101
31/03/2023
2023-03-31
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No description of principal activities is disclosed
2022-04-01
Sage Accounts Production 21.0 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
00623047
2022-04-01
2023-03-31
00623047
2023-03-31
00623047
2022-03-31
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2022-03-31
00623047
2022-03-31
00623047
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2022-04-01
2023-03-31
00623047
core:PlantMachinery
2022-04-01
2023-03-31
00623047
core:FurnitureFittingsToolsEquipment
2022-04-01
2023-03-31
00623047
core:MotorVehicles
2022-04-01
2023-03-31
00623047
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2022-04-01
2023-03-31
00623047
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2022-04-01
2023-03-31
00623047
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2022-04-01
2023-03-31
00623047
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2022-04-01
2023-03-31
00623047
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2022-04-01
2023-03-31
00623047
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2022-04-01
2023-03-31
00623047
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2022-03-31
00623047
core:FurnitureFittingsToolsEquipment
2022-03-31
00623047
core:MotorVehicles
2022-03-31
00623047
core:PlantMachinery
2023-03-31
00623047
core:FurnitureFittingsToolsEquipment
2023-03-31
00623047
core:MotorVehicles
2023-03-31
00623047
core:AfterOneYear
2023-03-31
00623047
core:AfterOneYear
2022-03-31
00623047
core:WithinOneYear
2023-03-31
00623047
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2022-03-31
00623047
core:ShareCapital
2023-03-31
00623047
core:ShareCapital
2022-03-31
00623047
core:SharePremium
2023-03-31
00623047
core:SharePremium
2022-03-31
00623047
core:RetainedEarningsAccumulatedLosses
2023-03-31
00623047
core:RetainedEarningsAccumulatedLosses
2022-03-31
00623047
bus:OrdinaryShareClass1
core:ShareCapital
2023-03-31
00623047
bus:OrdinaryShareClass1
core:ShareCapital
2022-03-31
00623047
core:BetweenOneFiveYears
2023-03-31
00623047
core:BetweenOneFiveYears
2022-03-31
00623047
core:MoreThanFiveYears
2023-03-31
00623047
core:MoreThanFiveYears
2022-03-31
00623047
core:PlantMachinery
2022-03-31
00623047
core:FurnitureFittingsToolsEquipment
2022-03-31
00623047
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2022-03-31
00623047
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2022-04-01
2023-03-31
00623047
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2022-04-01
2023-03-31
00623047
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2022-04-01
2023-03-31
00623047
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2022-04-01
2023-03-31
00623047
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2023-03-31
00623047
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2022-04-01
2023-03-31
00623047
1
2022-04-01
2023-03-31
Company registration number:
00623047
Globe-Trotter Suit Case Co. Limited
Filleted financial statements
31 March 2023
Globe-Trotter Suit Case Co. Limited
Contents
Directors and other information
Directors responsibilities statement
Statement of financial position
Notes to the financial statements
Globe-Trotter Suit Case Co. Limited
Directors and other information
|
|
|
|
Directors |
Mr M Tsubota |
|
|
Mr S Tutt |
|
|
|
|
|
|
|
Secretary |
Mr H Coleman |
|
|
|
|
|
|
|
Company number |
00623047 |
|
|
|
|
|
|
|
Registered office |
The Factory |
|
|
Bingley Road |
|
|
Hoddesdon |
|
|
Hertfordshire |
|
|
EN11 0NX |
|
|
|
|
|
|
|
Business address |
The Factory |
|
|
Bingley Road |
|
|
Hoddesdon |
|
|
Hertfordshire |
|
|
EN11 0NX |
|
|
|
|
|
|
|
Auditor |
Henry Reeves & Co Limited |
|
|
11 Albion Place |
|
|
Maidstone |
|
|
Kent |
|
|
ME14 5DY |
|
|
|
|
|
|
|
Bankers |
Barclays Bank plc |
|
|
78 Turners Hill |
|
|
Cheshunt |
|
|
Waltham Cross |
|
|
EN8 9BW |
|
|
|
Globe-Trotter Suit Case Co. Limited
Directors responsibilities statement
Year ended 31 March 2023
The directors are responsible for preparing the directors report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgments and accounting estimates that are reasonable and prudent; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are 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 them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
Globe-Trotter Suit Case Co. Limited
