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Registration number: 8259854

Wrendale Designs Limited

Annual Report and Consolidated Financial Statements

for the Year Ended 31 October 2023

 

Wrendale Designs Limited

Contents

Strategic Report

1 to 2

Directors' Report

3

Statement of Directors' Responsibilities

4

Independent Auditor's Report

5 to 9

Consolidated Profit and Loss Account

10

Consolidated Statement of Comprehensive Income

11

Consolidated Balance Sheet

12

Balance Sheet

13

Consolidated Statement of Changes in Equity

14

Statement of Changes in Equity

15

Consolidated Statement of Cash Flows

16

Notes to the Financial Statements

17 to 32

 

Wrendale Designs Limited

Strategic Report for the Year Ended 31 October 2023

The directors present their strategic report for the year ended 31 October 2023.

Principal activity

The principal activity of the company and the group is that of the sale of cards, stationery, home and giftware items designed by Hannah Dale.

Fair review of the business

Due to the elevated levels of inflation, consumer discretionary spending was under pressure in 2023. We remain pleased with the turnover achieved over this period. The gross profit margin has increased from 44% in 2022 to 51% in 2023. This was achieved by a significant reduction in shipping costs as supply line pressures eased and the company increased focus on purchasing levels and cost.

Reduction of stock levels has generated an additional £1 million in cash. At the balance sheet date the net assets have increased from £7.611 million to £7.670 million after declaration of a dividend in the year.

On 1 November 2022, the shares of Wrendale Designs Limited were exchanged for shares in Wrendale Group Limited with Wrendale Designs Limited becoming a wholly owned subsidiary of Wrendale Group Limited.

The group's key financial and other performance indicators during the year were as follows:

Financial KPIs

Unit

2023

2022

Turnover

£000

14,316

14,533

Turnover growth

%

(2)

22

Gross profit

£000

7,540

6,392

Gross profit margin

%

53

44

 

Wrendale Designs Limited

Strategic Report for the Year Ended 31 October 2023

Principal risks and uncertainties

As with any business, the group faces risks and uncertainties in the course of its day to day operations. The successful management of risk is essential to enable the group to deliver its strategic objectives.

Noted below is a summary of the group’s principal risks and uncertainties.

Control of each of these is critical to the ongoing success of the group. As such, their management is primarily the responsibility of the directors who are supported by the management throughout the group.

Foreign exchange rates
Foreign exchange rates present a risk for the group as fluctuations can affect the purchase price of the products as well as the sales value for non-UK customers. The risk is mitigated by the continual monitoring of foreign exchange movements and the group's exposure.

Supply chain risk
The company is reliant on supplies from overseas. The business is well placed to cope with any supply issues and monitors stock levels closely to ensure there is sufficient supply to meet customer demand.

Economic and market turmoil
The conflict in Eastern Europe and the subsequent increase in cost of living has had, a significant impact on trade due to the pressures on discretionary spending for our customers. There are signs that inflation has reduced but pressure remains on customer spending. The group will continue to focus on delivering quality products with strong levels of customer service to maintain our market share and repeat custom.

The group has a diverse portfolio of customers, with a mix of nationwide stores and independent retailers providing some protection from any downturn in markets.

Approved by the Board on 29 July 2024 and signed on its behalf by:

Mr J R Dale
Director

   
     
 

Wrendale Designs Limited

Directors' Report for the Year Ended 31 October 2023

The directors present their report and the for the year ended 31 October 2023.

Directors of the group

The directors who held office during the year were as follows:

Mr J R Dale

Mrs H V Dale

Financial instruments

Objectives and policies

The directors takes the management of risk very seriously and as such have policies and procedures in place which have been authorised by the board. At board level regular meetings are held where current management accounts are available to highlight any financial risks to be dealt with.

Price risk, credit risk, liquidity risk and cash flow risk

The business' principal financial instruments comprise bank balances, trade debtors and trade creditors. The main purpose of these instruments is to finance the business' operations.

