IRIS Accounts Production v23.3.0.418 02892358 Board of Directors 1.9.21 28.2.23 28.2.23 true false true true false false true false Ordinary 1.00000 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pure028923582021-08-31028923582023-02-28028923582021-09-012023-02-28028923582020-08-31028923582020-09-012021-08-31028923582021-08-3102892358ns16:EnglandWales2021-09-012023-02-2802892358ns15:PoundSterling2021-09-012023-02-2802892358ns11:Director12021-09-012023-02-2802892358ns11:PrivateLimitedCompanyLtd2021-09-012023-02-2802892358ns11:FRS1022021-09-012023-02-2802892358ns11:Audited2021-09-012023-02-2802892358ns11:LargeMedium-sizedCompaniesRegimeForDirectorsReport2021-09-012023-02-2802892358ns11:LargeMedium-sizedCompaniesRegimeForAccounts2021-09-012023-02-2802892358ns11:FullAccounts2021-09-012023-02-2802892358ns11:OrdinaryShareClass12021-09-012023-02-2802892358ns11:Director32021-09-012023-02-2802892358ns11:CompanySecretary12021-09-012023-02-2802892358ns11:RegisteredOffice2021-09-012023-02-2802892358ns11:Director22021-09-012023-02-2802892358ns11:Director42021-09-012023-02-2802892358ns11:Director52021-09-012023-02-280289235812021-09-012023-02-280289235812020-09-012021-08-3102892358ns6:CurrentFinancialInstruments2023-02-2802892358ns6:CurrentFinancialInstruments2021-08-3102892358ns6:Non-currentFinancialInstruments2023-02-2802892358ns6:Non-currentFinancialInstruments2021-08-3102892358ns6:ShareCapital2023-02-2802892358ns6:ShareCapital2021-08-3102892358ns6:SharePremium2023-02-2802892358ns6:SharePremium2021-08-3102892358ns6:FurtherSpecificReserve3ComponentTotalEquity2023-02-2802892358ns6:FurtherSpecificReserve3ComponentTotalEquity2021-08-3102892358ns6:RetainedEarningsAccumulatedLosses2023-02-2802892358ns6:RetainedEarningsAccumulatedLosses2021-08-3102892358ns6:ShareCapital2020-08-3102892358ns6:RetainedEarningsAccumulatedLosses2020-08-3102892358ns6:SharePremium2020-08-3102892358ns6:FurtherSpecificReserve3ComponentTotalEquity2020-08-3102892358ns6:RetainedEarningsAccumulatedLosses2020-09-012021-08-3102892358ns6:FurtherSpecificReserve3ComponentTotalEquity2020-09-012021-08-3102892358ns6:RetainedEarningsAccumulatedLosses2021-09-012023-02-2802892358ns6:FurtherSpecificReserve3ComponentTotalEquity2021-09-012023-02-280289235812021-09-012023-02-2802892358ns6:LongLeaseholdAssetsns6:LandBuildings2021-09-012023-02-2802892358ns6:FurnitureFittings2021-09-012023-02-2802892358ns6:MotorVehicles2021-09-012023-02-2802892358ns6:ReportableOperatingSegment12021-09-012023-02-2802892358ns6:ReportableOperatingSegment12020-09-012021-08-3102892358ns6:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2021-09-012023-02-2802892358ns6:TotalReportableOperatingSegmentsIncludingAnyUnallocatedAmount2020-09-012021-08