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Company registration number: NI601329
WWW.BATHSHACK (IRELAND) .CO.UK LTD
Financial statements
31 March 2023
WWW.BATHSHACK (IRELAND) .CO.UK LTD
Contents
Directors and other information
Strategic report
Directors report
Independent auditor's report to the members
Statement of comprehensive income
Statement of financial position
Statement of changes in equity
Statement of cash flows
Notes to the financial statements
WWW.BATHSHACK (IRELAND) .CO.UK LTD
Directors and other information
Directors Mr Peter Dunlop
Mr Connor Dunlop (Appointed 14 January 2024)
Mr Ryan Dunlop (Appointed 14 January 2024)
Mr Paul Kirkwood (Appointed 14 January 2024)
Company number NI601329
Registered office Unit 1D
78 Enkalon Industrial Estate
Antrim
BT41 4LD
Auditor Hill Vellacott
22 Great Victoria Street
Belfast
BT2 7BA
Bankers Danske bank
Donegall Square West
Belfast
BT1 6JS
Solicitors Gray Magee
22 Hillview Avenue
Newtownabbey
Antrim
BT36 6AE
WWW.BATHSHACK (IRELAND) .CO.UK LTD
Strategic report
Year ended 31 March 2023
Review of the business
The company is a trading company, and the principal activity of the company is distribution of bathrooms for retail. Both the level of business and the year-end financial position were as expected. The company has seen turnover increase by 27% due to general increase in business operations.
With showrooms across the Island of Ireland we are committed to becoming the go-to destination for retail customers and trade professionals alike, seeking quality, variety, and value.
We are committed to our strategic expansion of product lines, now encompassing an extensive range of bathroom essentials, from lighting solutions to a diverse selection of tiles, wall panelling and flooring catering to every taste and budget.
Recognising the shift towards online shopping without overlooking the value of in-person experiences, our hybrid "bricks and clicks" strategy positions us uniquely in the market. The addition of two new showrooms this financial year, expanding our physical presence to 8 locations, underscores our commitment to a strategy that synergises digital convenience with tangible, personal customer engagement.
Central to our mission is the recognition of our team's pivotal role in our success. We have not only expanded our workforce but also deeply invested in nurturing their talents through comprehensive training programs, notably the Bathshack Academy. This initiative underscores our commitment to fostering industry-leading expertise and knowledge, ensuring our team is equipped to provide exceptional service and insights to our customers.
Further enhancing our commitment to excellence, we have significantly upgraded our delivery network, increasing our fleet of vehicles and drivers. This move not only improves our control over delivery costs but also significantly reduces the risk of product damage and loss often associated with third-party couriers, ensuring a smooth, end-to-end delivery service directly to our customers.
Key Performance Indicators (KPIs)
The company has the key performance indicators (KPIs) of maintaining sales in the more profitable markets in face of competition and maintaining satisfactory gross profit margins. The director believes the company can meet the KPIs in the medium term.
Environment
The company recognises its corporate responsibility to carry out its operations whilst minimising environmental impacts. The director's continued aim is to comply with applicable environmental legislation and prevent pollution and reduce waste wherever possible.
Health and Safety
The company is committed to achieving the highest possible standards in health and safety management and strives to make all our premises safe environments for employees and customers.
Principle Risks and Uncertainties
The core risks associated with the company's operations are identified below:
Foreign Exchange Risk
The company is exposed to some foreign exchange risk in the normal course of business, principally on purchases in dollars. While the company has not used financial instruments to hedge foreign exchange exposure, the position is kept constantly under review.
This report was approved by the board of directors on 29 March 2024 and signed on behalf of the board by:
Mr Peter Dunlop
Director
WWW.BATHSHACK (IRELAND) .CO.UK LTD
Directors report
Year ended 31 March 2023
The directors present their report and the financial statements of the company for the year ended 31 March 2023.
Directors
The directors who served the company during the year were as follows:
Mr Peter Dunlop
Dividends
The directors do not recommend the payment of a dividend.
Future developments
The risks to the UK economic growth still remain and may be influenced by developments within the eurozone. The directors are working on the development of new markets within the UK that are seen to be more resilient
against the eurozone uncertainties.
Financial instruments
The directors' objectives are to minimise the financial risks that the company is exposed to and they have
implemented policies to achieve this. The main financial risks are seen as interest rates and foreign exchange.