Disclosure of information to the auditor

Each director has taken steps that they ought to have taken as a director in order to make themselves aware of any relevant audit information and to establish that the company's auditor is aware of that information. The directors confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Approved by the Board on 29 July 2024 and signed on its behalf by:

Mr J R Dale
Director

   
     
 

Wrendale Designs Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

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

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

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

 

Wrendale Designs Limited

Independent Auditor's Report to the Members of Wrendale Designs Limited

Qualified opinion

We have audited the financial statements of Wrendale Designs Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 October 2023, which comprise the Consolidated Profit and Loss Account, Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Balance Sheet, Consolidated Statement of Changes in Equity, Statement of Changes in Equity, Consolidated Statement of Cash Flows, and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion, except for the possible effects of the matter described in the basis for qualified opinion section of our report, the financial statements:

give a true and fair view of the state of the group's and the parent company's affairs as at 31 October 2023 and of the group's profit for the year then ended;

have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for qualified opinion on financial statements

The subsidiary Wrendale Designs INC, did not appoint auditors until after the 31 October 2022 year end and thus did not observe the counting of physical inventories at the end of that year nor the previous. We were unable to satisfy ourselves by alternative means concerning the inventory quantities held at 31 October 2021 at a total of £498,693.

Consequently we were unable to determine whether any adjustment to this amount was necessary and thus the effect on the consolidated figures.

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 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 qualified opinion.

Key audit matters

Except for the matter described in the basis for qualified opinion section, we have determined that there are no key audit matters to be communicated in our report.

 

Wrendale Designs Limited

Independent Auditor's Report to the Members of Wrendale Designs Limited

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 ability to continue as a going concern for a period of at least twelve months from when the original financial statements were authorised for issue.

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

Other information

The directors are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

As described in the basis for qualified opinion section of our report, we were unable to satisfy ourselves concerning the stock value at 31 October 2021 of the subsidiary company. We have concluded that where the other information refers to the stock balance or related balances such as sales and cost of sales, it may be materially misstated for the same reason.

Opinion on other matter prescribed by the Companies Act 2006

Except for the possible effects of the matter described in the basis for qualified opinion section of our report, in our opinion, based on the work undertaken in the course of the audit:

the information given in the Strategic Report and Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

the Strategic Report and Directors' Report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

Except for the matter described in the basis for qualified opinion section of our report, in the light of our knowledge and understanding of the group and company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

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

 

Wrendale Designs Limited

Independent Auditor's Report to the Members of Wrendale Designs Limited

adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or

the parent company financial statements are not in agreement with the accounting records and returns; or

certain disclosures of directors' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Statement of Directors' Responsibilities [set out on page 4], the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine 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 directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

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:

We identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to provide a basis for our opinion.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, we considered the following:

the nature of the industry and sector, control environment and business performance;

the group’s own assessment of the risks that irregularities may occur either as a result of fraud or error;

results of our enquiries of management about their own identification and assessment of the risks of irregularities;

the key laws and regulations under which the business operates and whether management were aware of any instances of noncompliance;

whether the management have knowledge of any actual, suspected or alleged fraud;

the internal controls established to mitigate risks of fraud or non-compliance with laws and regulations; and

the matters discussed among the audit engagement team, regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.

 

Wrendale Designs Limited

Independent Auditor's Report to the Members of Wrendale Designs Limited

 

As a result of these procedures, we considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: revenue recognition, stock valuation and purchase/working capital transactions. In common with all audits under ISAs (UK), we are also required to perform specific procedures to respond to the risk of management override.

 

We also obtained an understanding of the legal and regulatory framework that the group operates in, focusing on provisions of those laws and regulations that had a direct effect on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context included the UK Companies Act, Tax legislation, and Regulations established by regulators in the key markets in which the group operates.

 

In addition, we considered provisions of other laws and regulations that do not have a direct effect on the financial statements but compliance with which may be fundamental to the group’s ability to operate or to avoid a material penalty. These included the operating and environmental regulations relevant to the group.

