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Registration number: 06451971

The Attitude Incorporated Limited

Annual Report and Unaudited Abridged Financial Statements

for the Year Ended 28 February 2018

Staines & Co Accountants
629 Foxhall Road
Ipswich
Suffolk
IP3 8NE

 

The Attitude Incorporated Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Abridged Financial Statements

4 to 12

 

The Attitude Incorporated Limited

Company Information

Director

Miss N Faehnrich

Registered office

Unit 2 Quadrangle Centre
The Drift
Nacton Road
Ipswich
Suffolk
IP3 9QR

Accountants

Staines & Co Accountants
629 Foxhall Road
Ipswich
Suffolk
IP3 8NE

 

The Attitude Incorporated Limited

(Registration number: 06451971)
Abridged Balance Sheet as at 28 February 2018

Note

2018
£

2017
£

           

Fixed assets

   

 

Intangible assets

4

 

-

 

15,000

Tangible assets

5

 

33,824

 

42,669

Investments

 

160,082

 

160,082

   

193,906

 

217,751

Current assets

   

 

Stocks

7

341,947

 

289,188

 

Debtors

552,676

 

683,114

 

Cash at bank and in hand

 

613,755

 

723,882

 

 

1,508,378

 

1,696,184

 

Prepayments and accrued income

 

18,406

 

16,138

 

Creditors: Amounts falling due within one year

(197,972)

 

(213,616)

 

Net current assets

   

1,328,812

 

1,498,706

Total assets less current liabilities

   

1,522,718

 

1,716,457

Provisions for liabilities

 

(1,855)

 

(3,097)

Accruals and deferred income

   

(7,500)

 

(7,500)

Net assets

   

1,513,363

 

1,705,860

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

1,513,263

 

1,705,760

 

Total equity

   

1,513,363

 

1,705,860

 

The Attitude Incorporated Limited

(Registration number: 06451971)
Abridged Balance Sheet as at 28 February 2018

For the financial year ending 28 February 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 5 October 2018
 

.........................................

Miss N Faehnrich

Director

 

The Attitude Incorporated Limited

Notes to the Abridged Financial Statements for the Year Ended 28 February 2018

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
Unit 2 Quadrangle Centre
The Drift
Nacton Road
Ipswich
Suffolk
IP3 9QR

These financial statements were authorised for issue by the director on 5 October 2018.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Government grants

Grants are credited to deferred revenue. Grants towards capital expenditure are released to the profit and loss account over the expected useful life of the assets. Grants towards revenue expenditure are released to the profit and loss account as the related expenditure is incurred.

 

The Attitude Incorporated Limited

Notes to the Abridged Financial Statements for the Year Ended 28 February 2018

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant & machinery

25% reducing balance

Fixtures & fittings

25% reducing balance

Motor vehicles

25% reducing balance

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

The Attitude Incorporated Limited

Notes to the Abridged Financial Statements for the Year Ended 28 February 2018

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 years

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

The Attitude Incorporated Limited

Notes to the Abridged Financial Statements for the Year Ended 28 February 2018

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

The Attitude Incorporated Limited

Notes to the Abridged Financial Statements for the Year Ended 28 February 2018

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 15 (2017 - 16).

4

Intangible assets

Total
£

Cost or valuation

At 1 March 2017

150,000

At 28 February 2018

150,000

Amortisation

At 1 March 2017

135,000

Amortisation charge

15,000

At 28 February 2018

150,000

Carrying amount

At 28 February 2018

-

At 28 February 2017

15,000

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2017 - £Nil).
 

Revalued assets for the year ended 28 February 2018

Revalued assets for the year ended 28 February 2017

 

The Attitude Incorporated Limited

Notes to the Abridged Financial Statements for the Year Ended 28 February 2018

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 March 2017

79,976

27,729

12,294

119,999

Additions

2,451

-

-

2,451

At 28 February 2018

82,427

27,729

12,294

122,450

Depreciation

At 1 March 2017

52,587

21,669

3,074

77,330

Charge for the year

7,474

1,517

2,305

11,296

At 28 February 2018

60,061

23,186

5,379

88,626

Carrying amount

At 28 February 2018

22,366

4,543

6,915

33,824

At 28 February 2017

27,389

6,060

9,220

42,669

6

Investments

Total
£

Cost or valuation

At 1 March 2017

160,082

Provision

Carrying amount

At 28 February 2018

160,082

At 28 February 2017

160,082

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

 

The Attitude Incorporated Limited

Notes to the Abridged Financial Statements for the Year Ended 28 February 2018

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2018

2017

Subsidiary undertakings

Attitude Inc Retail Limited

Unit 2, Quadrangle Centre
The Drift
Nacton Road
Ipswich
IP3 9QR

Ordinary

100%

100%

 

England

     

The Attitude KDW Limited

16/17 College Green
Dublin 2
Ireland

Ordinary shares

100%

100%

 

Ireland

     

The principal activity of Attitude Inc Retail Limited is the retail and online sale of urban street wear and accessories

The principal activity of The Attitude KDW Limited is postal services for the group.

7

Stocks

 

The Attitude Incorporated Limited

Notes to the Abridged Financial Statements for the Year Ended 28 February 2018

8

Share capital

Allotted, called up and fully paid shares

 

2018

2017

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         
 

The Attitude Incorporated Limited

Notes to the Abridged Financial Statements for the Year Ended 28 February 2018

9

Dividends

Interim dividends paid

   

2018
£

 

2017
£

Interim dividend of £12,200.00 (2017 - £9,168.02) per each Ordinary share

 

1,220,000

 

916,802

         

10

Related party transactions

Directors' remuneration

The director's remuneration for the year was as follows:

2018
£

2017
£

Remuneration

10,800

27,000

11

Parent and ultimate parent undertaking

The company's immediate parent is Ozarda Limited, incorporated in England.

 The ultimate parent is KDW DN Limited, incorporated in England.