I.D. Uniforms Ltd - Accounts

I.D. Uniforms Ltd - Accounts

I.D. UNIFORMS LTD - Company Information

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Registered Number: 08034750
England and Wales

 

 

 

I.D. UNIFORMS LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 April 2019

End date: 30 September 2020

I.D. Uniforms Ltd
Contents Page
For the period ended 30 September 2020
Director Graham Alan Clegg
Registered Number 08034750
Registered Office 1 Carr Lane
Hoylake
Wirral
Merseyside
CH47 4BG
Accountants Woods Squared Limited
The Old School
188 Liscard Road
Wallasey
Wirral
CH44 5TN
1
The directors present their annual report and the financial statements for the year ended 30 September 2020
Principal activities
The companys principal activity during the year was the supply of industrial wear.
Director
The director who served the company throughout the period was as follows:
Graham Alan Clegg
Statement of director's responsibilities
The directors are responsible for preparing the directors’ report and the financial statements in accordance with applicable law and regulation.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to
  • select suitable accounting policies and then apply them consistently
  • make judgments and accounting estimates that are reasonable and prudent
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business


The directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

On behalf of the board.


----------------------------------
Graham Alan Clegg
Director

Date approved: 08 June 2021
2
 
 		 Notes
 		 2020
£		   2019
£
Fixed assets      
Tangible fixed assets 3 83,059    72,067 
83,059    72,067 
Current assets      
Stocks 4 140,000    154,792 
Debtors: amounts falling due within one year 5 48,378    66,375 
Cash at bank and in hand 62,981    29,812 
251,359    250,979 
Creditors: amount falling due within one year 6 (200,654)   (216,869)
Net current assets 50,705    34,110 
 
Total assets less current liabilities 133,764    106,177 
Creditors: amount falling due after more than one year 7 (50,000)   (32,896)
Provisions for liabilities 8 (11,039)   (13,693)
Net assets 72,725    59,588 
 

Capital and reserves 		     
Called up share capital 100    100 
Profit and loss account 72,625    59,488 
Shareholders funds 72,725    59,588 
 


For the period ended 30 September 2020 the company was entitled to exemption from audit under section 477 of the companies act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the companies act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 08 June 2021 and were signed by:


--------------------------------
Graham Alan Clegg
Director
3
General Information
I.D. Uniforms Ltd is a private company, limited by shares, registered in England and Wales, registration number 08034750, registration address 1 Carr Lane, Hoylake, Wirral, Merseyside, CH47 4BG.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by Section 1A of the standard)
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Government grants
Government grants received are credited to deferred income. Grants towards capital expenditure are released to the income statement over the expected useful life of the assets. Grants received towards revenue expenditure are released to the income statement as the related expenditure is incurred.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 15% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 33% Straight Line
Stocks
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees


Average number of employees during the period was 8 (2019 : 8).
3.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Computer Equipment   Total
  £   £   £   £
At 01 April 2019 137,615    8,400    -    146,015 
Additions 229    27,500    1,715    29,444 
Disposals -    -    -    - 
At 30 September 2020 137,844    35,900    1,715    175,459 
Depreciation
At 01 April 2019 67,067    6,881    -    73,948 
Charge for period 10,625    7,255    572    18,452 
On disposals -    -    -    - 
At 30 September 2020 77,692    14,136    572    92,400 
Net book values
Closing balance as at 30 September 2020 60,152    21,764    1,143    83,059 
Opening balance as at 01 April 2019 70,548    1,519    -    72,067 


4.

Stocks

2020
£		   2019
£
Stocks 140,000    154,792 
140,000    154,792 

5.

Debtors: amounts falling due within one year

2020
£		   2019
£
Trade Debtors 44,960    66,375 
Prepayments & Accrued Income 3,418    - 
48,378    66,375 

6.

Creditors: amount falling due within one year

2020
£		   2019
£
Trade Creditors 72,055    58,583 
Bank Loans & Overdrafts -    6,860 
Corporation Tax 9,441    1,761 
PAYE & Social Security 3,111    1,938 
Other Creditors 469    418 
Obligations under HP/Financial Leases -    8,071 
Directors' Current Accounts 111,781    130,345 
VAT 3,797    8,893 
200,654    216,869 

7.

Creditors: amount falling due after more than one year

2020
£		   2019
£
Bank Loans & Overdrafts 50,000    28,569 
Obligations Under HP/Financial Leases -    4,327 
50,000    32,896 

8.

Provisions for liabilities

2020
£		   2019
£
Deferred Tax 11,039    13,693 
11,039    13,693 

4