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COMPANY REGISTRATION NUMBER: 05384555
ODIN RETAIL LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED
27 August 2023
ODIN RETAIL LIMITED
FINANCIAL STATEMENTS
PERIOD FROM 30 JANUARY 2023 TO 27 AUGUST 2023
Contents
Page
Officers and professional advisers
1
Statement of financial position
2
Notes to the financial statements
4
ODIN RETAIL LIMITED
OFFICERS AND PROFESSIONAL ADVISERS
The board of directors
J Munck Af Rosenschold
M Wallinder
Registered office
The Lawn
Union Road
Lincoln
England
LN1 3BU
Accountants
Streets LLP
Chartered accountants
Tower House
Lucy Tower Street
Lincoln
Lincolnshire
LN1 1XW
Bankers
National Westminster Bank Plc
225 High Street
Lincoln
Lincolnshire
LN2 1AZ
ODIN RETAIL LIMITED
STATEMENT OF FINANCIAL POSITION
27 August 2023
27 Aug 23
29 Jan 23
Note
£
£
£
Fixed assets
Tangible assets
5
140,271
150,095
Current assets
Stocks
1,440,336
1,118,760
Debtors
6
332,819
349,315
Cash at bank and in hand
290,162
360,429
--------------
--------------
2,063,317
1,828,504
Creditors: amounts falling due within one year
7
1,099,594
995,975
--------------
--------------
Net current assets
963,723
832,529
--------------
-----------
Total assets less current liabilities
1,103,994
982,624
Creditors: amounts falling due after more than one year
8
25,756
10,577
Provisions
Taxation including deferred tax
19,550
20,620
--------------
-----------
Net assets
1,058,688
951,427
--------------
-----------
ODIN RETAIL LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
27 August 2023
27 Aug 23
29 Jan 23
Note
£
£
£
Capital and reserves
Called up share capital
120
120
Profit and loss account
1,058,568
951,307
--------------
-----------
Shareholders funds
1,058,688
951,427
--------------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the period ending 27 August 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 financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 February 2024 , and are signed on behalf of the board by:
J Munck Af Rosenschold
Director
Company registration number: 05384555
ODIN RETAIL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
PERIOD FROM 30 JANUARY 2023 TO 27 AUGUST 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Lawn, Union Road, Lincoln, LN1 3BU, England.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. The actual outcome may diverge from these estimates if other assumptions are made, or other conditions arise. - Key sources of estimation uncertainty Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (i) Depreciation charges The annual depreciation charge for each class of tangible fixed assets is based on an estimate of the useful economic life of the respective assets. This is reviewed periodically by the directors to ensure that they reflect both external and internal factors.
Revenue recognition
The turnover shown in the profit and loss account represents the value of goods sold done during the period, exclusive of Value Added Tax. Turnover is recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the sale have been transferred to the customer.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred tax is recognised in respect of all material timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset over the useful economic life of that asset as follows:
Leasehold Property
-
10% straight line
Fixtures & Fittings
-
15% straight line
Equipment
-
33% straight line
Stocks
Stocks are valued at the lower of cost and net realisable value, on an average cost basis and after making due allowance for obsolete and slow moving items.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial assets, including trade and other receivables, cash and bank balances, loans to fellow group companies and investments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost, using the effective interest method. Derivatives, including forward foreign currency contracts, are measured at fair value at each reporting date.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the period amounted to 42 (2023: 50 ).
5. Tangible assets
Leasehold Property
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 30 January 2023
27,397
311,044
166,140
504,581
Additions
33,071
882
33,953
---------
-----------
-----------
-----------
At 27 August 2023
27,397
344,115
167,022
538,534
---------
-----------
-----------
-----------
Depreciation
At 30 January 2023
14,826
209,239
130,421
354,486
Charge for the period
1,222
24,455
18,100
43,777
---------
-----------
-----------
-----------
At 27 August 2023
16,048
233,694
148,521
398,263
---------
-----------
-----------
-----------
Carrying amount
At 27 August 2023
11,349
110,421
18,501
140,271
---------
-----------
-----------
-----------
At 29 January 2023
12,571
101,805
35,719
150,095
---------
-----------
-----------
-----------
6. Debtors
27 Aug 23
29 Jan 23
£
£
Trade debtors
167,685
161,220
Other debtors
165,134
188,095
-----------
-----------
332,819
349,315
-----------
-----------
7. Creditors: amounts falling due within one year
27 Aug 23
29 Jan 23
£
£
Trade creditors
216,067
237,347
Amounts owed to group undertakings
446,435
410,000
Accruals and deferred income
72,533
146,043
Corporation tax
106,721
72,016
Social security and other taxes
6,553
14,511
Obligations under finance leases and hire purchase contracts
3,654
Derivative financial liability
229,410
84,413
Other creditors
21,875
27,991
--------------
-----------
1,099,594
995,975
--------------
-----------
8. Creditors: amounts falling due after more than one year
27 Aug 23
29 Jan 23
£
£
Derivative financial liability
25,756
10,577
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
27 Aug 23
29 Jan 23
£
£
Not later than 1 year
264,000
268,475
Later than 1 year and not later than 5 years
790,000
778,425
Later than 5 years
30,000
207,106
--------------
--------------
1,084,000
1,254,006
--------------
--------------
10. Related party transactions
No related party transactions subsisted during the period, such as are required to be disclosed under FRS 102.
11. Controlling party
The ultimate parent company is Polarn O. Pyret Ab, a company registered in Sweden.