Company registration number 05341335 (England and Wales)
MOTELROCKS GROUP LIMITED, CONSOLIDATED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
MOTELROCKS GROUP LIMITED, CONSOLIDATED
COMPANY INFORMATION
Director
Mr P G Giles
Company number
05341335
Registered office
Unit 2 Berkeley Business Park
Wainwright Road
Worcester
Worcestershire
United Kingdom
WR4 9FA
Auditor
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
Church Green West
Redditch
Worcestershire
B97 4EA
MOTELROCKS GROUP LIMITED, CONSOLIDATED
CONTENTS
Page
Strategic report
1
Director's report
2 - 3
Independent auditor's report
4 - 6
Group statement of income and retained earnings
7
Group balance sheet
8
Company balance sheet
9
Group statement of cash flows
12
Notes to the financial statements
13 - 30
MOTELROCKS GROUP LIMITED, CONSOLIDATED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The director presents the strategic report for the year ended 31 March 2023.

Review of the business

The principal activity of the company and group continued to be that of the sale of ladies designer clothing through wholesale agency outlets, retail outlets, concessionaire agencies and principal internet representatives.

 

There are no material uncertainties relating to events or conditions that may cast significant doubt about the ability of the Company to continue as a going concern.

Principal risks and uncertainties

The Company's principal financial instruments comprise credit facilities.

 

Key risks to the Company are credit. Risk from debt exposure is minimised with a diversified customer base, strong credit control and support by credit insurance.

 

The directors believe the measures taken to safeguard its credit risks will allow the Company to continue to trade successfully in the current economic environment.

 

The directors see the major economic risk being from interest rates, however they will continue to minimise the risks and uncertainties of the Company with prudent forward planned price negotiation policies.

Development and performance

The Company actively manages all facilities and its supply chain, constantly reviewing any exposure to risks and reacting accordingly. The majority of its products are imported from overseas which exposes the Company to fluctuations in exchange rates. The Company manages this risk by careful forward planning and negotiations to minimise exposure.

 

The Company will continue to manage its credit risk closely due to the current economic conditions.

Key performance indicators

The directors consider the turnover and margin levels, along with stock turn, creditor and debtor days.

 

The directors do not believe that there are any non-financial key performance indicators that are relevant.

 

The directors believe the Company continues to be well positioned in the marketplace and has funding in place to meet its future commitments, and any other future plans.

On behalf of the board

Mr P G Giles
Director
21 December 2023
MOTELROCKS GROUP LIMITED, CONSOLIDATED
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

The director presents his annual report and financial statements for the year ended 31 March 2023.

Principal activities

The principal activity of the company and group continued to be that of the sale of ladies designer clothing through wholesale agency outlets, retail outlets, concessionaire agencies and principal internet representatives.

 

Change of accounting reference date

During the period the company passed a special resolution to extend its year end from 31 December 2021 to 31 March 2022.

Results and dividends

The results for the year are set out on page 7.

Ordinary dividends were paid amounting to £90,000. The director does not recommend payment of a further dividend.

Director

The director who held office during the year and up to the date of signature of the financial statements was as follows:

Mr P G Giles
Statement of director's responsibilities

The director is responsible for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

 

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

 

 

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

Statement of disclosure to auditor

So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the auditor of the company is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the auditor of the company is aware of that information.

Medium-sized companies exemption

This report has been prepared in accordance with the provisions applicable to companies entitled to the medium-sized companies exemption.

MOTELROCKS GROUP LIMITED, CONSOLIDATED
DIRECTOR'S REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
On behalf of the board
Mr P G Giles
Director
21 December 2023
MOTELROCKS GROUP LIMITED, CONSOLIDATED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF MOTELROCKS GROUP LIMITED, CONSOLIDATED
- 4 -
Opinion

We have audited the financial statements of Motelrocks Group Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 March 2023 which comprise the group statement of income and retained earnings, the group balance sheet, the company balance sheet, the group statement of cash flows and notes to the financial statements, including 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:

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 group and parent 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 director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

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

 

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

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The director is responsible for the other information contained within the annual report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

 

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

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

MOTELROCKS GROUP LIMITED, CONSOLIDATED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MOTELROCKS GROUP LIMITED, CONSOLIDATED
- 5 -
Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent company and their environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the director's report.

