Company registration number 09369821 (England and Wales)
SIDEMEN CLOTHING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
SIDEMEN CLOTHING LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
SIDEMEN CLOTHING LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF SIDEMEN CLOTHING LIMITED FOR THE YEAR ENDED 31 DECEMBER 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Sidemen Clothing Limited for the year ended 31 December 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.
This report is made solely to the board of directors of Sidemen Clothing Limited, as a body, in accordance with the terms of our engagement letter dated .......................... Our work has been undertaken solely to prepare for your approval the financial statements of Sidemen Clothing Limited and state those matters that we have agreed to state to the board of directors of Sidemen Clothing Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Sidemen Clothing Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that Sidemen Clothing Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Sidemen Clothing Limited. You consider that Sidemen Clothing Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Sidemen Clothing Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Carpenter Box
29 September 2023
Chartered Accountants
Amelia House
Crescent Road
Worthing
West Sussex
BN11 1RL
SIDEMEN CLOTHING LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
425,421
54,491
Current assets
Stocks
1,082,737
443,463
Debtors
4
240,383
256,430
Cash at bank and in hand
1,798,016
2,577,251
3,121,136
3,277,144
Creditors: amounts falling due within one year
5
(3,032,098)
(1,229,514)
Net current assets
89,038
2,047,630
Total assets less current liabilities
514,459
2,102,121
Provisions for liabilities
(25,000)
(6,484)
Net assets
489,459
2,095,637
Capital and reserves
Called up share capital
6
70
70
Profit and loss reserves
489,389
2,095,567
Total equity
489,459
2,095,637
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 31 December 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.
The 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.
The financial statements were approved by the board of directors and authorised for issue on 29 September 2023 and are signed on its behalf by:
Mr J Bradley
Director
Company Registration No. 09369821
SIDEMEN CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022
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1
Accounting policies
Company information
Sidemen Clothing Limited is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
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 amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer usually on dispatch of the goods.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold
10 years straight line basis
Leasehold improvements
10 years straight line basis
Fixtures, fittings & equipment
33.33% per annum on a straight line basis
Computer equipment
33.33% per annum on a straight line basis
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of average cost and estimated selling price less costs to complete and sell.
1.6
Cash at bank and in hand
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.
1.7
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.
SIDEMEN CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 4 -
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
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.
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.
1.10
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 inventories or fixed assets.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
1.13
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 17 (2021 - 12).
SIDEMEN CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
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3
Tangible fixed assets
Leasehold
Leasehold improvements
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
£
£
Cost
At 1 January 2022
16,177
29,980
42,206
88,363
Additions
408,497
9,367
3,345
421,209
Disposals
(4,556)
(2,262)
(6,818)
At 31 December 2022
16,177
408,497
34,791
43,289
502,754
Depreciation and impairment
At 1 January 2022
404
14,635
18,833
33,872
Depreciation charged in the year
1,618
28,025
9,518
11,118
50,279
Eliminated in respect of disposals
(4,556)
(2,262)
(6,818)
At 31 December 2022
2,022
28,025
19,597
27,689
77,333
Carrying amount
At 31 December 2022
14,155
380,472
15,194
15,600
425,421
At 31 December 2021
15,773
15,345
23,373
54,491
4
Debtors
2022
2021
Amounts falling due within one year:
£
£
Trade debtors
124,306
88,721
Other debtors
116,077
167,709
240,383
256,430
5
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
193,142
176,716
Amounts owed to group undertakings
1,991,600
643,075
Taxation and social security
268,281
296,819
Other creditors
579,075
112,904
3,032,098
1,229,514
6
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
70 Ordinary shares of £1 each
70
70
SIDEMEN CLOTHING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2022
- 6 -
7
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2022
2021
£
£
636,048
795,060
8
Parent company
The ultimate controlling party is Sidemen Holdings Limited whose registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.