REGISTERED NUMBER: 02415517 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

FOR

T.W.KEMPTON (CORPORATE CLOTHING)

LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr N Storey-Hawthorn

Mr A Storey-Hawthorn

Mr S Storey-Hawthorn

REGISTERED OFFICE:

Byford Road

Leicester

Leicestershire

LE4 0DG

REGISTERED NUMBER:

02415517 (England and Wales)

BANKERS:

The Royal Bank of Scotland

Gateway House

4 Penman Way

Enderby

Leicester

LE19 1SY

SOLICITORS:

Shakespeare Martineau

Two Colton Walk

Leicester

Leicestershire

LE1 1QH

FIXED ASSETS

Intangible assets

4

9,938

12,710

Tangible assets

5

102,714

100,987

112,652

113,697

CURRENT ASSETS

Stocks

930,521

922,281

Debtors

6

283,925

855,665

Cash at bank and in hand

1,393,128

1,194,901

2,607,574

2,972,847

CREDITORS

Amounts falling due within one year

7

708,724

784,571

NET CURRENT ASSETS

1,898,850

2,188,276

TOTAL ASSETS LESS CURRENT LIABILITIES

2,011,502

2,301,973

CREDITORS

Amounts falling due after more than one year

8

(8,334

)

(58,334

)

PROVISIONS FOR LIABILITIES

(13,723

)

(15,876

)

PENSION ASSET

10

1,108,000

720,000

NET ASSETS

3,097,445

2,947,763

CAPITAL AND RESERVES

Called up share capital

1,000,000

1,000,000

Retained earnings

9

2,097,445

1,947,763

SHAREHOLDERS' FUNDS

3,097,445

2,947,763

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 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 September 2025 and were signed on its behalf by:

Mr N Storey-Hawthorn - Director

1.	STATUTORY INFORMATION

T.W.Kempton (Corporate Clothing) 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is the amount derived from the sale of goods falling within the company's ordinary activities after deduction of trade discounts and value added tax. In all cases turnover is recognised when the risks and rewards of ownership are transferred and this is defined to be on dispatch of the goods.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2019, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

For all other tangible fixed assets depreciation is calculated to write down their cost to their estimated residual values by annual instalments over the period of their estimated useful lives at the following rates:

Land and buildings leasehold

- 20% straight line on leasehold building only

Plant and machinery

- 20% - 25% straight line

Motor vehicles

- 20% straight line

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Costs comprise of 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.

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.

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 benefit pension scheme. An actuarial valuation of the scheme is carried out by an independent professionally qualified actuary every three years. In between triennial actuarial valuations the directors of the company obtain an updated valuation from a qualified actuary. The cost of the pension scheme is charged to the profit and loss account over the expected service lives of participating employees. The accounting policy follows the funding policy, the effect of which is to spread any deficiency or surplus arising over the expected service lives of the participating employees. Investment gains and administration costs of the pension scheme itself are recognised in the profit and loss account. Actuarial gains and losses and deferred taxation in relation to the scheme are recognised directly in other comprehensive income.

The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in the profit and loss as other finance revenue or cost.

Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.

The defined net pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.

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 current liabilities.

Basic financial assets

Basic financial assets, which include debtors, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or less, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

Impairment on financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indications of impairment at each reporting end date.

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss.

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangement entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as 'creditors: amounts falling due within one year' if payment is due within one year or less. If not, they are presented as 'creditors: amounts falling due after more than one year'. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Government grants

The amounts received for government grants are included within the accounts on an accruals basis.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2024 - 16 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2024

and 31 March 2025

27,725

AMORTISATION

At 1 April 2024

15,015

Charge for year

2,772

At 31 March 2025

17,787

NET BOOK VALUE

At 31 March 2025

9,938

At 31 March 2024

12,710

5.	TANGIBLE FIXED ASSETS

Land and

Plant and

Motor

buildings

machinery

vehicles

Totals

£

£

£

£

COST

At 1 April 2024

37,458

281,610

73,332

392,400

Additions

-

1,150

30,000

31,150

Disposals

-

-

(13,525

)

(13,525

)

At 31 March 2025

37,458

282,760

89,807

410,025

DEPRECIATION

At 1 April 2024

37,458

241,570

12,385

291,413

Charge for year

-

10,132

14,755

24,887

Eliminated on disposal

-

-

(8,989

)

(8,989

)

At 31 March 2025

37,458

251,702

18,151

307,311

NET BOOK VALUE

At 31 March 2025

-

31,058

71,656

102,714

At 31 March 2024

-

40,040

60,947

100,987

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

137,246

132,824

Amounts owed by group undertakings

-

549,037

Other debtors

146,679

173,804

283,925

855,665

Included in other debtors is an amount held by the bank to cover amounts owed.

