Supreme Knitwear Manufacturing Co. Ltd - Accounts to registrar (filleted) - small 23.1.2
Supreme Knitwear Manufacturing Co. Ltd - Accounts to registrar (filleted) - small 23.1.2
REGISTERED NUMBER: |
FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
SUPREME KNITWEAR MANUFACTURING COMPANY |
LTD |
SUPREME KNITWEAR MANUFACTURING COMPANY |
LTD (REGISTERED NUMBER: 01235497) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
SUPREME KNITWEAR MANUFACTURING COMPANY |
LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Accountants |
Finchale House |
Belmont Business Park |
Durham |
DH1 1TW |
SUPREME KNITWEAR MANUFACTURING COMPANY |
LTD (REGISTERED NUMBER: 01235497) |
BALANCE SHEET |
31 DECEMBER 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investment property | 5 |
CURRENT ASSETS |
Stocks |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 10 |
Other reserves | 11 |
Retained earnings | 11 |
SHAREHOLDERS' FUNDS |
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. |
SUPREME KNITWEAR MANUFACTURING COMPANY |
LTD (REGISTERED NUMBER: 01235497) |
BALANCE SHEET - continued |
31 DECEMBER 2022 |
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 by the Board of Directors and authorised for issue on |
SUPREME KNITWEAR MANUFACTURING COMPANY |
LTD (REGISTERED NUMBER: 01235497) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
1. | STATUTORY INFORMATION |
Supreme Knitwear Manufacturing Company Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover represents property trading activities. Income is recognised when a property legally transfers to the purchaser. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Investment property |
Completed investment property is shown at most recent valuation. Investment property under construction is shown at cost. Any aggregate surplus or deficit arising from changes in market value is transferred to revaluation reserve. |
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 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 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. |
SUPREME KNITWEAR MANUFACTURING COMPANY |
LTD (REGISTERED NUMBER: 01235497) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
2. | ACCOUNTING POLICIES - continued |
Pensions |
The company operates a defined contribution pension scheme for its employees. Contributions are charged to the profit and loss in the period to which they relate. |
The company is the sponsoring employer for an independent small self administered pension scheme whose assets are held separately from those of the company. There were no contributions during the year. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
£ |
COST |
At 1 January 2022 |
Additions |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2022 |
Disposals | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
Fair value at 31 December 2022 is represented by: |
£ |
Valuation in 2022 | 2,336,805 |
SUPREME KNITWEAR MANUFACTURING COMPANY |
LTD (REGISTERED NUMBER: 01235497) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
5. | INVESTMENT PROPERTY - continued |
If Investment properties had not been revalued they would have been included at the following historical cost: |
2022 | 2021 |
£ | £ |
Cost | 5,539,186 | 5,539,186 |
Investment properties were valued on an open market basis on 31 December 2022 by the directors . |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Trade debtors |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2022 | 2021 |
£ | £ |
Bank loans |
Amounts falling due in more than five years: |
Repayable by instalments |
Bank loans more than 5 years |
by instalments | - | 648,581 |
- | 648,581 |
SUPREME KNITWEAR MANUFACTURING COMPANY |
LTD (REGISTERED NUMBER: 01235497) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
2022 | 2021 |
£ | £ |
Bank loans |
Included within bank loans in the comparative year is a bank loan of £1,327,561 secured by way of: |
- A first priority Legal Charge over the company's Investment Property and by charges over other properties included within Trading Stock. |
- An unlimited Inter Company Composite Guarantee by and between the company and Supreme Property Developments Limited, a company under common control. |
- A Debenture over the assets of the company and those of Supreme Property Developments Limited. |
The remaining bank loans are secured over the Trading Stock properties to which they relate. |
10. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | £ | £ |
Ordinary | £1 | 78,949 | 78,949 |
11. | RESERVES |
Included within retained earnings is £97,965 of non-distributable reserves, which relates to the increase in fair value of the investment properties, less deferred tax, which under FRS102 is recognised through the profit and loss account. |
12. | CONTINGENT LIABILITIES |
The company had contingent liabilities in respect of a cross-guarantee with the bank borrowings of Supreme Property Developments Limited, a company under common control. At 31 December 2022 the amount of bank borrowing in Supreme Property Developments Limited, and potentially subject to this cross-guarantee, was £NIL (2021: £219,109). |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the years ended 31 December 2022 and 31 December 2021: |
2022 | 2021 |
£ | £ |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
SUPREME KNITWEAR MANUFACTURING COMPANY |
LTD (REGISTERED NUMBER: 01235497) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES - continued |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
Balance outstanding at start of year |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
The above loans were repaid in full on 20 February 2023. |
14. | RELATED PARTY DISCLOSURES |
During the year £8,000 (2021: £25,000) was charged by a company under common control for property management services. |
Included within other creditors is £660,251 (2021: £1,972,744) due to a company under common control. |
During the year a balance of £4,645 due from a pension scheme in which the directors and shareholders of the company are also trustees was written off as irrecoverable. |