 

In addition to the above, our procedures to respond to risks identified included the following:

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described above as having a direct effect on the financial statements;

enquiring of management, concerning any actual and potential litigation and claims;

performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

in addressing the risk of fraud in revenue recognition, we have performed focussed testing on trades close to the year-end, depth testing and analytical review procedures to assess accuracy and completeness of revenue recognised;

in addressing the risk of fraud through stock valuation, we have reviewed the valuation of individual stock items to relevant invoices or appropriate costings where applicable;

in addressing the risk of fraud in the use of purchase ledger/working capital transactions, we have reviewed the accounting treatments adopted by management against the specific contractual terms and arrangements associated with each individual transaction and reviewed the related disclosures in the financial statements; and

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments; assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

 

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

 

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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

 

Wrendale Designs Limited

Independent Auditor's Report to the Members of Wrendale Designs Limited

Use of our report

This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in 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.





Robert Smith BSc FCA (Senior Statutory Auditor)
For and on behalf of RNS Chartered Accountants, Statutory Auditor

50-54 Oswald Road
Scunthorpe
North Lincolnshire
DN15 7PQ

29 July 2024

 

Wrendale Designs Limited

Consolidated Profit and Loss Account for the Year Ended 31 October 2023

Note

2023
£

2022
£

Turnover

3

14,315,728

14,533,445

Cost of sales

 

(6,775,826)

(8,141,010)

Gross profit

 

7,539,902

6,392,435

Distribution costs

 

(2,600,748)

(2,573,942)

Administrative expenses

 

(2,517,692)

(2,173,462)

Other operating income

4

-

3,018

Operating profit

5

2,421,462

1,648,049

Other interest receivable and similar income

7

1,727

-

Interest payable and similar expenses

8

(9,438)

(89,604)

   

(7,711)

(89,604)

Profit before tax

 

2,413,751

1,558,445

Tax on profit

12

(552,574)

(307,208)

Profit for the financial year

 

1,861,177

1,251,237

Profit/(loss) attributable to:

 

Owners of the company

 

1,861,177

1,251,237

The above results were derived from continuing operations.

The group has no recognised gains or losses for the year other than the results above.

 

Wrendale Designs Limited

Consolidated Statement of Comprehensive Income for the Year Ended 31 October 2023

2023
£

2022
£

Profit for the year

1,861,177

1,251,237

Foreign currency translation (losses)/gains

(13,730)

18,830

Total comprehensive income for the year

1,847,447

1,270,067

Total comprehensive income attributable to:

Owners of the company

1,847,447

1,270,067

 

Wrendale Designs Limited

(Registration number: 8259854)
Consolidated Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

13

7,800

19,800

Tangible assets

14

343,036

230,255

 

350,836

250,055

Current assets

 

Stocks

16

3,730,338

5,074,335

Debtors

17

2,901,822

2,407,243

Cash at bank and in hand

18

2,155,920

1,127,181

 

8,788,080

8,608,759

Creditors: Amounts falling due within one year

19

(1,140,887)

(1,168,403)

Net current assets

 

7,647,193

7,440,356

Total assets less current liabilities

 

7,998,029

7,690,411

Creditors: Amounts falling due after more than one year

19

(7,488)

(22,444)

Provisions for liabilities

20

(71,592)

(56,465)

Net assets

 

7,918,949

7,611,502

Capital and reserves

 

Called up share capital

22

100

100

Retained earnings

7,918,849

7,611,402

Equity attributable to owners of the company

 

7,918,949

7,611,502

Shareholders' funds

 

7,918,949

7,611,502

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

Mr J R Dale
Director

   
     
 

Wrendale Designs Limited

(Registration number: 8259854)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

13

7,800

19,800

Tangible assets

14

343,036

230,255

 

350,836

250,055

Current assets

 

Stocks

16

3,730,338

5,074,335

Debtors

17

2,895,617

2,435,424

Cash at bank and in hand

18

1,864,435

974,808

 

8,490,390

8,484,567

Creditors: Amounts falling due within one year

19

(1,091,795)

(1,163,370)

Net current assets

 

7,398,595

7,321,197

Total assets less current liabilities

 

7,749,431

7,571,252

Creditors: Amounts falling due after more than one year

19

(7,488)

(22,444)

Provisions for liabilities

20

(71,592)

(56,465)

Net assets

 

7,670,351

7,492,343

Capital and reserves

 

Called up share capital

22

100

100

Retained earnings

7,670,251

7,492,243

Shareholders' funds

 

7,670,351

7,492,343

The company made a profit after tax for the financial year of £1,718,008 (2022 - profit of £1,228,768).

