Madison Hosiery Limited Filleted accounts for Companies House (small and micro)

COMPANY REGISTRATION NUMBER: 02894164

MADISON HOSIERY LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD ENDED

28 December 2024

MADISON HOSIERY LIMITED

FINANCIAL STATEMENTS

YEAR ENDED 28 DECEMBER 2024

CONTENTS	PAGES

Statement of financial position	1 to 2

Notes to the financial statements	3 to 7

MADISON HOSIERY LIMITED

STATEMENT OF FINANCIAL POSITION

28 December 2024

	2024		2023
Note	£	£	£

FIXED ASSETS

Tangible assets	6	171,901	160,740
Investments	7	28,000	28,000
		---------	---------
		199,901	188,740

CURRENT ASSETS

Stocks		303,397	610,096
Debtors	8	3,346,964	3,127,961
Cash at bank and in hand		–	97,683
		------------	------------
		3,650,361	3,835,740

CREDITORS: amounts falling due within one year	9	( 793,599)		( 878,952)
		------------		------------
NET CURRENT ASSETS			2,856,762	2,956,788
			------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES			3,056,663	3,145,528

CREDITORS: amounts falling due after more than one year	10		( 66,667)	( 116,667)

PROVISIONS	( 37,166)	( 25,846)
	------------	------------
NET ASSETS	2,952,830	3,003,015
	------------	------------

CAPITAL AND RESERVES

Called up share capital	20,001	20,001
Profit and loss account	2,932,829	2,983,014
	------------	------------
SHAREHOLDERS FUNDS	2,952,830	3,003,015
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 28 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- 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 Act with respect to accounting records and the preparation of financial statements .

MADISON HOSIERY LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

28 December 2024

These financial statements were approved by the board of directors and authorised for issue on 26 September 2025 , and are signed on behalf of the board by:

T Newman

Director

Company registration number: 02894164

MADISON HOSIERY LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28 DECEMBER 2024

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynda Marilyn House, Mill Green, Leeds, LS12 6HE.

2. STATEMENT OF COMPLIANCE

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'.

3. ACCOUNTING POLICIES

Basis of preparation

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.

Revenue recognition

Turnover comprises revenue recognised by the company in respect of goods supplied, exclusive of Value Added Tax.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Operating 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation to date.

Depreciation

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:

Computer equipment	-	10% straight line
Fixtures and fittings	-	20% straight line
Motor vehicles	-	20% straight line

Investments

Investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Stocks

Stocks are measured 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 the stock to its present location and condition.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at transaction price and thereafter at fair value with changes recognised in profit and loss. The company holds the following financial assets and liabilities: Cash, Short-term trade and other debtors, and creditors. Cash in the balance sheet comprises cash at banks and in hand and short term deposits with an original maturity date of three months or less. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account before operating profit.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 35 (2023: 42 ).

5. TAX ON PROFIT

Major components of tax expense

	2024	2023
	£	£

Current tax:

UK current tax expense	15,102	3,122

Deferred tax:

Origination and reversal of timing differences	11,320	1,641
	--------	-------
Tax on profit	26,422	4,763
	--------	-------

6. TANGIBLE ASSETS

	Leasehold improvements	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 29 December 2023	409,248	556,838	78,162	1,044,248
Additions	18,752	18,759	17,840	55,351
	---------	---------	--------	------------
At 28 December 2024	428,000	575,597	96,002	1,099,599
	---------	---------	--------	------------
Depreciation
At 29 December 2023	330,560	494,138	58,810	883,508
Charge for the year	8,289	25,047	10,854	44,190
	---------	---------	--------	------------
At 28 December 2024	338,849	519,185	69,664	927,698
	---------	---------	--------	------------
Carrying amount
At 28 December 2024	89,151	56,412	26,338	171,901
	---------	---------	--------	------------
At 28 December 2023	78,688	62,700	19,352	160,740
	---------	---------	--------	------------

7. INVESTMENTS

	Other investments other than loans
	£
Cost
At 29 December 2023 and 28 December 2024	28,000
	--------
Impairment
At 29 December 2023 and 28 December 2024	–
	--------

Carrying amount
At 28 December 2024	28,000
	--------
At 28 December 2023	28,000
	--------

8. DEBTORS

	2024	2023
	£	£
Trade debtors	668,973	505,228
Amounts owed by group undertakings and undertakings in which the company has a participating interest	2,315,000	2,315,000
Other debtors	362,991	307,733
	------------	------------
	3,346,964	3,127,961
	------------	------------

9. CREDITORS: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	144,983	325,671
Trade creditors	444,693	263,706
Corporation tax	14,892	10,040
Social security and other taxes	113,480	70,672
Other creditors	75,551	208,863
	---------	---------
	793,599	878,952
	---------	---------

10. CREDITORS: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	66,667	116,667
	--------	---------