| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| WOODWARD MENSWEAR BANSTEAD LIMITED |
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| FOR |
| WOODWARD MENSWEAR BANSTEAD LIMITED |
| WOODWARD MENSWEAR BANSTEAD LIMITED (REGISTERED NUMBER: 09568868) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| WOODWARD MENSWEAR BANSTEAD LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| 20 Harcourt Street |
| London |
| W1H 4HG |
| WOODWARD MENSWEAR BANSTEAD LIMITED (REGISTERED NUMBER: 09568868) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 2024 | 2023 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
( |
) |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
| NET LIABILITIES | ( |
) | ( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
| The director acknowledges his 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. |
| WOODWARD MENSWEAR BANSTEAD LIMITED (REGISTERED NUMBER: 09568868) |
| BALANCE SHEET - continued |
| 30 SEPTEMBER 2024 |
| The financial statements were approved by the director and authorised for issue on |
| WOODWARD MENSWEAR BANSTEAD LIMITED (REGISTERED NUMBER: 09568868) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| Woodward Menswear Banstead Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Goodwill |
| Purchased goodwill is capitalised. The useful life cannot reliably be estimated by the directors. Accordingly the estimated useful life has been reduced from 10 years to 5 years. |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Tangible fixed assets |
| Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
| Land and Buildings -over the terms of the lease |
| Fixtures and Fittings -20% |
| Computer Equipment -25% |
| 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 Income Statement, 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. |
| 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. |
| WOODWARD MENSWEAR BANSTEAD LIMITED (REGISTERED NUMBER: 09568868) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 October 2023 |
| and 30 September 2024 |
| AMORTISATION |
| At 1 October 2023 |
| and 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 30 September 2023 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and |
| Land and | machinery |
| buildings | etc | Totals |
| £ | £ | £ |
| COST |
| At 1 October 2023 |
| Additions |
| At 30 September 2024 |
| DEPRECIATION |
| At 1 October 2023 |
| Charge for year |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Trade debtors |
| Other debtors |
| WOODWARD MENSWEAR BANSTEAD LIMITED (REGISTERED NUMBER: 09568868) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Company credit card |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2024 | 2023 |
| £ | £ |
| Bank loans (see note 9) |
| 9. | LOANS |
| Bounce back loan scheme taken out during Covid pandemic is secured by the government guarantee. |
| 10. | SECURED DEBTS |
| Liberis Finance is secured by the director's personal guarantee. |
| Balance as at 30th September 2024 is £7,778.56 (30th September 2023 : £10,673.12) |
| 11. | OTHER FINANCIAL COMMITMENTS |
| At 30th September 2024, the company had total commitments under non-cancellable operating lease over the remaining life of lease of £132,000. (2023: £176,000). |
| 12. | RELATED PARTY DISCLOSURES |
| Rental payments over the remainder of the lease are personally guaranteed by the director. Outstanding rental payments as at 30th September 2024 are £132,000 (30th September 2023: £176,000). |
| Loans provided to the company by the Director in the year are non-interest bearing loans and repayable on demand. Director's loan balance as at 30th September 2024 is £33,742.54 (30th September 2023 : £29,620.37) |
| 13. | ULTIMATE CONTROLLING PARTY |
| The controlling party is M Ritson. |
| WOODWARD MENSWEAR BANSTEAD LIMITED (REGISTERED NUMBER: 09568868) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 SEPTEMBER 2024 |
| 14. | GOING CONCERN |
| The Company has incurred a loss during the year ended 30th September 2024 and, as at that date, the company's current liability exceed current assets by £89,890 (2023: £71,175). |
| The director has reviewed the adequacy of working capital requirements for the next twelve months and indicated that he will continue to support the cashflow requirements of the business based on his assessment. |
| As at the balance sheet date, the company's liabilities exceeded its assets. |
| The company has received assurance from the director that he will continue to give financial support to the company for twelve months from the date of signing the financial statements. On this basis, the director considers it appropriate to prepare the accounts on a going concern basis. However, should the financial support mentioned above is not forthcoming, the going concern basis used in preparing the company's accounts may be invalid and adjustments would have to be made to reduce the value to their realisable amounts to the company's assets or liabilities which might arise. The accounts do not include any adjustment to the company's assets or liabilities that might be necessary should this basis not continue to be appropriate. |
| 15. | PENSION COMMITMENTS |
| The company operates a defined contribution pension scheme with Legal & General. The assets of the scheme are held separately in an independent administered fund.At the balance sheet date, unpaid contributions of £Nil (2023: £Nil) were due to the fund. |