Approved and authorised by the Board on 29 July 2024 and signed on its behalf by:
 

Mr J R Dale
Director

   
     
 

Wrendale Designs Limited

Consolidated Statement of Changes in Equity for the Year Ended 31 October 2023
Equity attributable to the parent company

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 November 2022

100

7,611,402

7,611,502

7,611,502

Profit for the year

-

1,861,177

1,861,177

1,861,177

Other comprehensive income

-

(13,730)

(13,730)

(13,730)

Total comprehensive income

-

1,847,447

1,847,447

1,847,447

Dividends

-

(1,540,000)

(1,540,000)

(1,540,000)

At 31 October 2023

100

7,918,849

7,918,949

7,918,949

Share capital
£

Retained earnings
£

Total
£

Total equity
£

At 1 November 2021

100

6,521,335

6,521,435

6,521,435

Profit for the year

-

1,251,237

1,251,237

1,251,237

Other comprehensive income

-

18,830

18,830

18,830

Total comprehensive income

-

1,270,067

1,270,067

1,270,067

Dividends

-

(180,000)

(180,000)

(180,000)

At 31 October 2022

100

7,611,402

7,611,502

7,611,502

 

Wrendale Designs Limited

Statement of Changes in Equity for the Year Ended 31 October 2023

Share capital
£

Retained earnings
£

Total
£

At 1 November 2022

100

7,492,243

7,492,343

Profit for the year

-

1,718,008

1,718,008

Dividends

-

(1,540,000)

(1,540,000)

At 31 October 2023

100

7,670,251

7,670,351

Share capital
£

Retained earnings
£

Total
£

At 1 November 2021

100

6,443,475

6,443,575

Profit for the year

-

1,228,768

1,228,768

Dividends

-

(180,000)

(180,000)

At 31 October 2022

100

7,492,243

7,492,343

 

Wrendale Designs Limited

Consolidated Statement of Cash Flows for the Year Ended 31 October 2023

Note

2023
£

2022
£

Cash flows from operating activities

Profit for the year

 

1,861,177

1,251,237

Adjustments to cash flows from non-cash items

 

Depreciation and amortisation

5

113,041

79,656

(Profit)/loss on disposal of tangible assets

5

(42)

748

Finance income

7

(1,727)

-

Finance costs

8

1,609

2,853

Corporation tax expense

12

552,574

307,208

 

2,526,632

1,641,702

Working capital adjustments

 

Decrease/(increase) in stocks

16

1,343,997

(1,576,490)

(Increase)/decrease in trade and other debtors

17

(494,579)

364,838

Decrease in trade and other creditors

19

(103,840)

(138,846)

Cash generated from operations

 

3,272,210

291,204

Corporation taxes paid

 

(457,831)

(485,176)

Net cash flow from operating activities

 

2,814,379

(193,972)

Cash flows from investing activities

 

Interest received

7

1,727

-

Acquisitions of tangible assets

14

(217,780)

(47,378)

Proceeds from sale of tangible assets

 

4,000

1,004

Net cash flows from investing activities

 

(212,053)

(46,374)

Cash flows from financing activities

 

Interest paid

8

(1,609)

(2,853)

Repayment of bank borrowing

 

-

(733,333)

Payments to finance lease creditors

 

(18,248)

(21,032)

Dividends paid

24

(1,540,000)

(180,000)

Effects of currency translation

 

(13,730)

18,830

Net cash flows from financing activities

 

(1,573,587)

(918,388)

Net increase/(decrease) in cash and cash equivalents

 

1,028,739

(1,158,734)

Cash and cash equivalents at 1 November

 

1,127,181

2,285,915

Cash and cash equivalents at 31 October

18

2,155,920

1,127,181

 

Wrendale Designs Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

1

General information

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

The address of its registered office is:
The Poplars
Bridge Street
Brigg
North Lincolnshire
DN20 8NQ

The principal place of business is:
Unit 6
Station Road
Brigg
North Lincolnshire
DN20 8HX

These financial statements were authorised for issue by the Board on 29 July 2024.

