Company registration number 01688420 (England and Wales)
CLEGG WOOLS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
PAGES FOR FILING WITH REGISTRAR
CLEGG WOOLS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
The following pages do not form part of the statutory financial statements
CLEGG WOOLS LIMITED
BALANCE SHEET
AS AT 31 MARCH 2025
31 March 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
37,558
22,648
Current assets
Stocks
38,851
94,307
Debtors
4
444,678
194,412
Cash at bank and in hand
443,215
569,614
926,744
858,333
Creditors: amounts falling due within one year
5
(138,047)
(71,608)
Net current assets
788,697
786,725
Total assets less current liabilities
826,255
809,373
Provisions for liabilities
310
310
Net assets
826,565
809,683
Capital and reserves
Called up share capital
6
10,000
10,000
Profit and loss reserves
816,565
799,683
Total equity
826,565
809,683
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 7 July 2025 and are signed on its behalf by:
A Clegg
Director
Company registration number 01688420 (England and Wales)
CLEGG WOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2025
- 2 -
1
Accounting policies
Company information
Clegg Wools Limited is a private company limited by shares incorporated in England and Wales. The registered office is Ashbrow Mills, Sheepridge, Huddersfield, HD2 1DU.
1.1
Accounting convention
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial
Reporting Standard applicable in the UK and the Republic of Ireland'.
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of
certain financial assets and liabilities and investment properties measured at fair value through profit or loss
The financial statements are prepared in sterling, which is the functional currency of the entity.
1.2
Turnover
Turnover comprises the value of sales excluding value added tax and trade discounts.
1.3
Tangible fixed assets
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.
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the
useful economic life of that asset as follows:
Property improvements
3 years, straight line
Plant and equipment
4 - 10 years, straight line
Motor vehicles
4 years, straight line
1.4
Stocks
Stocks are stated at the lower of cost and net realisable value.
1.5
Financial instruments
A financial asset or a financial liability is recognised only when the company 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.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares
are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently
measured at fair value with changes in fair value recognised in profit or loss. All other such investments are
subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an
asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which
case the asset is measured at the present value of the future payments discounted at a market rate of interest for a
similar debt instrument.
CLEGG WOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 3 -
Fair value measurement of financial instruments
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an
asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which
case the asset is measured at the present value of the future payments discounted at a market rate of interest for a
similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or
loss, with the exception of hedging instruments in a designated hedging relationship.
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.
1.6
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting
period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other
comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or
directly in equity, respectively.
Current tax
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the
amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively
enacted at the reporting date.
Deferred tax
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and
other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the
reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and
laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the
reversal of the timing difference.
1.7
Retirement benefits
The company operates a defined contribution pension scheme. The amount charged to the profit and loss
account in respect of pension costs is the contributions payable in the year.
The amount recognised in profit or loss as an expense in relation to defined contribution pension plans was
£42,052 (2024: £19,004).
1.8
Leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
CLEGG WOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
1
Accounting policies
(Continued)
- 4 -
1.9
Foreign exchange
Transactions in foreign currencies are translated at the exchange rate ruling at the date of the transaction.
Monetary assets and liabilities in foreign currencies are translated at the rates of exchange ruling at the balance
sheet date. Where exchange differences result from the translation of foreign currency borrowings raised to
acquire foreign assets they are taken to reserves and offset against the differences arising from the translation of
those assets. All other exchange differences are dealt with through the profit and loss account.
1.10
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 balance sheet 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.
1.11
The company has indemnified its bankers in respect of certain trade finance and foreign exchange facilities
provided in the normal course of trading.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2025
2024
Number
Number
Total
5
5
CLEGG WOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 5 -
3
Tangible fixed assets
Property improvements
Plant and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2024
32,225
339,621
35,355
407,201
Additions
22,500
22,500
Disposals
(13,950)
(13,950)
At 31 March 2025
32,225
339,621
43,905
415,751
Depreciation and impairment
At 1 April 2024
29,889
321,925
32,739
384,553
Depreciation charged in the year
779
3,809
3,002
7,590
Eliminated in respect of disposals
(13,950)
(13,950)
At 31 March 2025
30,668
325,734
21,791
378,193
Carrying amount
At 31 March 2025
1,557
13,887
22,114
37,558
At 31 March 2024
2,336
17,696
2,616
22,648
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
211,981
159,074
Other debtors
210,085
-
Prepayments and accrued income
22,612
35,338
444,678
194,412
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
61,638
23,493
Corporation tax
3,191
Other taxation and social security
20,629
31,661
Other creditors
20
20
Accruals and deferred income
52,569
16,434
138,047
71,608
CLEGG WOOLS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2025
- 6 -
6
Called up share capital
2025
2024
2025
2024
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
10,000
10,000
10,000
10,000
7
Operating lease commitments
Lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
2025
2024
£
£
499,268
477,000
8
Controlling party
The company is a subsidiary of Millgarth Limited. This company is controlled by A Clegg.