 

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of director

As explained more fully in the director's responsibilities statement, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines 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 director is responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the parent company or to cease operations, or has 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.

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

Based on our understanding of the company, we identified the principle risks of non-compliance with laws and regulations including those that have a direct impact on the preparation of financial statements such as the Companies Act 2006, and the extent to which non-compliance might have a material effect on the financial statements. Audit procedures performed included discussions with management, testing of journals, designing and performing audit procedures and challenging assumptions and judgements made by management.

 

There are inherent limitations in the audit procedures described above. We are likely to become aware of instances of non-compliance with laws and regulations which are not closely related to events and transactions reflected in the financial statements. 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, intentional misstatement or through collusion.

 

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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 auditor's 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.

MOTELROCKS GROUP LIMITED, CONSOLIDATED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF MOTELROCKS GROUP LIMITED, CONSOLIDATED
- 6 -
Peter Ormerod FCA
Senior Statutory Auditor
For and on behalf of Ormerod Rutter Limited
21 December 2023
Chartered Accountants
Statutory Auditor
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
MOTELROCKS GROUP LIMITED, CONSOLIDATED
GROUP STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 MARCH 2023
- 7 -
Year
Period
ended
ended
31 March
31 March
2023
2022
Notes
£
£
Turnover
2
42,704,853
55,513,657
Cost of sales
(31,693,830)
(45,833,236)
Gross profit
11,011,023
9,680,421
Administrative expenses
(11,170,551)
(8,916,607)
Other operating income
-
11,583
Operating (loss)/profit
3
(159,528)
775,397
Interest payable and similar expenses
7
(80,144)
(82,374)
(Loss)/profit before taxation
(239,672)
693,023
Tax on (loss)/profit
8
(38,853)
(142,548)
(Loss)/profit for the financial year
(278,525)
550,475
Retained earnings brought forward
2,838,446
2,381,971
Dividends
(90,000)
(94,000)
Retained earnings carried forward
2,469,921
2,838,446
(Loss)/profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
MOTELROCKS GROUP LIMITED, CONSOLIDATED
GROUP BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 8 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
1,253,853
1,241,775
Investments
898
519,770
1,254,751
1,761,545
Current assets
Stocks
13
4,294,562
5,497,706
Debtors
14
2,571,855
983,831
Cash at bank and in hand
1,308,528
359,423
8,174,945
6,840,960
Creditors: amounts falling due within one year
15
(6,616,459)
(5,352,979)
Net current assets
1,558,486
1,487,981
Total assets less current liabilities
2,813,237
3,249,526
Creditors: amounts falling due after more than one year
16
(121,291)
(195,152)
Provisions for liabilities
Deferred tax liability
17
221,922
215,825
(221,922)
(215,825)
Net assets
2,470,024
2,838,549
Capital and reserves
Called up share capital
19
103
103
Profit and loss reserves
2,469,921
2,838,446
Total equity
2,470,024
2,838,549

These financial statements have been prepared in accordance with the provisions relating to medium-sized groups.

The financial statements were approved and signed by the director and authorised for issue on 21 December 2023
21 December 2023
Mr P G Giles
Director
Company registration number 05341335 (England and Wales)
MOTELROCKS GROUP LIMITED, CONSOLIDATED
COMPANY BALANCE SHEET
AS AT 31 MARCH 2023
31 March 2023
- 9 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
11
8,721
19,769
Investments
520,769
519,871
529,490
539,640
Current assets
Debtors
14
518,276
616,606
Cash at bank and in hand
2,313
2,379
520,589
618,985
Creditors: amounts falling due within one year
15
(13,803)
(3,859)
Net current assets
506,786
615,126
Net assets
1,036,276
1,154,766
Capital and reserves
Called up share capital
19
103
103
Profit and loss reserves
1,036,173
1,154,663
Total equity
1,036,276
1,154,766

As permitted by s408 Companies Act 2006, the company has not presented its own profit and loss account and related notes. The company’s loss for the year was £28,490 (2022 - £24,289 loss).

