For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

Burt Bros (Hosiery) Limited is a private company limited by shares incorporated in England and Wales. The registered office is Units B-C Willow Road, Lenton, Nottingham, NG7 2TA.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the sale of hotel rooms is recognised at the point the hotel room is occupied.

Other operating income relates to rent received from investment property and is recognised on a straight line basis over the lease term.

Dividend income relates to dividends received from it's associated undertaking.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rental income from operating leases is recognised on a straight line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight line basis over the lease term.

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The average monthly number of persons (including directors) employed by the company during the year was:

The fair value of the investment property is not based on a valuation carried out by an independent valuer. Instead the fair value of the investment properties at 31 December 2021 has been provided by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.

Mr K Burt is the shareholder of Burt Bros (Hosiery) Limited and a trustee of the Burt Bros Executive Pension Scheme. Mrs W Burt is a director of Burt Bros (Hosiery) Limited and a trustee of the Burt Bros Executive Pension Scheme. At the year end £86,973 was owed by Burt Bros (Hosiery) Limited to Burt Bros Executive Pension Scheme (2023: £84,973) was due to the company and has been included in other debtors.

Included in other debtors is a loan due to Burt Bros (Hosiery) Limited from Mr K Burt of £28,885 (2023: £12,041 was due from Burt Bros (Hosiery) Limited to Mr K Burt).

Mrs W Burt is a director of Burt Bros (Hosiery) Limited and Charles 83 Limited. At the year end £4,228 was owed by Burt Bros (Hosiery) Limited to Charles 83 Limited. (2023: £4,228).

Mr K Burt is the shareholder of Burt Bros (Hosiery) Limited and a trustee of the Charles 83 Pension Scheme. At the year end £3,974 (2023: £3,974) was due from the pension scheme to the company and has been included in other debtors.

Ms H Burt is a director of Burt Bros (Hosiery) Limited and Hannah Burt Properties Limited. At the year end £96,932 was owed from Hannah Burt Properties Limited to the company (2023: £29,580 was owed to Hannah Burt Properties Limited) and has been included in other debtors.

Ms H Burt is a director of Burt Bros (Hosiery) Limited and Carlton Street Trading Limited. During the year Burt Bros (Hosiery) Limited sold goods to the value of £143,357 (2023: £51,600) to Carlton Street Trading Limited and purchased goods to the value of £21,141 (2023: £2,479) from Carlton Street Trading Limited. At the year end £9,539,661 (2023: £9,422,524) was due from Carlton Street Trading Limited to the company and has been included in other debtors.

Burt Bros (Hosiery) Limited has an investment of £900,000 in an associate, a Chinese based company, Ma'anshan Sino Star Hosiery Co Limited. During the year Burt Bros (Hosiery) Limited purchased goods to the value of £25,249 (2023: £27,593) from Ma'anshan Sino Star Hosiery Co Limited. At the year end a balance of £1,345,242 (2023: £615,689) was owed to Ma'anshan Sino Star Hosiery Co Limited.

The ultimate control of the company lies with Mr K Burt, who owns 100% of the issued share capital of the company.