Registration number: 8259854.

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 were prepared in accordance with Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland and the Companies Act 2006'.

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.

The Company and Group's functional and presentational currency is sterling.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Profit and Loss Account in these financial statements. Its profit for the financial year was £1,718,008 (2022 - £1,228,768).

Basis of consolidation

The consolidated financial statements consolidate the financial statements of the company and its subsidiary undertakings drawn up to 31 October 2023.

 

Wrendale Designs Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

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

The results of subsidiaries acquired or disposed of during the year are included in the Profit and Loss Account from the effective date of acquisition or up to the effective date of disposal, as appropriate. Where necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those used by the group.

The purchase method of accounting is used to account for business combinations that result in the acquisition of subsidiaries by the group. The cost of a business combination is measured as the fair value of the assets given, equity instruments issued and liabilities incurred or assumed at the date of exchange, plus costs directly attributable to the business combination. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. Any excess of the cost of the business combination over the acquirer’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities recognised is recorded as goodwill.

Inter-company transactions, balances and unrealised gains on transactions between the company and its subsidiaries, which are related parties, are eliminated in full.

Intra-group losses are also eliminated but may indicate an impairment that requires recognition in the consolidated financial statements.

Accounting policies of subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the group.

Judgements and key sources of estimation uncertainty

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is reviewed where the revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

Revenue recognition

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

The group 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 group's activities.

Government grants

Government grants are recognised in the profit and loss account so that the income is matched with the costs to which they relate.

 

Wrendale Designs Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred 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 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 group operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the consolidated financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

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, over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Furniture, fittings and equipment

15%, 20% or 33.3% per annum on cost

Property improvements

10% per annum on cost

Motor vehicles

Straight line over 3 years on cost

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the group’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

Wrendale Designs Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

over 10 years

Trademarks, patents and licenses

over 5 years

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 in the ordinary course of business.

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

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 group 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 at the transaction price.

 

Wrendale Designs Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the group has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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 group’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 group 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.

 

Wrendale Designs Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

3

Turnover

The analysis of the group's Turnover for the year from continuing operations is as follows:

2023
£

2022
£

Sale of goods

13,882,094

14,063,518

Royalties received

433,634

469,927

14,315,728

14,533,445

The analysis of the group's Turnover for the year by market is as follows:

2023
£

2022
£

UK

8,820,542

9,679,748

Rest of world

5,495,186

4,853,697

14,315,728

14,533,445

4

Other operating income

The analysis of the group's other operating income for the year is as follows:

2023
£

2022
£

Government grants

-

3,018

5

Operating profit

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

101,041

67,147

Amortisation expense

12,000

12,509

(Profit)/loss on disposal of property, plant and equipment

(42)

748

6

Government grants

Grant income relates to amounts received from local authorities in contribution to new lighting and warehouse racking.

The grants have been recognised on the accruals basis.

The amount of grants recognised in the financial statements was £Nil (2022 - £3,018).

7

Other interest receivable and similar income

2023
£

2022
£

Other finance income

1,727

-

 

Wrendale Designs Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

8

Interest payable and similar expenses

2023
£

2022
£

Interest on obligations under finance leases and hire purchase contracts

1,609

2,853

Foreign exchange gains

7,829

86,751

9,438

89,604

9

Staff costs

The aggregate payroll costs (including directors' remuneration) were as follows:

2023
£

2022
£

Wages and salaries

1,667,310

1,494,942

Social security costs

168,841

167,048

Pension costs, defined contribution scheme

46,498

45,204

1,882,649

1,707,194

The average number of persons employed by the group (including directors) during the year, analysed by category was as follows:

2023
No.

2022
No.

Administration and support

39

39

Distribution

26

28

65

67

10

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

28,389

20,065

Contributions paid to money purchase schemes

12,000

12,000

40,389

32,065

During the year the number of directors who were receiving benefits and share incentives was as follows:

2023
No.

2022
No.

Accruing benefits under money purchase pension scheme

2

2

 

Wrendale Designs Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

11

Auditors' remuneration

2023
£

2022
£

Audit of these financial statements

20,000

10,000

Audit of the financial statements of subsidiaries of the company pursuant to legislation

5,377

5,078

25,377

15,078


 

12

Taxation

Tax charged in the consolidated profit and loss account

2023
£

2022
£

Current taxation

UK corporation tax

530,700

295,144

UK corporation tax adjustment to prior periods

6,747

-

537,447

295,144

Deferred taxation

Arising from origination and reversal of timing differences

15,127

12,064

Tax expense in the profit and loss account

552,574

307,208

 

Wrendale Designs Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

The tax on profit before tax for the year is lower than the standard rate of corporation tax in the UK (2022 - higher than the standard rate of corporation tax in the UK) of 25% (2022 - 19%).