These abbreviated accounts have been prepared in accordance with the special provisions in section 445(3) of the Companies Act 2006 relating to medium-sized companies.true

The financial statements were approved and signed by the director and authorised for issue on 21 December 2023
21 December 2023
Mr P G Giles
Director
Company registration number 05341335 (England and Wales)
MOTELROCKS GROUP LIMITED, CONSOLIDATED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2021
103
2,381,971
2,382,074
Period ended 31 March 2022:
Profit and total comprehensive income
-
550,475
550,475
Dividends
9
-
(94,000)
(94,000)
Balance at 31 March 2022
103
2,838,446
2,838,549
Year ended 31 March 2023:
Loss and total comprehensive income
-
(278,525)
(278,525)
Dividends
9
-
(90,000)
(90,000)
Balance at 31 March 2023
103
2,469,921
2,470,024

The notes on pages 13 to 30 form part of these financial statements.

MOTELROCKS GROUP LIMITED, CONSOLIDATED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2023
- 11 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 January 2021
103
1,272,952
1,273,055
Period ended 31 March 2022:
Loss and total comprehensive income for the period
-
(24,289)
(24,289)
Dividends
9
-
(94,000)
(94,000)
Balance at 31 March 2022
103
1,154,663
1,154,766
Year ended 31 March 2023:
Profit and total comprehensive income
-
(28,490)
(28,490)
Dividends
9
-
(90,000)
(90,000)
Balance at 31 March 2023
103
1,036,173
1,036,276

The notes on pages 13 to 30 form part of these financial statements.

MOTELROCKS GROUP LIMITED, CONSOLIDATED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from/(absorbed by) operations
22
1,006,762
(819,659)
Interest paid
(80,144)
(82,374)
Income taxes paid
(42,122)
(320,964)
Net cash inflow/(outflow) from operating activities
884,496
(1,222,997)
Investing activities
Purchase of tangible fixed assets
(290,402)
(822,032)
Proceeds from disposal of subsidiaries, net of cash disposed
(898)
-
Proceeds from disposal of investments
519,770
-
Net cash generated from/(used in) investing activities
228,470
(822,032)
Financing activities
Repayment of borrowings
-
(1,741)
Repayment of bank loans
(42,000)
(31,500)
Payment of finance leases obligations
(31,861)
90,513
Dividends paid to equity shareholders
(90,000)
(94,000)
Net cash used in financing activities
(163,861)
(36,728)
Net increase/(decrease) in cash and cash equivalents
949,105
(2,081,757)
Cash and cash equivalents at beginning of year
359,423
2,441,180
Cash and cash equivalents at end of year
1,308,528
359,423
MOTELROCKS GROUP LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
1
Accounting policies
Company information

Motelrocks Group Limited (“the company”) is a private limited company domiciled and incorporated in England and Wales. The registered office is Unit 2 Berkeley Business Park, Wainwright Road, Worcester, Worcestershire, United Kingdom, WR4 9FA.

 

The group consists of Motelrocks Group Limited and all of its subsidiaries.

1.1
Reporting period

Motelrocks Group Limited and its subsidiary, Motelrocks UK Limited changed the end of its reporting period from 31 December to 31 March. Amounts presented for the 2022 reporting period are for a 15-month period. Comparative figures are for a12-month period. Consequently, comparative amounts for the statement of comprehensive income, statement of changes in equity, statement of cash flows and related notes are not entirely comparable.

1.2
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.3
Business combinations

In the parent company financial statements, the cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

 

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

MOTELROCKS GROUP LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -
1.4
Basis of consolidation

The consolidated group financial statements consist of the financial statements of the parent company Motelrocks Group Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.

 

All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

 

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.

Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.

Investments in joint ventures and associates are carried in the group balance sheet at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.

 

If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.

 

Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.

