REGISTERED NUMBER: SC050138 (Scotland)

Financial Statements

for the Year Ended 31 December 2024

for

Clyde Knitwear Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

T S Kainth

B Rakhra

REGISTERED OFFICE:

98 Commerce Street

Glasgow

G5 8DW

REGISTERED NUMBER:

SC050138 (Scotland)

ACCOUNTANTS:

KPP Glasgow South Ltd

Chartered Certified Accountants

Unit 3 , 37 Rosyth Road

Morris Park

Glasgow

G5 0YE

FIXED ASSETS

Intangible assets

4

34,959

38,843

Tangible assets

5

155,472

172,748

190,431

211,591

CURRENT ASSETS

Stocks

6

542,822

597,883

Debtors

7

765,325

588,507

Cash at bank and in hand

162,603

-

1,470,750

1,186,390

CREDITORS

Amounts falling due within one year

8

509,597

399,777

NET CURRENT ASSETS

961,153

786,613

TOTAL ASSETS LESS CURRENT LIABILITIES

1,151,584

998,204

CREDITORS

Amounts falling due after more than one year

9

11,767

35,964

NET ASSETS

1,139,817

962,240

CAPITAL AND RESERVES

Called up share capital

10

1,000

1,000

Retained earnings

11

1,138,817

961,240

SHAREHOLDERS' FUNDS

1,139,817

962,240

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 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 10 June 2026 and were signed on its behalf by:

B Rakhra - Director

1.	STATUTORY INFORMATION

Clyde Knitwear Limited is a private company, limited by shares , registered in Scotland. 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 stated net of VAT and trade discounts. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.

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.

CKL Website is being amortised evenly over its estimated useful life of nil years.

Ckl website

Depreciation charge - 20 % reducing balance

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Leasehold Improvements

-

At variable rates

Website development

-

At variable rates

Plant and machinery

-

At variable rates

Fixtures and fittings

-

At variable rates

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 9 (2023 - 9 ) .

4.	INTANGIBLE FIXED ASSETS

CKL

Website

£

COST

At 1 January 2024

and 31 December 2024

117,301

AMORTISATION

At 1 January 2024

78,458

Amortisation for year

3,884

At 31 December 2024

82,342

NET BOOK VALUE

At 31 December 2024

34,959

At 31 December 2023

38,843

5.	TANGIBLE FIXED ASSETS

Leasehold

Website

Plant and

Improvements

development

machinery

£

£

£

COST

At 1 January 2024

and 31 December 2024

204,431

61,383

179,189

DEPRECIATION

At 1 January 2024

179,492

50,133

56,967

Charge for year

2,494

1,125

12,222

At 31 December 2024

181,986

51,258

69,189

NET BOOK VALUE

At 31 December 2024

22,445

10,125

110,000

At 31 December 2023

24,939

11,250

122,222

Fixtures

and

Computer

fittings

equipment

Totals

£

£

£

COST

At 1 January 2024

and 31 December 2024

87,141

41,028

573,172

DEPRECIATION

At 1 January 2024

79,368

34,464

400,424

Charge for year

778

657

17,276

At 31 December 2024

80,146

35,121

417,700

NET BOOK VALUE

At 31 December 2024

6,995

5,907

155,472

At 31 December 2023

7,773

6,564

172,748

6.

STOCKS

31.12.24

31.12.23

£

£

Stocks

542,822

597,883

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

275,659

98,841

Other debtors

423,666

423,666

Prepayments

66,000

66,000

765,325

588,507

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans and overdrafts

-

5,663

Trade creditors

325,550

294,919

Gallowgate Market Ltd

43,450

43,450

Social security and other taxes

2,673

2,673

VAT

134,634

53,072

Accrued expenses

3,290

-

509,597

399,777

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.24

31.12.23

£

£

Bank loans - 1-2 years

11,767

35,964

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.24

31.12.23

value:

£

£

1,000

Ordinary

£1

1,000

1,000

11.

RESERVES

Retained

earnings

£

At 1 January 2024

961,240

Profit for the year

177,577

At 31 December 2024

1,138,817