Statement of financial position
31 March 2023
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Intangible assets |
|
|
- |
|
|
|
- |
|
|
Tangible assets |
|
4 |
462,277 |
|
|
|
459,176 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
462,277 |
|
|
|
459,176 |
|
|
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
|
Stocks |
|
|
3,434,127 |
|
|
|
2,425,212 |
|
|
Debtors |
|
5 |
2,987,402 |
|
|
|
6,000,493 |
|
|
Cash at bank and in hand |
|
|
59,226 |
|
|
|
97,106 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
6,480,755 |
|
|
|
8,522,811 |
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
6 |
(
1,325,522) |
|
|
|
(
1,091,247) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
5,155,233 |
|
|
|
7,431,564 |
|
|
|
|
|
_______ |
|
|
|
_______ |
Total assets less current liabilities |
|
|
|
|
5,617,510 |
|
|
|
7,890,740 |
|
|
|
|
|
|
|
|
|
|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
after more than one year |
|
7 |
|
|
(
6,499,154) |
|
|
|
(
8,975,805) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Net liabilities |
|
|
|
|
(
881,644) |
|
|
|
(
1,085,065) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
Capital and reserves |
|
|
|
|
|
|
|
|
|
Called up share capital |
|
8 |
|
|
30,958 |
|
|
|
30,958 |
Share premium account |
|
9 |
|
|
614,036 |
|
|
|
614,036 |
Profit and loss account |
|
9 |
|
|
(
1,526,638) |
|
|
|
(
1,730,059) |
|
|
|
|
|
_______ |
|
|
|
_______ |
Shareholders deficit |
|
|
|
|
(
881,644) |
|
|
|
(
1,085,065) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
24 November 2023
, and are signed on behalf of the board by:
Mr S Tutt
Director
Company registration number:
00623047
Globe-Trotter Suit Case Co. Limited
Notes to the financial statements
Year ended 31 March 2023
1.
General information
Globe-Trotter Suit Case Co. Limited (Company number
00623047
) is a private company limited by shares, registered in England and Wales. The address of the registered office is The Factory, Bingley Road, Hoddesdon, Hertfordshire, EN11 0NX.
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, and to the nearest £1.
2.
Accounting policies
Going concern
The company's accounts include a deficit for shareholders of £881,644. The company recorded a profit for the financial year of £203,421 on the back of an increase in revenue of £1,715,217 (+45% versus last year). The improved results reflect the continued easing of Covid-19 related restrictions globally, especially in the important Japanese market where Covid-19 related travel restrictions were significantly eased in the autumn of 2022. The Directors continue to monitor the financial and operational requirements of the company and are confident in the company's return to underlying profitability. The ultimate parent company is Iconic Topco (Bermuda) Limited, a company registered in Bermuda, and this parent company has provided a letter of financial support that covers the 12 months from the date of signing these financial statements. Based upon these factors, the directors consider the going concern basis of accounting to be appropriate.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of luxury suitcases and leather products is recognised on despatch of the goods to the customer, when the amount of revenue and costs incurred in respect of the transactions can be measured reliably, and it is it is probable that the associated economic benefits will flow to the entity.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Goodwill
Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
|
|
|
|
Goodwill |
- |
15 % |
straight line |
|
|
|
|
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
|
|
|
|
|
|
Plant and machinery |
- |
15 % |
straight line |
|
Fittings fixtures and equipment |
- |
15 % |
straight line |
|
Motor vehicles |
- |
25 % |
reducing balance |
|
|
|
|
|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments, which include debtors, creditors, and cash and bank balances are initially recognised at the transaction price. Other financial instruments, including inter-company loan balances, are measured at cost on the basis that they attract a market rate of interest by the lender.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
3.
Employee numbers
The average number of persons employed by the company during the year amounted to
101
(2022:
88
).
4.
