Company Registration No. 547784 (England and Wales)
ALLEN READ (KNITWEAR) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 8 APRIL 2022
PAGES FOR FILING WITH REGISTRAR
SOMERBYS LIMITED
CHARTERED ACCOUNTANTS
30 NELSON STREET
LEICESTER
LE1 7BA
ALLEN READ (KNITWEAR) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
ALLEN READ (KNITWEAR) LIMITED
BALANCE SHEET
AS AT
8 APRIL 2022
08 April 2022
- 1 -
2022
2021
Notes
£
£
£
£
Fixed assets
Investment properties
3
390,000
390,000
Current assets
Debtors
4
1,499
30,071
Cash at bank and in hand
123,988
63,551
125,487
93,622
Creditors: amounts falling due within one year
5
(35,111)
(6,656)
Net current assets
90,376
86,966
Total assets less current liabilities
480,376
476,966
Provisions for liabilities
(58,697)
(43,458)
Net assets
421,679
433,508
Capital and reserves
Called up share capital
3,600
3,600
Non-distributable profits reserve
6
311,435
326,674
Distributable profit and loss reserves
106,644
103,234
Total equity
421,679
433,508
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 8 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
ALLEN READ (KNITWEAR) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
8 APRIL 2022
08 April 2022
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 6 January 2023 and are signed on its behalf by:
Mrs J E Pearce
Director
Company Registration No. 547784
ALLEN READ (KNITWEAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 8 APRIL 2022
- 3 -
1
Accounting policies
Company information
Allen Read (Knitwear) Limited is a
private
company
limited by shares
incorporated in
England and Wales
.
The registered office is
30 Nelson Street, Leicester, LE1 7BA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents the total value of rents and services to tenants during the year.
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of the business
.
1.3
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure
. Subsequently it is measured
at fair value a
t
the reporting end date.
Changes in fair value are recognised in profit or loss.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
ALLEN READ (KNITWEAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 8 APRIL 2022
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the
profit and loss account
because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.7
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
ALLEN READ (KNITWEAR) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 8 APRIL 2022
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
2
2
3
Investment property
2022
£
Fair value
At 9 April 2021 and 8 April 2022
390,000
The investment property was revalued by the directors
o
n
8 April 202
2
. The directors believe that this value represents the fair value of the property. The directors consider this valuation is still appropriate. No depreciation is provided in respect of this property.
The property originally cost £28,210.
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Other debtors
1,499
30,071
5
Creditors: amounts falling due within one year
2022
2021
£
£
Taxation and social security
6,801
5,265
Other creditors
28,310
1,391
35,111
6,656
6
Non-distributable profits reserve
2022
2021
£
£
At the beginning of the year
326,674
326,674
Non distributable profits in the year
(15,239)
-
At the end of the year
311,435
326,674