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REGISTERED NUMBER: 01088286 (England and Wales)















Strategic Report, Report of the Directors and

Financial Statements for the Year Ended 30 June 2024

for

B.H.M. Knitwear Limited

B.H.M. Knitwear Limited (Registered number: 01088286)






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




Page

Company Information 1

Strategic Report 2

Report of the Directors 3

Report of the Independent Auditors 4

Statement of Comprehensive Income 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


B.H.M. Knitwear Limited

Company Information
for the Year Ended 30 June 2024







DIRECTORS: B T Littlejohn
L Zhu
N I S Barana
S Yin
Y Liu





REGISTERED OFFICE: Marlborough Drive
Fleckney
Leicester
Leicestershire
LE8 8UR





REGISTERED NUMBER: 01088286 (England and Wales)





AUDITORS: Torr Waterfield Limited
Statutory Auditor
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

B.H.M. Knitwear Limited (Registered number: 01088286)

Strategic Report
for the Year Ended 30 June 2024

The directors present their strategic report for the year ended 30 June 2024.

REVIEW OF BUSINESS
The company has had a good trading year with turnover increasing from £13,783,918 in 2023 to £14,466,774 in 2024. Gross profit percentage has remained steady, decreasing slightly from 5.74% in 2023 to 4.81% in 2024.

With the marketplace pressures, competition and inflationary pressures in existence throughout the year, the directors consider the company's performance to be satisfactory.

PRINCIPAL RISKS AND UNCERTAINTIES
The key risks and uncertainties affecting the company are considered to relate to the demand for our products from the fashion industry and competition from overseas suppliers. The company is well positioned to manage these risks due to a strong supply chain, capable workforce and management team, alongside solid group reserves.

KEY PERFORMANCE INDICATORS
The key performance indicators that the directors monitor the business by are the levels of turnover achieved, margins achieved, and the net current assets position of the business. All these indicators are monitored monthly.

ON BEHALF OF THE BOARD:





B T Littlejohn - Director


26 June 2025

B.H.M. Knitwear Limited (Registered number: 01088286)

Report of the Directors
for the Year Ended 30 June 2024

The directors present their report with the financial statements of the company for the year ended 30 June 2024.

DIVIDENDS
An interim dividend of £2941.17645 per share was paid on 30 June 2024. The directors recommend that no final dividend be paid.

The total distribution of dividends for the year ended 30 June 2024 will be £ 1,000,000 .

DIRECTORS
The directors shown below have held office during the whole of the period from 1 July 2023 to the date of this report.

B T Littlejohn
L Zhu
N I S Barana
S Yin
Y Liu

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

ON BEHALF OF THE BOARD:





B T Littlejohn - Director


26 June 2025

Report of the Independent Auditors to the Members of
B.H.M. Knitwear Limited

Qualified opinion

We have audited the financial statements of B.H.M Knitwear Limited (the 'company') for the year ended 30 June 2024 which comprise the Statement of Comprehensive Income, Balance Sheet,Statement of Changes in Equity, Cash Flow Statement and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section
of our report, the financial statements:
- give a true and fair view of the state of the company's affairs as at 30 June 2024 and of its profit for the
year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
and
- have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion
We were unable to observe the counting of physical stock held by the company at 30 June 2024 due to not being appointed as auditors for the company until after the year end.
We were unable to satisfy ourselves by alternative means concerning the stock quantities held of £340,722 held at 30 June 2024 by using other audit procedures. Consequently we were unable to determine whether any adjustment to these amounts in the balance sheet at 30 June 2024 were necessary or whether there was any consequential effect on cost of sales for the year ended 30 June 2024.

