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REGISTERED NUMBER: 10056587 (England and Wales)















Unaudited Financial Statements

for the Period 31 March 2023 to 31 March 2024

for

Workwear Giant Ltd

Workwear Giant Ltd (Registered number: 10056587)






Contents of the Financial Statements
for the Period 31 March 2023 to 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Workwear Giant Ltd

Company Information
for the Period 31 March 2023 to 31 March 2024







DIRECTOR: Mr S R Turner





SECRETARY: Mr S R Turner





REGISTERED OFFICE: c/o Wilson Partners Limited
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN





REGISTERED NUMBER: 10056587 (England and Wales)





ACCOUNTANTS: Wilson Partners Limited
Chartered Accountants
TOR
Saint-Cloud Way
Maidenhead
Berkshire
SL6 8BN

Workwear Giant Ltd (Registered number: 10056587)

Balance Sheet
31 March 2024

31.3.24 30.3.23
Notes £    £   
FIXED ASSETS
Tangible assets 4 45,789 42,500

CURRENT ASSETS
Stocks 45,290 28,132
Debtors 5 85,890 58,007
Cash at bank and in hand 70,244 183,972
201,424 270,111
CREDITORS
Amounts falling due within one year 6 (256,842 ) (331,589 )
NET CURRENT LIABILITIES (55,418 ) (61,478 )
TOTAL ASSETS LESS CURRENT LIABILITIES (9,629 ) (18,978 )

PROVISIONS FOR LIABILITIES (2,589 ) -
NET LIABILITIES (12,218 ) (18,978 )

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (12,219 ) (18,979 )
(12,218 ) (18,978 )

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

The members have not required the company to obtain an audit of its financial statements for the period ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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 director and authorised for issue on 26 February 2025 and were signed by:





Mr S R Turner - Director


Workwear Giant Ltd (Registered number: 10056587)

Notes to the Financial Statements
for the Period 31 March 2023 to 31 March 2024

1. STATUTORY INFORMATION

Workwear Giant Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Going Concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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

Stock is rotated on a first in first out basis.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost,adjusted where applicable for any loss of service potential.

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.

Taxation
Taxation for the period 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 period 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.

Workwear Giant Ltd (Registered number: 10056587)

Notes to the Financial Statements - continued
for the Period 31 March 2023 to 31 March 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid 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 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.

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 the realise the asset and settle the liability simultaneously.

Significant judgements and estimates
In the application of the company's accounting policies the directors are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The company's key area of estimation is stock.

Loans and Receivables
Trade debtors, loans and other receivables that have fixed or determinable payments that are no quoted in an active market are classified as 'loans and receivables'. Loans and other receivables are measured at amortised cost using the effective interest method,less any impairment.

Interest is recognised by applying the effective interest rate, except for short term receivables when the recognition of interest would be immaterial. The effective interest method is a method of calculating the amortised cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Trade debtors with no stated interest rate and receivable within one year are recorded at a transaction price. Any losses arising from impairment are recognised in the income statement in any other administrative expenses.

Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. The impairment loss is recognised in the income statement.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Workwear Giant Ltd (Registered number: 10056587)

Notes to the Financial Statements - continued
for the Period 31 March 2023 to 31 March 2024

2. ACCOUNTING POLICIES - continued

Financial liabilities
Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies 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 receipts discounted at a market rate of interest.

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

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts 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 payables with no stated interest rate or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the income statement in administrative expenses.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Cash and cash equivalents
Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short term liquid investments with maturity of three months or less.

Finance costs
Finance costs are charged to the Income Statement 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.

Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 15% on reducing balance
Long leasehold - 10% straight line

Tangible assets are held at historical cost less accumulated depreciation and any accumulated impairment losses.

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 any costs of disposal are recognised in the Income statement.

At each balance sheet date, the Company reviews the carrying amounts of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined ( net of depreciation ) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 16 (2023 - 18 ) .

Workwear Giant Ltd (Registered number: 10056587)

Notes to the Financial Statements - continued
for the Period 31 March 2023 to 31 March 2024

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 31 March 2023 - 50,000 50,000
Additions 10,173 - 10,173
At 31 March 2024 10,173 50,000 60,173
DEPRECIATION
At 31 March 2023 - 7,500 7,500
Charge for period 509 6,375 6,884
At 31 March 2024 509 13,875 14,384
NET BOOK VALUE
At 31 March 2024 9,664 36,125 45,789
At 30 March 2023 - 42,500 42,500

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 30.3.23
£    £   
Trade debtors 51,490 37,860
Other debtors 34,400 20,147
85,890 58,007

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 30.3.23
£    £   
Trade creditors 152,841 224,888
Taxation and social security 37,987 53,485
Other creditors 66,014 53,216
256,842 331,589

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.3.24 30.3.23
£    £   
Within one year 109,531 -
Between one and five years 473,812 -
In more than five years 535,213 -
1,118,556 -

Workwear Giant Ltd (Registered number: 10056587)

Notes to the Financial Statements - continued
for the Period 31 March 2023 to 31 March 2024

8. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the periods ended 31 March 2024 and 30 March 2023:

31.3.24 30.3.23
£    £   
Mr S R Turner
Balance outstanding at start of period 12,001 -
Amounts advanced 54,672 12,001
Amounts repaid (75,000 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of period (8,327 ) 12,001

9. ULTIMATE CONTROLLING PARTY

The controlling party is Mr S R Turner.