Caseware UK (AP4) 2023.0.135 2023.0.135 2024-03-31378829252720562003002185881033505008271060772024-03-310.250.192023-04-01false223205433336false 05433336 2023-04-01 2024-03-31 05433336 1 2023-04-01 2024-03-31 05433336 3 2023-04-01 2024-03-31 05433336 6 2023-04-01 2024-03-31 05433336 2022-04-01 2023-03-31 05433336 1 2022-04-01 2023-03-31 05433336 3 2022-04-01 2023-03-31 05433336 6 2022-04-01 2023-03-31 05433336 2024-03-31 05433336 2023-03-31 05433336 2022-04-01 05433336 d:CompanySecretary1 2023-04-01 2024-03-31 05433336 d:Director1 2023-04-01 2024-03-31 05433336 d:RegisteredOffice 2023-04-01 2024-03-31 05433336 e:ComputerEquipment 2023-04-01 2024-03-31 05433336 e:ComputerEquipment 2024-03-31 05433336 e:ComputerEquipment 2023-03-31 05433336 e:ComputerEquipment 2022-04-01 05433336 e:CurrentFinancialInstruments 2024-03-31 05433336 e:CurrentFinancialInstruments 2023-03-31 05433336 e:ShareCapital 2023-04-01 2024-03-31 05433336 e:ShareCapital 2024-03-31 05433336 e:ShareCapital 2022-04-01 2023-03-31 05433336 e:ShareCapital 2023-03-31 05433336 e:ShareCapital 2022-04-01 05433336 e:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 05433336 e:RetainedEarningsAccumulatedLosses 2024-03-31 05433336 e:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 05433336 e:RetainedEarningsAccumulatedLosses 2023-03-31 05433336 d:OrdinaryShareClass1 2023-04-01 2024-03-31 05433336 d:OrdinaryShareClass1 2024-03-31 05433336 d:OrdinaryShareClass1 2023-03-31 05433336 d:FullIFRS 2023-04-01 2024-03-31 05433336 d:Audited 2023-04-01 2024-03-31 05433336 d:FullAccounts 2023-04-01 2024-03-31 05433336 d:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05433336 e:ContinuingOperations 2023-04-01 2024-03-31 05433336 e:ContinuingOperations 2022-04-01 2023-03-31 05433336 e:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties 2023-04-01 2024-03-31 05433336 e:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties 2024-03-31 05433336 e:OtherRelatedPartyRelationshipType1ComponentTotalRelatedParties 2023-03-31 05433336 e:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties 2023-04-01 2024-03-31 05433336 e:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties 2024-03-31 05433336 e:OtherRelatedPartyRelationshipType2ComponentTotalRelatedParties 2023-03-31 05433336 e:CurrentFinancialInstruments e:ValueBeforeAllowanceForImpairmentLoss 2024-03-31 05433336 e:CurrentFinancialInstruments e:ValueBeforeAllowanceForImpairmentLoss 2023-03-31 05433336 f:PoundSterling 2023-04-01 2024-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registered number: 05433336









UNITED CLOTHING LIMITED









FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
UNITED CLOTHING LIMITED
 
 
 
COMPANY INFORMATION


 
Director
A M Duru 




Company secretary
F Ferhangil



Registered number
05433336



Registered office
2nd Floor, 175 - 179 Oxford Street,

London

W1D 2JS




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditor

35 Ballards Lane

London

N3 1XW





 
UNITED CLOTHING LIMITED
 
 
 
CONTENTS



Page
Director's Report
 
1 - 2
Independent Auditors' Report
 
3 - 6
Statement of Profit or Loss and Other Comprehensive Income
 
7
Statement of Financial Position
 
8 - 9
Statement of Changes in Equity
 
10
Statement of Cash Flows
 
11 - 12
Notes to the Financial Statements
 
13 - 30

 
UNITED CLOTHING LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director's responsibilities statement

The director is responsible for preparing the Director's Report and the financial statements, in accordance with applicable law.

Company law requires the director to prepare financial statements for each financial year. Under that law he has elected to prepare the financial statements in accordance with International Financial Reporting Standards (IFRS) as adopted by the UK. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period. In preparing the financial statements, the director is required to:

select suitable accounting policies and then apply them consistently;

make judgments and estimates that are reasonable and prudent;

state whether they have been prepared in accordance with IFRS as adopted by the UK, subject to any material departures disclosed and explained in the financial statements;

assess the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and

use the going concern basis of accounting unless he either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. He is responsible for such internal control as he determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and has general responsibility for taking such steps as are reasonably open to him to safeguard the assets of the Company and to prevent and detect fraud and other irregularities.