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our qualified opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Report of the Independent Auditors to the Members of
B.H.M. Knitwear Limited


Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception
Except for the matter described in the basis for qualified opinion section of our report, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page three, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
B.H.M. Knitwear Limited


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

The capability to detect irregularities is based on the auditor identifying and assessing the risks of material misstatement of the financial statements, whether due to fraud or error, and then designing and performing audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

a) Identifying and assessing potential risks related to irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, the following approach was taken:

- Understanding the nature of the industry and sector, control environment and business performance;
- Consideration of the results of our enquiries of management and those charged with governance
about their own identification and assessment of the risks of irregularities;
- Understanding the company's policies and procedures on compliance with laws and regulations and
management of fraud risk, including documentation of instances of non-compliance of laws and
regulations and instances of actual, suspected or alleged fraud;
- Consideration of matters discussed among the audit engagement team regarding how and where
fraud might occur in the financial statements and any potential indicators of fraud;
- Understanding the legal and regulatory frameworks that the company operates in through enquiry of
management and those charged with governance and understanding the company's industry and
sector. The key laws and regulations that were considered to have an effect on material amounts and
disclosures in the financial statements included the Companies Act and tax legislation.

b) Audit response to risks identified

Based on this understanding, the following audit procedures were designed and performed to respond to the risks identified.

- Reviewing the financial statement disclosures and testing to supporting documentation to assess
compliance with applicable laws and regulations described as having a direct effect on the financial
statement;
- Enquiring of management, those charged with governance and, where applicable, the company's
solicitors concerning actual and potential litigation and claims;
- Performing analytical procedures to identify any unusual or unexpected relationships that may
indicate risks of material misstatement due to fraud
- Reviewing minutes of meetings of those charged with governance and, where applicable,
correspondence with regulators;
- Performing audit work over the risk of management override of controls, including testing of journal
entries and other adjustments for appropriateness and evaluating the business rationale of significant
transactions outside the normal course of business.
- Communication of potential fraud risks to all engagement team members and remaining alert to any
indications of fraud or non-compliance with laws and regulations throughout the audit.


Report of the Independent Auditors to the Members of
B.H.M. Knitwear Limited

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Mark Torr (Senior Statutory Auditor)
for and on behalf of Torr Waterfield Limited
Statutory Auditor
Park House
37 Clarence Street
Leicester
Leicestershire
LE1 3RW

26 June 2025

B.H.M. Knitwear Limited (Registered number: 01088286)

Statement of Comprehensive
Income
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   

TURNOVER 3 14,466,774 13,783,918

Cost of sales (13,770,865 ) (12,992,668 )
GROSS PROFIT 695,909 791,250

Administrative expenses (990,320 ) (852,611 )
(294,411 ) (61,361 )

Other operating income - 2,089
OPERATING LOSS 5 (294,411 ) (59,272 )


Interest payable and similar expenses 6 (116,540 ) (83,686 )
LOSS BEFORE TAXATION (410,951 ) (142,958 )

Tax on loss 7 13,335 (9,788 )
LOSS FOR THE FINANCIAL YEAR (397,616 ) (152,746 )

OTHER COMPREHENSIVE INCOME
Deferred tax on revaluation reserve (35,547 ) -
Income tax relating to other
comprehensive income

-

-
OTHER COMPREHENSIVE INCOME
FOR THE YEAR, NET OF INCOME TAX

(35,547

)

-
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

(433,163

)

(152,746

)

B.H.M. Knitwear Limited (Registered number: 01088286)

Balance Sheet
30 June 2024

30.6.24 30.6.23
Notes £    £   
FIXED ASSETS
Tangible assets 9 174,333 311,731

CURRENT ASSETS
Stocks 10 340,722 896,827
Debtors 11 3,597,959 4,128,708
Cash at bank 104,279 395,491
4,042,960 5,421,026
CREDITORS
Amounts falling due within one year 12 (3,198,723 ) (3,143,237 )
NET CURRENT ASSETS 844,237 2,277,789
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,018,570

2,589,520

CREDITORS
Amounts falling due after more than one
year

13

(253,333

)

(413,333

)

PROVISIONS FOR LIABILITIES 17 (35,548 ) (13,335 )
NET ASSETS 729,689 2,162,852

CAPITAL AND RESERVES
Called up share capital 18 340 340
Revaluation reserve 19 71,096 122,747
Retained earnings 19 658,253 2,039,765
SHAREHOLDERS' FUNDS 729,689 2,162,852

The financial statements were approved by the Board of Directors and authorised for issue on 26 June 2025 and were signed on its behalf by:





B T Littlejohn - Director


B.H.M. Knitwear Limited (Registered number: 01088286)