The company has entered into floating rate loans and the directors are satisfied that this is adequate for the
company.
Directors responsibilities statement
The directors are responsible for preparing the strategic report, 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.
Auditor
Each of the persons who is a director at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the company's auditor is unaware; and - they have taken all steps that they ought to have taken as a director to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information.
The auditor is deemed to have been re-appointed in accordance with section 487 of the Companies Act 2006.
This report was approved by the board of directors on 29 March 2024 and signed on behalf of the board by:
Mr Peter Dunlop
Director
WWW.BATHSHACK (IRELAND) .CO.UK LTD
Independent auditor's report to the members of
WWW.BATHSHACK (IRELAND) .CO.UK LTD
Year ended 31 March 2023
Opinion
We have audited the financial statements of WWW.BATHSHACK (IRELAND) .CO.UK LTD (the 'company') for the year ended 31 March 2023 which comprise the statement of comprehensive income, statement of financial position, statement of changes in equity, statement of cash flows and 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 FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the company's affairs as at 31 March 2023 and of its profit for the year 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 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 auditor’s 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.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors 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 directors with respect to going concern are described in the relevant sections of this report.
Other Information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors' report has been prepared in accordance with applicable legal requirements.
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 directors' report. 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 returns adequate 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 the returns; or - certain disclosures of directors' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are 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 directors determine is 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 directors are 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 directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's 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 an auditor’s report 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Our approach was as follows:We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the Companies Act 2006 and compliance with FRS102 and laws; and we assessed the risks of material misstatement in respect of fraud with the consideration of the company's own assessment of the risks that irregularities may occur either because of fraud or error; the results of our enquiries of management about their own identification and assessment of the risks of irregularities; any matters we identified having obtained and reviewed the company's documentation of their policies and procedures relating to identifying, evaluating and complying with laws and regulations and whether they were aware of any instances of non-compliance; detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud; the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and the matters discussed among the audit engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.Based on the results of our risk assessment we designed our audit procedures to identify non-compliance with such laws and regulations identified above, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the areas in which management is required to exercise significant judgment, such as disclosure of adjusting items. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override; we also obtained an understanding of the legal and regulatory framework that the company operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included UK Companies Act and tax legislation; and in addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the company's ability to operate or to avoid a material penalty. These included data protection, employment and health and safety regulations.Audit procedures designed to respond to the risks of fraud:We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries into our audit approach. We considered the risk of fraud through transactions outside the normal course of transactions by noting anything that was unusual in nature or size and enquired about such transaction to gain an understanding of their nature; based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud and other irregularities; extent of audit procedures; and we evaluated the selection and application of accounting policies by the company, particularly those related to subjective measurements and complex transactions, that may be indicative of fraudulent financial reporting. As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. we also: - Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. - Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors. - Conclude on the appropriateness of the directors use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the company to cease to continue as a going concern. - Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
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 an auditors report 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.
Conor McCaffery ACA (Senior Statutory Auditor)
For and on behalf of
Hill Vellacott
Chartered Accountants and Statutory Auditors
22 Great Victoria Street
Belfast
BT2 7BA
29 March 2024
WWW.BATHSHACK (IRELAND) .CO.UK LTD
Statement of comprehensive income
Year ended 31 March 2023
2023 2022
Note £ £
Turnover 4 14,441,559 11,350,058
Cost of sales ( 8,692,647) ( 6,843,400)
_______ _______
Gross profit 5,748,912 4,506,658
Distribution costs ( 237,996) ( 280,864)
Administrative expenses ( 5,368,159) ( 3,811,645)
Other operating income 5 353,732 231,980
_______ _______
Operating profit 6 496,489 646,129
Interest payable and similar expenses 9 ( 45,950) ( 39,353)
_______ _______
Profit before taxation 450,539 606,776
Tax on profit 10 21,457 ( 74,535)
_______ _______
Profit for the financial year and total comprehensive income 471,996 532,241
_______ _______
All the activities of the company are from continuing operations.
