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REGISTERED NUMBER: 04196231 (England and Wales)










SMART IMAGE WORKWEAR LIMITED

Unaudited Financial Statements

for the Year Ended 30 June 2024






SMART IMAGE WORKWEAR LIMITED (Registered number: 04196231)






Contents of the Financial Statements
for the Year Ended 30 June 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


SMART IMAGE WORKWEAR LIMITED

Company Information
for the Year Ended 30 June 2024







DIRECTORS: Mrs Gabrielle Rawlinson
Mr William Paul Rawlinson





SECRETARY: Miss Natalie Louise Rawlinson





REGISTERED OFFICE: 40 Chorley Road
Walton-le-Dale
Preston
Lancashire
PR5 4JA





REGISTERED NUMBER: 04196231 (England and Wales)






SMART IMAGE WORKWEAR LIMITED (Registered number: 04196231)

Balance Sheet
30 June 2024

2024 2023
Notes £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 389,907 200,378
389,907 200,378

CURRENT ASSETS
Stocks 6 896,826 834,269
Debtors 7 572,988 501,995
Cash at bank 219,585 432,607
1,689,399 1,768,871
CREDITORS
Amounts falling due within one year 8 (522,276 ) (496,938 )
NET CURRENT ASSETS 1,167,123 1,271,933
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,557,030

1,472,311

CREDITORS
Amounts falling due after more than one
year

9

(9,640

)

(19,908

)

PROVISIONS FOR LIABILITIES (20,403 ) (24,125 )
NET ASSETS 1,526,987 1,428,278

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 1,526,887 1,428,178
1,526,987 1,428,278

SMART IMAGE WORKWEAR LIMITED (Registered number: 04196231)

Balance Sheet - continued
30 June 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Profit and Loss Account and Statement of Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1 May 2025 and were signed on its behalf by:





Mr William Paul Rawlinson - Director


SMART IMAGE WORKWEAR LIMITED (Registered number: 04196231)

Notes to the Financial Statements
for the Year Ended 30 June 2024

1. GENERAL INFORMATION

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

The address of its registered office is:
40 Chorley Road
Walton-le-Dale
Preston
Lancashire
PR5 4JA

SMART IMAGE WORKWEAR LIMITED (Registered number: 04196231)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

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 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 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.

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.

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.

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.

SMART IMAGE WORKWEAR LIMITED (Registered number: 04196231)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

GOODWILL
Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

AMORTISATION
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset classAmortisation method and rate
GoodwillOver 20 years

TANGIBLE FIXED 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 classDepreciation method and rate
Tenant improvement to propertyOver 15 years
Office equipment25% reducing balance
Fixtures and fittings15% reducing balance
Motor vehicles25% reducing balance
Plant and machinery15% reducing balance

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account and Statement of Retained Earnings, 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.


SMART IMAGE WORKWEAR LIMITED (Registered number: 04196231)

Notes to the Financial Statements - continued
for the Year Ended 30 June 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.

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.

STOCKS
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

SMART IMAGE WORKWEAR LIMITED (Registered number: 04196231)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

2. ACCOUNTING POLICIES - continued

BORROWINGS
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

LEASES
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

DEFINED CONTRIBUTION PENSION OBLIGATION
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 27 (2023 - 25 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 July 2023
and 30 June 2024 15,000
AMORTISATION
At 1 July 2023
and 30 June 2024 15,000
NET BOOK VALUE
At 30 June 2024 -
At 30 June 2023 -

SMART IMAGE WORKWEAR LIMITED (Registered number: 04196231)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

5. TANGIBLE FIXED ASSETS
Tenant
improvement Fixtures
to Plant and and
property Machinery fittings
£    £    £   
COST
At 1 July 2023 323,806 103,270 44,623
Additions 225,060 2,005 387
At 30 June 2024 548,866 105,275 45,010
DEPRECIATION
At 1 July 2023 219,927 56,315 30,740
Charge for year 21,587 7,344 2,106
At 30 June 2024 241,514 63,659 32,846
NET BOOK VALUE
At 30 June 2024 307,352 41,616 12,164
At 30 June 2023 103,879 46,955 13,883

Motor Office
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 39,838 50,156 561,693
Additions 2,000 71 229,523
At 30 June 2024 41,838 50,227 791,216
DEPRECIATION
At 1 July 2023 29,043 25,290 361,315
Charge for year 2,740 6,217 39,994
At 30 June 2024 31,783 31,507 401,309
NET BOOK VALUE
At 30 June 2024 10,055 18,720 389,907
At 30 June 2023 10,795 24,866 200,378

Included within the net book value of land and buildings above is £307,352 (2023 - £103,879) in respect of long leasehold land and buildings.

6. STOCKS
2024 2023
£    £   
Stocks 896,826 834,269

SMART IMAGE WORKWEAR LIMITED (Registered number: 04196231)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2024

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 559,961 493,929
Loan to staff 1,200 -
Prepayments 11,827 8,066
572,988 501,995

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Loans and borrowings (see note 10) 10,268 10,015
Trade creditors 357,716 378,956
Defined contribution pension costs 2,481 2,717
Corporation tax liability 85,995 39,085
PAYE and NIC creditor 11,742 10,347
VAT 38,512 42,457
Credit card account 2,711 4,575
Directors' current accounts 3,795 8
Accrued expenses 9,056 8,778
522,276 496,938

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Loans and borrowings (see note 10) 9,640 19,908

10. LOANS

An analysis of the maturity of loans is given below:

2024 2023
£    £   
Amounts falling due within one year or on demand:
Other loans 1 - under 1yr 10,268 10,015

Amounts falling due between one and two years:
Other loans - 1-2 years 9,640 10,268

Amounts falling due between two and five years:
Other loans - 2-5 years - 9,640