 9,673 431 6,493 17,153
At 30 November 2023 6,556 32,941 10,571 16,942 67,010
NET BOOK VALUE
At 30 November 2023 880 39,346 1,243 14,631 56,100
At 30 November 2022 1,436 47,870 947 11,703 61,956

Lambton Clothing Company Limited (Registered number: 06678242)

Notes to the Financial Statements - continued
for the year ended 30 November 2023

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 December 2022
and 30 November 2023 726,463
NET BOOK VALUE
At 30 November 2023 726,463
At 30 November 2022 726,463

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Trade debtors 882,564 816,226
Other debtors 381,757 265,397
1,264,321 1,081,623

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 190,024 322,307
Hire purchase contracts 9,298 9,298
Trade creditors 832,416 796,953
Taxation and social security 642,712 543,623
Other creditors 1,001,702 778,521
2,676,152 2,450,702

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans 178,333 278,334
Hire purchase contracts 20,921 30,219
199,254 308,553

10. SECURED DEBTS

The following secured debts are included within creditors:

30.11.23 30.11.22
£    £   
Bank overdrafts 90,024 222,307
Bank loans 278,333 378,334
Hire purchase contracts 30,219 -
Factors advances 581,882 297,087
980,458 897,728

Fixed and floating charges and a charge against contract monies are provided as security.

Hire purchase is secured over the assets being financed.

11. FINANCIAL COMMITMENTS

The total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £NIL (2022 - £37,978).

Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Lambton Clothing Company Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Lambton Clothing Company Limited for the year ended 30 November 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Lambton Clothing Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Lambton Clothing Company Limited and state those matters that we have agreed to state to the Board of Directors of Lambton Clothing Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Lambton Clothing Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Lambton Clothing Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Lambton Clothing Company Limited. You consider that Lambton Clothing Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Lambton Clothing Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Beaumonts Partnership Limited
8 Navigation Court
Calder Park
Wakefield
West Yorkshire
WF2 7BJ


27 November 2024