WWW.BATHSHACK (IRELAND) .CO.UK LTD
Statement of financial position
31 March 2023
As restated
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 11 84,155 81,583
Tangible assets 12 1,718,551 1,088,690
_______ _______
1,802,706 1,170,273
Current assets
Stocks 13 3,076,471 2,910,282
Debtors 14 772,066 814,358
Cash at bank and in hand 342,713 432,113
_______ _______
4,191,250 4,156,753
Creditors: amounts falling due
within one year 15 ( 3,464,359) ( 3,330,486)
_______ _______
Net current assets 726,891 826,267
_______ _______
Total assets less current liabilities 2,529,597 1,996,540
Creditors: amounts falling due
after more than one year 16 ( 391,807) ( 382,173)
Provisions for liabilities 18 ( 176,731) ( 125,304)
_______ _______
Net assets 1,961,059 1,489,063
_______ _______
Capital and reserves
Called up share capital 23 4 4
Profit and loss account 24 1,961,055 1,489,059
_______ _______
Shareholders funds 1,961,059 1,489,063
_______ _______
These financial statements were approved by the board of directors and authorised for issue on 29 March 2024 , and are signed on behalf of the board by:
Mr Peter Dunlop
Director
Company registration number: NI601329
WWW.BATHSHACK (IRELAND) .CO.UK LTD
Statement of changes in equity
Year ended 31 March 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2021 4 956,818 956,822
Profit for the year 532,241 532,241
_______ _______ _______
Total comprehensive income for the year - 532,241 532,241
At 31 March 2022 (as previously reported) 4 1,635,059 1,635,063
Prior period adjustments (-) (146,000) (146,000)
_______ _______ _______
At 31 March 2022 (restated) and 1 April 2022 4 1,489,059 1,489,063
Profit for the year 471,996 471,996
_______ _______ _______
Total comprehensive income for the year - 471,996 471,996
_______ _______ _______
At 31 March 2023 4 1,961,055 1,961,059
_______ _______ _______
WWW.BATHSHACK (IRELAND) .CO.UK LTD
Statement of cash flows
Year ended 31 March 2023
2023 2022
Note £ £
Cash flows from operating activities
Cash generated from operations 25 684,247 237,557
Interest paid ( 45,950) ( 39,353)
Tax paid 28,607 ( 28,607)
_______ _______
Net cash from operating activities 666,904 169,597
_______ _______
Cash flows from investing activities
Purchase of tangible assets ( 556,761) ( 705,957)
Purchase of intangible assets ( 14,026) ( 11,679)
_______ _______
Net cash used in investing activities ( 570,787) ( 717,636)
_______ _______
Cash flows from financing activities
Proceeds from borrowings - 100,000
Repayments of borrowings ( 79,075) ( 49,365)
Government grant income - 28,467
Payment of finance lease liabilities ( 106,442) ( 6,471)
Equity dividends paid - ( 15,000)
_______ _______
Net cash (used in)/from financing activities ( 185,517) 57,631
_______ _______
Net increase/(decrease) in cash and cash equivalents ( 89,400) ( 490,408)
Cash and cash equivalents at beginning of year 432,113 922,521
_______ _______
Cash and cash equivalents at end of year 342,713 432,113
_______ _______
WWW.BATHSHACK (IRELAND) .CO.UK LTD
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Unit 1D, 78 Enkalon Industrial Estate, Antrim, BT41 4LD.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
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 goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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:
Patents - 10 % straight line
Wesbite costs - 10 % 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Alterations to property - 5% straight line/ 20% reducing balance
Plant and machinery - 25 % reducing balance
Fittings fixtures and equipment - 10 % straight line
Motor vehicles - 15 % 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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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 are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements There are no significant judgments (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies. Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: Stock Stock is stated at the lower of cost and net realisable value and management have to estimate the net realisable value of the stock to recognise any impairment. Stock is stated at £3,076,471 (2022- £2,910,282).