Statement of Changes in Equity
for the Year Ended 30 June 2024

Called up
share Retained Revaluation Total
capital earnings reserve equity
£    £    £    £   
Balance at 1 July 2022 340 2,131,137 184,121 2,315,598

Changes in equity
Total comprehensive income - (91,372 ) (61,374 ) (152,746 )
Balance at 30 June 2023 340 2,039,765 122,747 2,162,852

Changes in equity
Dividends - (1,000,000 ) - (1,000,000 )
Total comprehensive income - (381,512 ) (51,651 ) (433,163 )
Balance at 30 June 2024 340 658,253 71,096 729,689

B.H.M. Knitwear Limited (Registered number: 01088286)

Cash Flow Statement
for the Year Ended 30 June 2024

30.6.24 30.6.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 189,457 560,229
Interest paid (116,540 ) (83,686 )
Government grants - 2,089
Tax paid - (26,367 )
Net cash from operating activities 72,917 452,265

Cash flows from investing activities
Purchase of tangible fixed assets (30,010 ) (63,169 )
Sale of tangible fixed assets 5,000 114,243
Net cash from investing activities (25,010 ) 51,074

Cash flows from financing activities
New loans in year 177,978 -
Loan repayments in year (160,000 ) (160,000 )
(Increase)/decrease in group debtors 642,903 (73,787 )
Equity dividends paid (1,000,000 ) -
Net cash from financing activities (339,119 ) (233,787 )

(Decrease)/increase in cash and cash equivalents (291,212 ) 269,552
Cash and cash equivalents at
beginning of year

2

395,491

125,939

Cash and cash equivalents at end of
year

2

104,279

395,491

B.H.M. Knitwear Limited (Registered number: 01088286)

Notes to the Cash Flow Statement
for the Year Ended 30 June 2024

1. RECONCILIATION OF LOSS BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

30.6.24 30.6.23
£    £   
Loss before taxation (410,951 ) (142,958 )
Depreciation charges 166,943 49,289
Profit on disposal of fixed assets (4,535 ) (10,994 )
Government grants - (2,089 )
Finance costs 116,540 83,686
(132,003 ) (23,066 )
Decrease in stocks 556,105 55,365
(Increase)/decrease in trade and other debtors (112,155 ) 209,036
(Decrease)/increase in trade and other creditors (122,490 ) 318,894
Cash generated from operations 189,457 560,229

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 June 2024
30.6.24 1.7.23
£    £   
Cash and cash equivalents 104,279 395,491
Year ended 30 June 2023
30.6.23 1.7.22
£    £   
Cash and cash equivalents 395,491 125,939


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.7.23 Cash flow At 30.6.24
£    £    £   
Net cash
Cash at bank 395,491 (291,212 ) 104,279
395,491 (291,212 ) 104,279
Debt
Debts falling due within 1 year (160,000 ) (177,978 ) (337,978 )
Debts falling due after 1 year (413,333 ) 160,000 (253,333 )
(573,333 ) (17,978 ) (591,311 )
Total (177,842 ) (309,190 ) (487,032 )

B.H.M. Knitwear Limited (Registered number: 01088286)

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

1. STATUTORY INFORMATION

B.H.M. Knitwear 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Critical accounting judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are addressed below:

i) Useful economic lives of tangible assets

The annual depreciation charge for tangible assets is sensitive to changes in the economic useful lives and residual values of assets. The useful economic lives and residual values are reviewed annually.

ii) Stock provisions

In determining stock provisions, evaluation of future demand is considered and appropriate provisions made to reflect the risk of obsolescence. This is significantly affected by forecasted needs for stock. If actual demand or usage were to be lower than estimated, additional stock provisions for excess or obsolete stock may be required.

iii) Bad debt provisions

Bad debt provisions are made by the directors based on the age of the unpaid debt and the terms of trade.

B.H.M. Knitwear Limited (Registered number: 01088286)

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

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

The company recognises turnover when the following criteria have been met:

(a) the significant risks and rewards of ownership have been transferred to the buyer;
(b) the company retains no ongoing involvement or control over the goods;
(c) the revenue can be reliably measured;
(d) it is probable that the company will receive the consideration due under the transaction; and
(e) the costs incurred in respect of the transaction can be reliably measured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - Over the term of the lease
Plant and machinery - 20% on cost
Fixtures and fittings - 25% on cost
Motor vehicles - 25% on cost

The company has adopted the revaluation model for plant and machinery which are held at fair value less any subsequent depreciation or impairment. Fair value is assessed as the estimated value in use at the reporting date. Revaluation gains and losses are recognised in Other Comprehensive Income and accumulate in the Revaluation Reserve.

