Registered number:
FOR THE PERIOD ENDED 31 JULY 2023
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VARLEY INTERNATIONAL HOLDINGS LIMITED
COMPANY INFORMATION
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VARLEY INTERNATIONAL HOLDINGS LIMITED
CONTENTS
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VARLEY INTERNATIONAL HOLDINGS LIMITED
GROUP STRATEGIC REPORT
FOR THE PERIOD ENDED 31 JULY 2023
The principal activity of the Group is the design and sale of Varley branded womenswear and accessories, which iis sold through wholesale partners and its own website.
The Directors have shortened the current accounting period to 10 months ending 31 July 2023 to align the year-end of the Group with one of its shareholders.
Turnover for the 10 months to 31 July 2023 was $29.1m compared to $24.2m in the 12 months to 30 September 2022. The growth in turnover was attributable to the Group’s E-Commerce channel through an increased investment in marketing and brand awareness.
The Group continued to invest in employees and systems generating an operating profit for the period of $1.7m compared to a loss of $1.1m in the previous financial year.
Brand Risk
The Group faces ongoing risk connected with the exposure of and need to protect the Varley brand intellectual property rights, by monitoring and managing infringement and counterfeit activity, improving security systems and being clear with our partners about permissions and use of the Varley brand. The Group continues to manage this by investing in personnel and resources to monitor and manage this exposure. Liquidity Risk Effective cash management is crucial to ensure the Group's capacity to meet its continuous obligations to suppliers and employees. The Group manages liquidity risk by regularly forecasting future cashflows and working capital. Internal Risk An internal risk arises from the fact that the business is continuing to expand, which applies pressure on processes and procedures, as well as key resources such as personnel and infrastructure. The Group’s success will hinge on its capacity to effectively oversee and promptly react to these pressure points. The Group has strategically invested in various aspects of the business, including personnel, systems, and resources, and will continue to do so, alongside consistently evaluating the ongoing impact on operations. Supply Chain Risk Effective management of the supply chain from procurement to the distribution centres is crucial for achieving business growth. The Group must work to be agile enough to manage disruptions in product availability and/or demand within the business as well as global delivery to customers, always maintaining product quality/regulatory expectations and holding our supply chain to the standards imposed by our supplier code of conduct connected with being a responsible clothing brand. The company consistently evaluates its suppliers to confirm their ability to handle higher volumes and maintain the standards we expect. Credit Risk The Group faces credit risk exposure due to its trade debtors (whether as part of usual trading activity, change of control and/or insolvency). To mitigate this risk, the aging of debtors is closely monitored, and terms are regularly reassessed. Additionally, numerous wholesale customers adhere to prepayment terms or credit insurance is obtained. The Group continues to review the onboarding process and contractual arrangements with trade debtors to assist in managing this exposure.
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VARLEY INTERNATIONAL HOLDINGS LIMITED
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2023
The Directors consider turnover, gross profit margin, and operating profit key measures to assess the performance of the Group. Performance indicators are reviewed monthly and compared with budgets and comparatives in prior years.
This report was approved by the board and signed on its behalf.
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VARLEY INTERNATIONAL HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 31 JULY 2023
The directors present their report and the financial statements for the period ended 31 July 2023.
The directors who served during the period were:
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the consolidated financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the period, after taxation, amounted to $771,160 (2022 - loss $1,317,622).
It is important to note that the accounting year end date has changed in the current year and hence the comparatives are not entirely comparable. The current period is a 10 month period. Whilst the prior year column is a 15 month period. The group has decided to change the year end date in order to align all entities, which allows for performance to be easily compared across the Group. July has been chosen as it coincides with low season and hence provides a more accurate financial position by avoiding a period of high activity.
In addition to the above change, the Group has also decided to change the presentational currency of the statements to US Dollars.
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VARLEY INTERNATIONAL HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2023
The Management team launched the Group’s expansion into retail with the opening of a flagship store in Chelsea, London in August 2023 and a second store in Marylebone, London in February 2024. The retail channel generates growth in revenue, new customer acquisition, and increased brand awareness. The Management team are optimistic about further new store opportunities in key locations in the United States, including a flagship location in New York City.
