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REGISTERED NUMBER: OC329589 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 August 2024

for

Intimates Lingerie Limited Liability
Partnership

Intimates Lingerie Limited Liability
Partnership (Registered number: OC329589)






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




Page

General Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Intimates Lingerie Limited Liability
Partnership

General Information
for the Year Ended 31 August 2024







DESIGNATED MEMBERS: A M Charlesworth
S E Charlesworth





REGISTERED OFFICE: Unit 18 Apple Pie Farm
Cranbrook Road
Benenden
Cranbrook
Kent
TN17 4EU





REGISTERED NUMBER: OC329589 (England and Wales)





ACCOUNTANTS: M N Jenks & Co Limited
72 Commercial Road
Paddock Wood
Tonbridge
Kent
TN12 6DP

Intimates Lingerie Limited Liability
Partnership (Registered number: OC329589)

Balance Sheet
31 August 2024

31.8.24 31.8.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 229,172 255,529

CURRENT ASSETS
Stocks 898,524 1,085,753
Debtors 5 1,372,627 1,360,758
Cash at bank 113,345 43,555
2,384,496 2,490,066
CREDITORS
Amounts falling due within one year 6 2,108,812 2,041,394
NET CURRENT ASSETS 275,684 448,672
TOTAL ASSETS LESS CURRENT
LIABILITIES

504,856

704,201

CREDITORS
Amounts falling due after more than one year 7 424,856 624,201
NET ASSETS ATTRIBUTABLE TO
MEMBERS

80,000

80,000

LOANS AND OTHER DEBTS DUE TO
MEMBERS

-

-

MEMBERS' OTHER INTERESTS
Capital accounts 80,000 80,000
80,000 80,000

TOTAL MEMBERS' INTERESTS
Members' other interests 80,000 80,000
Amounts due from members 5 (604,658 ) (262,404 )
(524,658 ) (182,404 )

Intimates Lingerie Limited Liability
Partnership (Registered number: OC329589)

Balance Sheet - continued
31 August 2024


The LLP is entitled to exemption from audit under Section 477 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 for the year ended 31 August 2024.

The members acknowledge their responsibilities for:
(a)ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP.

The financial statements have been prepared and delivered in accordance with the provisions applicable to LLPs subject to the small LLPs regime.

In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Profit and Loss Account has not been delivered.

The financial statements were approved by the members of the LLP and authorised for issue on 20 May 2025 and were signed by:





A M Charlesworth - Designated member

Intimates Lingerie Limited Liability
Partnership (Registered number: OC329589)

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

1. STATUTORY INFORMATION

Intimates Lingerie Limited Liability Partnership is registered in England and Wales. The LLP's registered number and registered office address can be found on the General Information page.

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


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 requirements of the Statement of Recommended Practice, Accounting by Limited Liability Partnerships. The financial statements have been prepared under the historical cost convention.

Going Concern Basis of Accounting

The Accounts have been prepared on the assumption that the limited liability partnership is able to carry on business as a going concern which the Members consider appropriate having regard to the circumstances outlined in Note 15 to the Accounts.

Turnover
Turnover, which excludes value added tax, is measured at the fair value of the consideration received or receivable. Revenue is reduced for estimated customer returns, rebates and other similar allowances. Revenue from the sale of goods is recognised when goods are delivered and legal title has passed.

Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and impairment losses.

Depreciation is calculated to write off the cost less estimated residual values, of all tangible fixed assets over their estimated useful lives to the business. The annual depreciation rates and methods are as follows:

Plant and Equipment - 20% reducing balance and 20% straightline
Fixtures and Fittings - 20% reducing balance
Motor Vehicles - 25% reducing balance

Assets held under hire purchase contracts and finance leases are depreciated in the same way as owned assets.

At each balance sheet date, the Limited Liability Partnership reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss and to adjust the carrying amount accordingly

Stocks
Stock is valued at the lower of cost and net realisable value, due provision having been made for damaged and unsaleable stock. When stock is sold, the carrying amount is recognised as an expense in the period in which the related revenue is recognised.

Foreign currencies
Transactions denominated in a foreign currency are translated into sterling at the rate of exchange ruling at the date of the transaction. At the balance sheet date, monetary assets and liabilities denominated in foreign currency are translated at the rate ruling at that date. Exchange differences are dealt with in the profit and loss account.

Intimates Lingerie Limited Liability
Partnership (Registered number: OC329589)

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

2. ACCOUNTING POLICIES - continued

Leasing and hire purchase contracts
Rental costs under operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight-line basis over the lease term.

Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability net of the finance charge allocated to future periods. The interest element is charged to profit and loss account over the period of the agreement, using the effective interest method.

Pension scheme contributions
The limited liability partnership operates a defined contribution pension scheme on behalf of the employees. Pension scheme contributions, which are charged to the profit and loss account, represents the amounts payable by the Limited Liability Partnership to the scheme in respect of the year.

Loans
Interest on Loans is charged to the profit and loss account were appropriate, over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount.

Taxation
Taxation on the Limited Liability Partnership profits is solely the personal liability of individual Members and is not dealt with in these accounts.

