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REGISTERED NUMBER: 03422649 (England and Wales)















Financial Statements for the Year Ended 31 July 2024

for

Socks World International Limited

Socks World International Limited (Registered number: 03422649)






Contents of the Financial Statements
for the Year Ended 31 July 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Socks World International Limited

Company Information
for the Year Ended 31 July 2024







DIRECTOR: A Erdal





REGISTERED OFFICE: Unit 10, io Centre
Hatfield Business Park
Hearle Way
AL10 9EW





REGISTERED NUMBER: 03422649 (England and Wales)





ACCOUNTANTS: Musalar & Co Accountants
International Accountant &Tax Consultant
FAIA, FFA, FIPA,,FFTA
536 Lordship Lane
London
N22 5BY

Socks World International Limited (Registered number: 03422649)

Balance Sheet
31 July 2024

31.7.24 31.7.23
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 9,444 11,186
Tangible assets 5 142,401 40,050
151,845 51,236

CURRENT ASSETS
Stocks 6 2,273,387 2,204,520
Debtors 7 2,572,606 1,530,774
Cash at bank and in hand 3,378,582 3,233,628
8,224,575 6,968,922
CREDITORS
Amounts falling due within one year 8 2,507,762 1,396,630
NET CURRENT ASSETS 5,716,813 5,572,292
TOTAL ASSETS LESS CURRENT
LIABILITIES

5,868,658

5,623,528

CAPITAL AND RESERVES
Called up share capital 9 80,000 80,000
Retained earnings 10 5,788,658 5,543,528
SHAREHOLDERS' FUNDS 5,868,658 5,623,528

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

Socks World International Limited (Registered number: 03422649)

Balance Sheet - continued
31 July 2024


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 11 April 2025 and were signed by:





A Erdal - Director


Socks World International Limited (Registered number: 03422649)

Notes to the Financial Statements
for the Year Ended 31 July 2024

1. STATUTORY INFORMATION

Socks World International 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.

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.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

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

Taxation
Taxation for the year 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.


Socks World International Limited (Registered number: 03422649)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

2. ACCOUNTING POLICIES - continued
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 year 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 10 (2023 - 10 ) .

4. INTANGIBLE FIXED ASSETS
Patents
and
licences
£   
COST
At 1 August 2023 45,839
Additions 3,158
At 31 July 2024 48,997
AMORTISATION
At 1 August 2023 34,653
Amortisation for year 4,900
At 31 July 2024 39,553
NET BOOK VALUE
At 31 July 2024 9,444
At 31 July 2023 11,186

Socks World International Limited (Registered number: 03422649)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

5. TANGIBLE FIXED ASSETS
Short Plant and Motor
leasehold machinery vehicles Totals
£    £    £    £   
COST
At 1 August 2023 20,593 286,637 - 307,230
Additions - 37,643 85,995 123,638
At 31 July 2024 20,593 324,280 85,995 430,868
DEPRECIATION
At 1 August 2023 20,593 246,587 - 267,180
Charge for year - 7,528 13,759 21,287
At 31 July 2024 20,593 254,115 13,759 288,467
NET BOOK VALUE
At 31 July 2024 - 70,165 72,236 142,401
At 31 July 2023 - 40,050 - 40,050

6. STOCKS
31.7.24 31.7.23
£    £   
Stocks 2,273,387 2,204,520

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade debtors 2,511,615 1,496,242
VAT 60,991 34,532
2,572,606 1,530,774

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.7.24 31.7.23
£    £   
Trade creditors 2,448,869 1,247,877
PAYE 13,655 14,554
Tax 45,238 133,702
Other creditors - 497
2,507,762 1,396,630

Socks World International Limited (Registered number: 03422649)

Notes to the Financial Statements - continued
for the Year Ended 31 July 2024

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.7.24 31.7.23
value: £    £   
80,000 Ordinary shares class A 1.00 80,000 80,000

10. RESERVES
Retained
earnings
£   

At 1 August 2023 5,543,528
Profit for the year 245,130
At 31 July 2024 5,788,658