-3102892358ns16:UnitedKingdom2021-09-012023-02-2802892358ns16:UnitedKingdom2020-09-012021-08-3102892358ns16:Europe2021-09-012023-02-2802892358ns16:Europe2020-09-012021-08-3102892358ns16:UnitedStates2021-09-012023-02-2802892358ns16:UnitedStates2020-09-012021-08-3102892358ns6:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2021-09-012023-02-2802892358ns6:TotalGeographicSegmentsIncludingAnyUnallocatedAmount2020-09-012021-08-3102892358ns11:HighestPaidDirector2021-09-012023-02-2802892358ns11:HighestPaidDirector2020-09-012021-08-3102892358ns6:OwnedAssets2021-09-012023-02-2802892358ns6:OwnedAssets2020-09-012021-08-3102892358ns6:FinanceLeases2021-09-012023-02-2802892358ns6:FinanceLeases2020-09-012021-08-3102892358ns6:LongLeaseholdAssetsns6:LandBuildings2021-08-3102892358ns6:FurnitureFittings2021-08-3102892358ns6:MotorVehicles2021-08-3102892358ns6:LongLeaseholdAssetsns6:LandBuildings2023-02-2802892358ns6:FurnitureFittings2023-02-2802892358ns6:MotorVehicles2023-02-2802892358ns6:LongLeaseholdAssetsns6:LandBuildings2021-08-3102892358ns6:FurnitureFittings2021-08-3102892358ns6:MotorVehicles2021-08-3102892358ns6:RevaluationsIncreaseDecreaseInInvestments2023-02-2802892358ns6:CostValuation2023-02-2802892358ns6:WithinOneYearns6:CurrentFinancialInstruments2023-02-2802892358ns6:WithinOneYearns6:CurrentFinancialInstruments2021-08-3102892358ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2023-02-2802892358ns6:BetweenOneTwoYearsns6:Non-currentFinancialInstruments2021-08-3102892358ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2023-02-2802892358ns6:BetweenTwoFiveYearsns6:Non-currentFinancialInstruments2021-08-3102892358ns6:WithinOneYearns6:FinanceLeasesns6:CurrentFinancialInstruments2023-02-2802892358ns6:WithinOneYearns6:FinanceLeasesns6:CurrentFinancialInstruments2021-08-3102892358ns6:BetweenOneFiveYearsns6:FinanceLeases2023-02-2802892358ns6:BetweenOneFiveYearsns6:FinanceLeases2021-08-3102892358ns6:FinanceLeases2023-02-2802892358ns6:FinanceLeases2021-08-3102892358ns6:WithinOneYear2023-02-2802892358ns6:WithinOneYear2021-08-3102892358ns6:BetweenOneFiveYears2023-02-2802892358ns6:BetweenOneFiveYears2021-08-3102892358ns6:MoreThanFiveYears2023-02-2802892358ns6:MoreThanFiveYears2021-08-3102892358ns6:AllPeriods2023-02-2802892358ns6:AllPeriods2021-08-3102892358ns6:Secured2023-02-2802892358ns6:Secured2021-08-3102892358ns6:DeferredTaxation2021-08-3102892358ns6:DeferredTaxation2021-09-012023-02-2802892358ns6:DeferredTaxation2023-02-2802892358ns11:OrdinaryShareClass12023-02-2802892358ns6:RetainedEarningsAccumulatedLosses2021-08-3102892358ns6:SharePremium2021-08-3102892358ns6:FurtherSpecificReserve3ComponentTotalEquity2021-08-31
REGISTERED NUMBER: 02892358 (England and Wales)













