Workwear Solutions Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 11461212 (England and Wales)

WORKWEAR SOLUTIONS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

Page

Company Information

1

Statement of Financial Position

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

K J Bradshaw

Mrs K A M Bradshaw

REGISTERED OFFICE:

Unit 48

Sovereign Road

Kings Norton Business Centre

Birmingham

B30 3HN

REGISTERED NUMBER:

11461212 (England and Wales)

ACCOUNTANTS:

Duncan & Toplis Limited

3 Princes Court,

Royal Way

Loughborough

Leicestershire

LE11 5XR

FIXED ASSETS

Property, plant and equipment

4

24,403

7,386

CURRENT ASSETS

Inventories

29,378

8,329

Debtors

5

10,735

3,922

Cash at bank

3,554

854

43,667

13,105

CREDITORS

Amounts falling due within one year

6

30,257

22,169

NET CURRENT ASSETS/(LIABILITIES)

13,410

(9,064

)

TOTAL ASSETS LESS CURRENT LIABILITIES

37,813

(1,678

)

CREDITORS

Amounts falling due after more than one year

7

(43,333

)

-

PROVISIONS FOR LIABILITIES

-

(1,256

)

NET LIABILITIES

(5,520

)

(2,934

)

CAPITAL AND RESERVES

Called up share capital

8

1

1

Retained earnings

(5,521

)

(2,935

)

SHAREHOLDERS' FUNDS

(5,520

)

(2,934

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved and authorised for issue by the Board of Directors and authorised for issue on 23 September 2021 and were signed on its behalf by:

K J Bradshaw - Director

1.	STATUTORY INFORMATION

Workwear Solutions 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 financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below.

The financial statements cover the individual entity.

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.

The financial statements have been prepared on the going concern basis.

Revenue

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

Property, plant and equipment

Property, plant and equipment are held at cost less accumulated depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery

15% reducing balance

Fixtures & fittings

15% reducing balance

Computer equipment

Straight line over 3 years

Motor vehicles

15% reducing balance

Government grants

Government grants relating to revenue are recognised as income on a systematic basis over the period in which the related costs for which the grant is intended to compensate are recognised.

Government grants receivable for the purpose of giving immediate financial support to the entity with no future related costs are recognised as income in the period in which it becomes receivable.

Inventories

Inventories are valued at the lower of cost and estimated selling price less costs to complete and sell and 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 Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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

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

Going concern

The financial statements have been prepared on the going concern basis, which assumes the company will continue in operational existence for the foreseeable future.The company has net liabilities of £5,520 but the directors have provided assurances that they will continue to support the company.

Also in common with many other businesses, the company's trade and operations have been impacted adversely by the coronavirus outbreak since the financial reporting date. The impact of COVID-19 remains uncertain and continues to develop on a daily basis. The directors are monitoring the exposure to the company's business, and are referring to government and professional advice being published so that action can be considered which may help minimise the impact of this risk. The directors are confident that the company is in a position to manage the situation and possible outcomes, while working to mitigate the risk where possible. For these reasons the directors believe that the going concern basis is appropriate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2019 - 4 ) .

4.	PROPERTY, PLANT AND EQUIPMENT

Plant and

machinery

etc

£

COST

At 1 January 2020

9,790

Additions

22,034

At 31 December 2020

31,824

DEPRECIATION

At 1 January 2020

2,404

Charge for year

5,017

At 31 December 2020

7,421

NET BOOK VALUE

At 31 December 2020

24,403

At 31 December 2019

7,386

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Trade debtors

3,421

2,270

Other debtors

780

-

Directors' current accounts

2,400

-

Deferred tax asset

1,000

-

Prepayments

3,134

1,652

10,735

3,922

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2020

2019

£

£

Bank loans and overdrafts

6,252

-

Other loans

5,420

-

Trade creditors

14,601

10,411

Corporation tax

780

-

Other taxes and social security

252

662

VAT

1,399

958

Other creditors

45

-

Directors' current accounts

-

8,688

Accrued expenses

1,508

1,450

30,257

22,169

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2020

2019

£

£

Bank loans - 1-2 years

10,000

-

Bank loans - 2-5 years

30,000

-

Bank loans more 5 yrs non-inst

3,333

-

43,333

-

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

3,333

-

8.	CALLED UP SHARE CAPITAL

Allotted and issued:

Number:

Class:

Nominal

2020

2019

value:

£

£

100

Share capital 1

£0.01

1

1

9.	OTHER FINANCIAL COMMITMENTS

2020

2019

£

£

Within one year

12,131

6,203

Between one and five years

47,424

47,424

More than five years

47,424

59,280

106,704

112,907

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the year ended 31 December 2020 and the period ended 31 December 2019:

2020

2019

£

£

K J Bradshaw and Mrs K A M Bradshaw

Balance outstanding at start of year

(8,687

)

-

Amounts advanced

11,395

6,484

Amounts repaid

(308

)

(15,171

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

2,400

(8,687

)

The loan made to the directors was unsecured, repayable on demand and no interest was charged.