IRIS Accounts Productionv23.3.0.41807619081director28.10.2131.10.2231.10.22truefalsetruetruefalsefalsetruefalseAuditors OpinionORDINARY1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWh076190812021-10-27076190812022-10-31076190812021-10-282022-10-31076190812020-10-31076190812020-11-012021-10-27076190812021-10-2707619081ns10:Originalns15:EnglandWales2021-10-282022-10-3107619081ns14:PoundSterlingns10:Original2021-10-282022-10-3107619081ns10:Originalns10:Director12021-10-282022-10-3107619081ns10:Original2021-10-282022-10-3107619081ns10:Original2022-10-3107619081ns10:Originalns10:PrivateLimitedCompanyLtd2021-10-282022-10-3107619081ns10:Originalns10:FRS1022021-10-282022-10-3107619081ns10:Originalns10:Audited2021-10-282022-10-3107619081ns10:Originalns10:LargeMedium-sizedCompaniesRegimeForDirectorsReport2021-10-282022-10-3107619081ns10:LargeMedium-sizedCompaniesRegimeForAccountsns10:Original2021-10-282022-10-3107619081ns10:Originalns10:FullAccounts2021-10-282022-10-3107619081ns10:Originalns10:OrdinaryShareClass12021-10-282022-10-3107619081ns10:Originalns10:RegisteredOffice2021-10-282022-10-3107619081ns10:Originalns10:Director22021-10-282022-10-3107619081ns10:Original2020-11-012021-10-2707619081ns10:Original2021-10-2707619081ns10:Originalns5:CurrentFinancialInstruments2022-10-3107619081ns10:Originalns5:CurrentFinancialInstruments2021-10-2707619081ns5:ShareCapitalns10:Original2022-10-3107619081ns5:ShareCapitalns10:Original2021-10-2707619081ns10:Originalns5:RetainedEarningsAccumulatedLosses2022-10-3107619081ns5:ShareCapitalns10:Original2020-10-3107619081ns10:Originalns5:RetainedEarningsAccumulatedLosses2020-10-3107619081ns10:Original2020-10-3107619081ns10:Originalns5:RestatementsFirstTimeAdoptionHeading2020-11-012021-10-2707619081ns10:Originalns5:RestatementsFirstTimeAdoptionHeading2021-10-282022-10-3107619081ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-10-282022-10-3107619081ns10:Original2021-10-2707619081ns10:Originalns5:FurnitureFittings2021-10-282022-10-3107619081ns10:Originalns5:ComputerEquipment2021-10-282022-10-3107619081ns5:OwnedAssetsns10:Original2021-10-282022-10-3107619081ns5:OwnedAssetsns10:Original2020-11-012021-10-2707619081ns10:Originalns10:OrdinaryShareClass12020-11-012021-10-2707619081ns10:Originalns5:FurnitureFittings2021-10-2707619081ns10:Originalns5:ComputerEquipment2021-10-2707619081ns10:Originalns5:FurnitureFittings2022-10-3107619081ns10:Originalns5:ComputerEquipment2022-10-3107619081ns10:Originalns5:FurnitureFittings2021-10-2707619081ns10:Originalns5:ComputerEquipment2021-10-2707619081ns10:Originalns5:LeasedAssetsHeldAsLessee2021-10-282022-10-3107619081ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2022-10-3107619081ns10:Originalns5:CurrentFinancialInstrumentsns5:WithinOneYear2021-10-2707619081ns10:Originalns5:DeferredTaxation2021-10-2707619081ns10:Originalns5:DeferredTaxation2021-10-282022-10-3107619081ns10:Originalns5:DeferredTaxation2022-10-3107619081ns10:Originalns10:OrdinaryShareClass12022-10-3107619081ns10:Originalns5:RetainedEarningsAccumulatedLosses2021-10-2707619081ns10:Originalns5:RestatementsFirstTimeAdoptionHeadingns5:RetainedEarningsAccumulatedLosses2021-10-2707619081ns10:Original1ns10:Director12021-10-2707619081ns10:Original1ns10:Director12020-10-3107619081ns10:Original1ns10:Director12021-10-282022-10-3107619081ns10:Original1ns10:Director12020-11-012021-10-2707619081ns10:Original1ns10:Director12022-10-3107619081ns10:Original1ns10:Director12021-10-27

REGISTERED NUMBER: 07619081 (England and Wales)








Strategic Report, Report of the Director and

Financial Statements

for the Period 28 October 2021 to 31 October 2022

for


Tiger Lily Garments Ltd


Tiger Lily Garments Ltd (Registered number: 07619081)


