Company registration number 13986579 (England and Wales)
HUSKY OAK LIMITED
FINANCIAL STATEMENTS
FOR THE NINE MONTH PERIOD ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
HUSKY OAK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
HUSKY OAK LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 1 -
2022
Notes
£
£
Fixed assets
Investments
3
7,050,880
Current assets
Debtors
5
19,104
Creditors: amounts falling due within one year
6
(5,196,067)
Net current liabilities
(5,176,963)
Total assets less current liabilities
1,873,917
Creditors: amounts falling due after more than one year
7
(321,949)
Net assets
1,551,968
Capital and reserves
Called up share capital
8
141
Share premium account
1,782,715
Profit and loss reserves
(230,888)
Total equity
1,551,968

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 April 2024 and are signed on its behalf by:
A D Womack
Director
Company Registration No. 13986579
HUSKY OAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE NINE MONTH PERIOD ENDED 31 DECEMBER 2022
- 2 -
1
Accounting policies
Company information

Husky Oak Limited is a private company limited by shares incorporated in England and Wales. The registered office is 78 York Street, London, United Kingdom, W1H 1DP.

1.1
Reporting period

The financial statements are prepared for the period from 18 March 2022 to 31 December 2022. This is a short period as it is the first period following incorporation.

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 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

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. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.3
Going concern

At 31 December 2022 the company has net current liabilities of £5,176,963. trueThe company's ultimate controlling party has indicated they will continue to support the company for the foreseeable future.

 

The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

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

1.5
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.

HUSKY OAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments

The company 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 company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with 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.

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 company 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.

1.7
Equity instruments

Equity instruments issued by the company 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 company.

2
Employees

The average monthly number of persons (including directors) employed by the company during the nine month period was:

2022
Number
Total
6
HUSKY OAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 DECEMBER 2022
- 4 -
3
Fixed asset investments
2022
£
Shares in group undertakings and participating interests
7,050,880
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 18 March 2022
-
Additions
7,050,880
At 31 December 2022
7,050,880
Carrying amount
At 31 December 2022
7,050,880
4
Subsidiaries

Details of the company's subsidiaries at 31 December 2022 are as follows:

Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Indirect
Soak & Sleep Holdings Limited
78 York Street, London, England, W1H 1DP
Holding Company
Ordinary
99.99
-
Soak & Sleep Limited
78 York Street, London, England, W1H 1DP
Retail of luxury bath and bedding products
Ordinary
-
99.99
5
Debtors
2022
Amounts falling due within one year:
£
Amounts owed by group undertakings
19,000
Other debtors
104
19,104
6
Creditors: amounts falling due within one year
2022
£
Amounts owed to group undertakings
3,536,833
Other creditors
1,659,234
5,196,067
HUSKY OAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 DECEMBER 2022
6
Creditors: amounts falling due within one year
(Continued)
- 5 -

Included within other creditors are loan notes of £1,500,000 which are repayable on demand with an interest rate of 12%. The loans are secured by a guarantee from shares in the parent undertaking.

 

Interest is charged on £1,021,245 of the intercompany balance at 2.83%. The intercompany loans are unsecured.

7
Creditors: amounts falling due after more than one year
2022
£
Other creditors
321,949

Other creditors includes loans which are repayable over five years at an interest rate of 7%. The loans are secured by a guarantee from shares in the parent undertaking.

8
Called up share capital
2022
2022
Ordinary share capital
Number
£
Issued and fully paid
Ordinary shares of 0.1p each
141,318
141

On incorporation, 104,205 ordinary shares with a nominal value of £0.001 per share were issued at par.

 

On 19 March 2022 a further 1,605 shares with a nominal value of £0.001 per share were allotted at par.

 

On 30 March 2022 an additional 35,508 shares with a nominal value of £0.001 per share were allotted for consideration of £1,782,857.

9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
James Leigh
Statutory Auditor:
Azets Audit Services
HUSKY OAK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE NINE MONTH PERIOD ENDED 31 DECEMBER 2022
- 6 -
10
Related party transactions

On 31 March 2022, the company received a loan from its' European intermediary parent M Logistical Holdings BV to acquire 99.9% of the shareholding in Soak & Sleep Holdings Limited of £2,809,123.68. The loan was partially repaid prior to period end. The total amount outstanding at period end to M Logistical Holdings BV was £2,435,124.

 

During the period as part of the acquisition of its investment, loan notes of £734,727 were issued to one of the directors. These remain outstanding at the period end. Interest of £62,452 has accrued on the loan and also remains outstanding at period end. The same director also provided a loan of £175,000 in the period and this has accrued interest of £8,975. Both the additional loan plus the accrued interest on the loan remain outstanding at the period end.

 

Another director was also issued £81,491 of loan notes as part of the acquisition of its investment and this remains outstanding at the period end. Interest of £6,927 has accrued on the loan and also remains outstanding at period end.

 

The immediate parent company Malouf UK Limited loaned the company £1,021,245 during the period in order to repay part of the loan notes and accrued interest. This remained outstanding at period end and interest was accrued on the balance of £14,961.

 

During the period the company invoiced management charges of £19,000 to Soak & Sleep Holdings Limited, a 99.9% owned subsidiary undertaking. At period end the outstanding balance owed by Soak & Sleep Holdings Limited was £19,000.

 

Soak & Sleep Limited, also a 99.9% owned subsidiary undertaking paid for £65,503 of services for the company. This balance remains outstanding at period end.

 

 

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