STRATEGIC REPORT, REPORT OF THE DIRECTORS AND

FINANCIAL STATEMENTS

FOR THE PERIOD

1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

FOR

ALEXANDER ROSE LIMITED

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023




Page

Company Information 1

Strategic Report 2

Report of the Directors 5

Report of the Independent Auditors 7

Statement of Comprehensive Income 11

Balance Sheet 12

Statement of Changes in Equity 13

Cash Flow Statement 14

Notes to the Cash Flow Statement 15

Notes to the Financial Statements 17


ALEXANDER ROSE LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023







DIRECTORS: H Olafsson
F Roda





SECRETARY: F Roda





REGISTERED OFFICE: Alexander House
59 Victoria Road
Burgess Hill
West Sussex
RH15 9LE





REGISTERED NUMBER: 02892358 (England and Wales)





AUDITORS: Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

STRATEGIC REPORT
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

The directors present their strategic report for the period 1 September 2021 to 28 February 2023.

REVIEW OF BUSINESS
The statement of comprehensive income is set out on page 8 and shows a loss before tax of £3,400,439 for the period. Turnover for the period amounted to £20,600,070.

During the pandemic, the garden furniture industry saw a huge rise in demand. Globally, shipping and freight rates continued to rise to unprecedented levels. There was a global shortage of containers, increased transit times and a lack of drivers, contributing to rising transport costs.

Large orders were placed with our factories in preparation with the increased consumer demand. Our suppliers' shipments were delayed, not only due to the shortage of drivers and containers, but also delays suffered in production times due to covid related labour shortages.

The backlog of orders sailed far too late for the season, many of our customers cancelled their orders, meaning we had even more stock to sell late in the season. The issues experienced were a global issue and not unique to Alexander Rose. We had vast numbers of containers of stock arriving at port in the UK and urgently needed to source additional warehousing.

Like many garden furniture businesses, Alexander Rose was massively overstocked, and the UK economy was suffering with high costs of living, rising interest rates and fuel costs all impacting consumer demand. In an effort to reduce ongoing costs and covert the stock into cash, many containers and products were sold at a much reduced margin. The financial impact of overstocking, increased costs in terms of demurrage and warehousing was devastating and negatively impacted our cashflow and increased our interest charges.

Losses incurred for period were significant and for the first time created financial uncertainty for Alexander Rose. In order to be able to have time to complete a thorough internal review of operational and financial performance, the year end was extended by six months. New financing was agreed with the banks and further investment was received by the owners showing their continued support and faith in the future of the business.

Key Performance Indicators
The company manages the business by reference to key performance indicators. Competent management reporting tools are in place to provide essential current, timely reporting in a clear and precise manner.

Principal indicators used by the company include, but are not limited to;
(1) Revenue recognised as per the financial statements
(2) Gross margin = gross profit/gross sales
(3) Wages sales percentage = staff costs/gross sales
(4) Level of backorders received, compared to historic data
(5) Value and composition of sales by range
(6) Margin by range of product

Future Developments
With a new management team in place, bank refinancing and investment from the owners, Alexander Rose is confident that the future is positive.


ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

STRATEGIC REPORT
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

PRINCIPAL RISKS AND UNCERTAINTIES
The management of the business and execution of the Company's strategy are subject to a number of risks. The principal risks and uncertainties affecting the Company are considered to relate to competition from both national and independent wholesalers and retailers, employee retention, product availability, shipping and freight rates and cost inflation.

Employee retention is a key focus of the company and has been a challenge during the past year, as it has been for many companies across different industries. Discussion with employees on all levels occurs frequently. The company has a longer-term strategy of enhancing the benefits and working conditions of our employees, which is viewed as fundamental to the Company's future success.

Cost inflation has been a major issue over the period with the ongoing cost of living crisis both in the UK and globally. The Company operates a largely margin-based approach to pricing strategies, so has been able to reflect these rising costs by increasing prices proportionally to its customers and ultimately for the end consumer.

SECTION 172(1) STATEMENT
Section 172 of the Companies Act 2006 requires a director of a company to act in the way he or she considers, in good faith, would most likely promote the success of the company for the benefit of its members as a whole. In this respect the Directors have had regard, amongst other matters, to the:

- Likely consequences of any decisions in the long-term;
- Interests of the Company's employees;
- Need to foster the Company's business relationships with suppliers, customers and others;
- Impact of the Company's operations on the community and environment;
- Desirability of the Company maintaining a reputation for high standards of business conduct;
and
- Need to act fairly as between members of the Company.

The Directors seek to ensure that their decision making process not only takes into account the Company's purpose, vision and values, together with its strategic priorities, but also reflects, as far as practical and possible, the interests of all stakeholders.


ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

STRATEGIC REPORT
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES
The company's operations expose it to a variety of financial risks that include the effects of price risk, credit risk, liquidity risk and interest rate risk. The company has in place policies and procedures that seek to limit the potentially adverse effects on the financial performance of the company of such risks. These policies are set by the directors.

The company does not use derivative financial instruments to manage interest rate risks.

Price risk
Due to the market the company operates in, the company is exposed to price risk from its suppliers and competitors. However, given the size of the company's operations and in addition to the actions identified above, the company is able to manage the potential exposure through supplier agreements.

Credit risk
The majority of the company's sales are made on credit. Appropriate credit checks on customers who apply for credit accounts are made prior to the sale. The amount of any individual customer is subject to a limit and the exposure of the company as a whole is mitigated by multiple credit control procedures and the diverse nature of the customer base.

Liquidity risk
Liquidity risk is the risk that the company will encounter difficulty in meeting obligations associated with its financial liabilities. The risk is mitigated as the company has sufficient cash resources available to it through either its own funds or access to further bank facilities.

Foreign exchange risk
The company purchases in dollars and therefore is exposed to foreign currency risk. The company uses derivative financial instruments in the form of forward exchange contracts to mitigate these risks and ensure predictable future cash flows.

ON BEHALF OF THE BOARD:





F Roda - Director


27 November 2023

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

The directors present their report with the financial statements of the company for the period 1 September 2021 to 28 February 2023.

PRINCIPAL ACTIVITY
The principal activity of the company in the period under review was that of manufacturing and supplying garden furniture.

DIVIDENDS
No dividends will be distributed for the period ended 28 February 2023.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 September 2021 to the date of this report.

H Olafsson
F Roda

Other changes in directors holding office are as follows:

B B Leth - resigned 2 November 2021
M Brand - resigned 20 December 2022
R S Vieira - resigned 5 October 2022

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors 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), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of 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 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 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.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are 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 each director 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.

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

REPORT OF THE DIRECTORS
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023


AUDITORS
The auditors, Watson Associates (Audit Services) Ltd, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





F Roda - Director


27 November 2023

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALEXANDER ROSE LIMITED

Opinion
We have audited the financial statements of Alexander Rose Limited (the 'company') for the period ended 28 February 2023 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, 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 the financial statements:
-give a true and fair view of the state of the company's affairs as at 28 February 2023 and of its loss 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 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.

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 directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALEXANDER ROSE LIMITED


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 Directors 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 Directors have 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 Report of the Directors.

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 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 Statement of Directors' Responsibilities set out on page five, 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 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALEXANDER ROSE LIMITED


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.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to employment laws and indirect taxes, and we considered the extent to which non-compliance might have a material effect on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements(including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to achieve desired financial results and the manipulation of exceptional items and management bias in accounting estimates. Audit procedures performed by the engagement team included, but were not limited to:

- enquiries with management including consideration of known or suspected instances of fraud and non-compliance with laws and regulations and examining supporting calculations where a provision has been made in respect of these;
- reading key correspondence with regulatory authorities in relation to compliance with certain employment laws and indirect tax matters;
- understanding and evaluating the design and implementation of management's controls designed to prevent and detect irregularities;
- challenging assumptions and judgements made by management in their significant accounting estimates, inparticular, in relation to accrued income cut off
- identifying and testing journal entries in particular and journal entries posted with unusual account combinations
and postings by unusual users;

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through 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.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
ALEXANDER ROSE LIMITED


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.




Mr Stephen James Moore (Senior Statutory Auditor)
for and on behalf of Watson Associates (Audit Services) Ltd
Statutory Auditor
30 - 34 North Street
Hailsham
East Sussex
BN27 1DW

30 November 2023

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

Period
1.9.21
to Year Ended
28.2.23 31.8.21
Notes £    £   

TURNOVER 3 20,600,070 14,285,550

Cost of sales (16,059,637 ) (9,999,250 )
GROSS PROFIT 4,540,433 4,286,300

Distribution costs (4,153,231 ) (1,478,439 )
Administrative expenses (3,544,178 ) (1,996,485 )
(3,156,976 ) 811,376

