Caseware UK (AP4) 2023.0.135 2023.0.135 2023-12-312023-12-31true7false2023-01-01falseNo description of principal activity7falseThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 01984107 2023-01-01 2023-12-31 01984107 2022-01-01 2022-12-31 01984107 2023-12-31 01984107 2022-12-31 01984107 c:Director1 2023-01-01 2023-12-31 01984107 c:Director2 2023-01-01 2023-12-31 01984107 d:Buildings 2023-01-01 2023-12-31 01984107 d:Buildings 2023-12-31 01984107 d:Buildings 2022-12-31 01984107 d:Buildings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01984107 d:PlantMachinery 2023-01-01 2023-12-31 01984107 d:PlantMachinery 2023-12-31 01984107 d:PlantMachinery 2022-12-31 01984107 d:PlantMachinery d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01984107 d:FurnitureFittings 2023-01-01 2023-12-31 01984107 d:FurnitureFittings 2023-12-31 01984107 d:FurnitureFittings 2022-12-31 01984107 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01984107 d:OfficeEquipment 2023-01-01 2023-12-31 01984107 d:OfficeEquipment 2023-12-31 01984107 d:OfficeEquipment 2022-12-31 01984107 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01984107 d:OtherPropertyPlantEquipment 2023-01-01 2023-12-31 01984107 d:OtherPropertyPlantEquipment 2023-12-31 01984107 d:OtherPropertyPlantEquipment 2022-12-31 01984107 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01984107 d:OwnedOrFreeholdAssets 2023-01-01 2023-12-31 01984107 d:CurrentFinancialInstruments 2023-12-31 01984107 d:CurrentFinancialInstruments 2022-12-31 01984107 d:Non-currentFinancialInstruments 2023-12-31 01984107 d:Non-currentFinancialInstruments 2022-12-31 01984107 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 01984107 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 01984107 d:Non-currentFinancialInstruments d:AfterOneYear 2023-12-31 01984107 d:Non-currentFinancialInstruments d:AfterOneYear 2022-12-31 01984107 d:ShareCapital 2023-12-31 01984107 d:ShareCapital 2022-12-31 01984107 d:RetainedEarningsAccumulatedLosses 2023-12-31 01984107 d:RetainedEarningsAccumulatedLosses 2022-12-31 01984107 c:FRS102 2023-01-01 2023-12-31 01984107 c:AuditExempt-NoAccountantsReport 2023-01-01 2023-12-31 01984107 c:FullAccounts 2023-01-01 2023-12-31 01984107 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 01984107 d:EntityControlledByKeyManagementPersonnel1 2023-01-01 2023-12-31 01984107 d:EntityControlledByKeyManagementPersonnel1 2023-12-31 01984107 d:EntityControlledByKeyManagementPersonnel1 2022-12-31 01984107 d:EntityControlledByKeyManagementPersonnel2 2023-01-01 2023-12-31 01984107 d:EntityControlledByKeyManagementPersonnel2 2023-12-31 01984107 d:EntityControlledByKeyManagementPersonnel2 2022-12-31 01984107 d:EntityControlledByKeyManagementPersonnel3 2023-01-01 2023-12-31 01984107 d:KeyManagementIndividualGroup1 d:OtherTransactionType1 2023-01-01 2023-12-31 01984107 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2023-12-31 01984107 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-12-31 01984107 2 2023-01-01 2023-12-31 01984107 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 01984107










TRAFFORD KNITWEAR LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
TRAFFORD KNITWEAR LIMITED
REGISTERED NUMBER: 01984107

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
1,570,580
1,694,889

  
1,570,580
1,694,889

Current assets
  

Stocks
  
79,082
79,784

Debtors: amounts falling due within one year
 5 
299,247
46,555

Cash at bank and in hand
  
53,297
3,382

  
431,626
129,721

Current liabilities
  

Creditors: amounts falling due within one year
 6 
(253,661)
(96,927)

Net current assets
  
 
 
177,965
 
 
32,794

Total assets less current liabilities
  
1,748,545
1,727,683

Creditors: amounts falling due after more than one year
 7 
(15,664)
(25,782)

Provisions for liabilities
  

Deferred tax
  
(8,610)
(11,526)

  
 
 
(8,610)
 
 
(11,526)

Net assets
  
1,724,271
1,690,375


Capital and reserves
  

Called up share capital 
  
99
99

Profit and loss account
  
1,724,172
1,690,276

  
1,724,271
1,690,375


Page 1

 
TRAFFORD KNITWEAR LIMITED
REGISTERED NUMBER: 01984107
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The directors consider 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 directors acknowledge their 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 profit and loss account 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 by: 




................................................
G C Wragg
................................................
A R Wragg
Director
Director


Date: 23 January 2025

The notes on pages 3 to 10 form part of these financial statements.

