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REGISTERED NUMBER: 04248565 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2024

for

Xamax Clothing Company Limited

Xamax Clothing Company Limited (Registered number: 04248565)






Contents of the Financial Statements
for the Year Ended 31 August 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Xamax Clothing Company Limited

Company Information
for the Year Ended 31 August 2024







DIRECTORS: Mrs Samantha Stewart
Mrs Janice Thompson
Mr Gareth Thompson





SECRETARY: Mrs Samantha Stewart





REGISTERED OFFICE: Unit 5b
Roundwood Industrial Estate
Ossett
West Yorkshire
WF5 9SQ





REGISTERED NUMBER: 04248565 (England and Wales)





ACCOUNTANTS: Crowther Chartered Accountants
Abacus House
Pennine Business Park
Longbow Close
Huddersfield
West Yorkshire
HD2 1GQ

Xamax Clothing Company Limited (Registered number: 04248565)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 11,215 9,812
Tangible assets 5 1,556,518 1,171,237
Investments 6 100 100
1,567,833 1,181,149

CURRENT ASSETS
Stocks 7 227,443 162,804
Debtors 8 377,953 410,399
Cash at bank and in hand 14,705 73,555
620,101 646,758
CREDITORS
Amounts falling due within one year 9 635,742 594,712
NET CURRENT (LIABILITIES)/ASSETS (15,641 ) 52,046
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,552,192

1,233,195

CREDITORS
Amounts falling due after more than one
year

10

(502,122

)

(534,905

)

PROVISIONS FOR LIABILITIES (181,711 ) (85,548 )
NET ASSETS 868,359 612,742

CAPITAL AND RESERVES
Called up share capital 100 100
Revaluation reserve 14 425,000 -
Other reserves 8,441 4,360
Retained earnings 434,818 608,282
SHAREHOLDERS' FUNDS 868,359 612,742

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2024 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.

Xamax Clothing Company Limited (Registered number: 04248565)

Balance Sheet - continued
31 August 2024


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 22 October 2024 and were signed on its behalf by:




Mrs Janice Thompson - Director Mr Gareth Thompson - Director




Mrs Samantha Stewart - Director


Xamax Clothing Company Limited (Registered number: 04248565)

Notes to the Financial Statements
for the Year Ended 31 August 2024

1. STATUTORY INFORMATION

Xamax 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 as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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 are being amortised evenly over their estimated useful life of ten years.

Website is being amortised evenly over its estimated useful life of two years.

Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

At each reporting date the company assess whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and property- In accordance with the property
Plant and machinery- 15% reducing balance
Fixtures and fittings- 15% reducing balance
Motor vehicles- 25% reducing balance
Computer equipment- 25% on cost

No depreciation charge is provided in respect of freehold land, however, the depreciation charge for freehold property is assessed on an annual basis after taking into consideration the condition and value of the property. Subject to this assessment, depreciation is accounted for where deemed necessary.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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


Xamax Clothing Company Limited (Registered number: 04248565)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

2. ACCOUNTING POLICIES - continued
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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 30 (2023 - 32 ) .

4. INTANGIBLE FIXED ASSETS
Computer
software Website Totals
£ £ £
COST
At 1 September 2023 8,873 44,605 53,478
Additions - 5,595 5,595
At 31 August 2024 8,873 50,200 59,073
AMORTISATION
At 1 September 2023 1,109 42,557 43,666
Amortisation for year 887 3,305 4,192
At 31 August 2024 1,996 45,862 47,858
NET BOOK VALUE
At 31 August 2024 6,877 4,338 11,215
At 31 August 2023 7,764 2,048 9,812

Xamax Clothing Company Limited (Registered number: 04248565)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

5. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
COST OR VALUATION
At 1 September 2023 1,050,000 809,593 94,627
Additions - 45,646 5,850
Disposals - (104,471 ) (48,476 )
Revaluations 425,000 - -
At 31 August 2024 1,475,000 750,768 52,001
DEPRECIATION
At 1 September 2023 118,800 616,346 75,100
Charge for year 12,800 24,974 2,433
Eliminated on disposal - (68,056 ) (41,778 )
At 31 August 2024 131,600 573,264 35,755
NET BOOK VALUE
At 31 August 2024 1,343,400 177,504 16,246
At 31 August 2023 931,200 193,247 19,527