4. Turnover
Turnover arises from:
2023 2022
£ £
Sale of goods 14,441,559 11,350,058
_______ _______
The turnover is attributable to the one principal activity of the company. An analysis of turnover by the geographical markets that substantially differ from each other is given below:
2023 2022
£ £
UK 8,613,115 6,406,513
ROI 5,828,444 4,943,572
_______ _______
14,441,559 11,350,085
_______ _______
5. Other operating income
2023 2022
£ £
Management charges receivable 353,732 203,513
Government grant income - 28,467
_______ _______
353,732 231,980
_______ _______
6. Operating profit
Operating profit is stated after charging/(crediting):
2023 2022
£ £
Amortisation of intangible assets 11,454 10,052
Depreciation of tangible assets 202,360 67,728
(Gain)/loss on disposal of intangible assets - 11,581
Foreign exchange differences ( 35,499) 29,585
Fees payable for the audit of the financial statements 9,650 -
_______ _______
7. Staff costs
The average number of persons employed by the company during the year, including the directors, amounted to:
2023 2022
Production staff 28 19
Distribution staff 34 23
Administrative staff 26 21
_______ _______
88 63
_______ _______
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 2,305,480 1,646,355
Social security costs 218,975 148,293
Other pension costs 40,848 29,481
_______ _______
2,565,303 1,824,129
_______ _______
8. Directors remuneration
The directors aggregate remuneration in respect of qualifying services was:
2023 2022
£ £
Remuneration 60,000 49,167
_______ _______
9. Interest payable and similar expenses
2023 2022
£ £
Bank loans and overdrafts 28,763 28,887
Other loans made to the company:
Finance leases and hire purchase contracts 17,187 9,293
Other interest payable and similar expenses - 1,173
_______ _______
45,950 39,353
_______ _______
10. Tax on profit
Major components of tax income/expense
2023 2022
£ £
Current tax:
UK current tax expense - 72,884
Adjustments in respect of previous periods ( 72,884) ( 53,000)
_______ _______
Deferred tax:
Origination and reversal of timing differences 51,427 54,651
_______ _______
Tax on profit ( 21,457) 74,535
_______ _______
Reconciliation of tax income/expense
The tax assessed on the profit for the year is lower than (2022: lower than) the standard rate of corporation tax in the UK of 19.00 % (2022: 19.00%).
2023 2022
£ £
Profit before taxation 450,539 606,776
_______ _______
Profit multiplied by rate of tax 85,602 115,287
Adjustments in respect of prior periods ( 72,884) ( 53,000)
Effect of expenses not deductible for tax purposes ( 289) 3,287
Effect of capital allowances and depreciation ( 33,886) 8,961
_______ _______
Tax on profit ( 21,457) 74,535
_______ _______
11. Intangible assets
Patents, trademarks & licences Website Costs Total
£ £ £
Cost
At 1 April 2022 11,679 88,840 100,519
Additions 14,026 - 14,026
_______ _______ _______
At 31 March 2023 25,705 88,840 114,545
_______ _______ _______
Amortisation
At 1 April 2022 1,168 17,768 18,936
Charge for the year 2,570 8,884 11,454
_______ _______ _______
At 31 March 2023 3,738 26,652 30,390
_______ _______ _______
Carrying amount
At 31 March 2023 21,967 62,188 84,155
_______ _______ _______
At 31 March 2022 10,511 71,072 81,583
_______ _______ _______
12. Tangible assets
Alterations to property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 April 2022 (As restated) 570,565 38,135 273,941 336,032 1,218,673
Additions 466,364 45,140 38,657 282,060 832,221
_______ _______ _______ _______ _______
At 31 March 2023 1,036,929 83,275 312,598 618,092 2,050,894
_______ _______ _______ _______ _______
Depreciation
At 1 April 2022 (As restated) 2,299 4,636 75,052 47,996 129,983
Charge for the year 90,248 20,987 29,136 61,989 202,360
_______ _______ _______ _______ _______
At 31 March 2023 92,547 25,623 104,188 109,985 332,343
_______ _______ _______ _______ _______
Carrying amount
At 31 March 2023 944,382 57,652 208,410 508,107 1,718,551
_______ _______ _______ _______ _______
At 31 March 2022 (As restated) 568,266 33,499 198,889 288,036 1,088,690
_______ _______ _______ _______ _______
Obligations under finance leases
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2023 471,964
_______
At 31 March 2022 252,387
_______
13. Stocks
2023 2022
£ £
Finished goods and goods for resale 3,076,471 2,910,282
_______ _______
14. Debtors
As Restated
2023 2022
£ £
Trade debtors 547,510 497,926
Prepayments and accrued income 16,430 27,505
Other debtors 208,126 288,927
_______ _______
772,066 814,358
_______ _______
15. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 88,158 77,692
Trade creditors 1,531,906 1,140,025
Accruals and deferred income 877,328 940,996
Corporation tax - 44,277
Social security and other taxes 58,401 98,238
Obligations under finance leases 135,942 68,032
Director loan accounts 22,000 20,067
Other creditors 750,624 941,159
_______ _______
3,464,359 3,330,486
_______ _______
16. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 136,514 227,988
Obligations under finance leases 255,293 154,185
_______ _______
391,807 382,173
_______ _______
17. Obligations under finance leases
Company lessee
The total future minimum lease payments under finance lease agreements are as follows:
2023 2022
£ £
Not later than 1 year 135,942 68,032
Later than 1 year and not later than 5 years 25,529 222,217
_______ _______
161,471 290,249
_______ _______
Present value of minimum lease payments 161,471 290,249
_______ _______
18. Provisions
Deferred tax (note 19) Total
£ £
At 1 April 2022 125,304 125,304
Additions 51,427 51,427
_______ _______
At 31 March 2023 176,731 176,731
_______ _______
19. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023 2022
£ £
Included in provisions (note 18) 176,731 125,304
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 176,731 125,304
_______ _______
20. Employee benefits
The amount recognised in profit or loss in relation to defined contribution plans was £ 40,848 (2022: £ 29,481 ).
