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REGISTERED NUMBER: 04743411 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JULY 2024

FOR

FRS COUNTRYWEAR LIMITED

FRS COUNTRYWEAR LIMITED (REGISTERED NUMBER: 04743411)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


FRS COUNTRYWEAR LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JULY 2024







DIRECTORS: Mrs M Turner
B R Turner





SECRETARY: B R Turner





REGISTERED OFFICE: FRS Countrywear Ltd
Unit 9 Building 6
Stanmore Industrial Estate
Bridgnorth
Shropshire
WV15 5HR





REGISTERED NUMBER: 04743411 (England and Wales)





ACCOUNTANTS: Crombies Accountants Limited
Chartered Accountants
34 Waterloo Road
Wolverhampton
West Midlands
WV1 4DG

FRS COUNTRYWEAR LIMITED (REGISTERED NUMBER: 04743411)

STATEMENT OF FINANCIAL POSITION
31 JULY 2024

2024 2023
Notes £    £    £   
FIXED ASSETS
Intangible assets 4 - 250
Tangible assets 5 153,535 115,346
153,535 115,596

CURRENT ASSETS
Stocks 202,659 206,646
Debtors 6 104,006 116,839
Prepayments and accrued income 18,774 19,479
Cash at bank and in hand 99,839 103,898
425,278 446,862
CREDITORS
Amounts falling due within one year 7 419,020 427,213
NET CURRENT ASSETS 6,258 19,649
TOTAL ASSETS LESS CURRENT
LIABILITIES

159,793

135,245

CREDITORS
Amounts falling due after more than one
year

8

(75,956

)

(36,667

)

PROVISIONS FOR LIABILITIES 10 (28,000 ) (21,000 )
NET ASSETS 55,837 77,578

CAPITAL AND RESERVES
Called up share capital 11 2,000 2,000
Retained earnings 12 53,837 75,578
SHAREHOLDERS' FUNDS 55,837 77,578

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 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.

FRS COUNTRYWEAR LIMITED (REGISTERED NUMBER: 04743411)

STATEMENT OF FINANCIAL POSITION - continued
31 JULY 2024


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 23 May 2025 and were signed on its behalf by:





B R Turner - Director


FRS COUNTRYWEAR LIMITED (REGISTERED NUMBER: 04743411)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2024

1. STATUTORY INFORMATION

FRS Countrywear Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company 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 Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Fixtures, fittings and equipment - 10% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

FRS COUNTRYWEAR LIMITED (REGISTERED NUMBER: 04743411)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 13 (2023 - 13 ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 August 2023
and 31 July 2024 60,000
AMORTISATION
At 1 August 2023 59,750
Charge for year 250
At 31 July 2024 60,000
NET BOOK VALUE
At 31 July 2024 -
At 31 July 2023 250

FRS COUNTRYWEAR LIMITED (REGISTERED NUMBER: 04743411)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

5. TANGIBLE FIXED ASSETS
Fixtures,
fittings
Long and
leasehold equipment Totals
£    £    £   
COST
At 1 August 2023 5,194 388,588 393,782
Additions - 71,695 71,695
Disposals - (79,185 ) (79,185 )
At 31 July 2024 5,194 381,098 386,292
DEPRECIATION
At 1 August 2023 - 278,436 278,436
Charge for year - 33,506 33,506
Eliminated on disposal - (79,185 ) (79,185 )
At 31 July 2024 - 232,757 232,757
NET BOOK VALUE
At 31 July 2024 5,194 148,341 153,535
At 31 July 2023 5,194 110,152 115,346

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
Additions 16,350
At 31 July 2024 16,350
DEPRECIATION
Charge for year 1,635
At 31 July 2024 1,635
NET BOOK VALUE
At 31 July 2024 14,715

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 104,006 116,839

FRS COUNTRYWEAR LIMITED (REGISTERED NUMBER: 04743411)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 20,000 20,000
Hire purchase contracts 5,450 -
Trade creditors 346,175 334,491
Taxation and social security 35,178 70,220
Other creditors 12,217 2,502
419,020 427,213

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Bank loans 16,667 36,667
Hire purchase contracts 59,289 -
75,956 36,667

9. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 64,739 -

Hire Purchase creditors are secured by a charge over the assets to which they relate.

10. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax
Accelerated capital allowances 28,000 21,000

Deferred
tax
£   
Balance at 1 August 2023 21,000
Provided during year 7,000
Balance at 31 July 2024 28,000

11. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1,000 Ordinary 1 1,000 1,000
1,000 Ordinary 'B' £1 1,000 1,000
2,000 2,000

FRS COUNTRYWEAR LIMITED (REGISTERED NUMBER: 04743411)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 JULY 2024

12. RESERVES
Retained
earnings
£   

At 1 August 2023 75,578
Profit for the year 52,259
Dividends (74,000 )
At 31 July 2024 53,837