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For the year ended 31 March 2025
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Registered number: 14094340
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GH Apparel 01 Ltd - Registered number:14094340
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Statement of financial position
As at 31 March 2025
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Page 1
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GH Apparel 01 Ltd - Registered number:14094340
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Statement of financial position (continued)
As at 31 March 2025
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
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.
The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 December 2025.
................................................
David Harlley
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................................................
Jonathan Wilson
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The notes on pages 4 to 8 form part of these financial statements.
Page 2
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GH Apparel 01 Ltd - Registered number:14094340
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Statement of changes in equity
For the year ended 31 March 2025
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Comprehensive income for the year
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Shares issued during the year
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Total transactions with owners
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Comprehensive income for the year
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Total comprehensive income for the year
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The notes on pages 4 to 8 form part of these financial statements.
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Page 3
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Notes to the financial statements
For the year ended 31 March 2025
GH Apparel 01 Ltd is a private company limited by shares and incorporated on 09 May 2022. The company is
registered in England and Wales, registration number 14094340. The registered office and principal place of
business is C/O Sedulo, Office 605 Albert House 256-260 Old Street London, United Kingdom, EC1V 9DD.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The directors have assessed the company's ability to continue to adopt the going concern basis of accounting
and consider this an appropriate basis upon which to prepare the financial statements, having considered a
period of at least 12 months from the date of signing the accounts.
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is USD.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Page 4
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Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Investments in subsidiaries are measured at cost less accumulated impairment.
Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of comprehensive income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Page 5
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Notes to the financial statements
For the year ended 31 March 2025
2.Accounting policies (continued)
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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The average number of employees, including directors, during the year was 3 (2024 - 3).
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Amounts owed by group undertakings
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Called up share capital not paid
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Cash and cash equivalents
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Page 6
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Notes to the financial statements
For the year ended 31 March 2025
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Accruals and deferred income
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Charged to profit or loss
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The deferred tax asset is made up as follows:
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Tax losses carried forward
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Allotted, called up and fully paid
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502,000 (2024 - 502,000) Ordinary Share Capital shares of $1.00 each
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Allotted, called up and unpaid
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1,000,000 (2024 - 1,000,000) Ordinary Share Capital shares of £1.00 each
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Page 7
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Notes to the financial statements
For the year ended 31 March 2025
During the year, rectifications were made to previous filings at Companies House in respect of the initial share capital of the Company for £1,000,000 ($1,236,507). The replacement filings correct the initial share capital as being unpaid, rather than paid. Accordingly, called up share capital not paid has increased by $1,236,507 in the prior year and amounts owed by group undertakings has reduced by $1,236,507.
The ultimate parent undertaking is Third Way Capital Incorporated, whose registered office 98-
1050 Shawnmarr Rd, Mississauga, ON, Canada, L5H 3V1.
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Related party transactions
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The Company has taken advantage of the exemption in section 33.1A of FRS 102 and has not disclosed
transactions between members of the same group where the subsidiary is wholly owned by such a member.
Page 8
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