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Registration number: 10210571

Repeat Clothing London Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Repeat Clothing London Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

 

Repeat Clothing London Limited

Company Information

Directors

A Lytton

N McIvor

Registered office

590 Green Lanes
Palmers Green
London
N13 5RY

Accountants

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

 

Repeat Clothing London Limited

(Registration number: 10210571)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

9,666

21,143

Current assets

 

Stocks

6

154,380

399,999

Debtors

7

2,252,795

2,423,080

Cash at bank and in hand

 

206,260

498,970

 

2,613,435

3,322,049

Creditors: Amounts falling due within one year

8

(1,471,340)

(1,834,053)

Net current assets

 

1,142,095

1,487,996

Net assets

 

1,151,761

1,509,139

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

1,151,661

1,509,039

Shareholders' funds

 

1,151,761

1,509,139

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

Directors' responsibilities:

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

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

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

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

Approved and authorised by the Board on 13 August 2024 and signed on its behalf by:
 

.........................................
A Lytton
Director

 

Repeat Clothing London Limited

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

1

General information

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

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

The principal place of business is:
Unit 3 Fonthill House
113-115 Font Hill Road
Finsbury Park
N4 3HH

These financial statements were authorised for issue by the Board on 13 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

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

Basis of preparation

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

Revenue recognition

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

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

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.

 

Repeat Clothing London Limited

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

Tax

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

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

Tangible assets

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

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

Depreciation

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

Asset class

Depreciation method and rate

Fixtures, fittings & equipment

25% straight line

Plant & machinery

25% straight line

Leashold Imporvements

3 Years straight line

Cash and cash equivalents

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

Trade debtors

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

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

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.

 

Repeat Clothing London Limited

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

Trade creditors

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

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

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 company 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.

Share capital

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

Dividends

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

Defined contribution pension obligation

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

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 16 (2022 - 22).

 

Repeat Clothing London Limited

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

4

Profit before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

15,271

16,402

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 December 2022

15,180

79,156

2,575

96,911

Additions

-

3,794

-

3,794

At 30 November 2023

15,180

82,950

2,575

100,705

Depreciation

At 1 December 2022

10,120

63,073

2,575

75,768

Charge for the year

5,060

10,211

-

15,271

At 30 November 2023

15,180

73,284

2,575

91,039

Carrying amount

At 30 November 2023

-

9,666

-

9,666

At 30 November 2022

5,060

16,083

-

21,143

Included within the net book value of land and buildings above is £Nil (2022 - £5,060) in respect of short leasehold land and buildings.
 

6

Stocks

2023
£

2022
£

Work in progress

154,380

399,999

 

Repeat Clothing London Limited

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

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

1,165,127

1,256,730

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

-

215

Prepayments

 

12,767

14,181

Other debtors

 

1,074,901

1,151,954

 

2,252,795

2,423,080

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

10

1,200

117,730

Trade creditors

 

654,059

1,029,644

Accruals and deferred income

 

13,778

96,494

Taxation and social security

 

-

22,004

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

729,249

559,759

Other creditors

 

73,054

8,422

 

1,471,340

1,834,053

The bank loan and overdraft is secured by way of a fixed and floating charge over the assets of the company.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

1,200

117,730

 

Repeat Clothing London Limited

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

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of 3,860.00 (2022 - 1,360.00) per each Ordinary shares

 

386,000

 

136,000

         

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £71,467 relating to the property operating lease (2022 - £38,250).

13

Parent and ultimate parent undertaking

The company's immediate parent is Oval Holdings Ltd, incorporated in the UK.

 

Related party transactions

Included in creditors is an amount of £711,139 ( 2022: £559,759) owed to Oval Holdings Ltd, the immediate parent company.
Also included in creditors is an amount of £18,110 (2022: £215 owed from) owed to Skull Rok Holdings Ltd,
a company which holds a participating interest in Repeat Clothing London Ltd.
Included in other creditors is an amount of £38 (2022: £4,120) owed to A Lytton and £243 (2022: 236 owed from) owed to N McIvor directors of the company .