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Bank loans and overdrafts

50,000

50,000

Trade creditors

254,902

124,569

Amounts owed to group undertakings

-

209,255

Taxation and social security

145,919

92,491

Other creditors

257,903

308,256

708,724

784,571

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2025

2024

£

£

Bank loans

8,334

58,334

9.

RESERVES

Retained

earnings

£

At 1 April 2024

1,947,763

Profit for the year

394,200

Dividends

(597,518

)

Actuarial gain / (deficit) on

defined benefit pension

scheme

353,000

At 31 March 2025

2,097,445

10.	EMPLOYEE BENEFIT OBLIGATIONS

The company operates a defined benefit type pension scheme for senior managers and directors, the assets of the scheme being held in a separate trust administered insured fund managed independently. Contributions to the scheme are charged to the profit and loss account so as to spread the cost of pensions over the employees' working lives with the company. The contributions are determined by a qualified actuary on the basis of triennial valuations using the projected units method. The most recent accounts of the pension scheme showed that the fair value of the scheme's assets were £2,442,000 (2024: £2,522,000) after allowing for expected future increases in earnings.

The amounts recognised in the balance sheet are as follows:

Defined benefit

pension plans

2025

2024

£

£

Present value of funded obligations

(1,334,000

)

(1,802,000

)

Fair value of plan assets

2,442,000

2,522,000

1,108,000

720,000

Present value of unfunded obligations

-

-

Surplus

1,108,000

720,000

Net asset

1,108,000

720,000

The amounts recognised in profit or loss are as follows:

Defined benefit

pension plans

2025

2024

£

£

Current service cost

-

-

Net interest from net defined benefit asset/liability

(35,000

)

(29,000

)

Past service cost

-

-

(35,000

)

(29,000

)

Actual return on plan assets

23,000

195,000

Changes in the present value of the defined benefit obligation are as follows:

Defined benefit

pension plans

2025

2024

£

£

Opening defined benefit obligation

1,802,000

1,833,000

Interest cost

86,000

87,000

Actuarial losses/(gains)

(451,000

)

(19,000

)

Benefits paid

(103,000

)

(99,000

)

1,334,000

1,802,000

Changes in the fair value of scheme assets are as follows:

Defined benefit

pension plans

2025

2024

£

£

Opening fair value of scheme assets

2,522,000

2,426,000

Expected return

121,000

116,000

Actuarial gains/(losses)

(98,000

)

79,000

Benefits paid

(103,000

)

(99,000

)

2,442,000

2,522,000

The amounts recognised in other comprehensive income are as follows:

Defined benefit

pension plans

2025

2024

£

£

Actuarial gains/(losses)

-

98,000

-

98,000

The major categories of scheme assets as amounts of total scheme assets are as follows:

Defined benefit

pension plans

2025

2024

£

£

Equities

-

116,000

Bonds

2,235,000

2,236,000

Insured pensions

33,000

33,000

Cash

174,000

137,000

2,442,000

2,522,000

Principal actuarial assumptions at the balance sheet date (expressed as weighted averages):

2025

2024

Discount rate

5.70%

4.90%

Future pension increases

3.30%

3.30%

Retail price index (RPI)

3.10%

3.20%

Consumer price index (CPI)

2.70%

2.60%

Mortality assumptions

2025

2024

Assumed life expectations on retirement at age 65:

Years

Years

Retiring today

- Males

22.3

23.0

- Females

23.6

25.0

Retiring in 20 years

- Males

24.5

24.3

- Females

25.9

26.3

Defined contribution scheme

The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.

The charge to the profit and loss in respect of defined contribution scheme was £37,731 (2024: £109,205).