Caseware UK (AP4) 2024.0.164 2024.0.164 2024-10-312024-10-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.2023-11-01falseNo description of principal activity2831truetruefalse 01638003 2023-11-01 2024-10-31 01638003 2022-11-01 2023-10-31 01638003 2024-10-31 01638003 2023-10-31 01638003 2022-11-01 01638003 c:Director1 2023-11-01 2024-10-31 01638003 c:Director2 2023-11-01 2024-10-31 01638003 c:Director2 2024-10-31 01638003 c:Director3 2023-11-01 2024-10-31 01638003 c:Director4 2023-11-01 2024-10-31 01638003 c:RegisteredOffice 2023-11-01 2024-10-31 01638003 d:Buildings d:ShortLeaseholdAssets 2023-11-01 2024-10-31 01638003 d:Buildings d:ShortLeaseholdAssets 2024-10-31 01638003 d:Buildings d:ShortLeaseholdAssets 2023-10-31 01638003 d:FurnitureFittings 2023-11-01 2024-10-31 01638003 d:FurnitureFittings 2024-10-31 01638003 d:FurnitureFittings 2023-10-31 01638003 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 01638003 d:OfficeEquipment 2023-11-01 2024-10-31 01638003 d:OfficeEquipment 2024-10-31 01638003 d:OfficeEquipment 2023-10-31 01638003 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 01638003 d:ComputerEquipment 2023-11-01 2024-10-31 01638003 d:OwnedOrFreeholdAssets 2023-11-01 2024-10-31 01638003 d:ComputerSoftware 2024-10-31 01638003 d:ComputerSoftware 2023-10-31 01638003 d:OtherResidualIntangibleAssets 2023-11-01 2024-10-31 01638003 d:CurrentFinancialInstruments 2024-10-31 01638003 d:CurrentFinancialInstruments 2023-10-31 01638003 d:Non-currentFinancialInstruments 2024-10-31 01638003 d:Non-currentFinancialInstruments 2023-10-31 01638003 d:CurrentFinancialInstruments d:WithinOneYear 2024-10-31 01638003 d:CurrentFinancialInstruments d:WithinOneYear 2023-10-31 01638003 d:Non-currentFinancialInstruments d:AfterOneYear 2024-10-31 01638003 d:Non-currentFinancialInstruments d:AfterOneYear 2023-10-31 01638003 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-10-31 01638003 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-10-31 01638003 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-10-31 01638003 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-10-31 01638003 d:ShareCapital 2024-10-31 01638003 d:ShareCapital 2023-10-31 01638003 d:CapitalRedemptionReserve 2024-10-31 01638003 d:CapitalRedemptionReserve 2023-10-31 01638003 d:RetainedEarningsAccumulatedLosses 2024-10-31 01638003 d:RetainedEarningsAccumulatedLosses 2023-10-31 01638003 d:AcceleratedTaxDepreciationDeferredTax 2024-10-31 01638003 d:AcceleratedTaxDepreciationDeferredTax 2023-10-31 01638003 d:TaxLossesCarry-forwardsDeferredTax 2024-10-31 01638003 d:TaxLossesCarry-forwardsDeferredTax 2023-10-31 01638003 d:RetirementBenefitObligationsDeferredTax 2024-10-31 01638003 d:RetirementBenefitObligationsDeferredTax 2023-10-31 01638003 d:OtherDeferredTax 2024-10-31 01638003 d:OtherDeferredTax 2023-10-31 01638003 c:OrdinaryShareClass1 2023-11-01 2024-10-31 01638003 c:OrdinaryShareClass1 2024-10-31 01638003 c:OrdinaryShareClass1 2023-10-31 01638003 c:FRS102 2023-11-01 2024-10-31 01638003 c:AuditExempt-NoAccountantsReport 2023-11-01 2024-10-31 01638003 c:FullAccounts 2023-11-01 2024-10-31 01638003 c:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 01638003 d:WithinOneYear 2024-10-31 01638003 d:WithinOneYear 2023-10-31 01638003 d:BetweenOneFiveYears 2024-10-31 01638003 d:BetweenOneFiveYears 2023-10-31 01638003 d:ComputerSoftware d:ExternallyAcquiredIntangibleAssets 2023-11-01 2024-10-31 01638003 d:ComputerSoftware d:OwnedIntangibleAssets 2023-11-01 2024-10-31 01638003 e:PoundSterling 2023-11-01 2024-10-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 01638003









P5 GARMENTS LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 OCTOBER 2024

 
P5 GARMENTS LTD
 
 
COMPANY INFORMATION


Directors
T J Hallas 
J A Lowe (resigned 9 April 2024)
M Tarrant 
M J Williams 




Registered number
01638003



Registered office
Atlantic House
Fletcher Way

Carlisle

England

CA3 0LJ




Accountants
Donald Reid Limited

1010 Eskdale Road

Winnersh

Wokingham

RG41 5TS





 
P5 GARMENTS LTD
 

CONTENTS



Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 15


 
P5 GARMENTS LTD
REGISTERED NUMBER: 01638003

BALANCE SHEET
AS AT 31 OCTOBER 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 4 
2,459
7,265

Tangible assets
 5 
17,605
21,789

  
20,064
29,054

Current assets
  

Stocks
 6 
1,195,496
1,684,247

Debtors: amounts falling due within one year
 7 
562,227
545,929

Cash at bank and in hand
 8 
770,895
797,540

  
2,528,618
3,027,716

Creditors: amounts falling due within one year
 9 
(1,464,909)
(1,778,642)

Net current assets
  
 
 
1,063,709
 
 
1,249,074

Total assets less current liabilities
  
1,083,773
1,278,128

Creditors: amounts falling due after more than one year
 10 
(50,000)
(170,000)

  

Net assets
  
1,033,773
1,108,128


Capital and reserves
  

Called up share capital 
 13 
500,000
500,000

Capital redemption reserve
  
100
100

Profit and loss account
  
533,673
608,028

  
1,033,773
1,108,128


Page 1

 
P5 GARMENTS LTD
REGISTERED NUMBER: 01638003
    
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 23 July 2025.




