Caseware UK (AP4) 2024.0.164 2024.0.164 2024-08-312024-08-312025-05-23false2023-09-01falseRetail sale of clothing in specialised stores22truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 14315702 2023-09-01 2024-08-31 14315702 2022-08-24 2023-08-31 14315702 2024-08-31 14315702 2023-08-31 14315702 c:Director2 2023-09-01 2024-08-31 14315702 d:FurnitureFittings 2023-09-01 2024-08-31 14315702 d:FurnitureFittings 2024-08-31 14315702 d:FurnitureFittings 2023-08-31 14315702 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 14315702 d:OfficeEquipment 2023-09-01 2024-08-31 14315702 d:OfficeEquipment 2024-08-31 14315702 d:OfficeEquipment 2023-08-31 14315702 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 14315702 d:OwnedOrFreeholdAssets 2023-09-01 2024-08-31 14315702 d:CurrentFinancialInstruments 2024-08-31 14315702 d:CurrentFinancialInstruments 2023-08-31 14315702 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 14315702 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 14315702 d:ShareCapital 2024-08-31 14315702 d:ShareCapital 2023-08-31 14315702 d:RetainedEarningsAccumulatedLosses 2024-08-31 14315702 d:RetainedEarningsAccumulatedLosses 2023-08-31 14315702 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-08-31 14315702 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-08-31 14315702 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2024-08-31 14315702 d:FinancialLiabilitiesFairValueThroughProfitOrLoss d:ListedExchangeTraded 2023-08-31 14315702 d:AcceleratedTaxDepreciationDeferredTax 2024-08-31 14315702 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 14315702 c:FRS102 2023-09-01 2024-08-31 14315702 c:AuditExempt-NoAccountantsReport 2023-09-01 2024-08-31 14315702 c:FullAccounts 2023-09-01 2024-08-31 14315702 c:PrivateLimitedCompanyLtd 2023-09-01 2024-08-31 14315702 e:PoundSterling 2023-09-01 2024-08-31 iso4217:GBP xbrli:pure

Registered number:  14315702














WXM CLOTHING LTD
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


 
WXM CLOTHING LTD
REGISTERED NUMBER: 14315702

BALANCE SHEET
AS AT 31 AUGUST 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
2,162
2,804

  
2,162
2,804

Current assets
  

Stocks
  
58,470
-

Debtors: amounts falling due within one year
 5 
7,466
4,280

Cash at bank and in hand
 6 
2,309
3,400

  
68,245
7,680

Creditors: amounts falling due within one year
 7 
(49,431)
(15,244)

Net current assets/(liabilities)
  
 
 
18,814
 
 
(7,564)

Total assets less current liabilities
  
20,976
(4,760)

Provisions for liabilities
  

Deferred tax
  
(411)
-

  
 
 
(411)
 
 
-

Net assets/(liabilities)
  
20,565
(4,760)


Capital and reserves
  

Called up share capital 
  
1,000
1,000

Profit and loss account
  
19,565
(5,760)

  
20,565
(4,760)


Page 1

 
WXM CLOTHING LTD
REGISTERED NUMBER: 14315702
    
BALANCE SHEET (CONTINUED)
AS AT 31 AUGUST 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D Atkins
Director

Date: 23 May 2025

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
WXM CLOTHING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

1.


General information

The company is a private company limited by shares, which is incorporated under the Companies Act
2006 and registered in England & Wales (no. 14315702). The registered office is The Plaza,
100 Old Hall Street, Liverpool, Merseyside, United Kingdom, L3 9QJ.
These financial statements present information about the company as an individual undertaking. The
principal activity of the company is retail sale of clothing in specialised stores.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

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. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Finance costs

Finance costs are charged to profit or loss 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. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 3

 
WXM CLOTHING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.5

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.6

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
WXM CLOTHING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.7

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is 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.

 
2.8

Debtors

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.

 
2.9

Cash and cash equivalents

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.

 
2.10

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.11

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.12

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees




The average monthly number of employees, including directors, during the year was 2 (2023 - 2).

Page 5

 
WXM CLOTHING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

4.


Tangible fixed assets





Fixtures and fittings
Office equipment
Total

£
£
£



Cost or valuation


At 1 September 2023
928
2,281
3,209



At 31 August 2024

928
2,281
3,209



Depreciation


At 1 September 2023
139
266
405


Charge for the year on owned assets
186
456
642



At 31 August 2024

325
722
1,047



Net book value



At 31 August 2024
603
1,559
2,162



At 31 August 2023
789
2,015
2,804


5.


Debtors

2024
2023
£
£


Other debtors
7,466
4,280

7,466
4,280



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,309
3,400

2,309
3,400


Page 6

 
WXM CLOTHING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
23,293
-

Trade creditors
12,441
1,144

Corporation tax
4,277
-

Other taxation and social security
6,420
-

Other creditors
-
12,125

Accruals and deferred income
3,000
1,975

49,431
15,244



8.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
2,309
3,400

Financial assets measured at amortised cost
1,635
2,386

3,944
5,786


Financial liabilities


Financial liabilities measured at amortised cost
38,902
15,244


Financial assets measured at fair value through profit or loss comprise of cash at bank.


Financial assets measured at amortised cost comprise of trade debtors and other debtors.


Financial liabilities measured at amortised cost comprise of bank loans, other loans, trade creditors,
other creditors and accruals.

Page 7

 
WXM CLOTHING LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024

9.


Deferred taxation




2024


£






Charged to profit or loss
(411)



At end of year
(411)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(411)
-

(411)
-


10.


Related party transactions

Included in other debtors is an amount of £5,831 (2023: (£12,125)) owed from the directors. The loan is repayable on demand and no interest has been charged. 


11.


Controlling party

The company is under the control of the directors.

 
Page 8