Other operating income - 20,850
OPERATING (LOSS)/PROFIT 5 (3,156,976 ) 832,226

Income from shares in group
undertakings

28,986

-
Interest receivable and similar income - 220
(3,127,990 ) 832,446

Interest payable and similar expenses 6 (272,449 ) (47,810 )
(LOSS)/PROFIT BEFORE TAXATION (3,400,439 ) 784,636

Tax on (loss)/profit 7 805,167 (153,391 )
(LOSS)/PROFIT FOR THE FINANCIAL
PERIOD

(2,595,272

)

631,245

OTHER COMPREHENSIVE LOSS
Investment Impairment (88,121 ) -
Income tax relating to other
comprehensive loss

-

-
OTHER COMPREHENSIVE LOSS FOR
THE PERIOD, NET OF INCOME TAX

(88,121

)

-
TOTAL COMPREHENSIVE
(LOSS)/INCOME FOR THE PERIOD

(2,683,393

)

631,245

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

BALANCE SHEET
28 FEBRUARY 2023

2023 2021
Notes £    £   
FIXED ASSETS
Tangible assets 9 79,189 72,531
Investments 10 514,815 602,936
594,004 675,467

CURRENT ASSETS
Stocks 11 5,168,938 4,337,958
Debtors 12 3,437,924 3,327,637
Cash at bank and in hand 152,871 290,972
8,759,733 7,956,567
CREDITORS
Amounts falling due within one year 13 (7,286,481 ) (3,712,252 )
NET CURRENT ASSETS 1,473,252 4,244,315
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,067,256

4,919,782

CREDITORS
Amounts falling due after more than one
year

14

(161,394

)

(314,878

)

PROVISIONS FOR LIABILITIES 18 - (15,649 )
NET ASSETS 1,905,862 4,589,255

CAPITAL AND RESERVES
Called up share capital 19 497,861 497,861
Share premium 20 138,139 138,139
Fair value reserve 20 344,141 432,262
Retained earnings 20 925,721 3,520,993
SHAREHOLDERS' FUNDS 1,905,862 4,589,255

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:





F Roda - Director


ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

Called up Fair
share Retained Share value Total
capital earnings premium reserve equity
£    £    £    £    £   

Balance at 1 September 2020 497,861 2,889,748 138,139 432,262 3,958,010

Changes in equity
Total comprehensive income - 631,245 - - 631,245
Balance at 31 August 2021 497,861 3,520,993 138,139 432,262 4,589,255

Changes in equity
Total comprehensive loss - (2,595,272 ) - (88,121 ) (2,683,393 )
Balance at 28 February 2023 497,861 925,721 138,139 344,141 1,905,862

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

CASH FLOW STATEMENT
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

Period
1.9.21
to Year Ended
28.2.23 31.8.21
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (1,964,566 ) (1,082,158 )
Interest paid (271,682 ) (47,810 )
Interest element of finance lease
payments paid

(767

)

-
Tax paid (82,079 ) (36,988 )
Net cash from operating activities (2,319,094 ) (1,166,956 )

Cash flows from investing activities
Purchase of tangible fixed assets (53,863 ) (9,978 )
Interest received - 220
Dividends received 28,986 -
Net cash from investing activities (24,877 ) (9,758 )

Cash flows from financing activities
Loan repayments in year (166,667 ) (105,409 )
Capital repayments in year 38,305 -
Amount introduced by directors 694,500 -
Government Grants - 11,808
Equity dividends paid - (430,000 )
Net cash from financing activities 566,138 (523,601 )

Decrease in cash and cash equivalents (1,777,833 ) (1,700,315 )
Cash and cash equivalents at
beginning of period

2

(1,336,545

)

363,770

Cash and cash equivalents at end of
period

2

(3,114,378

)

(1,336,545

)

