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Registration number: 07369397

Pins and Knuckles Clothing Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 30 September 2024

 

Pins and Knuckles Clothing Limited

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Abridged Balance Sheet

4 to 5

Notes to the Unaudited Abridged Financial Statements

6 to 11

 

Pins and Knuckles Clothing Limited

Company Information

Director

Mr S Wellby

Registered office

73 Main Road
Queensborough
Kent
ME11 5DJ

Bankers

Barclays Bank Plc
Leicester
LE87 2BB

Accountants

Abtax CA Limited
Certified Accountant
The Joiners Shop The Historic Dockyard
Main Gate Road
Chatham
Kent
ME4 4TZ

 

Pins and Knuckles Clothing Limited

Director's Report for the Year Ended 30 September 2024

The director presents his report and the abridged financial statements for the year ended 30 September 2024.

Director of the company

The director who held office during the year was as follows:

Mr S Wellby

Principal activity

The principal activity of the company is manufacturing of apparel and accessories

Small companies provision statement

This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

Approved and authorised by the director on 31 March 2025
 

.........................................
Mr S Wellby
Director

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Pins and Knuckles Clothing Limited
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Pins and Knuckles Clothing Limited for the year ended 30 September 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at https://www.accaglobal.com/gb/en/member/standards/rules-and-standards/rulebook.html.

This report is made solely to the Board of Directors of Pins and Knuckles Clothing 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 accounts of Pins and Knuckles Clothing Limited and state those matters that we have agreed to state to the Board of Directors of Pins and Knuckles Clothing Limited, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Pins and Knuckles Clothing Limited and its Board of Directors as a body for our work or for this report.

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

We have not been instructed to carry out an audit or a review of the accounts of Pins and Knuckles Clothing 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 accounts.

......................................

Abtax CA Limited
Certified Accountant
The Joiners Shop The Historic Dockyard
Main Gate Road
Chatham
Kent
ME4 4TZ

31 March 2025

 

Pins and Knuckles Clothing Limited

(Registration number: 07369397)
Abridged Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,243

12,702

Current assets

 

Debtors

98,446

185,704

Investments

5

2,000

2,000

Cash at bank and in hand

 

553,868

137,799

 

654,314

325,503

Creditors: Amounts falling due within one year

(269,045)

(61,397)

Net current assets

 

385,269

264,106

Net assets

 

388,512

276,808

Capital and reserves

 

Called up share capital

6

1

1

Retained earnings

388,511

276,807

Shareholders' funds

 

388,512

276,808

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,243

12,702

Current assets

 

Debtors

98,446

185,704

Investments

5

2,000

2,000

Cash at bank and in hand

 

553,868

137,799

 

654,314

325,503

Creditors: Amounts falling due within one year

(269,045)

(61,397)

Net current assets

 

385,269

264,106

Net assets

 

388,512

276,808

Capital and reserves

 

Called up share capital

6

1

1

Retained earnings

388,511

276,807

Shareholders' funds

 

388,512

276,808

 

Pins and Knuckles Clothing Limited

(Registration number: 07369397)
Abridged Balance Sheet as at 30 September 2024

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Profit and Loss Account and an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 31 March 2025
 

.........................................

Mr S Wellby

Director

 

Pins and Knuckles Clothing Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
73 Main Road
Queensborough
Kent
ME11 5DJ
United Kingdom

These financial statements were authorised for issue by the director on 31 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Pins and Knuckles Clothing Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Straight Line

Motor Vehicle

25% Straight Line

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Pins and Knuckles Clothing Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Pins and Knuckles Clothing Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

49,301

400

49,701

Additions

1,759

-

1,759

At 30 September 2024

51,060

400

51,460

Depreciation

At 1 October 2023

36,599

400

36,999

Charge for the year

11,218

-

11,218

At 30 September 2024

47,817

400

48,217

Carrying amount

At 30 September 2024

3,243

-

3,243

At 30 September 2023

12,702

-

12,702

5

Current asset investments

2024
£

2023
£

Other investments

2,000

2,000

6

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Share of £1 each

1

1

1

1

       

7

Dividends

Interim dividends paid

 

Pins and Knuckles Clothing Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

2024
£

2023
£

Interim dividend of £Nil per each Ordinary Share

-

-

 

 

8

Related party transactions

 

Pins and Knuckles Clothing Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 September 2024

Director's remuneration

The director's remuneration for the year was as follows:

2024
£

2023
£

Remuneration

44,999

83,768

Summary of transactions with other related parties

Loans To Related Parties
 The following Loans were made in the financial year: Left Turn Holding £2115, The Pin Club £6,852 and The Printing Network £1891.