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell, after making due allowance for obsolete and slow-moving stocks. Cost is based on the cost purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the impairment loss is recognised immediately in the profit and loss account.

Financial instruments
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other group companies.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If evidence of impairment is found, an impairment loss is recognised in the Statement of Comprehensive Income.

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


B.H.M. Knitwear Limited (Registered number: 01088286)

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

2. 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

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 obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those 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 payment 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. TURNOVER

The turnover and loss before taxation are attributable to the one principal activity of the company.

4. EMPLOYEES AND DIRECTORS
30.6.24 30.6.23
£    £   
Wages and salaries 1,253,573 1,159,444
Social security costs 129,541 119,777
Other pension costs 69,354 59,088
1,452,468 1,338,309

The average number of employees during the year was as follows:
30.6.24 30.6.23

Management 2 2
Sales, administration and productive 34 33
36 35

B.H.M. Knitwear Limited (Registered number: 01088286)

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

4. EMPLOYEES AND DIRECTORS - continued

30.6.24 30.6.23
£    £   
Directors' remuneration 247,750 221,632
Directors' pension contributions to money purchase schemes - 3,522

The number of directors to whom retirement benefits were accruing was as follows:

Defined benefit schemes - 2

Information regarding the highest paid director is as follows:
30.6.24 30.6.23
£    £   
Emoluments etc 125,250 117,683
Pension contributions to money purchase schemes - 293

5. OPERATING LOSS

The operating loss is stated after charging/(crediting):

30.6.24 30.6.23
£    £   
Other operating leases 100,000 100,000
Depreciation - owned assets 166,943 49,290
Profit on disposal of fixed assets (4,535 ) (10,994 )
Auditors' remuneration 7,000 6,000
Foreign exchange differences 6,560 6,357

6. INTEREST PAYABLE AND SIMILAR EXPENSES
30.6.24 30.6.23
£    £   
Bank loan interest 46,245 46,498
Other interest 70,295 37,188
116,540 83,686

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the year was as follows:
30.6.24 30.6.23
£    £   
Current tax:
UK corporation tax - (13,450 )

Deferred tax (13,335 ) 23,238
Tax on loss (13,335 ) 9,788

UK corporation tax has been charged at 25% .

B.H.M. Knitwear Limited (Registered number: 01088286)

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

7. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

30.6.24 30.6.23
£    £   
Loss before tax (410,951 ) (142,958 )
Loss multiplied by the standard rate of corporation tax in the UK of
25% (2023 - 25%)

(102,738

)

(35,740

)

Effects of:
Expenses not deductible for tax purposes 976 635
Capital allowances in excess of depreciation (4,933 ) -
Depreciation in excess of capital allowances - 24,750
Adjustments to tax charge in respect of previous periods - 19,330
Enhanced capital allowances - (3,435 )
Change in tax rates - 4,248
Tax on losses 93,360 -
Total tax (credit)/charge (13,335 ) 9,788

Tax effects relating to effects of other comprehensive income

30.6.24
Gross Tax Net
£    £    £   
Deferred tax on revaluation reserve (35,547 ) - (35,547 )

8. DIVIDENDS
30.6.24 30.6.23
£    £   
Interim 1,000,000 -

B.H.M. Knitwear Limited (Registered number: 01088286)

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

9. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST OR VALUATION
At 1 July 2023 444,401 734,841 380,971 43,826 1,604,039
Additions - 22,793 7,217 - 30,010
Disposals - - - (23,400 ) (23,400 )
At 30 June 2024 444,401 757,634 388,188 20,426 1,610,649
DEPRECIATION
At 1 July 2023 442,541 524,622 284,713 40,432 1,292,308
Charge for year 282 128,176 35,556 2,929 166,943
Eliminated on disposal - - - (22,935 ) (22,935 )
At 30 June 2024 442,823 652,798 320,269 20,426 1,436,316
NET BOOK VALUE
At 30 June 2024 1,578 104,836 67,919 - 174,333
At 30 June 2023 1,860 210,219 96,258 3,394 311,731