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

1. RECONCILIATION OF (LOSS)/PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS
Period
1.9.21
to Year Ended
28.2.23 31.8.21
£    £   
(Loss)/profit before taxation (3,400,439 ) 784,636
Depreciation charges 47,205 32,296
Government grants - (11,808 )
Finance costs 272,449 47,810
Finance income (28,986 ) (220 )
(3,109,771 ) 852,714
Increase in stocks (830,980 ) (2,035,261 )
Decrease/(increase) in trade and other debtors 531,154 (594,952 )
Increase in trade and other creditors 1,445,031 695,341
Cash generated from operations (1,964,566 ) (1,082,158 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Period ended 28 February 2023
28.2.23 1.9.21
£    £   
Cash and cash equivalents 152,871 290,972
Bank overdrafts (3,267,249 ) (1,627,517 )
(3,114,378 ) (1,336,545 )
Year ended 31 August 2021
31.8.21 1.9.20
£    £   
Cash and cash equivalents 290,972 983,662
Bank overdrafts (1,627,517 ) (619,892 )
(1,336,545 ) 363,770


ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

NOTES TO THE CASH FLOW STATEMENT
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.9.21 Cash flow At 28.2.23
£    £    £   
Net cash
Cash at bank and in hand 290,972 (138,101 ) 152,871
Bank overdrafts (1,627,517 ) (1,639,732 ) (3,267,249 )
(1,336,545 ) (1,777,833 ) (3,114,378 )
Debt
Finance leases - (38,305 ) (38,305 )
Debts falling due within 1 year (92,530 ) (18,581 ) (111,111 )
Debts falling due after 1 year (314,878 ) 185,249 (129,629 )
(407,408 ) 128,363 (279,045 )
Total (1,743,953 ) (1,649,470 ) (3,393,423 )

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

1. STATUTORY INFORMATION

Alexander Rose Limited 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 as modified by the revaluation of certain assets.

Critical accounting judgements and key sources of estimation uncertainty
No significant judgements have had to be made by management in preparing these financial statements.

There were no key assumptions made concerning the future, and other key sources of estimation uncertainty at the reporting date, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

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.
Long leasehold - over term of lease
Fixtures and fittings - 33% on cost and 20% on cost
Motor vehicles - 20% on cost

Investments in associates
Interests in associates are initially measured at cost and subsequently measured at fair value, with changes in fair value recognised in other comprehensive income.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, and loans to related parties.

Debt instruments that are payable or receivable within one year, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received; other debt instruments are initially measured at present value of the future payments and subsequently at amortised cost using the effective interest method.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the balance sheet only when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the period comprises current and deferred tax. 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 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

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.

Derivative financial instruments
Derivative financial instruments are recognised at fair value, with any gains or losses being reported in profit or loss.

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

2. ACCOUNTING POLICIES - continued

Going concern
The ultimate controlling party has confirmed that they will provide support to enable the company to fulfil its financial obligations as and when they fall due.

The directors have prepared cashflow forecasts and have assessed that the operating cashflows generated, together with the financial support outlined above is adequate to ensure that the company will meet its liabilities as and when they fall due for a period of at least twelve months from the date from which these accounts were approved. On this basis the directors are of the opinion that the financial statements should be drawn up on a going concern basis.

3. TURNOVER

The turnover and loss (2021 - profit) before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

Period
1.9.21
to Year Ended
28.2.23 31.8.21
£    £   
Sale of Goods 20,600,070 14,285,550
20,600,070 14,285,550

An analysis of turnover by geographical market is given below:

Period
1.9.21
to Year Ended
28.2.23 31.8.21
£    £   
United Kingdom 16,987,226 13,095,984
Europe 3,296,805 1,159,361
United States of America 316,039 30,205
20,600,070 14,285,550

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

4. EMPLOYEES AND DIRECTORS
Period
1.9.21
to Year Ended
28.2.23 31.8.21
£    £   
Wages and salaries 1,786,787 1,363,706
Social security costs 212,325 133,225
Other pension costs 69,867 36,244
2,068,979 1,533,175