Principal activity

The principal activity of the company in the year under review was that of providing marketing, design and related services for the fashion industry.

Results and dividends

The profit for the year, after taxation, amounted to £1,894,146 (2023: £2,636,028).

No dividends will be distributed for the year ended 31 March 2024 (2023 - Nil).

Director

The director who served during the year was:

A M Duru 

Page 1

 
UNITED CLOTHING LIMITED
 
 
 
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
 
 
Disclosure of information to auditors

The director at the time when this Director's Report is approved has confirmed that:
 
so far as he is aware, there is no relevant audit information of which the Company's auditors are unaware, and

he has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Small companies' exemption note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Auditors

During the year, Alton & Co resigned as auditors and BKL Audit LLP were appointed in their stead. Under section 487(2) of the Companies Act 2006, BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board on 21 March 2025 and signed on its behalf.
 



A M Duru
Director
Page 2

 
UNITED CLOTHING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNITED CLOTHING LIMITED
 

Opinion


We have audited the financial statements of United Clothing Limited for the year ended 31 March 2024 which comprise the Statement of Profit or Loss and Other Comprehensive Income,the Statement of Financial Positionthe Statement of Cash Flowsthe Statement of Changes in Equity and the related notes, including a summary of significant accounting policies set out on pages 13 - 16. The financial reporting framework that has been applied in their preparation is applicable law and International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom.

In our opinion the financial statements:

give a true and fair view of the state of the Company's affairs as at 31 March 2024 and of its profit for the year then ended;

have been properly prepared in accordance with IFRSs as adopted by the United Kingdom; and

have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern


In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information


The other information comprises the information included in the Annual Report, other than the financial statements and our auditors' report thereon.  The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard.

Page 3

 
UNITED CLOTHING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNITED CLOTHING LIMITED (CONTINUED)


Opinion on other matters prescribed by the Companies Act 2006


In our opinion, based on the work undertaken in the course of the audit: 

the information given in the Director's Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Director's Report has been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Director's Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of director's remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

the directors were not entitled to take advantage of the small companies' exemptions in preparing the Directors' report and from the requirement to prepare a Strategic report.


Responsibilities of directors

As explained more fully in the director's responsibilities statement on page 1, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
enquiring of management and those charged with governance around actual and potential litigation and claims;
Page 4

 
UNITED CLOTHING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNITED CLOTHING LIMITED (CONTINUED)


enquiring of management and those charged with governance to identify any instances of noncompliance with laws and regulations;
reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
reviewing the general ledger in detail for all transactions with related parties; performing walk through testing to ensure systems and controls are operating as recorded where appropriate;
performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.  The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.



As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the director.

Conclude on the appropriateness of the director's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors' report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditors' report. However, future events or conditions may cause the Company to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest
Page 5

 
UNITED CLOTHING LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNITED CLOTHING LIMITED (CONTINUED)


extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.




 
 
Michael Wedge FCA (Senior Statutory Auditor)
for and on behalf of
BKL Audit LLP
Chartered Accountants
Statutory Auditor
London

21 March 2025
Page 6

 
UNITED CLOTHING LIMITED
 
 
 
STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024


As restated
2024
2023
Note
£
£

  

Revenue
 3 
3,642,729
5,236,147

Cost of sales
  
(218,306)
(897,886)

Gross profit
  
3,424,423
4,338,261

  

Other operating income
 4 
-
132,695

Administrative expenses
  
(1,155,700)
(1,259,602)

Profit from operations
  
2,268,723
3,211,354

  

Finance income
  
259,748
10,626

Finance expense
  
-
(8,188)

Profit before tax
  
2,528,471
3,213,792

  

Tax expense
 9 
(634,325)
(577,764)

Profit for the year
  
1,894,146
2,636,028


Total comprehensive income
  
1,894,146
2,636,028

The notes on pages 13 to 30 form part of these financial statements.