Contents of the Financial Statements

for the Period 28 October 2021 to 31 October 2022











Page




Company Information  

1




Strategic Report  

2




Report of the Director  

3




Report of the Independent Auditors  

4




Income Statement  

7




Other Comprehensive Income  

8




Statement of Financial Position  

9




Statement of Changes in Equity  

10




Statement of Cash Flows  

11




Notes to the Statement of Cash Flows  

12




Notes to the Financial Statements

13




Tiger Lily Garments Ltd


Company Information

for the Period 28 October 2021 to 31 October 2022









DIRECTOR:

Mr A Suhail







REGISTERED OFFICE:

Unit 3, 77 Newton Street


Manchester


Lancashire


M1 1EX







REGISTERED NUMBER:

07619081 (England and Wales)







AUDITORS:

Lindley Adams Limited Chartered Accountants


Statutory Auditor


28 Prescott Street


Halifax


West Yorkshire


HX1 2LG


Tiger Lily Garments Ltd (Registered number: 07619081)


Strategic Report

for the Period 28 October 2021 to 31 October 2022



The director presents his strategic report for the period 28 October 2021 to 31 October 2022.


REVIEW OF BUSINESS

The trading results for the year and the Company's financial position at the period-end are shown in the attached financial statements.


PRINCIPAL RISKS AND UNCERTAINTIES

Management continually monitor and assess the risks of the business and aim to eliminate these risks whenever viable to do so. The principle risks and uncertainties facing the business are as follows:


Economic Downturn

The company operates with relatively low fixed costs and maintains cash reserves to protect itself from any difficult period.


Reliance on Key Customers

The company places heavy reliance on a small customer base which in the context of falling high-street profits could lead to significant loss in revenue. Relationships with company and its customers are deep rooted and remain mutually beneficial throughout changing market conditions.


Movements in Foreign Exchange

Several suppliers to the Company are based oversees which generates a foreign exchange risk, they are typically paid in Euros or US Dollars.


ON BEHALF OF THE BOARD:






Mr A Suhail - Director



26 October 2023


Tiger Lily Garments Ltd (Registered number: 07619081)


Report of the Director

for the Period 28 October 2021 to 31 October 2022



The director presents his report with the financial statements of the company for the period 28 October 2021 to 31 October 2022.  


PRINCIPAL ACTIVITY

The principal activity of the company in the period under review was that of Fashion Retail.

DIVIDENDS

A final dividend of £5,998,911.00 was issued to the holding company, New Black Holding Limited, in the year ending to 31 October 2022.


FUTURE DEVELOPMENTS

The directors are not expecting to make any significant changes to the nature of the business in the near future.


DIRECTORS

Mr A Suhail has held office during the whole of the period from 28 October 2021 to the date of this report.


Other changes in directors holding office are as follows:


Ms A Chowdhary - resigned 10 October 2022


STATEMENT OF DIRECTOR'S RESPONSIBILITIES

The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS

So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS

The auditors,  Lindley Adams Limited Chartered Accountants, will be proposed for re-appointment at the forthcoming Annual General Meeting.


ON BEHALF OF THE BOARD:






Mr A Suhail - Director



26 October 2023


Report of the Independent Auditors to the Members of

Tiger Lily Garments Ltd



Qualified Opinion

We have audited the financial statements of Tiger Lily Garments Ltd (the 'company') for the period ended 31 October 2022 which comprise the Income Statement, Other Comprehensive Income, Statement of Financial Position, Statement of Changes in Equity, Statement of Cash Flows and Notes to the Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the matters described in the basis for qualified opinion section the financial statements:
- Give a true and fair view of the company's affairs as at 31 October 2022 and of its profit for the period then ended;
- Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- Have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for Qualified Opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We were unable to satisfy ourselves that debtors and creditors for periods up to the 31 October 2021 were correctly stated or that stock had been fully accounted for at any time prior to the 31 October 2022. We were unable to determine whether any further adjustments are needed in these contexts.


Conclusions Relating to Going Concern

In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.


Other Information

The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.


Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.


In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.  We have nothing to report in this regard.


Opinions on Other Matters Prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

-

the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-

the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.


Report of the Independent Auditors to the Members of

Tiger Lily Garments Ltd



Matters on which we are required to report by exception

In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.



Except for matters referred to in the basis for our qualified opinion, we have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:


- adequate accounting records have not been kept; or

- adequate returns for our audit have not been received from branches not visited by us; or

- the financial statements are not in agreement with the accounting records and returns; or

- certain disclosures of director's remuneration specified by law are not made; or

- we have not received all the information and explanations we require for our audit; or

- the director was not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director.


Responsibilities of director

As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.