Cost or valuation at 30 June 2024 is represented by:

Improvements Fixtures
to Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
Valuation in 2020 - 142,190 - - 142,190
Cost 444,401 615,444 388,188 20,426 1,468,459
444,401 757,634 388,188 20,426 1,610,649

If plant and machinery had not been revalued they would have been included at the following historical cost:

30.6.24 30.6.23
£    £   
Cost 615,444 592,651
Aggregate depreciation 536,087 524,622

Plant and machinery were valued on an open market basis on 30 June 2020 by the directors .

10. STOCKS
30.6.24 30.6.23
£    £   
Raw materials 72,536 243,399
Finished goods 268,186 653,428
340,722 896,827

Stock recognised in cost of sales during the period as an expense was £12,025,953 (2023 - £11,192,739).

B.H.M. Knitwear Limited (Registered number: 01088286)

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

11. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Trade debtors 1,305,030 1,118,551
Amounts owed by group undertakings 2,207,834 2,850,737
Other debtors 14,039 41,402
Corporation tax 13,450 13,450
Prepayments and accrued income 57,606 104,568
3,597,959 4,128,708

12. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.24 30.6.23
£    £   
Bank loans and overdrafts (see note 14) 337,978 160,000
Trade creditors 1,342,168 1,545,505
Amounts owed to group undertakings 1,370,670 1,370,670
Social security and other taxes 50,311 30,935
Other creditors 16,226 9,110
Accruals and deferred income 81,370 27,017
3,198,723 3,143,237

13. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.6.24 30.6.23
£    £   
Bank loans (see note 14) 253,333 413,333

14. LOANS

An analysis of the maturity of loans is given below:

30.6.24 30.6.23
£    £   
Amounts falling due within one year or on demand:
Bank loans 337,978 160,000

Amounts falling due between one and two years:
Bank loans - 1-2 years 160,000 160,000

Amounts falling due between two and five years:
Bank loans - 2-5 years 93,333 253,333

The bank loan is repayable monthly until its maturity in January 2027. Interest is charged at 3.99% per annum over the Bank of England base rate.

B.H.M. Knitwear Limited (Registered number: 01088286)

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

15. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
30.6.24 30.6.23
£    £   
Within one year 110,921 45,027
Between one and five years 145,740 1,323
256,661 46,350

16. SECURED DEBTS

The following secured debts are included within creditors:

30.6.24 30.6.23
£    £   
Bank loans 591,311 573,333

The bank loan has been secured by a debenture and a fixed and floating charge in favour of HSBC UK Bank Plc, over the assets of the company.

The loan has also been secured by an Unlimited Multilateral Guarantee in favour of HSBC UK Bank Plc given by BHM Holdings 2020 Limited, Amberstone Enterprises Limited, BHM International Limited and this company.

17. PROVISIONS FOR LIABILITIES
30.6.24 30.6.23
£    £   
Deferred tax
Accelerated capital allowances - 13,335
Other timing differences 35,548 -
35,548 13,335

Deferred
tax
£   
Balance at 1 July 2023 13,335
Provided during year 35,548
Credit to Statement of Comprehensive Income during year (13,335 )
Balance at 30 June 2024 35,548

18. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.24 30.6.23
value: £    £   
340 Ordinary £1 340 340

B.H.M. Knitwear Limited (Registered number: 01088286)

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

19. RESERVES

Retained Earnings
Retained earning represents cumulative profits and losses, net of dividends paid and other adjustments.

Revaluation Reserve
Arisen as a result of increases in the value of fixed assets accounted for at fair value.

20. RELATED PARTY DISCLOSURES

Key management personnel of the entity or its parent (in the aggregate)

Key management personnel are considered to be the directors of the company. Their remuneration is stated in Note 4.

21. ULTIMATE CONTROLLING PARTY

The company's ultimate parent company is BHM Holdings 2020 Limited, a company registered in England and Wales.

The ultimate controlling party is Mrs L Zhu.