Page 7

 
UNITED CLOTHING LIMITED
REGISTERED NUMBER: 05433336
 
 
STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024


As restated
2024
2023
Note
£
£


Assets

Non-current assets
  

Property, plant and equipment
 10 
7,330
9,773

  
7,330
9,773

Current assets
  

Trade and other receivables
 11 
2,894,049
7,087,312

Cash and cash equivalents
 12 
10,651,883
3,692,073

  
13,545,932
10,779,385

  

Total assets

  

13,553,262
10,789,158

Liabilities

Non-current liabilities
  

Deferred tax liability
 9 
1,063
2,443

  
1,063
2,443

Current liabilities
  

Trade and other liabilities
 13 
2,622,694
1,751,356

  
2,622,694
1,751,356

  

Total liabilities
  
2,623,757
1,753,799

  

Net assets
  
10,929,505
9,035,359
Page 8

 
UNITED CLOTHING LIMITED
REGISTERED NUMBER: 05433336
 
 
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024


As restated
2024
2023
Note
£
£


Issued capital and reserves
  

Share capital
 14 
100
100

Retained earnings
  
10,929,405
9,035,259

TOTAL EQUITY
  
10,929,505
9,035,359

The financial statements on pages 7 to 30 were approved and authorised for issue by the board of director and were signed on its behalf by:




A M Duru
Director

Date: 21 March 2025

Page 9

 
UNITED CLOTHING LIMITED

 
 
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024



Share capital
Retained earnings
Total equity


£
£
£

At 1 April 2022
100
6,399,231
6,399,331

Profit for the year - as restated
-
2,636,028
2,636,028

-
2,636,028
2,636,028

At 31 March 2023 - as restated
100
9,035,259
9,035,359

At 1 April 2023 - as restated
100
9,035,259
9,035,359

Profit for the year
-
1,894,146
1,894,146

-
1,894,146
1,894,146

At 31 March 2024
100
10,929,405
10,929,505

The notes on pages 13 to 30 form part of these financial statements.

Page 10

 
UNITED CLOTHING LIMITED

 
 
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024


As restated
2024
2023
Note
£
£

Cash flows from operating activities
  

Profit for the year
  
1,894,146
2,636,028

Adjustments for
  

Income tax expense
 9 
634,325
577,764

Net foreign exchange loss
  
12,040
-

Depreciation of property, plant and equipment
 10 
2,443
7,626

Finance expense
  
-
8,188

Finance income
  
(259,748)
(10,626)

  
2,283,206
3,218,980

Movements in working capital:
  

Increase/(decrease) in trade and other payables
  
442,649
(316,785)

Decrease in trade and other receivables
  
613,695
478,248

Decrease in inventories
  
-
152,450

Cash generated from operations
  
3,339,550
3,532,893

  

Income taxes paid
  
(206,016)
(837,864)

Net cash from operating activities

  
3,133,534
2,695,029

Cash flows from investing activities
  

Purchases of property, plant and equipment
  
-
(5,727)

Interest received
  
259,748
10,626

Net cash from investing activities

  
259,748
4,899
Page 11

 
UNITED CLOTHING LIMITED

 
 
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024





As restated




2024
2023




£
£



Cash flows from financing activities
  

Movement on intercompany balances
  
3,578,568
513,662

Transaction with director
  
-
500

Interest paid
  
-
(8,188)

Net cash from financing activities
  
3,578,568
505,974

Net increase in cash and cash equivalents
  
6,971,850
3,205,902

  

Cash and cash equivalents at the beginning of year
  
3,692,073
486,171

Exchange gains on cash and cash equivalents

(12,040)
-

Cash and cash equivalents at the end of the year
 12 
10,651,883
3,692,073

The notes on pages 13 to 30 form part of these financial statements.

Page 12

 
UNITED CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies


1.1

Statutory Information

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


1.2

Basis of preparation

These financial statements have been prepared in accordance with UK-adopted international accounting standards and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS. The financial statements have been prepared under the historical cost convention.

New Standards, Interpretations, and Amendments Adopted from 1 April 2023
Amendments to IAS 1: Revised the standard to require disclosure of "material accounting policy information" instead of "significant accounting policies," ensuring that only relevant policy details influencing user decisions are included. Immaterial policy details no longer need to be disclosed.
Amendments to IAS 12: Added an exception for recognizing deferred tax on transactions with equal taxable and deductible temporary differences, requiring recognition if applicable. 
Amendments to IAS 8: Replaced the definition of a change in accounting estimates with a new definition focusing on "monetary amounts subject to measurement uncertainty." This helps differentiate between changes in accounting policies and estimates more clearly.