Report of the Independent Auditors to the Members of

Tiger Lily Garments Ltd



Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:


As part of our audit, we determined a level for materiality and assessed the risk of material misstatement in the financial statements.  Based on our understanding of the company and discussions with the management, we gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates. We identified the laws and regulations which we considered to have a direct effect on the financial statements and considered that the most significant are the Companies Act 2006, Financial Reporting Standards and UK tax legislation.


The engagement partner assessed that the engagement team had the appropriate competence and capabilities to identify or recognise non-compliance with the laws and regulations.


We enquired with management and those charged with governance as to any known instances of non-compliance or suspected non-compliance with laws and regulations including fraud.  We also designed specific appropriate audit procedures including:


- Agreeing financial statement disclosures to supporting documentation.

- Analytical procedures to identify any unusual or unexpected relationships.

- Testing appropriateness of journal entries.

- Review of accounting estimates for potential bias.

- Enquire with management as to actual and potential litigation and claims.

- Review of correspondence.


We are not aware of any actual or suspected non-compliance with laws and regulations, and we are not responsible for preventing or detecting non-compliance with all laws and regulations.  The primary responsibility for the prevention and detection of fraud rests with management and those charged with governance.


There are inherent limitations in audit procedures and there is an unavoidable risk that we may not have detected material misstatements within the financial statements, even though the audit is properly planned and performed in accordance with ISA's UK.  The further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we are to become aware of it.  The risk of not detecting a material misstatement due to fraud is higher than the risk due to error as fraud may involve a deliberate concealment or collusion.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.


Use of our report

This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.





David Charles Adams (Senior Statutory Auditor)

for and on behalf of Lindley Adams Limited Chartered Accountants

Statutory Auditor

28 Prescott Street

Halifax

West Yorkshire

HX1 2LG


26 October 2023


Tiger Lily Garments Ltd (Registered number: 07619081)


Income Statement

for the Period 28 October 2021 to 31 October 2022



Period


Period


28.10.21


1.11.20


to


to


31.10.22


27.10.21


as restated



Notes

£   

£   



TURNOVER

16,745,213


13,116,623




Cost of sales

(15,746,661

)

(11,295,931

)


GROSS PROFIT

998,552


1,820,692




Administrative expenses

(1,130,699

)

(1,308,643

)


(132,147

)

512,049




Other operating income

-


310,690



OPERATING (LOSS)/PROFIT and


(LOSS)/PROFIT BEFORE TAXATION

(132,147

)

822,739




Tax on (loss)/profit

5

22,859


(177,368

)


(LOSS)/PROFIT FOR THE FINANCIAL

PERIOD

(109,288

)

645,371




Tiger Lily Garments Ltd (Registered number: 07619081)


Other Comprehensive Income

for the Period 28 October 2021 to 31 October 2022



Period


Period


28.10.21


1.11.20


to


to


31.10.22


27.10.21


as restated



Notes

£   

£   



(LOSS)/PROFIT FOR THE PERIOD

(109,288

)

645,371





OTHER COMPREHENSIVE INCOME

-


-



TOTAL COMPREHENSIVE INCOME FOR

THE PERIOD

(

)

645,371




Note

Prior year adjustment

7

(108,621

)

1,268,638



TOTAL COMPREHENSIVE INCOME SINCE

LAST ANNUAL REPORT

(217,909

)

1,914,009




Tiger Lily Garments Ltd (Registered number: 07619081)


Statement of Financial Position

31 October 2022



31.10.22

27.10.21



as restated



Notes

£   

£   

£   

£   


FIXED ASSETS

Tangible assets

9

6,915


12,800




CURRENT ASSETS

Stocks

10

451,879


412,783



Debtors

11

5,653,660


3,728,831



Cash at bank and in hand

814,906


7,812,604



6,920,445


11,954,218



CREDITORS

Amounts falling due within one year

12

5,131,610


4,062,016



NET CURRENT ASSETS

1,788,835


7,892,202



TOTAL ASSETS LESS CURRENT

LIABILITIES

1,795,750


7,905,002




PROVISIONS FOR LIABILITIES

13

-


1,053



NET ASSETS

1,795,750


7,903,949




CAPITAL AND RESERVES

Called up share capital

14

1


1



Retained earnings

15

1,795,749


7,903,948



SHAREHOLDERS' FUNDS

1,795,750


7,903,949




The financial statements were approved by the director and authorised for issue on 26 October 2023 and were signed by:






Mr A Suhail - Director



Tiger Lily Garments Ltd (Registered number: 07619081)