Motor Computer
vehicles equipment Totals
£ £ £
COST OR VALUATION
At 1 September 2023 77,363 54,059 2,085,642
Additions - 354 51,850
Disposals - (47,621 ) (200,568 )
Revaluations - - 425,000
At 31 August 2024 77,363 6,792 2,361,924
DEPRECIATION
At 1 September 2023 52,392 51,767 914,405
Charge for year 6,243 1,691 48,141
Eliminated on disposal - (47,306 ) (157,140 )
At 31 August 2024 58,635 6,152 805,406
NET BOOK VALUE
At 31 August 2024 18,728 640 1,556,518
At 31 August 2023 24,971 2,292 1,171,237

Cost or valuation at 31 August 2024 is represented by:

Fixtures
Freehold Plant and and
property machinery fittings
£ £ £
Valuation in 2024 1,475,000 750,768 52,001

Xamax Clothing Company Limited (Registered number: 04248565)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£ £ £
Valuation in 2024 77,363 6,792 2,361,924

Included within the net book value is £50,963 (2023 - £67,024), which relates to assets held under hire purchase agreements. The depreciation charge to the financial statements in the year in respect of such assets amounted to £7,229 (2023 - £13,384).

6. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£
COST
At 1 September 2023
and 31 August 2024 100
NET BOOK VALUE
At 31 August 2024 100
At 31 August 2023 100

7. STOCKS
31.8.24 31.8.23
£ £
Stocks 227,443 162,804

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£ £
Trade debtors 174,533 211,626
I'm From Ltd 192,338 194,515
Other debtors - 541
Directors' loan accounts 8,790 -
Prepayments 2,292 3,717
377,953 410,399

Xamax Clothing Company Limited (Registered number: 04248565)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£ £
Bank loans and overdrafts (see note 11) 119,342 80,404
Hire purchase contracts (see note 12) 24,771 26,088
Trade creditors 313,248 299,120
Amounts owed to associates 11,981 8,978
Tax 86,883 66,758
Social security and other tax 11,463 18,969
VAT 49,621 70,335
Other creditors 1,342 3,058
Pension fund - 2,874
Accrued expenses 17,091 18,128
635,742 594,712

10. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£ £
Bank loans (see note 11) 457,126 502,242
Hire purchase contracts (see note 12) 27,467 9,838
Directors' loan accounts 17,529 22,825
502,122 534,905

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more 5 yr by instal 307,526 189,901

11. LOANS

An analysis of the maturity of loans is given below:

31.8.24 31.8.23
£ £
Amounts falling due within one year or on demand:
Bank overdrafts 81,942 -
Bank loans 37,400 80,404
119,342 80,404

Amounts falling due between one and two years:
Bank loans - 1-2 years 37,400 82,777

Amounts falling due between two and five years:
Bank loans - 2-5 years 112,200 229,564

Amounts falling due in more than five years:

Xamax Clothing Company Limited (Registered number: 04248565)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

11. LOANS - continued
31.8.24 31.8.23
£ £
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal 307,526 189,901

12. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.8.24 31.8.23
£ £
Net obligations repayable:
Within one year 24,771 26,088
Between one and five years 27,467 9,838
52,238 35,926

Non-cancellable
operating leases
31.8.24 31.8.23
£ £
Within one year 1,560 1,560

13. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£ £
Bank loans 494,526 582,646
Hire purchase contracts 52,238 35,926
546,764 618,572

14. RESERVES
Revaluation
reserve
£
Property revaluation 425,000

At 31 August 2024 425,000

Xamax Clothing Company Limited (Registered number: 04248565)

Notes to the Financial Statements - continued
for the Year Ended 31 August 2024

15. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 August 2024 and 31 August 2023:

31.8.2431.8.23
££
Director 1
Balance outstanding at start of year--
Amounts advanced8,790-
Amounts repaid--
Amounts written off--
Amounts waived--
Balance outstanding at end of year8,790-

Included in creditors: amounts falling due more than one year is a loan from the directors of £17,529 (2023 - £22,825). The loan is interest free with no fixed date for repayment.

16. ULTIMATE CONTROLLING PARTY

The controlling party is its directors.