REGISTERED NUMBER: 03667081 (England and Wales)

FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2025

FOR

FIRST CORPORATE CLOTHING LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A J A Hewitt

Mr M Davies

SECRETARY:

Mr A J A Hewitt

REGISTERED OFFICE:

10 London Mews

London

LONDON

W2 1HY

REGISTERED NUMBER:

03667081 (England and Wales)

ACCOUNTANTS:

Stein Richards

Chartered Accountants

10 London Mews

London

W21HY

FIXED ASSETS

Tangible assets

4

38,984

48,533

CURRENT ASSETS

Stocks

5

1,189,146

1,150,686

Debtors

6

190,082

314,266

Cash in hand

1,278

121

1,380,506

1,465,073

CREDITORS

Amounts falling due within one year

7

648,021

690,836

NET CURRENT ASSETS

732,485

774,237

TOTAL ASSETS LESS CURRENT LIABILITIES

771,469

822,770

CREDITORS

Amounts falling due after more than one year

8

13,813

40,437

NET ASSETS

757,656

782,333

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

757,556

782,233

SHAREHOLDERS' FUNDS

757,656

782,333

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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 25 February 2026 and were signed on its behalf by:

Mr A J A Hewitt - Director

Mr M Davies - Director

1.	STATUTORY INFORMATION

First 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.

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.

Turnover

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue arises from the sale of goods and is recognised in the period in which the goods have been delivered and a sales invoice raised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property

-

10% straight line

Plant and machinery

-

25% reducing balance

Fixtures and fittings

-

25% reducing balance

Computer equipment

-

33.33% straight line

Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses.

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

Financial instruments

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors, trade creditors, other debtors and other creditors.

The basic financial instruments are initially recognised at transaction price and subsequently carried at amortised cost.

Taxation

Taxation for the year comprises deferred tax only. 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.

Deferred taxation assets and liabilities are not discounted.

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.

Hire purchase and leasing commitments

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments 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 workplace pension scheme. Contributions payable to the pension scheme are charged to the profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 18 (2024 - 18 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

Computer

property

machinery

fittings

equipment

Totals

£

£

£

£

£

COST

At 1 June 2024

and 31 May 2025

26,970

26,500

138,442

27,955

219,867

DEPRECIATION

At 1 June 2024

5,394

6,625

132,707

26,608

171,334

Charge for year

2,697

4,969

1,434

449

9,549

At 31 May 2025

8,091

11,594

134,141

27,057

180,883

NET BOOK VALUE

At 31 May 2025

18,879

14,906

4,301

898

38,984

At 31 May 2024

21,576

19,875

5,735

1,347

48,533

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

machinery

£

COST

At 1 June 2024

and 31 May 2025

26,500

DEPRECIATION

At 1 June 2024

and 31 May 2025

6,625

NET BOOK VALUE

At 31 May 2025

19,875

At 31 May 2024

19,875

5.

STOCKS

31.5.25

31.5.24

£

£

Stocks

1,189,146

1,150,686

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

£

Trade debtors

147,411

276,493

Other debtors

42,671

37,773

190,082

314,266

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.5.25

31.5.24

£

£

Bank loans and overdrafts

110,394

42,574

Hire purchase contracts

6,625

6,625

Trade creditors

226,316

330,952

Taxation and social security

40,493

40,781

Other creditors

264,193

269,904

648,021

690,836

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.5.25

31.5.24

£

£

Bank loans

1,667

21,666

Hire purchase contracts

12,146

18,771

13,813

40,437

9.	SECURED DEBTS

The following secured debts are included within creditors:

31.5.25

31.5.24

£

£

Bank loans

21,667

41,666

Other creditors

102,772

202,516

124,439

244,182

The bank loan has been secured by a personal guarantee from the Directors of the company.

As at 31 May 2025, a balance of £102,772 included within other creditors is an advance from Mitsubishi HC Capital UK PLC secured on the company's trade debtor ledger. As at 31 May 2024 the total included within other creditors was £202,516.

10.	OTHER FINANCIAL COMMITMENTS

Operating lease commitments not included in the balance sheet amount to £13,500 (2024 £7,500).

11.

GRANTS

In 2024 the company received income of £11,138 from the UK Shared Prosperity Fund - Business Investment Grant.

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company advanced a loan to a Director in the sum of £2,900, No loan repayments were made and £2,900 is owed by the Director to the company as at 31 May 2025. The loan has been fully repaid within 9 months of the year end.

13.	RELATED PARTY DISCLOSURES

During the year, a separate legal entity which is itself under the control of a Director of the company, loaned the company £25,578. The outstanding balance of £25,961 (2024: £383) is included in other creditors.

Sales in the sum of £50,621 to this separate legal entity are included in the profit and loss in the year. As at 31 May 2025, £2,504 was owed in respect of these sales.