Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-312024-03-31true2023-04-01falseNo description of principal activity88trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 1199709 2023-04-01 2024-03-31 1199709 2022-04-01 2023-03-31 1199709 2024-03-31 1199709 2023-03-31 1199709 c:Director1 2023-04-01 2024-03-31 1199709 d:Buildings 2023-04-01 2024-03-31 1199709 d:Buildings 2024-03-31 1199709 d:Buildings 2023-03-31 1199709 d:Buildings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 1199709 d:LandBuildings 2024-03-31 1199709 d:LandBuildings 2023-03-31 1199709 d:FurnitureFittings 2023-04-01 2024-03-31 1199709 d:FurnitureFittings 2024-03-31 1199709 d:FurnitureFittings 2023-03-31 1199709 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 1199709 d:OtherPropertyPlantEquipment 2023-04-01 2024-03-31 1199709 d:OtherPropertyPlantEquipment 2024-03-31 1199709 d:OtherPropertyPlantEquipment 2023-03-31 1199709 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 1199709 d:OwnedOrFreeholdAssets 2023-04-01 2024-03-31 1199709 d:CurrentFinancialInstruments 2024-03-31 1199709 d:CurrentFinancialInstruments 2023-03-31 1199709 d:Non-currentFinancialInstruments 2024-03-31 1199709 d:Non-currentFinancialInstruments 2023-03-31 1199709 d:CurrentFinancialInstruments d:WithinOneYear 2024-03-31 1199709 d:CurrentFinancialInstruments d:WithinOneYear 2023-03-31 1199709 d:Non-currentFinancialInstruments d:AfterOneYear 2024-03-31 1199709 d:Non-currentFinancialInstruments d:AfterOneYear 2023-03-31 1199709 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-03-31 1199709 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-03-31 1199709 d:ShareCapital 2024-03-31 1199709 d:ShareCapital 2023-03-31 1199709 d:RetainedEarningsAccumulatedLosses 2024-03-31 1199709 d:RetainedEarningsAccumulatedLosses 2023-03-31 1199709 c:FRS102 2023-04-01 2024-03-31 1199709 c:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 1199709 c:FullAccounts 2023-04-01 2024-03-31 1199709 c:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 1199709 2 2023-04-01 2024-03-31 1199709 e:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure

Registered number: 1199709










FIELDS MENSWEAR LIMITED








UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
FIELDS MENSWEAR LIMITED
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF FIELDS MENSWEAR LIMITED
FOR THE YEAR ENDED 31 MARCH 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Fields Menswear Limited for the year ended 31 March 2024 which comprise  the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Fields Menswear Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Fields Menswear Limited and state those matters that we have agreed to state to the Board of directors of Fields Menswear Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fields Menswear Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Fields Menswear Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Fields Menswear Limited. You consider that Fields Menswear Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Fields Menswear Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



MWS
 
Chartered Accountants
  
Kingsridge House
601 London Road
Westcliff on sea
Essex
SS0 9PE
19 March 2025
Page 1

 
FIELDS MENSWEAR LIMITED
REGISTERED NUMBER: 1199709

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
34,917
36,110

  
34,917
36,110

Current assets
  

Stocks
  
109,201
126,619

Debtors: amounts falling due within one year
 5 
1,990
3,883

Cash at bank and in hand
 6 
4,381
12,723

  
115,572
143,225

Creditors: amounts falling due within one year
 7 
(250,206)
(302,805)

Net current liabilities
  
 
 
(134,634)
 
 
(159,580)

Total assets less current liabilities
  
(99,717)
(123,470)

Creditors: amounts falling due after more than one year
 8 
(13,098)
(23,289)

  

Net liabilities
  
(112,815)
(146,759)


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
(112,915)
(146,859)

  
(112,815)
(146,759)


Page 2

 
FIELDS MENSWEAR LIMITED
REGISTERED NUMBER: 1199709

BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

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 statement of income and retained earnings 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 on 19 March 2025.




S. Field
Director

The notes on pages 4 to 9 form part of these financial statements.

Page 3

 
FIELDS MENSWEAR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Fields Menswear Limited is a company limited by shares and was incorporated in England.
The registered office is:
Kingsridge House
601 London Road
Westcliff on sea
Essex. SS0 9PE.
The registered number is 01199709.

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 following principal accounting policies have been applied:

 
2.2

Going concern

Of the net liabilities of £112,315 (2023: £146,759), £119,675 (2023: £160,357) relates to directors' loans which it is intended not to draw down below the net liabilities of the company. 
Additionally, the directors have implemented further cost cutting measures and the companies creditors have also continued to support the company.
As such, the directors consider the accounts should be prepared on the going concern basis.

 
2.3

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.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
FIELDS MENSWEAR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Finance costs

Finance costs are charged to profit or loss 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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

 
2.8

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Freehold building
-
2% straight line
Fixtures, fittings and equipment
-
15% reducing balance/33% straight line
Website
-
Over 3 years

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 profit or loss.

 
2.9

Stocks

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

 
2.10

Debtors

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

Page 5

 
FIELDS MENSWEAR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. 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.

 
2.12

Creditors

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


3.


Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 8).


4.


Tangible fixed assets





Freehold building
Fixtures, fittings and equipment
Website and software
Total

£
£
£
£



Cost or valuation


At 1 April 2023
41,529
118,715
9,450
169,694


Additions
-
445
-
445



At 31 March 2024

41,529
119,160
9,450
170,139



Depreciation


At 1 April 2023
11,441
112,693
9,450
133,584


Charge for the year on owned assets
673
965
-
1,638



At 31 March 2024

12,114
113,658
9,450
135,222



Net book value



At 31 March 2024
29,415
5,502
-
34,917



At 31 March 2023
30,088
6,022
-
36,110

Page 6

 
FIELDS MENSWEAR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

           4.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Freehold
29,415
30,088

29,415
30,088


Page 7

 
FIELDS MENSWEAR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Debtors

2024
2023
£
£


Trade debtors
1,526
3,385

Prepayments and accrued income
464
498

1,990
3,883



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
4,381
12,723

4,381
12,723



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,191
9,936

Trade creditors
89,313
87,458

Other taxation and social security
14,173
25,326

Other creditors
131,029
165,870

Accruals and deferred income
5,500
14,215

250,206
302,805





8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
13,098
23,289

13,098
23,289




Page 8

 
FIELDS MENSWEAR LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
10,191
9,936


10,191
9,936


Amounts falling due 2-5 years

Bank loans
13,098
23,289


13,098
23,289


23,289
33,225



10.


Pension commitments

The company operates a defined contribution pension scheme in respect of certain employees.  The scheme and its assets are held by independent managers.  The pension charge represents contributions paid by the company during the year and amounted to £883 (2023: £1,035).  Creditors include £172 (2023:  £559) due to the scheme at the year end.


11.


Related party transactions

These financial statements include the following transactions and balances with the related parties
detailed below:-
The premises used by the company are owned by S. Field, a director and shareholder of the company,
and no rent has been charged. The directors consider the market rent would amount to £60,000 per
annum.
S. Field, a director and shareholder of the company has guaranteed the bank overdraft up to a maximum of £30,000.
 


Page 9