The differences are reconciled below:

2023
£

2022
£

Profit before tax

2,413,751

1,558,445

Corporation tax at standard rate

603,438

296,105

Decrease from effect of different UK tax rates on some earnings

(53,821)

-

Effect of expense not deductible in determining taxable profit

1,103

1,256

Effect of foreign tax rates

(8,087)

449

Deferred tax expense relating to changes in tax rates

-

13,552

Deferred tax expense/(credit) from unrecognised temporary difference from a prior period

15,127

(1,488)

Tax (decrease)/increase from effect of capital allowances and depreciation

(14,385)

2,053

Tax increase from other short-term timing differences

2,452

-

Tax increase/(decrease) arising from overseas tax not provided

6,747

(4,719)

Total tax charge

552,574

307,208

Deferred tax

Group

Deferred tax assets and liabilities

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

71,592

2022

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

56,465

Company

Deferred tax assets and liabilities

2023

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

71,592

2022

Liability
£

Difference between accumulated depreciation and amortisation and capital allowances

56,465

 

Wrendale Designs Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

13

Intangible assets

Group

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 November 2022

120,000

4,828

124,828

At 31 October 2023

120,000

4,828

124,828

Amortisation

At 1 November 2022

100,200

4,828

105,028

Amortisation charge

12,000

-

12,000

At 31 October 2023

112,200

4,828

117,028

Carrying amount

At 31 October 2023

7,800

-

7,800

At 31 October 2022

19,800

-

19,800

Company

Goodwill
 £

Trademarks, patents and licenses
 £

Total
£

Cost or valuation

At 1 November 2022

120,000

4,828

124,828

At 31 October 2023

120,000

4,828

124,828

Amortisation

At 1 November 2022

100,200

4,828

105,028

Amortisation charge

12,000

-

12,000

At 31 October 2023

112,200

4,828

117,028

Carrying amount

At 31 October 2023

7,800

-

7,800

At 31 October 2022

19,800

-

19,800

 

Wrendale Designs Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

14

Tangible assets

Group

Furniture, fittings and equipment
 £

Motor vehicles
 £

Property improvements
£

Total
£

Cost or valuation

At 1 November 2022

332,404

10,750

191,492

534,646

Additions

4,478

210,029

3,273

217,780

Disposals

(9,500)

-

-

(9,500)

At 31 October 2023

327,382

220,779

194,765

742,926

Depreciation

At 1 November 2022

228,896

299

75,196

304,391

Charge for the year

39,114

42,750

19,177

101,041

Eliminated on disposal

(5,542)

-

-

(5,542)

At 31 October 2023

262,468

43,049

94,373

399,890

Carrying amount

At 31 October 2023

64,914

177,730

100,392

343,036

At 31 October 2022

103,508

10,451

116,296

230,255

 

Wrendale Designs Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Company

Furniture, fittings and equipment
 £

Motor vehicles
 £

Property improvements
£

Total
£

Cost or valuation

At 1 November 2022

332,404

10,750

191,492

534,646

Additions

4,478

210,029

3,273

217,780

Disposals

(9,500)

-

-

(9,500)

At 31 October 2023

327,382

220,779

194,765

742,926

Depreciation

At 1 November 2022

228,896

299

75,196

304,391

Charge for the year

39,114

42,750

19,177

101,041

Eliminated on disposal

(5,542)

-

-

(5,542)

At 31 October 2023

262,468

43,049

94,373

399,890

Carrying amount

At 31 October 2023

64,914

177,730

100,392

343,036

At 31 October 2022

103,508

10,451

116,296

230,255

15

Investments

Group

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the group holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

Wrendale Designs INC*

19W 34TH Street
New York
NY 10001

Ordinary shares

100%

100%

 

USA

     

* indicates direct investment of Wrendale Group Limited

 

Wrendale Designs Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

Subsidiary undertakings

Wrendale Designs INC

The principal activity of Wrendale Designs INC is that of the sale of cards, stationery, home and giftware items designed by Hannah Dale.