Tangible assets
|
|
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 April 2022 |
1,145,071 |
83,482 |
22,670 |
1,251,223 |
|
|
|
|
Additions |
73,468 |
10,095 |
- |
83,563 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2023 |
1,218,539 |
93,577 |
22,670 |
1,334,786 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Depreciation |
|
|
|
|
|
|
|
|
At 1 April 2022 |
718,529 |
56,289 |
17,229 |
792,047 |
|
|
|
|
Charge for the year |
72,585 |
6,517 |
1,360 |
80,462 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2023 |
791,114 |
62,806 |
18,589 |
872,509 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
Carrying amount |
|
|
|
|
|
|
|
|
At 31 March 2023 |
427,425 |
30,771 |
4,081 |
462,277 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 March 2022 |
426,542 |
27,193 |
5,441 |
459,176 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
|
|
5.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
2,411,878 |
1,963,906 |
|
Amounts owed by group undertakings and undertakings in which the company has a participating interest |
|
- |
3,477,550 |
|
Other debtors |
|
575,524 |
559,037 |
|
|
|
_______ |
_______ |
|
|
|
2,987,402 |
6,000,493 |
|
|
|
_______ |
_______ |
|
|
|
|
|
The debtors above include the following amounts falling due after more than one year:
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Rent deposit |
|
312,600 |
312,600 |
|
|
|
_______ |
_______ |
|
|
|
|
|
6.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
708,035 |
565,761 |
|
Social security and other taxes |
|
88,734 |
79,265 |
|
Other creditors |
|
528,753 |
446,221 |
|
|
|
_______ |
_______ |
|
|
|
1,325,522 |
1,091,247 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due after more than one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Amounts owed to group undertakings and undertakings in which the company has a participating interest |
|
6,499,154 |
8,975,805 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
Called up share capital
Issued, called up and fully paid
|
|
|
2023 |
|
|
|
2022 |
|
|
|
|
|
No |
|
£ |
|
No |
|
£ |
|
Ordinary shares of £
1.00 each |
|
30,958 |
|
30,958 |
|
30,958 |
|
30,958 |
|
|
|
_______ |
|
_______ |
|
_______ |
|
_______ |
|
|
|
|
|
|
|
|
|
|
9.
Reserves
The profit and loss reserve brought forward consists of the accumulation of the company's profit or loss since the company was incorporated. The movements within this reserve in the year is the profit incurred in the current year. The company's accumulated historic losses dictates that there are no distibutable reserves.
10.
Operating leases
The company as lessee
The total future minimum lease payments under non-cancellable operating leases are as follows:
|
|
|
|
£ |
£ |
|
|
|
Not later than 1 year |
260,500 |
260,500 |
Later than 1 year and not later than 5 years |
1,042,000 |
1,042,000 |
Later than 5 years |
2,323,009 |
2,583,509 |
|
_______ |
_______ |
|
3,625,509 |
3,886,009 |
|
_______ |
_______ |
|
|
|
11.
Summary audit opinion
The auditor's report for the year dated
24 November 2023
was unqualified
.
The senior statutory auditor was
Stuart Relf FCCA
for and on behalf of
Henry Reeves & Co Limited
12.
Related party transactions
As the company is a wholly owned subsidiary of Globe-Trotter Group Limited, the company has taken advantage of the exemption contained in FRS 102 s33.1A and has therefore not disclosed transactions or balances with wholly owned subsidiaries which form part of the group.
13.
Controlling party
Globe-Trotter Suit Case Co. Limited
's parent company is Globe-Trotter Group Limited, a company incorporated and registered in the United Kingdom, which owns 100% of the issued share capital of the company.Globe-Trotter Group Limited is the parent of the largest and smallest group for which group accounts including Globe-Trotter Suit Case Co. Limited
are prepared. Copies of these accounts may be obtained from Globe-Trotter Group Limited, The Factory, Bingley Road, Hoddesdon, Hertfordshire, EN11 0NX.The ultimate controlling party is Iconic Topco (Bermuda) Limited, a company registered in Bermuda
, by virtue of their majority shareholding in the parent company of Globe-Trotter Group Limited.