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REGISTERED NUMBER: 04050114 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 December 2024

for

Special Wear UK Limited

Special Wear UK Limited (Registered number: 04050114)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Special Wear UK Limited

Company Information
for the Year Ended 31 December 2024







Director: A Di Blasio





Registered office: 87a High Street
The Old Town
Hemel Hempstead
Hertfordshire
HP1 3AH





Registered number: 04050114 (England and Wales)





Accountants: Pinkham Blair
Chartered Accountants
87a High Street
The Old Town
Hemel Hempstead
Hertfordshire
HP1 3AH

Special Wear UK Limited (Registered number: 04050114)

Balance Sheet
31 December 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 4 - 36,809

Current assets
Stocks - 334,736
Debtors 5 36,696 321,956
Cash at bank 781,726 815,859
818,422 1,472,551
Creditors
Amounts falling due within one year 6 175,627 1,054,578
Net current assets 642,795 417,973
Total assets less current liabilities 642,795 454,782

Provisions for liabilities - 1,407
Net assets 642,795 453,375

Capital and reserves
Called up share capital 8 2 2
Retained earnings 642,793 453,373
Shareholders' funds 642,795 453,375

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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.

Special Wear UK Limited (Registered number: 04050114)

Balance Sheet - continued
31 December 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 13 August 2025 and were signed by:





A Di Blasio - Director


Special Wear UK Limited (Registered number: 04050114)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. Statutory information

Special Wear UK 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.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Land and buildings - over the unexpired term of the lease
Plant and machinery etc - 25% on reducing balance

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition

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.


Special Wear UK Limited (Registered number: 04050114)

Notes to the Financial Statements - continued
for the Year Ended 31 December 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.

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 6 (2023 - 9 ) .

Special Wear UK Limited (Registered number: 04050114)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

4. Tangible fixed assets
Plant and
Land and machinery
buildings etc Totals
£ £ £
Cost
At 1 January 2024 1,640 218,003 219,643
Disposals (1,640 ) (218,003 ) (219,643 )
At 31 December 2024 - - -
Depreciation
At 1 January 2024 410 182,424 182,834
Charge for year 547 4,910 5,457
Eliminated on disposal (957 ) (187,334 ) (188,291 )
At 31 December 2024 - - -
Net book value
At 31 December 2024 - - -
At 31 December 2023 1,230 35,579 36,809

5. Debtors: amounts falling due within one year
2024 2023
£ £
Trade debtors 28,813 180,232
Other debtors 7,883 141,724
36,696 321,956

6. Creditors: amounts falling due within one year
2024 2023
£ £
Trade creditors 32,644 80,247
Taxation and social security 89,281 58,361
Other creditors 53,702 915,970
175,627 1,054,578

Special Wear UK Limited (Registered number: 04050114)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

7. Leasing agreements

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£ £
Within one year - 31,417

8. Called up share capital

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
20,000 A Ordinary £0.0001 2 2

9. Employee ownership trust

The company is owned by Special Wear Trustees Limited, an Employee Ownership Trust subject to the restrictions set out in the legislation governing these trusts. The purpose of the trust is to hold the trust assets for the benefit of the beneficiaries of the trust.

The trust owns the 20,000 £0.0001 A ordinary shares of Special Wear UK Limited and at 31 December 2024 owed £3,351,011 (2023: £3,351,011) to the previous shareholders as deferred consideration for the shares. A fixed charge has been granted by the trust over up to 49% of the company's shares to secure the payment of the deferred consideration. The company has provided a guarantee in relation to the payment of instalments of the deferred consideration conditional on it having sufficient distributable profits and cash after making reasonable provision for working capital and taking into account any legal constraints on payments to the trust.