M Tarrant
Director

The notes on pages 3 to 15 form part of these financial statements.

Page 2

 
P5 GARMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

1.


General information

P5 Garments Ltd is a private company limited by shares. The company was incorporated in the United Kingdom and is registered in England and Wales. The registration number is 01638003. The registered office address is Atlantic House, Fletcher Way, Carlisle, England, CA3 0LJ. The principal activity of the Company is that of garment wholesalers and manufacturers.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
P5 GARMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
P5 GARMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


 
2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 Amortisation is provided on the following bases:

Computer software
-
33%
straight line

 
2.10

Development costs

The company has elected to expense research and development costs as incurred.


 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
P5 GARMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Short-term leasehold property
-
20% straight line
Warehouse and office equipment
-
15 - 33% straight line
Computer equipment
-
25 - 33% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

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 profit or loss.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
P5 GARMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying
Page 7

 
P5 GARMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Basic financial liabilities

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 Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
Page 8

 
P5 GARMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)



3.


Employees

The average monthly number of employees, including directors, during the year was 28 (2023 - 31).


4.


Intangible assets




Computer software

£



Cost


At 1 November 2023
29,490


Additions
650



At 31 October 2024

30,140



Amortisation


At 1 November 2023
22,225


Charge for the year on owned assets
5,456



At 31 October 2024

27,681



Net book value



At 31 October 2024
2,459



At 31 October 2023
7,265



Page 9

 
P5 GARMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

5.


Tangible fixed assets





Short-term leasehold property
Warehouse and office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 November 2023
7,264
147,352
32,834
187,450


Additions
-
3,525
3,702
7,227


Disposals
-
(635)
(2,869)
(3,504)



At 31 October 2024

7,264
150,242
33,667
191,173



Depreciation


At 1 November 2023
2,179
136,374
27,108
165,661


Charge for the year on owned assets
1,453
4,777
5,181
11,411


Disposals
-
(635)
(2,869)
(3,504)



At 31 October 2024

3,632
140,516
29,420
173,568



Net book value



At 31 October 2024
3,632
9,726
4,247
17,605



At 31 October 2023
5,085
10,978
5,726
21,789


6.


Stocks

2024
2023
£
£

Raw materials and consumables
500,726
703,329

Finished goods and goods for resale
694,770
980,918

1,195,496
1,684,247


Page 10

 
P5 GARMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

7.


Debtors

2024
2023
£
£


Trade debtors
306,449
281,568

Other debtors
22,127
52,401

Prepayments and accrued income
102,548
102,323

Deferred taxation
131,103
109,637

562,227
545,929



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
770,895
797,540

770,895
797,540


Page 11

 
P5 GARMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
120,000
120,000

Payments received on account
5,281
7,975

Trade creditors
188,438
235,412

Amounts owed to group undertakings
800,000
850,000

Other taxation and social security
66,078
58,307

Other creditors
7,469
6,359

Accruals and deferred income
277,643
500,589

1,464,909
1,778,642


The following liabilities were secured:

2024
2023
£
£



Amounts owed to group undertakings
800,000
850,000

800,000
850,000

Details of security provided:

Loans from group undertakings are secured by a fixed and floating charge over all of the property or undertaking of the company.


10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
50,000
170,000

50,000
170,000


Page 12

 
P5 GARMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

11.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
120,000
120,000


120,000
120,000

Amounts falling due 1-2 years

Bank loans
50,000
120,000


50,000
120,000

Amounts falling due 2-5 years

Bank loans
-
50,000


-
50,000


170,000
290,000


Page 13

 
P5 GARMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

12.


Deferred taxation




2024
2023


£

£






At beginning of year
109,637
124,650


Charged to profit or loss
21,466
(15,013)



At end of year
131,103
109,637

The deferred tax asset is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,888)
(2,456)

Tax losses carried forward
115,781
96,551

Unpaid pension contributions
834
859

General provisions
16,376
14,683

131,103
109,637


13.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



500,000 (2023 - 500,000) Ordinary shares of £1.00 each
500,000
500,000



14.


Pension commitments

The Company operates a defined contribution pension scheme for the benefit of the employees. The assets of the scheme are administered by an independent pensions provider. Pension payments recognised as an expense during the period amount to £41,712 (2023: £47,153). Contributions totalling £5,105 (2023: £5,556) were payable to the fund at the balance sheet date and are included in creditors.

Page 14

 
P5 GARMENTS LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2024

15.


Commitments under operating leases

At 31 October 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
73,317
87,980

Later than 1 year and not later than 5 years
-
73,317

73,317
161,297


16.


Related party transactions

The company has taken exemption from disclosing related party transactions between wholly owned group members under paragraph 33.1A of FRS 102.


17.


Controlling party

The immediate parent company is Carrlow Limited by virtue of its 100% shareholding in the company. The ultimate controlling party is considered to be A M Lowe by virtue of their majority shareholding in Carrlow Limited.

 
Page 15