Statement of Changes in Equity

for the Period 28 October 2021 to 31 October 2022



Called up



share


Retained


Total


capital


earnings


equity

£   

£   

£   



Balance at 1 November 2020

1


5,989,939


5,989,940



Prior year adjustment

-


1,268,638


1,268,638



As restated

1


7,258,577


7,258,578




Changes in equity

Total comprehensive income

-


753,992


753,992



Balance at 27 October 2021

1


8,012,569


8,012,570



Prior year adjustment

-


(108,621

)

(108,621

)


As restated

1


7,903,948


7,903,949




Changes in equity

Dividends

-


(5,998,911

)

(5,998,911

)


Total comprehensive income

-


(109,288

)

(109,288

)


Balance at 31 October 2022

1


1,795,749


1,795,750




Tiger Lily Garments Ltd (Registered number: 07619081)


Statement of Cash Flows

for the Period 28 October 2021 to 31 October 2022



Period


Period


28.10.21


1.11.20


to


to


31.10.22


27.10.21


as restated



Notes

£   

£   


Cash flows from operating activities

Cash generated from operations

1

(1,112,351

)

(651,823

)


Tax paid

(9,293

)

(227,595

)


Net cash from operating activities

(1,121,644

)

(879,418

)



Cash flows from financing activities

Amount introduced by directors

172,857


-



Amount withdrawn by directors

(50,000

)

-



Equity dividends paid

(5,998,911

)

-



Net cash from financing activities

(5,876,054

)

-




Decrease in cash and cash equivalents

(6,997,698

)

(879,418

)


Cash and cash equivalents at beginning

of period

2

7,812,604


8,692,022




Cash and cash equivalents at end of

period

2

814,906


7,812,604




Tiger Lily Garments Ltd (Registered number: 07619081)


Notes to the Statement of Cash Flows

for the Period 28 October 2021 to 31 October 2022



1.

RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS


Period


Period


28.10.21


1.11.20


to


to


31.10.22


27.10.21


as restated


£   

£   



(Loss)/profit before taxation

(132,147

)

822,739




Depreciation charges

5,885


5,878




(Decrease)/increase in other cash items

(86,815

)

1,224,320




prior year adjustment

108,621


-



(104,456

)

2,052,937




Increase in stocks

(39,096

)

(377,164

)



Increase in trade and other debtors

(2,047,686

)

(1,909,767

)



Increase/(decrease) in trade and other creditors

1,078,887


(417,829

)



Cash generated from operations

(1,112,351

)

(651,823

)



2.

CASH AND CASH EQUIVALENTS



The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:



Period ended 31 October 2022


31.10.22


28.10.21

£   

£   



Cash and cash equivalents

814,906


7,812,604




Period ended 27 October 2021


27.10.21


1.11.20


as restated


£   

£   



Cash and cash equivalents

7,812,604


8,692,022





3.

ANALYSIS OF CHANGES IN NET FUNDS



At 28.10.21

Cash flow

At 31.10.22

£   

£   

£   



Net cash



Cash at bank and in hand

7,812,604


(6,997,698

)

814,906



7,812,604


(6,997,698

)

814,906




Total

7,812,604


(6,997,698

)

814,906




Tiger Lily Garments Ltd (Registered number: 07619081)


Notes to the Financial Statements

for the Period 28 October 2021 to 31 October 2022



1.

STATUTORY INFORMATION



Tiger Lily Garments Ltd 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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.  



Related party exemption


The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.



Turnover

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


Tangible fixed assets


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


Fixtures and equipment

-

10% on cost


Computer equipment

-

10% on 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 period 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 statement of financial position date.


Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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.


Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.


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.


Tiger Lily Garments Ltd (Registered number: 07619081)


Notes to the Financial Statements - continued

for the Period 28 October 2021 to 31 October 2022



2.

ACCOUNTING POLICIES - continued



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.

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.


Loan interest


Interest on loans are recognised at the time of receipt.


3.

EMPLOYEES AND DIRECTORS


Period


Period


28.10.21


1.11.20


to


to


31.10.22


27.10.21


as restated


£   

£   



Wages and salaries

439,720


305,572




Social security costs

32,641


27,178




Other pension costs

19,988


12,051



492,349


344,801





The average number of employees during the period was as follows:


Period


Period


28.10.21


1.11.20


to


to


31.10.22


27.10.21


as restated



19


19





Period


Period


28.10.21


1.11.20


to


to


31.10.22


27.10.21


as restated


£   

£   



Directors' remuneration

75,000


75,000




4.