The average number of employees during the period was as follows:
Period
1.9.21
to Year Ended
28.2.23 31.8.21

General Management 3 4
Finance & Admin 6 4
Customer Services 7 7
Sales and Marketing 6 5
Warehouse 10 11
32 31

Period
1.9.21
to Year Ended
28.2.23 31.8.21
£    £   
Directors' remuneration 320,126 360,492

Information regarding the highest paid director is as follows:
Period
1.9.21
to Year Ended
28.2.23 31.8.21
£    £   
Emoluments etc 164,832 176,403

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

5. OPERATING (LOSS)/PROFIT

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

Period
1.9.21
to Year Ended
28.2.23 31.8.21
£    £   
Depreciation - owned assets 47,205 32,296
Auditors' remuneration 18,171 17,013
Foreign exchange differences (57,980 ) (241,838 )

6. INTEREST PAYABLE AND SIMILAR EXPENSES
Period
1.9.21
to Year Ended
28.2.23 31.8.21
£    £   
Other Interest 10 -
Bank loan interest 271,672 38,768
Interest payable - 9,042
Leasing 767 -
272,449 47,810

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the loss for the period was as follows:
Period
1.9.21
to Year Ended
28.2.23 31.8.21
£    £   
Current tax:
UK corporation tax (153,461 ) 153,461
Interest on Corporation Tax 5,383 -
Total current tax (148,078 ) 153,461

Deferred tax (657,089 ) (70 )
Tax on (loss)/profit (805,167 ) 153,391

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

7. TAXATION - continued

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the period is lower than the standard rate of corporation tax in the UK. The difference is explained below:

Period
1.9.21
to Year Ended
28.2.23 31.8.21
£    £   
(Loss)/profit before tax (3,400,439 ) 784,636
(Loss)/profit multiplied by the standard rate of corporation tax in the
UK of 19% (2021 - 19%)

(646,083

)

149,081

Effects of:
Expenses not deductible for tax purposes 1,811 2,272
Capital allowances in excess of depreciation (4,813 ) -
Depreciation in excess of capital allowances - 3,826
Bank interest - (42 )
Non-trading loan relationships - (1,676 )
Deferred Taxation (657,089 ) (70 )
Shares in group undertakings (5,507 ) -
Interest on Corporation Tax 5,383 -
Losses c/fwd 501,131 -
Total tax (credit)/charge (805,167 ) 153,391

Tax effects relating to effects of other comprehensive income

1.9.21 to 28.2.23
Gross Tax Net
£    £    £   
Investment Impairment (88,121 ) - (88,121 )

8. EXCEPTIONAL ITEMS

Exceptional items shown in profit or loss are fair value losses on derivative contracts held at the balance sheet date.

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

9. TANGIBLE FIXED ASSETS
Fixtures
Long and Motor
leasehold fittings vehicles Totals
£    £    £    £   
COST
At 1 September 2021 186,343 333,467 149,508 669,318
Additions - 53,863 - 53,863
At 28 February 2023 186,343 387,330 149,508 723,181
DEPRECIATION
At 1 September 2021 173,509 308,648 114,630 596,787
Charge for period 8,250 21,523 17,432 47,205
At 28 February 2023 181,759 330,171 132,062 643,992
NET BOOK VALUE
At 28 February 2023 4,584 57,159 17,446 79,189
At 31 August 2021 12,834 24,819 34,878 72,531

10. FIXED ASSET INVESTMENTS
Interest
in
associate
£   
COST OR VALUATION
At 1 September 2021 602,936
Revaluations (88,121 )
At 28 February 2023 514,815
NET BOOK VALUE
At 28 February 2023 514,815
At 31 August 2021 602,936

Cost or valuation at 28 February 2023 is represented by:

Interest
in
associate
£   
Valuation in 2018 432,262
Valuation in 2023 (88,121 )
Cost 170,674
514,815

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

10. FIXED ASSET INVESTMENTS - continued

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2023 2021
£    £   
Cost 170,674 170,674

Fixed asset investments were valued on an open market basis on 31 August 2019 by the Directors .

