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Registration number: 04136393

Clothing Direct (UK) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

Clothing Direct (UK) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

Clothing Direct (UK) Ltd

Company Information

Directors

M Lytton

P Bennett

A Lytton

Company secretary

N Nicholas

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

Thomas Alexander & Company Limited
590 Green Lanes
London
N13 5RY

 

Clothing Direct (UK) Ltd

(Registration number: 04136393)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

3,335

6,439

Current assets

 

Stocks

6

-

9,870

Debtors

7

5,720,359

6,228,700

Cash at bank and in hand

 

87,720

129,780

 

5,808,079

6,368,350

Creditors: Amounts falling due within one year

8

(5,060,612)

(4,389,203)

Net current assets

 

747,467

1,979,147

Net assets

 

750,802

1,985,586

Capital and reserves

 

Called up share capital

9

2

2

Retained earnings

750,800

1,985,584

Shareholders' funds

 

750,802

1,985,586

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 January 2024 and signed on its behalf by:
 

.........................................
M Lytton
Director

 

Clothing Direct (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in UK.

The address of its registered office is:
590 Green Lanes
Palmers Green
London
N13 5RY

The principal place of business is:
1 Pagitts Grove
Barnet
Herts
EN4 0NT

These financial statements were authorised for issue by the Board on 24 January 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Clothing Direct (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures, fittings & equipment

25% Straight line method

Motor vehicles

25% Reducing balance method

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Clothing Direct (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 4 (2022 - 4).

 

Clothing Direct (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

3,104

1,817

 

Clothing Direct (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2022

70,165

9,176

79,341

At 30 June 2023

70,165

9,176

79,341

Depreciation

At 1 July 2022

63,726

9,176

72,902

Charge for the year

3,104

-

3,104

At 30 June 2023

66,830

9,176

76,006

Carrying amount

At 30 June 2023

3,335

-

3,335

At 30 June 2022

6,439

-

6,439

6

Stocks

2023
 £

2022
 £

Work in progress

-

9,870

7

Debtors

Current

2023
£

2022
£

Trade debtors

462,043

683,847

Prepayments

9,881

10,379

Other debtors

5,248,435

5,534,474

 

5,720,359

6,228,700

8

Creditors

Creditors: amounts falling due within one year

 

Clothing Direct (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Note

2023
 £

2022
 £

Due within one year

 

Trade creditors

 

31,602

90,523

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

4,951,342

4,010,442

Taxation and social security

 

38,783

49,664

Other creditors

 

399

133,986

Corporation tax

 

23,121

89,089

Accrued expenses

 

15,365

15,499

 

5,060,612

4,389,203

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

         

10

Dividends

 

2023

2022

 

£

£

Interim dividend of £650,000 (2022 - £-) per ordinary share

1,300,000

-

     

11

Related party transactions

Included in creditors is an amount of £4,951,342 (2022: £4,010,442) owed to Clothing Direct (Holdings) Ltd, the ultimate parent company. The amounts due to Clothing Direct (Holdings) Ltd are secured by way of a fixed and floating charge over the assets of the company. Included in other creditors is an amount of £Nil (2022: £48) owed to M Lytton, a director of the company. Included in other debtors is an amount of £3,057,041 (2022: £3,122,041) owed from Floral Place Investments Ltd, a company under the control of M Lytton and P Bennett, the directors of the company. Also included on other debtors is an amount of £2,116,709 (2022: £2,116,709) owed from MPC Properties (London) Ltd, a company under the control of M Lytton and P Bennett, the directors of the company.

 

Clothing Direct (UK) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

12

Parent and ultimate parent undertaking

The company is a wholly owned subsidiary of Clothing Direct (Holdings) Ltd, a company registered in the United Kingdom. Clothing Direct (Holdings) Ltd is under the control of M Lytton and P Bennett, the directors of the company.

 The company's immediate parent is Clothing Direct (Holdings) Ltd , incorporated in England .