Corporate Wear Limited - Accounts to registrar (filleted) - small 23.1.2

REGISTERED NUMBER: 05325159 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2022

for

Corporate Wear Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R M Chuck

Ms V K Morgan

P N Morgan

REGISTERED OFFICE:

Suite L Radford Business Centre

Radford Way

Billericay

Essex

CM12 0BZ

REGISTERED NUMBER:

05325159 (England and Wales)

ACCOUNTANTS:

DANIEL JAMES

Unit L

Radford Business Centre

Radford Way

Billericay

Essex

CM12 0BZ

FIXED ASSETS

Intangible assets

4

105,930

113,851

Tangible assets

5

34,688

33,104

140,618

146,955

CURRENT ASSETS

Stocks

106,275

78,160

Debtors

6

78,893

121,801

Cash at bank and in hand

65,953

193,753

251,121

393,714

CREDITORS

Amounts falling due within one year

7

185,931

251,925

NET CURRENT ASSETS

65,190

141,789

TOTAL ASSETS LESS CURRENT LIABILITIES

205,808

288,744

CREDITORS

Amounts falling due after more than one year

8

(102,500

)

(132,500

)

PROVISIONS FOR LIABILITIES

(2,751

)

(2,186

)

NET ASSETS

100,557

154,058

CAPITAL AND RESERVES

Called up share capital

109

109

Share premium

39,991

39,991

Retained earnings

60,457

113,958

100,557

154,058

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 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 29 September 2023 and were signed on its behalf by:

Ms V K Morgan - Director

R M Chuck - Director

1.	STATUTORY INFORMATION

Corporate Wear 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 as modified by the revaluation of certain assets.

Turnover

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

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2022, is being amortised evenly over its estimated useful life of two years.

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.

Computer software is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

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

Plant and machinery etc

-

20% on cost and 10% on cost

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 22 (2021 - 19 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

Goodwill

assets

Totals

£

£

£

COST

At 1 January 2022

-

136,714

136,714

Additions

2,500

5,000

7,500

At 31 December 2022

2,500

141,714

144,214

AMORTISATION

At 1 January 2022

-

22,863

22,863

Charge for year

1,250

14,171

15,421

At 31 December 2022

1,250

37,034

38,284

NET BOOK VALUE

At 31 December 2022

1,250

104,680

105,930

At 31 December 2021

-

113,851

113,851

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2022

18,839

141,327

160,166

Additions

-

14,494

14,494

At 31 December 2022

18,839

155,821

174,660

DEPRECIATION

At 1 January 2022

18,839

108,223

127,062

Charge for year

-

12,910

12,910

At 31 December 2022

18,839

121,133

139,972

NET BOOK VALUE

At 31 December 2022

-

34,688

34,688

At 31 December 2021

-

33,104

33,104

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade debtors

61,714

110,240

Other debtors

17,179

11,561

78,893

121,801

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.22

31.12.21

£

£

Trade creditors

102,933

131,191

Taxation and social security

24,258

61,730

Other creditors

58,740

59,004

185,931

251,925

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.22

31.12.21

£

£

Bank loans

102,500

132,500