OPERATING (LOSS)/PROFIT



The operating loss (2021 - operating profit) is stated after charging:



Period


Period


28.10.21


1.11.20


to


to


31.10.22


27.10.21


as restated


£   

£   



Other operating leases

97,054


98,903




Depreciation - owned assets

5,885


4,016




Auditors' remuneration

1,130


9,500




The auditing of accounts of any associate of the company

-


9,365




Foreign exchange differences

218,255


8,707




Tiger Lily Garments Ltd (Registered number: 07619081)


Notes to the Financial Statements - continued

for the Period 28 October 2021 to 31 October 2022



5.

TAXATION



Analysis of the tax (credit)/charge


The tax (credit)/charge on the loss for the period was as follows:


Period


Period


28.10.21


1.11.20


to


to


31.10.22


27.10.21


as restated


£   

£   



Current tax:


UK corporation tax

-


177,718





Deferred tax

(22,859

)

(350

)



Tax on (loss)/profit

(22,859

)

177,368




6.

DIVIDENDS


Period


Period


28.10.21


1.11.20


to


to


31.10.22


27.10.21


as restated


£   

£   



ORDINARY share of 1


Final

5,998,911


-




7.

PRIOR YEAR ADJUSTMENT


Adjustment has been made in respect of non-payable debtors and liabilities recognised before 31 October 2019.

8.

PENSION COMMITMENTS



The Company operates a defined contributions pension scheme. The assets of the scheme are held separately to those of the Company to an independently administered fund. The pension cost during the year was £21,864 (2021 - £13,364) and represents contributions payable by the Company. Contributions totalling NIL (2021 - NIL) were outstanding at the year end.


9.

TANGIBLE FIXED ASSETS


Fixtures



and


Computer



equipment


equipment


Totals

£   

£   

£   



COST


At 28 October 2021


and 31 October 2022

40,164


18,688


58,852




DEPRECIATION


At 28 October 2021

29,272


16,780


46,052




Charge for period

4,016


1,869


5,885




At 31 October 2022

33,288


18,649


51,937




NET BOOK VALUE


At 31 October 2022

6,876


39


6,915




At 27 October 2021

10,892


1,908


12,800




Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.


Tiger Lily Garments Ltd (Registered number: 07619081)


Notes to the Financial Statements - continued

for the Period 28 October 2021 to 31 October 2022



10.

STOCKS


31.10.22


27.10.21


as restated


£   

£   



Stocks

451,879


412,783




11.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.10.22


27.10.21


as restated


£   

£   



Trade debtors

3,487,069


1,991,774




Loans Due

584,470


284,500




New Black Investment

500,500


750,000




New Black Holdings

702,489


-




Directors' current accounts

54,822


177,679




Prepayments

324,310


524,878



5,653,660


3,728,831




12.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR



31.10.22


27.10.21


as restated


£   

£   



Trade creditors

2,845,955


2,409,628




Tax

169,064


178,357




Social security and other taxes

66,021


40,000




VAT

1,715,504


1,075,626




Other creditors

19,436


1,379




Other Creditors Accruals

315,630


357,026



5,131,610


4,062,016




13.

PROVISIONS FOR LIABILITIES


31.10.22


27.10.21


as restated


£   

£   



Deferred tax

-


1,053





Deferred



tax


£   



Balance at 28 October 2021

1,053




Unused amounts reversed during period

(1,053

)



Balance at 31 October 2022

-




14.

CALLED UP SHARE CAPITAL



Allotted, issued and fully paid:


Number:

Class:

Nominal

31.10.22


27.10.21


value:


as restated


£   

£   



1

ORDINARY

1

1


1




Tiger Lily Garments Ltd (Registered number: 07619081)


Notes to the Financial Statements - continued

for the Period 28 October 2021 to 31 October 2022



15.

RESERVES


Retained


earnings

£   




At 28 October 2021

8,012,569




Prior year adjustment

(108,621

)


7,903,948




Deficit for the period

(109,288

)



Dividends

(5,998,911

)



At 31 October 2022

1,795,749




16.

DIRECTORS' ADVANCES, CREDITS AND GUARANTEES



The following advances and credits to a director subsisted during the periods ended 31 October 2022 and 27 October 2021:



31.10.22


27.10.21


as restated


£   

£   



Mr A Suhail


Balance outstanding at start of period

177,679


-




Amounts advanced

50,000


177,679




Amounts repaid

(172,857

)

-




Amounts written off

-


-




Amounts waived

-


-




Balance outstanding at end of period

54,822


177,679




17.

ULTIMATE CONTROLLING PARTY


The company which is a wholly owned subsidiary of New Black Holding Limited is ultimately controlled by Anjum Suhail as a result of his 100% ownership of the shareholding of New Black Holding Limited.