There have been no significant events affecting the Group since the year end.
The auditors, Harris & Trotter LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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VARLEY INTERNATIONAL HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VARLEY INTERNATIONAL HOLDINGS LIMITED
We have audited the financial statements of Varley International Holdings Limited (the 'parent Company') and its subsidiaries (the 'Group') for the period ended 31 July 2023, which comprise the Consolidated Statement of Comprehensive Income, the Consolidated Statement of Financial Position, the Company Statement of Financial Position, the Consolidated Statement of Cash Flows, the Consolidated Statement of Changes in Equity, the Company Statement of Changes in Equity and the related notes, 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).
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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' 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 or the parent Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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VARLEY INTERNATIONAL HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VARLEY INTERNATIONAL HOLDINGS LIMITED (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Group Strategic Report and the Directors' Report for the financial period for which the financial statements are prepared is consistent with the financial statements; and
∙the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
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VARLEY INTERNATIONAL HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VARLEY INTERNATIONAL HOLDINGS LIMITED (CONTINUED)
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 Auditors' 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 Group financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks. Owing to the inherent limitations of an audit, there is an unavoidable risk that material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). . In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following: • We obtained an understanding of the legal and regulatory frameworks applicable to the Group and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006. • We obtained an understanding of how the Group is complying with those legal and regulatory frameworks by making enquiries of management. • We challenged assumptions and judgments made by management in its significant accounting estimates. We did not identify any key audit matters relating to irregularities, including fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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VARLEY INTERNATIONAL HOLDINGS LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF VARLEY INTERNATIONAL HOLDINGS LIMITED (CONTINUED)
As this year is the first time that the company has required an audit, the corresponding figures and comparative financial statements are unaudited.
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 Auditors' 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.
for and on behalf of
Chartered Accountants & Business Advisers
101 New Cavendish Street
1st Floor South
W1W 6XH
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VARLEY INTERNATIONAL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 31 JULY 2023
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VARLEY INTERNATIONAL HOLDINGS LIMITED
REGISTERED NUMBER: 12075176
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023
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VARLEY INTERNATIONAL HOLDINGS LIMITED
REGISTERED NUMBER: 12075176
CONSOLIDATED STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 33 form part of these financial statements.
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VARLEY INTERNATIONAL HOLDINGS LIMITED
REGISTERED NUMBER: 12075176
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 31 JULY 2023
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VARLEY INTERNATIONAL HOLDINGS LIMITED
REGISTERED NUMBER: 12075176
COMPANY STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JULY 2023
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 19 to 33 form part of these financial statements.
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VARLEY INTERNATIONAL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JULY 2023
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VARLEY INTERNATIONAL HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JULY 2023
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VARLEY INTERNATIONAL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 31 JULY 2023
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VARLEY INTERNATIONAL HOLDINGS LIMITED
CONSOLIDATED STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2023
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VARLEY INTERNATIONAL HOLDINGS LIMITED
CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 31 JULY 2023
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VARLEY INTERNATIONAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
Varley International Holdings Limited is a private company limited by shares and incorporated in England and Wales (registered number 12075176). The registered office is 101 New Cavendish Street, 1st Floor South, London, W1W 6XH.
The principal activity of the group is the manufacturing and sale of womens clothing.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies.
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date on which control is obtained. They are deconsolidated from the date control ceases. In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being .
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VARLEY INTERNATIONAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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VARLEY INTERNATIONAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
2.Accounting policies (continued)
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
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VARLEY INTERNATIONAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
2.Accounting policies (continued)
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VARLEY INTERNATIONAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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VARLEY INTERNATIONAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
2.Accounting policies (continued)
Analysis of turnover by country of destination:
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VARLEY INTERNATIONAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
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VARLEY INTERNATIONAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
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VARLEY INTERNATIONAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
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VARLEY INTERNATIONAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
9.Tangible fixed assets (continued)
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VARLEY INTERNATIONAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
The 2023 valuation is based on purchase cost.
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VARLEY INTERNATIONAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
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VARLEY INTERNATIONAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
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VARLEY INTERNATIONAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
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VARLEY INTERNATIONAL HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2023
Share premium account
Foreign exchange reserve
Profit and loss account
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