3. EMPLOYEE INFORMATION

The average number of employees during the year was 29 (2023 - 30 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Motor
machinery fittings vehicles Totals
£    £    £    £   
COST
At 1 September 2023 163,391 89,805 302,876 556,072
Additions 4,155 - 55,000 59,155
Disposals - - (35,000 ) (35,000 )
At 31 August 2024 167,546 89,805 322,876 580,227
DEPRECIATION
At 1 September 2023 98,321 73,803 128,419 300,543
Charge for year 13,481 3,201 52,363 69,045
Eliminated on disposal - - (18,533 ) (18,533 )
At 31 August 2024 111,802 77,004 162,249 351,055
NET BOOK VALUE
At 31 August 2024 55,744 12,801 160,627 229,172
At 31 August 2023 65,070 16,002 174,457 255,529

Intimates Lingerie Limited Liability
Partnership (Registered number: OC329589)

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

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Plant and Motor
machinery vehicles Totals
£    £    £   
COST
At 1 September 2023 16,990 302,876 319,866
Additions - 55,000 55,000
Disposals - (35,000 ) (35,000 )
At 31 August 2024 16,990 322,876 339,866
DEPRECIATION
At 1 September 2023 9,740 128,419 138,159
Charge for year 1,451 52,013 53,464
Eliminated on disposal - (18,183 ) (18,183 )
At 31 August 2024 11,191 162,249 173,440
NET BOOK VALUE
At 31 August 2024 5,799 160,627 166,426
At 31 August 2023 7,250 174,457 181,707

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade debtors 504,067 879,575
Amounts due from members 604,658 262,404
Other debtors and prepayments 263,902 218,779
1,372,627 1,360,758

Other Debtors and Prepayments include an amount of £42,776 (2023 - £42,776) due from Intimates Sales Limited, a company controlled by A M Charlesworth and S E Charlesworth.

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Sales invoice financing 132,092 400,587
Other loans 540,559 343,300
Hire purchase contracts (see note 8) 75,331 57,318
Trade creditors 1,130,119 966,140
Social security and other taxes 44,448 17,681
VAT 64,883 137,751
Other creditors and accruals 121,380 118,617
2,108,812 2,041,394

Intimates Lingerie Limited Liability
Partnership (Registered number: OC329589)

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

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Other loans 315,630 486,845
Hire purchase contracts (see note 8) 109,226 137,356
424,856 624,201

All loans are repayable in full within 5 years.

8. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
31.8.24 31.8.23
£    £   
Gross obligations repayable:
Within one year 92,537 74,205
Between one and five years 129,333 156,067
221,870 230,272

Finance charges repayable:
Within one year 17,206 16,887
Between one and five years 20,107 18,711
37,313 35,598

Net obligations repayable:
Within one year 75,331 57,318
Between one and five years 109,226 137,356
184,557 194,674

Non-cancellable operating leases
31.8.24 31.8.23
£    £   
Within one year 181,584 244,872
Between one and five years 619,752 726,336
In more than five years 296,096 371,096
1,097,432 1,342,304

Intimates Lingerie Limited Liability
Partnership (Registered number: OC329589)

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

9. SECURED DEBTS

The following secured debts are included within creditors:

31.8.24 31.8.23
£    £   
Sales invoice financing 132,092 400,587
Hire purchase contracts 184,557 194,674
316,649 595,261

10. PENSION COMMITMENTS

The Limited Liability Partnership operates a defined contribution scheme for its employees. The assets of the scheme are held separately from those of the Limited Liability Partnership in an independently administered fund. At the balance sheet date, unpaid contributions of £3,510 (2023 - £4,539) were due to the Fund. They are included in Other Creditors.

11. RELATED PARTY TRANSACTIONS

During the year A M Charlesworth Esq and Mrs S E Charlesworth who own a number of Units at Apple Pie Farm, Cranbrook Road, Benenden, Cranbrook, Kent, TN17 4EU charged rent and service charge of £111,384 (2023 - £80,090) to Intimates Lingerie LLP under leases/agreements negotiated on an open market value basis.

A M Charlesworth Esq and Mrs S E Charlesworth have provided personal guarantees in respect of various third party loans made to the limited liability partnership. The amounts outstanding in respect of these loans at 31 August 2024 amounted to £338,927 (2023 - £404,293).

12. CONTROLLING PARTY

In the opinion of the members there is no controlling party.

13. FUTURE TRADING AND THE CURRENT ECONOMIC ENVIRONMENT

The year ended 31 August 2024 was a difficult trading year as customers were still reducing their stock holdings, which had grown too large on the back of the Covid-19 pandemic period, but many also started to change the way they traded with their suppliers, with Intimates Lingerie LLP being expected to deliver direct to their customer’s customer rather than delivering in bulk to their warehouses. Therefore, there was a direct negative effect on orders and hence Turnover as these new working practices were adopted. The Members have recognised that this drop in Turnover and hence profits, has caused a strain on the LLP’s liquidity and Balance Sheet strength and have therefore committed to injecting significant funds back into the LLP to improve the position during the first half of 2025. The forecasts for 2025 show the LLP returning back to a trading profit as the trading partnership with customers return to a more settled and sustainable level