16

Stocks

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Finished goods and goods for resale

3,730,338

5,074,335

3,730,338

5,074,335

17

Debtors

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Trade debtors

2,142,163

1,922,185

2,026,078

1,816,153

Amounts owed by related parties

-

-

126,812

156,116

Other debtors

539,722

327,837

539,722

327,837

Prepayments

219,937

157,221

203,005

135,318

 

2,901,822

2,407,243

2,895,617

2,435,424

18

Cash and cash equivalents

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Cash on hand

3,311

3,304

3,311

3,304

Cash at bank

2,152,609

1,123,877

1,861,124

971,504

2,155,920

1,127,181

1,864,435

974,808

 

Wrendale Designs Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

19

Creditors

   

Group

Company

Note

2023
£

2022
£

2023
£

2022
£

Due within one year

 

Loans and borrowings

23

14,956

18,248

14,956

18,248

Trade creditors

 

482,306

450,680

466,254

427,487

Amounts due to related parties

26

1,843

32,275

1,843

32,275

Social security and other taxes

 

234,992

386,626

234,992

386,626

Other creditors

 

36,796

779

36,796

779

Accruals

 

270,371

259,788

264,131

254,036

Corporation tax liability

 

99,623

20,007

72,823

43,919

 

1,140,887

1,168,403

1,091,795

1,163,370

Due after one year

 

Loans and borrowings

23

7,488

22,444

7,488

22,444

20

Provisions for liabilities

Group

Deferred tax
£

Total
£

At 1 November 2022

56,465

56,465

Increase in existing provisions

15,127

15,127

At 31 October 2023

71,592

71,592

Company

Deferred tax
£

Total
£

At 1 November 2022

56,465

56,465

Increase in existing provisions

15,127

15,127

At 31 October 2023

71,592

71,592

 

Wrendale Designs Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

21

Pension and other schemes

Defined contribution pension scheme

The group operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £46,498 (2022 - £45,204).

22

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

Rights, preferences and restrictions

Ordinary shares have the following rights, preferences and restrictions:
Ordinary shares have full rights in the company regarding voting, dividends and capital distribution.

23

Loans and borrowings

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Current loans and borrowings

Hire purchase contracts

14,956

18,248

14,956

18,248

 

Group

Company

2023
£

2022
£

2023
£

2022
£

Non-current loans and borrowings

Hire purchase contracts

7,488

22,444

7,488

22,444

Group and company

The hire purchase contracts are secured against the assets to which they relate.

 

Wrendale Designs Limited

Notes to the Financial Statements for the Year Ended 31 October 2023

24

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £15,400.00 (2022 - £1,800.00) per each ordinary share

 

1,540,000

 

180,000

         

25

Commitments

Group and company

The total amount of financial commitments not included in the balance sheet due within one year is £41,548 (2022 - £21,861). The total amount of financial commitments not included in the balance sheet due later than one year and not later than five years is £37,445 (2022 - £29,532). This is in respect of contract hire vehicles.

26

Related party transactions

Group

Other transactions with directors

At the balance sheet date the amount due to the directors was £1,843 (2022 - £32,275).

Group and Company

Summary of transactions with other related parties

Company under common control
 At the balance sheet date the amount due from a company under common control was £233,164 (2022 - £45,000). No interest is charged in respect of this balance and it is repayable on demand.
 

27

Parent and ultimate parent undertaking

On 1 November 2022, the shares of Wrendale Designs Limited were exchanged for shares in Wrendale Group Limited with Wrendale Designs Limited becoming a wholly owned subsidiary of Wrendale Group Limited.

 The company's immediate parent is Wrendale Group Limited, incorporated in the UK.

 The ultimate controlling party is Mr J R Dale and Mrs H V Dale.