Carhartt UK Limited
Notes to the Financial Statements
For the year ended 30 June 2024
Carhartt UK Limited is a private company, limited by shares, incorporated and domiciled in England and Wales with the registration number 05913593. The address of its principal place of business and its registered office is The Kiln, Mather Road, Newark, Nottinghamshire, United Kingdom, NG24 1FB. The principal activity of the company is that of wholesale of clothing and footwear.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.
The following principal accounting policies have been applied:
At the balance sheet date, the Company has net liabilities of £101,516 (2022: £98,903). The Company meets its day to day working capital requirements with the support of its parent undertaking Carhartt Holdings BV. The parent undertaking has confirmed its willingness to continue to support the company and its operations over at least the next 12 months from the date of approval of the financial statements.
Consequently, the directors consider it appropriate to prepare the financial statements on a going concern basis.
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. Revenue from the sale of goods is recognised when goods are delivered and the legal title has been passed.
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.
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Cash and cash equivalents
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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.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and payables to group undertakings..
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