Page 2

 
TRAFFORD KNITWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Trafford Knitwear Limited is a private company, limited by shares, domiciled in England & Wales, register number 01984107.  The registered office address is 11 Merus Court, Meridian Business Park, Leicester, LE19 1RJ.
Principal activity
The principal activity of the Company during the year was the wholesale of clothing and footwear.

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 Company's functional and presentational currency is British Pounds Sterling (£).

The following principal accounting policies have been applied:

 
2.2

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.

Page 3

 
TRAFFORD KNITWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Interest income

Interest income is recognised in the Profit and Loss Account using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss 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 balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.7

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 4

 
TRAFFORD KNITWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the following methods.

Depreciation is provided on the following basis:

Freehold property
-
2% per annum on cost
Plant and machinery
-
15% per annum on net book amount
Fixtures and fittings
-
15% per annum on net book amount
Improvements to property
-
at varying rates on cost

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 Profit and Loss Account.

 
2.8

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 balance sheet 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 Profit and Loss Account.

 
2.9

Debtors

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

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice. 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.

 
2.11

Creditors

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

Page 5

 
TRAFFORD KNITWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to the Profit and Loss Account.

 
2.13

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
 
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at transaction price, net of transaction costs, and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
 
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and Loss Account.
 
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
 
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
 
Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.


3.


Employees

The average monthly number of employees, including directors, during the year was 7 (2022 - 7).

Page 6

 
TRAFFORD KNITWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
3.1

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 7

 
TRAFFORD KNITWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Freehold property
Improvements to property
Plant and machinery
Fixtures and fittings
Computer equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 January 2023
2,122,340
53,056
111,380
12,469
333
2,299,578


Disposals
(92,000)
-
-
-
-
(92,000)



At 31 December 2023

2,030,340
53,056
111,380
12,469
333
2,207,578



Depreciation


At 1 January 2023
436,370
47,761
109,428
11,073
57
604,689


Charge for the year on owned assets
31,416
351
293
208
41
32,309



At 31 December 2023

467,786
48,112
109,721
11,281
98
636,998



Net book value



At 31 December 2023
1,562,554
4,944
1,659
1,188
235
1,570,580



At 31 December 2022
1,685,970
5,295
1,952
1,396
276
1,694,889


5.


Debtors

2023
2022
£
£


Trade debtors
38,742
12,874

Other debtors
259,312
32,704

Prepayments and accrued income
1,193
977

299,247
46,555


Page 8

 
TRAFFORD KNITWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,119
9,870

Other loans
47,374
47,374

Trade creditors
85,409
27,657

Corporation tax
81,397
867

Other taxation and social security
9,355
5,408

Other creditors
15,257
1,001

Accruals and deferred income
4,750
4,750

253,661
96,927


Bank loans are secured on the Company's assets.


7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
15,664
25,782

15,664
25,782


Bank loans are secured on the Company's assets.


8.


Transactions with directors

At the year end, one director had an outstanding balance owed to the Company.
At the start of the year, the first director owed £30,868 to the Company. During the year, payments of £202,132 were made and repayments of £31,612 leaving a balance of £201,388 owed to the Company at the year end.
At the start of the year, the second director owed £1,836 to the Company. During the year, payments of £0 were made and repayments of £15,312 leaving a balance of £13,476 owed by the Company at the year end.
At the start of the year, the third director was owed £1,001 by the Company. During the year, payments of £24,532 were made and repayments of £25,312 leaving a balance of £1,781 owed by the Company at the year end.
Interest was charged at 2.5% on any overdrawn balances and all balances are payable on demand.

Page 9

 
TRAFFORD KNITWEAR LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Related party transactions

Transactions and balances with other related parties are as follows:
Purchases - £15,000 (2022: £nil).
As at 31 December 2023, this balance was still outstanding and was included in trade creditors. 
The directors consider all transactions to be at arms length.

 
Page 10