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REGISTERED NUMBER: 04488243 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 September 2024

for

The Gun Hill Clothing Company Limited

The Gun Hill Clothing Company Limited (Registered number: 04488243)

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










Page

Balance Sheet 1

Notes to the Financial Statements 3


The Gun Hill Clothing Company Limited (Registered number: 04488243)

Balance Sheet
30 September 2024

30.9.24 30.9.23
Notes £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 46,703 54,404
46,703 54,404

Current assets
Stocks 586,895 561,548
Debtors 7 146,528 144,669
Cash at bank 14,651 1
748,074 706,218
Creditors
Amounts falling due within one year 8 (379,253 ) (314,556 )
Net current assets 368,821 391,662
Total assets less current liabilities 415,524 446,066

Creditors
Amounts falling due after more than one
year

9

(20,461

)

(47,753

)

Provisions for liabilities (6,501 ) (7,132 )
Net assets 388,562 391,181

Capital and reserves
Called up share capital 1,000 1,000
Retained earnings 387,562 390,181
Shareholders' funds 388,562 391,181

The Gun Hill Clothing Company Limited (Registered number: 04488243)

Balance Sheet - continued
30 September 2024


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

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 29 May 2025 and were signed on its behalf by:





Mr N D Fryer - Director


The Gun Hill Clothing Company Limited (Registered number: 04488243)

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


1. Statutory information

The Gun Hill Clothing Company Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 04488243

Registered office: 22-26 King Street
King's Lynn
Norfolk
PE30 1HJ

2. Statement of compliance

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.

3. Accounting policies

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention. Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

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

The principal accounting policies adopted are set out below. All accounting policies have been applied consistently, other than where new policies have been adopted.

Going Concern
The directors believe that the company is well placed to manage its financial risks successfully and have reasonable expectation that it has adequate resources to continue in operational existence for the foreseeable future and have therefore accordingly prepared these financial statements on a going concern basis.

The Gun Hill Clothing Company Limited (Registered number: 04488243)

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


3. Accounting policies - continued

Critical accounting judgements and key sources of estimation uncertainty
The preparation of the financial statements in conformity with FRS 102 requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

(i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect current estimates, based on technological advancements, future investments, economic utilisation and the physical condition of the assets. See notes to the accounts for the carrying amount of tangible assets and the useful economic lives for each class of assets.

(ii) Taxation

The company establishes provisions based on reasonable estimates, for possible consequences of audits by the tax authorities. The amount of such provisions is based on various factors, such as experience with the previous tax audits and differing interpretations of tax regulations by the taxable entity and the responsible tax authority.

Turnover
Turnover is measured at 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 stated net of discounts, rebates, Value Added Tax and other sales taxes. The following criteria must also be met before turnover from a sale can be recognised:

Turnover from the sale of retail clothing is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer (usually on despatch of the goods), the amount of turnover can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2009, has been amortised evenly over its estimated useful life of five years.

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.

The Gun Hill Clothing Company Limited (Registered number: 04488243)

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


3. Accounting policies - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Long leasehold - Straight line over 15 years
Fixtures and fittings - 15% p.a. reducing balance
Motor vehicles - 20% p.a. reducing balance


Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or group of assets.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and
slow moving items. Net realisable value is calculated at the lower of cost or selling price less cost to complete.

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 the profit or loss.

The Gun Hill Clothing Company Limited (Registered number: 04488243)

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


3. Accounting policies - continued

Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and 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.


The Gun Hill Clothing Company Limited (Registered number: 04488243)

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


3. 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.

Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset.

Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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.

Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Cash and cash equivalents
Cash and cash equivalents includes cash on hand, deposits held at call with banks, and other short term highly liquid investments with original maturities of three months or less.

4. Employees and directors

The average number of employees during the year was 23 (2023 - 22 ) .

The Gun Hill Clothing Company Limited (Registered number: 04488243)

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


5. Intangible fixed assets
Goodwill
£
Cost
At 1 October 2023
and 30 September 2024 130,000
Amortisation
At 1 October 2023
and 30 September 2024 130,000
Net book value
At 30 September 2024 -
At 30 September 2023 -

6. Tangible fixed assets
Fixtures
Long and Motor
leasehold fittings vehicles Totals
£ £ £ £
Cost
At 1 October 2023 297,961 168,226 19,500 485,687
Additions - 2,554 - 2,554
At 30 September 2024 297,961 170,780 19,500 488,241
Depreciation
At 1 October 2023 273,282 150,981 7,020 431,283
Charge for year 4,963 2,796 2,496 10,255
At 30 September 2024 278,245 153,777 9,516 441,538
Net book value
At 30 September 2024 19,716 17,003 9,984 46,703
At 30 September 2023 24,679 17,245 12,480 54,404

7. Debtors: amounts falling due within one year
30.9.24 30.9.23
£ £
Trade debtors 87,192 75,921
Other debtors 59,336 68,748
146,528 144,669

The Gun Hill Clothing Company Limited (Registered number: 04488243)

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


8. Creditors: amounts falling due within one year
30.9.24 30.9.23
£ £
Bank loans and overdrafts 27,281 100,480
Trade creditors 279,340 138,828
Taxation and social security 39,662 44,939
Other creditors 32,970 30,309
379,253 314,556

9. Creditors: amounts falling due after more than one year
30.9.24 30.9.23
£ £
Bank loans 20,461 47,753

10. Secured debts

The following secured debts are included within creditors:

30.9.24 30.9.23
£ £
Bank overdraft - 73,207

Security has been provided in respect of the bank overdraft, by way of a fixed and floating debenture charge in favour of Barclays Bank PLC over all the assets of the company.

11. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 30 September 2024 and 30 September 2023:

30.9.24 30.9.23
£ £
Mr N D Fryer
Balance outstanding at start of year 9,870 (209 )
Amounts advanced 24,771 18,830
Amounts repaid (35,065 ) (8,751 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (424 ) 9,870

The Gun Hill Clothing Company Limited (Registered number: 04488243)

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


11. Directors' advances, credits and guarantees - continued

Mrs L Fryer
Balance outstanding at start of year (22 ) (1 )
Amounts advanced 27,063 8,730
Amounts repaid (27,465 ) (8,751 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (424 ) (22 )

All advances and credits as at 30 September 2024 will be repaid in full within 9 months of the accounting period end. The loans are unsecured, interest free and repayable on demand.

12. Related party disclosures

No transactions were undertaken with the directors or related parties such as are required to be disclosed under the Financial Reporting Standard 102, Section 1A.