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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.