Company No: 05325159 (England and Wales)

Contents

• Company Information
• Statement of Financial Position
• Notes to the Financial Statements

DIRECTORS	R M Chuck
	V K Morgan
	P N Morgan

REGISTERED OFFICE	Wey Court West
	Union Road
	Farnham
	GU9 7PT
	United Kingdom

COMPANY NUMBER

05325159 (England and Wales)

ACCOUNTANT	Shaw Gibbs Limited
	Wey Court West
	Union Road
	Farnham
	Surrey
	GU9 7PT

	Note	2024		2023
		£		£
Fixed assets
Intangible assets	3	97,451		95,641
Tangible assets	4	96,480		106,457
		193,931		202,098
Current assets
Stocks		87,350		85,553
Debtors	5	89,875		89,327
Cash at bank and in hand		68,354		61,246
		245,579		236,126
Creditors: amounts falling due within one year	6	( 323,082)		( 261,750)
Net current liabilities		(77,503)		(25,624)
Total assets less current liabilities		116,428		176,474
Creditors: amounts falling due after more than one year	7	( 35,338)		( 70,033)
Provision for liabilities	8	( 14,668)		( 15,505)
Net assets		66,422		90,936
Capital and reserves
Called-up share capital		109		109
Share premium account		39,991		39,991
Profit and loss account		26,322		50,836
Total shareholders' funds		66,422		90,936

For the financial year ending 31 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 financial year 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; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Statement of Income and Retained Earnings has not been delivered.

The financial statements of Corporate Wear Limited (registered number: 05325159) were approved and authorised for issue by the Board of Directors on 30 September 2025. They were signed on its behalf by:

V K Morgan Director

R M Chuck Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Corporate Wear Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Wey Court West, Union Road, Farnham, Surrey, GU9 7PT, United Kingdom.

The financial statements have been prepared under the historical cost convention, unless stated otherwise and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

Employee benefits

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Statement of Financial Position.

Taxation

Current tax
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.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Goodwill	2 years straight line
Computer software	10 years straight line

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Leasehold improvements	depreciated over the life of the lease
Plant and machinery	5 - 10 years straight line
Vehicles	5 years straight line
Fixtures and fittings	5 years straight line
Office equipment	5 years straight line
Computer equipment	5 years straight line

Depreciation methods, useful lives and residual values are reviewed at each balance sheet date. The selection of these residual values and estimated lives requires the exercise of judgement. The directors are required to assess whether there is an indication of impairment to the carrying value of assets. In making that assessment, judgements are made in estimating value in use. The directors consider that the individual carrying values of assets are supportable by their value in use.

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.

Borrowing costs

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

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.

The Company as lessor
Where assets leased to a third party give rights approximating to ownership (finance lease), the lessor recognises as a receivable an amount equal to the net investment in the lease i.e. the minimum lease payments receivable under the lease discounted at the interest rate implicit in the lease. This receivable is reduced as the lessee makes capita payments over the term of the lease.

A finance lease gives rise to two types of income: profit or loss equivalent to the profit or loss resulting from outright sale of the asset being leased, at normal selling prices, reflecting any applicable discounts, and finance income over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	23		23

3. Intangible assets

	Goodwill		Computer software		Total
	£		£		£
Cost
At 01 January 2024	10,000		143,250		153,250
Additions	0		21,146		21,146
At 31 December 2024	10,000		164,396		174,396
Accumulated amortisation
At 01 January 2024	6,250		51,359		57,609
Charge for the financial year	3,750		15,586		19,336
At 31 December 2024	10,000		66,945		76,945
Net book value
At 31 December 2024	0		97,451		97,451
At 31 December 2023	3,750		91,891		95,641

4. Tangible assets

	Leasehold improve- ments		Plant and machinery		Vehicles		Fixtures and fittings		Office equipment		Computer equipment		Total
	£		£		£		£		£		£		£
Cost
At 01 January 2024	18,839		100,580		37,466		10,129		3,109		43,808		213,931
Additions	0		0		0		0		0		623		623
At 31 December 2024	18,839		100,580		37,466		10,129		3,109		44,431		214,554
Accumulated depreciation
At 01 January 2024	18,839		32,635		7,493		10,084		2,950		35,473		107,474
Charge for the financial year	0		0		7,493		102		53		2,952		10,600
At 31 December 2024	18,839		32,635		14,986		10,186		3,003		38,425		118,074
Net book value
At 31 December 2024	0		67,945		22,480		(57)		106		6,006		96,480
At 31 December 2023	0		67,945		29,973		45		159		8,335		106,457
Leased assets included above:
Net book value
At 31 December 2024	0		0		22,480		0		0		0		22,480
At 31 December 2023	0		0		29,973		0		0		0		29,973

5. Debtors

	2024		2023
	£		£
Trade debtors	74,334		70,600
Prepayments	15,541		18,727
	89,875		89,327

6. Creditors: amounts falling due within one year

	2024		2023
	£		£
Bank loans	30,000		30,000
Trade creditors	152,260		125,576
Amounts owed to directors	51,957		56,459
Accruals and deferred income	20,124		2,050
Corporation tax	19,224		12,351
Other taxation and social security	43,232		29,274
Obligations under finance leases and hire purchase contracts	4,695		4,695
Other creditors	1,590		1,345
	323,082		261,750

7. Creditors: amounts falling due after more than one year

	2024		2023
	£		£
Bank loans	12,500		42,500
Obligations under finance leases and hire purchase contracts	22,838		27,533
	35,338		70,033

8. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	( 15,505)		( 2,751)
Credited/(charged) to the Statement of Income and Retained Earnings	837		( 12,754)
At the end of financial year	( 14,668)		( 15,505)

The deferred taxation balance is made up as follows:

	2024		2023
	£		£
Accelerated capital allowances	( 14,846)		( 15,649)
Other timing differences	178		144
	( 14,668)		( 15,505)

9. Financial commitments

Pensions

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.

The pension cost charge represents contributions payable by the Company to the fund and amounted to £12,247 (2023 - £14,635). Employee and employer contributions totaling £1,590 (2023 - £1,345) were payable to the fund at the reporting date and are included in creditors.