Company registration number 13903842 (England and Wales)
COMMUNITY CLOTHING (LANCASHIRE) LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
COMMUNITY CLOTHING (LANCASHIRE) LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
COMMUNITY CLOTHING (LANCASHIRE) LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
1,555
2,255
Tangible assets
4
26,262
26,720
27,817
28,975
Current assets
Stocks
2,766,905
2,774,485
Debtors
5
90,161
282,490
Cash at bank and in hand
411,931
87,517
3,268,997
3,144,492
Creditors: amounts falling due within one year
6
(375,026)
(910,866)
Net current assets
2,893,971
2,233,626
Total assets less current liabilities
2,921,788
2,262,601
Creditors: amounts falling due after more than one year
7
(100,000)
(3,988,353)
Net assets/(liabilities)
2,821,788
(1,725,752)
Capital and reserves
Called up share capital
8
1,331
1,000
Share premium account
257,196
2,912
Profit and loss reserves
2,563,261
(1,729,664)
Total equity
2,821,788
(1,725,752)
COMMUNITY CLOTHING (LANCASHIRE) LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

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

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 15 February 2025 and are signed on its behalf by:
P J Grant
Director
Company registration number 13903842 (England and Wales)
COMMUNITY CLOTHING (LANCASHIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Community Clothing (Lancashire) Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Sovereign House, Lions Drive, Shadsworth Business Park, Blackburn, Lancashire, BB1 2QS.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors are not aware of any material uncertainties affecting the company and consider that the company will have sufficient resources to continue trading for the foreseeable future. As a result, the directors have continued to adopt the going concern basis in preparing the financial statements.true

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT.

1.4
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.

1.5
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation 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:

Patents & licences
20% Straight line
1.6
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.

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:

Plant and equipment
20% Reducing balance
Fixtures and fittings
20% Reducing balance
Computers
20% Straight line
COMMUNITY CLOTHING (LANCASHIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.7
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.8
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

COMMUNITY CLOTHING (LANCASHIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
9
10
COMMUNITY CLOTHING (LANCASHIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Intangible fixed assets
Goodwill
Other
Total
£
£
£
Cost
At 1 January 2024 and 31 December 2024
2,498
1,000
3,498
Amortisation and impairment
At 1 January 2024
937
306
1,243
Amortisation charged for the year
500
200
700
At 31 December 2024
1,437
506
1,943
Carrying amount
At 31 December 2024
1,061
494
1,555
At 31 December 2023
1,561
694
2,255
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2024
33,480
Additions
6,775
At 31 December 2024
40,255
Depreciation and impairment
At 1 January 2024
6,760
Depreciation charged in the year
7,233
At 31 December 2024
13,993
Carrying amount
At 31 December 2024
26,262
At 31 December 2023
26,720
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
51,464
40,459
Other debtors
20,000
5,080
Prepayments and accrued income
18,697
236,951
90,161
282,490
COMMUNITY CLOTHING (LANCASHIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
137,568
468,528
Taxation and social security
52,877
9,870
Other creditors
184,581
432,468
375,026
910,866

Other creditors includes:

 

- An amount of £47,766 (2023 - £285,801 ) due to the directors, of which £47,356 (2023 - £129,334 ) is secured by a fixed and floating charge over the assets of the company.

 

- An amount of £38,558 (2023 - £76,846) due to the shareholders.

7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
100,000
3,988,353

Other creditors includes:

 

- An amount of £nil (2023 - £3,988,353 ) due to a connected company providing invoice financing, secured by a fixed and floating charge over the assets of the company.

 

- An amount of £100,000 (2023 - £nil) due to the shareholders.

 

 

8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1,331
1,000
1,331
1,000

During the year, 331 ordinary shares of £1 each were issued at a premium of £768.23 per share.

COMMUNITY CLOTHING (LANCASHIRE) LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
9
Prior period adjustment
Reconciliation of changes in equity
1 January
31 December
2023
2023
£
£
Adjustments to prior year
Overstated stock valuation
-
(123,653)
Equity as previously reported
(409,342)
(1,602,099)
Equity as adjusted
(409,342)
(1,725,752)
Analysis of the effect upon equity
Profit and loss reserves
-
(123,653)
Reconciliation of changes in loss for the previous financial period
2023
£
Adjustments to prior year
Overstated stock valuation
(123,653)
Loss as previously reported
(1,192,757)
Loss as adjusted
(1,316,410)
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