11. STOCKS
2023 2021
£    £   
Finished goods 5,168,938 4,337,958

12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2021
£    £   
Trade debtors 2,652,422 3,187,887
Other debtors 57,307 2,000
Deferred tax asset 641,441 -
Prepayments 86,754 137,750
3,437,924 3,327,637

13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2021
£    £   
Bank loans and overdrafts (see note 15) 3,378,360 1,720,047
Finance leases (see note 16) 6,540 -
Trade creditors 2,147,188 719,209
Tax (69,616 ) 160,541
Social security and other taxes 929,017 110,895
Other creditors 6,371 6,007
Directors' current accounts 694,501 -
Accruals and deferred income 194,120 995,553
7,286,481 3,712,252

14. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2021
£    £   
Bank loans (see note 15) 129,629 314,878
Finance leases (see note 16) 31,765 -
161,394 314,878

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

15. LOANS

An analysis of the maturity of loans is given below:

2023 2021
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 3,267,249 1,627,517
Bank loans 111,111 92,530
3,378,360 1,720,047

Amounts falling due between one and two years:
Bank loans - 1-2 years 111,111 111,111

Amounts falling due between two and five years:
Bank loans - 2-5 years 18,518 203,767

16. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Finance leases
2023 2021
£    £   
Net obligations repayable:
Within one year 6,540 -
Between one and five years 31,765 -
38,305 -

Non-cancellable operating leases
2023 2021
£    £   
Within one year 264,370 273,868
Between one and five years 1,012,533 1,031,021
In more than five years 2,234,833 2,614,333
3,511,736 3,919,222

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

17. SECURED DEBTS

The following secured debts are included within creditors:

2023 2021
£    £   
Bank overdrafts 3,267,249 1,627,517
Bank loans 240,740 407,408
3,507,989 2,034,925

Debenture including fixed and floating charge over the undertaking and all property and assets present and future, including goodwill, book debts, uncalled capital, buildings, fixtures, fixed plant & machinery dated 15 November 2010.

18. PROVISIONS FOR LIABILITIES
2021
£   
Deferred tax 15,649

Deferred
tax
£   
Balance at 1 September 2021 15,649
Provided during period 2,293
Prior year correction
Losses c/fwd (659,383 )
Balance at 28 February 2023 (641,441 )

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2021
value: £    £   
497,861 Ordinary 1 497,861 497,861

20. RESERVES
Fair
Retained Share value
earnings premium reserve Totals
£    £    £    £   

At 1 September 2021 3,520,993 138,139 432,262 4,091,394
Deficit for the period (2,595,272 ) (2,595,272 )
Investment in Associate - - (88,121 ) (88,121 )
At 28 February 2023 925,721 138,139 344,141 1,408,001

ALEXANDER ROSE LIMITED (REGISTERED NUMBER: 02892358)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 SEPTEMBER 2021 TO 28 FEBRUARY 2023

21. RELATED PARTY DISCLOSURES

During the period, purchases of £996,848 (2021 - £797,886) were made from Woven Furniture Designs Inc, an associate of Alexander Rose Ltd. At the balance sheet date, £156,648 (2021 - £299,204) was owing from Woven Furniture Designs Inc.

During the year, purchases of £1,717,278 (2021 - £1,241,229) were made from IMR S.A. £435,631 (2021 - £510,510) was owing from IMR S.A at the balance sheet date. IMR S.A and Alexander Rose Ltd share a common ultimate controlling party, the Roda family.

At the balance sheet date £Nil (2021 - £Nil) was owed to Sustainable Forest Products SFP, SA, parent company to Alexander Rose Ltd and the most senior parent in which financial statements are prepared.

22. GOVERNMENT GRANTS

Other income includes amounts received from the Government's Coronavirus Job Retention Scheme. The income is received in the form of grants.