Director believes that there is no material impact on financial statements of these new adopted amendments.

New Standards, Interpretations, and Amendments Not Yet Effective
Amendments to IAS 1 (Classification of Liabilities as Current or Non-current): Clarifies how to classify liabilities as current or non-current based on rights in place at the reporting date; effective for annual periods from 1 January 2024 or after.
Amendments to IAS 1 (Non-current Liabilities with Covenants): Specifies that only covenants to be met on or before the reporting date affect liability classification; also mandates disclosure of risks related to covenant compliance, effective 1 January 2024 or after.
Amendments to IAS 7 and IFRS 7 (Supplier Finance Arrangements): Introduces disclosure requirements for supplier finance arrangements, focusing on terms, carrying amounts, and liquidity risk; applicable from 1 January 2024 or after.
Amendments to IFRS 16 (Lease Liability in a Sale and Leaseback): Adds guidelines for measuring lease liabilities in sale and leaseback transactions to prevent gains from retained rights; effective for periods starting 1 January 2024 or after.

Director believes that these new amendments will have no material impact on financial statements.


1.3

Revenue recognition

Revenue is recognised when the customer takes responsibility of the goods when they are despatched.
In the case of services when the service is performed and the company obtains the right to the consideration.

Page 13

 
UNITED CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)


1.4

Grants recognition

The accrual model is used in recognition of grants where grants are matched against the expenditure it is compensating for.


1.5

Cash and cash equivalents

Cash represents cash in hand and deposits held on demand with financial institutions. Cash equivalents are short-term, highly-liquid investments with original maturities of three months or less (as at their date of acquisition). Cash equivalents are readily convertible to known amounts of cash and subject to an insignificant risk of change in that cash value.
In the presentation of the Statement of Cash Flows, cash and cash equivalents also include bank overdrafts. Any such overdrafts are shown within borrowings under ‘current liabilities” on the Statement of Financial Position.


1.6

Property, plant and equipment

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer & equipments - 25% on reducing balance
Last year, depreciation was provided at a rate of 25% on cost, but starting this year, the method has been revised to the reducing balance method. This change is considered immaterial, both currently and in the future, and does not have a significant impact on the financial statements. The useful lives and depreciation methods are reviewed annually, with any adjustments made to reflect current estimates.
Impairment
The carrying amounts of fixed assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If any asset is considered impaired, its carrying amount is written down to its recoverable amount, and the impairment loss is recognised in profit or loss.


1.7

Inventories

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


1.8

Taxation

Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the statement of financial position date.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.


1.9

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Page 14

 
UNITED CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)


1.10

Leases

Leases are recognised as finance leases. The lease liability is initially recognised at the present value of the lease payments which have not yet been made and subsequently measured under the amortised cost method. The initial cost of the right-of-use asset comprises the amount of the initial measurement of the lease liability, lease payments made prior to the lease commencement date, initial direct costs and the estimated costs of removing or dismantling the underlying asset per the conditions of the contract.
Where ownership of the right-of-use asset transfers to the lessee at the end of the lease term, the right-of-use asset is depreciated over the asset’s remaining useful life. If ownership of the right-of-use asset docs not transfer to the lessee at the end of the lease term, depreciation is charged over the shorter of the useful life of the right-of-use asset and the lease term.
The company applies the practical expedient under IFRS 16 for short-term leases (12 months or less) and low-value assets. For these leases, no right-of-use asset or lease liability is recognised. Lease payments are expensed on a straight-line basis over the lease term, unless another method better reflects the pattern of use.
Low-value assets include items such as personal computers, office furniture, and small equipment. The decision to apply this exemption is reviewed periodically based on the asset's value at inception.


1.11

Employee benefit costs

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.
 

 
1.12

Financial instruments

Financial assets and financial liabilities are recognised when an entity becomes a party to the contractual provisions of the instruments.