1.5
Going concern

At the time of approving the financial statements, the director has a reasonable expectation that the group has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.6
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

MOTELROCKS GROUP LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
1.7
Intangible fixed assets - goodwill

Goodwill represents the excess of the cost of acquisition of a business over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 10 years.

 

For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.

1.8
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
10% on cost
Garment design library
10% on cost
Fixtures and fittings
15% on reducing balance
Computers
33% on cost
Motor vehicles
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the profit and loss account.

1.9
Fixed asset investments

Equity investments are measured at fair value through profit or loss, except for those equity investments that are not publicly traded and whose fair value cannot otherwise be measured reliably, which are recognised at cost less impairment until a reliable measure of fair value becomes available.

 

In the parent company financial statements, investments in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.

A subsidiary is an entity controlled by the group. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

MOTELROCKS GROUP LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 16 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

 

Investments in associates are initially recognised at the transaction price (including transaction costs) and are subsequently adjusted to reflect the group’s share of the profit or loss, other comprehensive income and equity of the associate using the equity method. Any difference between the cost of acquisition and the share of the fair value of the net identifiable assets of the associate on acquisition is recognised as goodwill. Any unamortised balance of goodwill is included in the carrying value of the investment in associates.

 

Losses in excess of the carrying amount of an investment in an associate are recorded as a provision only when the company has incurred legal or constructive obligations or has made payments on behalf of the associate.

 

In the parent company financial statements, investments in associates are accounted for at cost less impairment.

Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.10
Impairment of fixed assets

At each reporting period end date, the group reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

 

The carrying amount of the investments accounted for using the equity method is tested for impairment as a single asset. Any goodwill included in the carrying amount of the investment is not tested separately for impairment.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

MOTELROCKS GROUP LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 17 -
1.11
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.12
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.13
Financial instruments

The group has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the group's balance sheet when the group becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Other financial assets

Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.

MOTELROCKS GROUP LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 18 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

Derecognition of financial assets

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the group transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the group after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Other financial liabilities

Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.

 

Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.

MOTELROCKS GROUP LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 19 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the group's contractual obligations expire or are discharged or cancelled.

1.14
Equity instruments

Equity instruments issued by the group are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the group.

1.15
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The group’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset if, and only if, there is a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.16
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.17
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

MOTELROCKS GROUP LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 20 -
1.18
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed.

1.19
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

MOTELROCKS GROUP LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
2
Turnover and other revenue
2023
2022
£
£
Turnover analysed by geographical market
United Kingdom
21,525,288
30,752,931
Europe
3,054,023
681,953
Rest of the World
18,125,542
24,078,773
42,704,853
55,513,657
2023
2022
£
£
Other revenue
Grants received
-
11,583
3
Operating (loss)/profit
2023
2022
£
£
Operating (loss)/profit for the year is stated after charging/(crediting):
Exchange losses
132,123
160,156
Government grants
-
(11,583)
Depreciation of owned tangible fixed assets
255,850
258,604
Depreciation of tangible fixed assets held under finance leases
22,474
18,421
Profit on disposal of tangible fixed assets
-
(181)
Operating lease charges
608,846
485,266
4
Auditor's remuneration
2023
2022
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
12,600
6,000
Audit of the financial statements of the company's subsidiaries
19,800
18,000
32,400
24,000
5
Employees

The average monthly number of persons (including directors) employed by the group and company during the year was:

Group
Company
2023
2022
2023
2022
Number
Number
Number
Number
113
114
1
1
MOTELROCKS GROUP LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
5
Employees
(Continued)
- 22 -

Their aggregate remuneration comprised:

Group
Company
2023
2022
2023
2022
£
£
£
£
Wages and salaries
2,979,527
3,928,032
-
0
-
0
Social security costs
219,824
234,502
-
-
Pension costs
52,149
50,747
-
0
-
0
3,251,500
4,213,281
-
0
-
0
6
Director's remuneration
2023
2022
£
£
Remuneration for qualifying services
12,012
12,120
7
Interest payable and similar expenses
2023
2022
£
£
Interest on financial liabilities measured at amortised cost:
Interest on bank overdrafts and loans
29,892
10,337
Other interest on financial liabilities
38,740
43,390
68,632
53,727
Other finance costs:
Interest on finance leases and hire purchase contracts
3,889
2,877
Other interest
7,623
25,770
Total finance costs
80,144
82,374
8
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
30,472
41,557
Adjustments in respect of prior periods
565
(1,328)
Total current tax
31,037
40,229
Deferred tax
Origination and reversal of timing differences
7,816
102,319
Total tax charge
38,853
142,548
MOTELROCKS GROUP LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
8
Taxation
(Continued)
- 23 -

The actual charge for the year can be reconciled to the expected (credit)/charge for the year based on the profit or loss and the standard rate of tax as follows:

2023
2022
£
£
(Loss)/profit before taxation
(239,672)
693,023
Expected tax (credit)/charge based on the standard rate of corporation tax in the UK of 19.00% (2022: 19.00%)
(45,538)
131,674
Tax effect of expenses that are not deductible in determining taxable profit
1,093
9,721
Tax effect of income not taxable in determining taxable profit
79,475
-
0
Permanent capital allowances in excess of depreciation
(3,575)
(5,547)
Depreciation on assets not qualifying for tax allowances
6,833
8,028
Under/(over) provided in prior years
565
(1,328)
Taxation charge
38,853
142,548
9
Dividends
2023
2022
Recognised as distributions to equity holders:
£
£
Final paid
90,000
94,000
MOTELROCKS GROUP LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
10
Intangible fixed assets
Group
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
92,667
Amortisation and impairment
At 1 April 2022 and 31 March 2023
92,667
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
Company
Goodwill
£
Cost
At 1 April 2022 and 31 March 2023
92,667
Amortisation and impairment
At 1 April 2022 and 31 March 2023
92,667
Carrying amount
At 31 March 2023
-
0
At 31 March 2022
-
0
MOTELROCKS GROUP LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
11
Tangible fixed assets
Group
Leasehold improvements
Garment design library
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 April 2022
112,527
1,303,746
223,241
620,080
81,850
2,341,444
Additions
4,940
225,000
-
0
60,462
-
0
290,402
At 31 March 2023
117,467
1,528,746
223,241
680,542
81,850
2,631,846
Depreciation and impairment
At 1 April 2022
6,782
522,234
111,482
445,716
13,455
1,099,669
Depreciation charged in the year
10,822
127,206
16,764
106,433
17,099
278,324
At 31 March 2023
17,604
649,440
128,246
552,149
30,554
1,377,993
Carrying amount
At 31 March 2023
99,863
879,306
94,995
128,393
51,296
1,253,853
At 31 March 2022
105,745
781,512
111,759
174,364
68,395
1,241,775
Company
Garment design library
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
126,750
74,610
103,630
304,990
Depreciation and impairment
At 1 April 2022
117,244
64,943
103,034
285,221
Depreciation charged in the year
9,506
1,449
93
11,048
At 31 March 2023
126,750
66,392
103,127
296,269
Carrying amount
At 31 March 2023
-
0
8,218
503
8,721
At 31 March 2022
9,506
9,667
596
19,769
12
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Motelrocks UK Limited
England & Wales
Ordinary
100.00
Motel Rocks Retail Limited
England & Wales
Ordinary
100.00
MOTELROCKS GROUP LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 26 -
13
Stocks
Group
Company
2023
2022
2023
2022
£
£
£
£
Finished goods and goods for resale
4,294,562
5,497,706
-
0
-
0
14
Debtors
Group
Company
2023
2022
2023
2022
Amounts falling due within one year:
£
£
£
£
Trade debtors
640,552
568,845
-
0
-
0
Amounts owed by group undertakings
-
-
508,306
609,179
Other debtors
1,748,091
170,183
3,772
3,772
Prepayments and accrued income
177,014
236,886
-
0
-
0
2,565,657
975,914
512,078
612,951
Deferred tax asset (note 17)
6,198
3,655
6,198
3,655
2,571,855
979,569
518,276
616,606
Amounts falling due after more than one year:
Deferred tax asset (note 17)
-
0
4,262
-
0
-
0
Total debtors
2,571,855
983,831
518,276
616,606
15
Creditors: amounts falling due within one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans
42,000
42,000
-
0
-
0
Obligations under finance leases
31,861
31,861
-
0
-
0
Trade creditors
2,096,389
2,670,223
-
0
-
0
Corporation tax payable
30,472
41,557
-
0
-
0
Other taxation and social security
588,712
630,130
-
-
Other creditors
2,822,749
1,066,071
1,468
14
Accruals and deferred income
1,004,276
871,137
12,335
3,845
6,616,459
5,352,979
13,803
3,859
MOTELROCKS GROUP LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 27 -
16
Creditors: amounts falling due after more than one year
Group
Company
2023
2022
2023
2022
Notes
£
£
£
£
Bank loans and overdrafts
94,500
136,500
-
0
-
0
Obligations under finance leases
26,791
58,652
-
0
-
0
121,291
195,152
-
-
17
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the group and company, and movements thereon:

Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Group
£
£
£
£
Accelerated capital allowances
221,922
215,825
2,156
2,043
Tax losses
-
-
2,010
2,446
Retirement benefit obligations
-
-
2,032
3,428
221,922
215,825
6,198
7,917
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Company
£
£
£
£
Accelerated capital allowances
-
-
-
2,043
Tax losses
-
-
-
1,612
-
-
-
3,655
Group
Company
2023
2023
Movements in the year:
£
£
Liability/(Asset) at 1 April 2022
207,908
(3,655)
Charge to profit or loss
14,014
3,655
Other
(6,198)
(6,198)
Liability/(Asset) at 31 March 2023
215,724
(6,198)

The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period. The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.

MOTELROCKS GROUP LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 28 -
18
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
52,149
50,747

A defined contribution pension scheme is operated for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.

19
Share capital
Group and company
2023
2022
Ordinary share capital
£
£
Issued and fully paid
Ordinary A of £1 each
100
100
Ordinary B of £1 each
2
2
Ordinary C of 50p each
1
1
103
103
20
Operating lease commitments
Lessee

At the reporting end date the group had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Group
Company
2023
2022
2023
2022
£
£
£
£
Within one year
294,579
305,241
-
-
Between two and five years
668,705
963,284
-
-
963,284
1,268,525
-
-
21
Controlling party

The ultimate controlling party is Mr W J Giles.

MOTELROCKS GROUP LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 29 -
22
Cash generated from/(absorbed by) group operations
2023
2022
£
£
(Loss)/profit for the year after tax
(278,525)
550,475
Adjustments for:
Taxation charged
38,853
142,548
Finance costs
80,144
82,374
Gain on disposal of tangible fixed assets
-
(181)
Depreciation and impairment of tangible fixed assets
278,324
277,025
Movements in working capital:
Decrease/(increase) in stocks
1,203,144
(3,188,166)
(Increase)/decrease in debtors
(1,589,743)
770,680
Increase in creditors
1,274,565
545,586
Cash generated from/(absorbed by) operations
1,006,762
(819,659)
23
Cash generated from operations - company
2023
2022
£
£
Loss for the year after tax
(28,490)
(24,289)
Adjustments for:
Taxation credited
(2,543)
(1,859)
Depreciation and impairment of tangible fixed assets
11,048
18,215
Movements in working capital:
Decrease in debtors
100,873
140,096
Increase/(decrease) in creditors
9,944
(34,471)
Cash generated from operations
90,832
97,692
24
Analysis of changes in net funds - group
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
359,423
949,105
1,308,528
Borrowings excluding overdrafts
(178,500)
42,000
(136,500)
Obligations under finance leases
(90,513)
31,861
(58,652)
90,410
1,022,966
1,113,376
MOTELROCKS GROUP LIMITED, CONSOLIDATED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 30 -
25
Analysis of changes in net funds - company
1 April 2022
Cash flows
31 March 2023
£
£
£
Cash at bank and in hand
2,379
(66)
2,313
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