21. Government grants
The amounts recognised in the financial statements for government grants are as follows:
2023 2022
£ £
Recognised in other operating income:
Government grants recognised directly in income - 28,467
_______ _______
22. Prior period errors
There has been a prior period adjustment to profit and loss reserves of £146,000 as a result of a previous overstatement of debtors. This has had no effect on the profit and loss account for 2022 or 2023. The prior year balance sheet has also been restated. There has been reclassification of £564,550 between fixed assets and current assets.
23. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
shares of £ 1.00 each 4 4 4 4
_______ _______ _______ _______
24. Reserves
Profit and Loss account: The reserve records retained earnings and accumulated losses.
25. Cash generated from operations
£ £
Cash flows from operating activities
Profit for the financial year 471,996 532,241
Depreciation of tangible assets 202,360 67,728
Amortisation of intangible assets 11,454 10,052
Government grant income - ( 28,467)
Interest payable and similar expenses 45,950 39,353
Gain/(loss) on disposal of Intangible assets - 11,581
Tax on profit ( 21,457) 74,535
Accrued expenses/(income) 22,775 3,310
Changes in:
Stocks ( 166,189) ( 1,297,336)
Trade and other receivables 42,292 ( 413,611)
Trade and other payables 75,066 1,238,171
_______ _______
Cash generated from operations 684,247 237,557
_______ _______
26. Analysis of changes in net debt
At 1 April 2022 Cash flows New finance leases Other changes At 31 March 2023
£ £ £ £ £
Cash and cash equivalents 432,113 (89,400) - - 342,713
Debt due within one year (165,791) 441,251 (275,460) (246,100) (246,100)
Debt due after one year (382,173) (531,194) 275,460 246,100 (391,807)
_______ _______ _______ _______ _______
( 115,851) ( 179,343) - - ( 295,194)
_______ _______ _______ _______ _______
27. Limitation of auditors liability
The company has entered into a liability limitation agreement with the company's auditor which was approved on 8 August 2023. The principal terms of the agreement are that the auditor's liability is limited to a multiple of the audit fee issued and paid for the year, but the multiple cannot be less than such amount as is fair and reasonable.
28. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Peter Dunlop ( 20,067) ( 1,933) ( 22,000)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Peter Dunlop ( 25,112) 5,045 ( 20,067)
_______ _______ _______
29. Related party transactions
The company is related to the following companies through common control. Bathshack IE Limited is a company incorporated in Ireland. During the year the company made sales of £5,807,175 (2022: £4,943,572) to Bathshack IE Limited and was repaid £5,899,611 (2022: £5,675,083) from Bathshack IE Limited. The company charged management fees of £353,732 (2022: £203,513). At the balance sheet date the company owed £489,014 (2022: £750,310) to Bathshack IE Limited.Sandstorm Sourcing Limited is a company incorporated in Northern Ireland. During the year the company recieved a loan of £50,000. At the balance sheet date the company owed £50,000 to Sandstorm Sourcing Limited.C.A.P.D. (NI) Ltd is a company incorporated in Northern Ireland. During the year the company made advances of £NIL (2022: £83,012) to C.A.P.D (NI) Ltd and the company was charged rent of £35,757 (2022: £31,000) from C.A.P.D (NI) Ltd. At the balance sheet date the company was owed £72,255 (2022: £108,012) from C.A.P.D. (NI) Ltd.
30. Controlling party
The company is controlled by it's Directors.