REGISTERED NUMBER: 00989991 (England and Wales)

Unaudited Financial Statements

for the Year Ended

31 January 2025

for

Irish Clothing Company Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

J Brown

J T Brown

J B Cayless

REGISTERED OFFICE:

Charnwood House

Harcourt Way

Meridian Business Park

Leicestershire

LE19 1WP

REGISTERED NUMBER:

00989991 (England and Wales)

ACCOUNTANTS:

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Irish Clothing Company Limited for the year ended 31 January 2025 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Irish Clothing Company Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Irish Clothing Company Limited and state those matters that we have agreed to state to the Board of Directors of Irish Clothing Company Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Irish Clothing Company Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Irish Clothing Company Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Irish Clothing Company Limited. You consider that Irish Clothing Company Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Irish Clothing Company Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

The Rowleys Partnership Ltd

Chartered Accountants

Charnwood House

Harcourt Way

Meridian Business Park

Leicester

Leicestershire

LE19 1WP

15 July 2025

FIXED ASSETS

Tangible assets

4

1,835,654

1,838,314

CURRENT ASSETS

Stocks

290,709

303,942

Debtors

5

14,132

33,626

Cash at bank and in hand

29,210

21,942

334,051

359,510

CREDITORS

Amounts falling due within one year

6

139,178

93,939

NET CURRENT ASSETS

194,873

265,571

TOTAL ASSETS LESS CURRENT LIABILITIES

2,030,527

2,103,885

CAPITAL AND RESERVES

Called up share capital

7

20,000

20,000

Revaluation reserve

8

1,663,550

1,663,550

Retained earnings

346,977

420,335

SHAREHOLDERS' FUNDS

2,030,527

2,103,885

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2025 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

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 Board of Directors and authorised for issue on 15 July 2025 and were signed on its behalf by:

J T Brown - Director

1.	STATUTORY INFORMATION

Irish Clothing Company 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 as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised when the goods are transferred to the customer.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

5% straight line basis

Fixtures and fittings

-

20% reducing balance

The directors have chosen to adopt a revaluation policy on all freehold properties.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing stock to its present location and condition. Cost is calculated using the first-in, first-out formula. Provision is made for damaged, obsolete and slow-moving stock where appropriate.

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.

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 13 (2024 - 13 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

COST OR VALUATION

At 1 February 2024

and 31 January 2025

1,825,000

427,857

2,252,857

DEPRECIATION

At 1 February 2024

-

414,543

414,543

Charge for year

-

2,660

2,660

At 31 January 2025

-

417,203

417,203

NET BOOK VALUE

At 31 January 2025

1,825,000

10,654

1,835,654

At 31 January 2024

1,825,000

13,314

1,838,314

Cost or valuation at 31 January 2025 is represented by:

Fixtures

Freehold

and

property

fittings

Totals

£

£

£

Valuation in 2011

1,058,742

-

1,058,742

Valuation in 2014

340,000

-

340,000

Valuation in 2020

215,000

-

215,000

Cost

211,258

427,857

639,115

1,825,000

427,857

2,252,857

If freehold land and buildings had not been revalued they would have been included at the following historical cost:

31.1.25

31.1.24

£

£

Cost

211,258

211,258

Aggregate depreciation

92,059

92,059

Freehold Land and buildings were valued on an open market basis on 31 January 2020 by Andrew and Ashwell .

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Trade debtors

10,705

30,380

Prepayments and accrued income

3,427

3,246

14,132

33,626

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.25

31.1.24

£

£

Bank loans and overdrafts

-

14

Trade creditors

33,189

50,063

Social security and other taxes

2,766

2,622

VAT

15,601

17,362

Other creditors

24,645

9,000

Directors' current accounts

57,777

11,723

Accruals and deferred income

5,200

3,155

139,178

93,939

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.1.25

31.1.24

value:

£

£

20,000

Ordinary Shares

£1

20,000

20,000

8.

RESERVES

Revaluation

reserve

£

At 1 February 2024

and 31 January 2025

1,663,550