Initial Measurement
Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than those classified at fair value through profit or loss) are added to or deducted from the fair value of the financial assets or financial liabilities, as appropriate, on initial recognition. Transaction costs directly attributable to financial assets or financial liabilities at fair value through profit or loss are recognised immediately in profit or loss.
Subsequent Measurement
Financial assets are subsequently measured at amortised cost, fair value through other comprehensive income (FVOCI), or fair value through profit or loss (FVTPL) based on the business model for managing the financial assets and their contractual cash flow characteristics.
Financial liabilities are subsequently measured at amortised cost or fair value through profit or loss, depending on their classification.
Impairment
The entity assesses financial assets measured at amortised cost for impairment using the expected credit loss (ECL) model. Changes in the allowance for expected credit losses are recognised in profit or loss.
Derecognition
A financial asset is derecognised when the contractual rights to the cash flows from the asset expire or
Page 15

 
UNITED CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.Accounting policies (continued)


1.12
Financial instruments (continued)

are transferred, and the transfer qualifies for derecognition under IFRS 9. Financial liabilities are derecognised when the obligation is discharged, cancelled, or expires.


2.


Accounting estimates and judgments

The Company makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions.
 
The carrying amounts of proprety, plant and equipments are determined based on management’s estimates of useful lives, residual values, and depreciation methods, in line with IAS 16. These estimates are reviewed annually and adjusted prospectively as needed. Additionally, proprety, plant and equipments are tested for impairment in accordance with IAS 36 whenever indicators of impairment arise, ensuring their recoverable amounts exceed the carrying values. Changes in assumptions or economic conditions may significantly impact these estimates and impairment assessments.


3.


Revenue


The following is an analysis of the Company's revenue for the year from continuing operations:


2024
2023
£
£


Sale of goods
6,962
508,711

Commissions receivable
3,635,767
4,727,436

3,642,729
5,236,147


Analysis of revenue by country of destination:

2024
2023
£
£


Turkey
3,635,767
4,727,436

United Kingdom
6,962
508,711

3,642,729
5,236,147

Page 16

 
UNITED CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Other operating income

As restated
2024
2023
£
£


Other operating income
-
132,522

Foreign exchange difference
-
173

-
132,695

Page 17

 
UNITED CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

5.


Expenses by nature

2024
2023
£
£

Cost of sales

Cost of goods sold
98,846
780,112

Direct cost of sales
74,935
67,599

Commission, carriage and import
25,925
50,175

CoS subcontractors
18,600
-


218,306
897,886

Administrative expenses

Staff costs
686,605
994,295

Entertainment and travel
177,050
111,383

Professional fees
49,598
57,422

Stationery and other office expense
42,222
54,364

Staff training and welfare
25,581
14,222

Rent
18,601
-

Foreign exchange difference
12,040
-

Subscription and donations
9,119
1,840

Cleaning
5,777
654

Finance charges
2,547
3,991

Bad debts
122,146
-

Depreciation
2,443
7,626

Advertising and promotion
933
800

Sundry expenses
515
20

Repairs and maintenance
393
2,120

Insurances
124
1,119

Equipment hire
6
9,746


1,155,700
1,259,602


Page 18

 
UNITED CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors and their associates:


2024
2023
£
£

Fees payable to the Company's auditors and their associates in respect of:

Audit-related assurance services
9,000
8,000

All non-audit services not included above
2,000
5,000


7.


Employee benefit expenses

2024
2023
£
£

Employee benefit expenses (including director) comprise:

Wages and salaries
618,848
892,436

National insurance
56,954
86,179

Defined contribution pension cost
10,803
15,680

686,605
994,295

Key management personnel compensation

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including the director of the Company, and the Financial Controller of the Company.
The Company has only one director who did not receive any remuneration during the year (2023: nil).





The monthly average number of persons, including the director, employed by the Company during the year was as follows:


2024
2023
No.
No.

Operations
19
29

Finance & administration
2
2

Director
1
1

22
32

Page 19

 
UNITED CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Finance income and expense

Recognised in profit or loss


2024
2023
£
£
Finance income

Interest on:
- Bank deposits
259,748
10,626

Total finance income

259,748
10,626

Finance expense

Bank interest payable
-
8,188

Total finance expense
-
8,188

Net finance income and expense
259,748
2,438




Page 20

 
UNITED CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Tax expense

9.1 Income tax recognised in profit or loss



2024
2023
£
£

Current tax

Current tax on profits for the year
635,705
577,593

Total current tax
635,705
577,593


Deferred tax expense

Origination and reversal of timing differences
(1,380)
171

Total deferred tax
(1,380)
171


634,325
577,764

The reasons for the difference between the actual tax charge for the year and the standard rate of corporation tax in the United Kingdom applied to profits for the year are as follows:


As restated
2024
2023
£
£


Profit for the year
1,894,146
2,636,028

Income tax expense (including income tax on associate, joint venture and discontinued operations)
634,325
577,764

Profit before income taxes
2,528,471
3,213,792


Tax using the Company's domestic tax rate of 25% (2023:19%)
632,118
610,620

Expenses not deductible for tax purposes, other than goodwill, amortisation and impairment
661
2,412

Capital allowances for the year in excess of depreciation
(1,380)
171

Group relief
-
(10,260)

Other temporary timing differences
2,926
(25,179)

Total tax expense
634,325
577,764

Page 21

 
UNITED CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.Tax expense (continued)

9.2 Deferred tax balances

The following is the analysis of deferred tax assets/(liabilities) presented in the statement of financial position:


2024
2023
£
£


Deferred tax liabilities
(1,063)
(2,443)

(1,063)
(2,443)




Opening balance
Recognised in profit or loss
Closing balance
        £
        £
        £
2024
Property, plant and equipment

(2,443)

1,380

(1,063)



(2,443)


1,380


(1,063)





Opening balance
Recognised in profit or loss
Closing balance
        £
        £
        £
2023
Property, plant and equipment

(2,272)

(171)

(2,443)



(2,272)


(171)


(2,443)


Page 22

 
UNITED CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Property, plant and equipment





Computer equipment

£



Cost or valuation



At 1 April 2022
72,413



At 31 March 2023
72,413



At 31 March 2024
72,413


Computer equipment

£



Accumulated depreciation and impairment



At 1 April 2022
62,640



At 31 March 2023
62,640


Charge owned for the year
2,443



At 31 March 2024
65,083



Net book value


At 31 March 2023
9,773


At 31 March 2024
7,330

Page 23

 
UNITED CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Trade and other receivables


2024
2023
£
£

Non-current

Total non-current trade and other receivables


Current

Trade receivables
261,567
847,397

Receivables from related parties
1,934,146
5,573,744

Prepayments and accrued income
32,883
-

Tax recoverable
137,210
137,210

Other receivables
528,243
528,961

Total current trade and other receivables
2,894,049
7,087,312

The carrying value of trade and other receivables classified as loans and receivables approximates fair value.


12.

Notes supporting statement of cash flows

2024
2023
£
£


Short-term deposits
10,606,329
3,600,000

Cash at bank available on demand
44,977
81,358

Cash on hand
577
10,715

Cash and cash equivalents in the statement of financial position

10,651,883
3,692,073


Cash and cash equivalents in the statement of cash flows
10,651,883
3,692,073

Short-term deposits have a maturity of 3 months or less from date of acquisition.

Page 24

 
UNITED CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

13.


Trade and other liabilities


2024
2023
£
£

Non-current

Total non-current trade and other liabilities


Current

Trade payables
126,415
42,472

Payables to related parties
301,500
302,500

Other payables
956,569
561,964

Accruals
10,908
13,000

Tax and social security payments
1,227,302
831,420

Total current trade and other liabilities
2,622,694
1,751,356

The carrying value of trade and other payables classified as financial liabilities measured at amortised cost approximates fair value.

14.


Share capital

Authorised

2024
2024
2023
2023
Number
£
Number
£

Shares treated as equity
Ordinary shares of £1.00 each

100

100

100
 
100
 
100

100

100
 
100
 

Issued and fully paid


2024
2024
2023
2023
Number
£
Number
£

Ordinary shares of £1.00 each

At 1 April and 31 March
100

100

100
 
100
 

Page 25

 
UNITED CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

15.


Reserves

Retained earnings represents the accumulated profits and losses.


16.


Financial instruments

2024
2023
£
£


Bank and cash balances
10,651,883
3,692,073

Trade and other receivables

2,894,049
7,033,374

Financial assets measured at amortised cost
13,693,578
10,725,447


Trade and other payables

2,650,244
1,751,356

Financial liabilities measured at amortised cost
2,650,244
1,751,356


17.


Financial instruments - risk management


17.1 Market risk

The company is exposed to market risk arising from fluctuations in foreign exchange rates due to its
financial instruments denominated in USD and EUR currencies, including trade receivables, trade
payables, and multiple currency bank accounts. Foreign exchange rate volatility could impact the value of
these assets and liabilities, potentially affecting the company’s financial performance and cash flows. The
company actively monitors exchange rate movements and takes necessary steps.


