REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
BURLINGTON UNIFORMS LIMITED |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 |
FOR |
BURLINGTON UNIFORMS LIMITED |
BURLINGTON UNIFORMS LIMITED (REGISTERED NUMBER: 01195047) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
BURLINGTON UNIFORMS LIMITED |
COMPANY INFORMATION |
for the Year Ended 31 May 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
10 London Mews |
London |
W21HY |
BURLINGTON UNIFORMS LIMITED (REGISTERED NUMBER: 01195047) |
BALANCE SHEET |
31 May 2024 |
31.5.24 | 31.5.23 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Fair value reserve | 9 | ( |
) | ( |
) |
Retained earnings | 9 |
SHAREHOLDERS' FUNDS |
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. |
BURLINGTON UNIFORMS LIMITED (REGISTERED NUMBER: 01195047) |
BALANCE SHEET - continued |
31 May 2024 |
The financial statements were approved by the Board of Directors and authorised for issue on |
BURLINGTON UNIFORMS LIMITED (REGISTERED NUMBER: 01195047) |
NOTES TO THE FINANCIAL STATEMENTS |
for the Year Ended 31 May 2024 |
1. | STATUTORY INFORMATION |
Burlington Uniforms Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates and value added tax. Revenue arises from the sale of goods and is recognised on the raising of the sales invoice on completion of delivery. |
Tangible fixed assets |
Tangible fixed assets 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 ny management. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter. |
Short leasehold - over the term of the lease |
Plant and machinery - 25% reducing balance |
Fixtures and fittings - 25% reducing balance |
Motor vehicles - 25% reducing balance |
Computer equipment - 33.33% straight line |
The assets' residual values, useful lives and depreciation methods are reviewed annually and adjusted accordingly if applicable. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans to related parties. |
The basic financial debtors and liabilities as listed above are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future payments/receipts discounted at a market rate of interest. Such instruments are subsequently carried at amortised costs using the effective interest method, less any impairment. An impairment review is undertaken annually at the balance sheet date. |
Taxation |
Taxation for the year comprises current year and prior year tax as applicable. 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. |
Taxation assets and liabilities are not discounted. |
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. |
BURLINGTON UNIFORMS LIMITED (REGISTERED NUMBER: 01195047) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
2. | ACCOUNTING POLICIES - continued |
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 or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Operating Leases |
Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company contributes to a defined contribution work place pension scheme held outside the company. Contributions are charged to the profit and loss in the period to which they relate. |
Fixed asset investments |
Fixed assets investments are measured at fair value at the balance sheet date. Any revaluations/impairments are initially recognised in the profit and loss for the year and then transferred to the fair value reserve. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Short | Plant and | and |
leasehold | machinery | fittings |
£ | £ | £ |
COST |
At 1 June 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
BURLINGTON UNIFORMS LIMITED (REGISTERED NUMBER: 01195047) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
4. | TANGIBLE FIXED ASSETS - continued |
Motor | Computer |
vehicles | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2023 |
Additions |
At 31 May 2024 |
DEPRECIATION |
At 1 June 2023 |
Charge for year |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
5. | FIXED ASSET INVESTMENTS |
Other |
investments |
£ |
COST OR VALUATION |
At 1 June 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 31 May 2024 |
NET BOOK VALUE |
At 31 May 2024 |
At 31 May 2023 |
Cost or valuation at 31 May 2024 is represented by: |
Other |
investments |
£ |
Valuation in 2022 | (4,661 | ) |
Valuation in 2023 | 633 |
Valuation in 2024 | 1,040 |
Cost | 28,592 |
25,604 |
Fixed asset investments are included at the fair value at the balance sheet date. Valuation provided by portfolio's administrator. |
BURLINGTON UNIFORMS LIMITED (REGISTERED NUMBER: 01195047) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.24 | 31.5.23 |
£ | £ |
Bank loans |
9. | RESERVES |
Fair |
Retained | value |
earnings | reserve | Totals |
£ | £ | £ |
At 1 June 2023 | ( |
) | 748,143 |
Profit for the year |
Dividends | ( |
) | ( |
) |
Portfolio movement | (1,040 | ) | 1,040 | - |
At 31 May 2024 | ( |
) | 733,763 |
10. | OTHER FINANCIAL COMMITMENTS |
Operating lease commitments not included in the balance sheet amount to £96,510 (2023: £123,287). |
BURLINGTON UNIFORMS LIMITED (REGISTERED NUMBER: 01195047) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the Year Ended 31 May 2024 |
11. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 May 2024 and 31 May 2023: |
31.5.24 | 31.5.23 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced | ( |
) |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | ( |
) |
No interest is payable or receivable on directors loan balances. The outstanding balance was fully repaid within the 9 months of the year end. |
12. | RELATED PARTY DISCLOSURES |
During the year, the company repaid in full the brought forward balance of £28,816 owed to a separate legal entity in which the company's owner has a participating interest in. A further £383 was loaned to the separate legal entity and this balance is included in Other debtors. Purchases in the sum of £46,302 from this separate legal entity are included in the profit and loss in the year. As at 31st May 2024, £3,543 was owed in respect of these purchases. |
In addition, during the year ended 31st May 2024 the company paid rent in the sum of £28,000 (2023: £43,800) to a director in respect of the company's trading premises. |
13. | SECURED DEBTS |
The company has an invoice finance facility with Mitsubishi HC Capital UK Plc secured against its trade debtor ledger. The company still retains the risk and rewards of ownership of the ledger. As at 31st May 2024 the balance was in the sum of £207,330, included within Other Creditors (2023: £97,475). |