17.2 Credit risk management

The company is exposed to credit risk, primarily arising from its trade receivables and cash deposits with
financial institutions. To manage this risk, the company has implemented robust credit control procedures,
including assessing the creditworthiness of customers and setting appropriate credit limits. Trade
receivables are monitored regularly to ensure timely collections and to identify potential risks of default.

Page 26

 
UNITED CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

17.Financial instruments - risk management (continued)



17.3 Liquidity risk management

Liquidity and interest risk tables

The following tables detail the Company's financial liabilities with agreed repayment periods. The tables
have been drawn up based on the undiscounted cash flows of financial liabilities based on the earliest
date on which the Company can be required to pay.

Carrying amount
Total
Within 1 year
1 - 2 years
2 - 5 years
More than 5 years
        £
        £
        £
        £
        £
        £
31 March 2024








Trade payables

126,415

126,415

126,415

-

-

-

Payables to related parties

301,500

301,500

301,500

-

-

-

Other payables

956,569

956,569

956,569

-

-

-

Accruals

10,908

10,908

10,908

-

-

-

Tax and social security payments

1,254,852

1,254,852

1,254,852

-

-

-



2,650,244
2,650,244
2,650,244
-
-
-

Carrying amount
Total
Within 1 year
1 - 2 years
2 - 5 years
More than 5 years
        £
        £
        £
        £
        £
        £
31 March 2023








Trade payables

42,472

42,472

42,472

-

-

-

Payables to related parties

302,500

302,500

302,500

-

-

-

Other payables

561,964

561,964

561,964

-

-

-

Accruals

13,000

13,000

13,000

-

-

-

Tax and social security payments

831,420

831,420

831,420

-

-

-



1,751,356
1,751,356
1,751,356
-
-
-

Page 27

 
UNITED CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

18.


Prior year adjustment

During the current financial year, a prior period error was identified relating to a liability that had been fully settled in 2022 but remained erroneously recorded as a creditor in the financial statements. The error resulted in an overstatement of creditors and an overstatement of administrative expenses in prior periods. 
To correct this error, a retrospective adjustment has been applied to the comparative amounts for the year ended 31 March 2022. The adjustment resulted in a decrease in trade payables and other liabilities by £132,522 and a corresponding decrease in administrative expenses, leading to an increase in profit from operations for the comparative period.
As a result of this adjustment, the opening equity for the financial year ended 31 March 2023 has been restated to reflect the correction of previously overstated expenses, leading to an increase in retained earnings by £132,522. 
The impact of this restatement is summarized in the table below: 

ole0192.png 

Page 28

 
UNITED CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

19.


Related party transactions

Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not disclosed in this note. Details of transactions between the Group and other related parties are disclosed below.

19.1 Trading transactions







The following balances were outstanding at the end of the reporting period:



Amounts owed by related parties
Amounts owed to related parties
2024
2023
2024
2023
£
£
£
£


Saide
770,174
4,819,686
-
-

Spain office
83,781
62,927
-
-

Nooshie
-
50,125
-
-

Beyondverse
-
9,486
-
-

Burton
21,989
22,180
-
-

United Retail & Sourcing Limited
1,058,202
609,340
-
-

Fashion embassy
-
-
301,500
302,500

1,934,146
5,573,744
301,500
302,500

During the year, the Company recognised a provision for bad or doubtful debts in respect of amounts
owed by Nooshie and Beyondverse amounting to £50,280 and £9,750 respectively (2023:
£nil). No guarantees have been given or received in relation to the amounts owed by related parties.

19.2 Loans to related parties




Director
430,408
421,558

Page 29

 
UNITED CLOTHING LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

20.


Controlling party

Saide Tekstil Sanayi Ve Ticaret Anonim Sirketi a company incorporated in Turkey.


21.


Capital management

The Company is not subject to any externally imposed capital requirements.

The gearing ratios at 31 March 2024 and 31 March 2023 were as follows:

2024
2023
£
£


Debt
-
-

Cash and cash equivalents 
(10,651,883)
(3,692,073)

Net debt
(10,651,883)
(3,692,073)


Capital and reserves
10,929,505
9,035,359

Total equity
10,929,505
9,035,359

Net debt to total equity ratio
(97)% 
(41)% 

Page 30